Unsecured General Creditor. The Contract Obligors shall neither reserve nor specifically set aside funds for the payment of its obligations under this Agreement, and such obligations shall be paid solely from the general assets of the Contract Obligors. Notwithstanding that Employee may be entitled to receive the value of his benefit under the terms and conditions of this Agreement, the assets from which such amount may be paid shall at all times be subject to the claims of the Contract Obligors’ creditors.
Appears in 6 contracts
Samples: Amended Deferred Compensation Agreement (Mississippi Power Co), Deferred Compensation Agreement (Southern Co), Deferred Compensation Agreement (Alabama Power Co)
Unsecured General Creditor. The Contract Obligors shall neither reserve nor specifically set aside funds for the payment of its obligations under this Agreement, and such obligations shall be paid solely from the general assets of the Contract Obligors. Notwithstanding that Employee may be entitled to receive the value of his benefit under the terms and conditions of this Agreement, the assets from which such amount may be paid shall at all times be subject to the claims of the Contract Obligors’ ' creditors.
Appears in 2 contracts
Samples: Assignment Agreement (Southern Power Co), Deferred Compensation Agreement (Southern Co)
