Unfunded Plan. The beneficiary is a general unsecured creditor of the Company for the payment of benefits under this Agreement. The benefits represent the mere promise by the Company to pay such benefits. The beneficiary's rights to such benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Executive's life is a general asset of the Company to which the Executive and designated beneficiary have no preferred or secured claim.
Appears in 5 contracts
Samples: Income Agreement (Community Banks Inc /Pa/), Income Agreement (Community Banks Inc /Pa/), Income Agreement (Community Banks Inc /Pa/)
Unfunded Plan. The beneficiary is a general unsecured creditor of the Company for the payment of benefits under this Agreement. The benefits represent the mere promise by the Company to pay such benefits. The beneficiary's ’s rights to such benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Executive's ’s life is a general asset of the Company to which the Executive and designated beneficiary have no preferred or secured claim.
Appears in 4 contracts
Samples: Survivor Income Agreement (Fulton Bancshares Corp), Survivor Income Agreement (Fulton Bancshares Corp), Survivor Income Agreement (Susquehanna Bancshares Inc)
Unfunded Plan. The beneficiary is a general unsecured creditor of the Company Bank for the payment of benefits under this Agreement. The benefits represent the mere promise by the Company Bank to pay such benefits. The beneficiary's ’s rights to such benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Executive's ’s life is a general asset of the Company Bank to which the Executive and the designated beneficiary have no preferred or secured claim.
Appears in 2 contracts
Samples: Survivor Income Benefit Agreement (PSB Holdings Inc /Wi/), Survivor Income Benefit Agreement (PSB Holdings Inc /Wi/)
Unfunded Plan. The beneficiary is a general unsecured creditor of the Company for the payment of benefits under this Agreement. The benefits represent the mere promise by the Company to pay such benefits. The beneficiary's rights to such benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Executive's life is a general asset of the Company company to which the Executive and designated beneficiary have no preferred or secured claim.
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Unfunded Plan. The beneficiary is a general unsecured creditor of the Company Bank for the payment of benefits under this Agreement. The benefits represent the mere promise by the Company Bank to pay such benefits. The beneficiary's rights to such benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Executive's life is a general asset of the Company Bank to which the Executive and the designated beneficiary have no preferred or secured claim.
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