Unsecured General Creditor definition

Unsecured General Creditor. The Participant, Beneficiary and any other person or persons having or claiming a right to payments hereunder or to any interest in this Plan shall rely solely on the unsecured promise of the Employer set forth herein, and nothing in this Plan shall be construed to give the Participant, Beneficiary, or any other person or persons any right, title, interest or claim in, or to, any specific asset, fund, reserve, account or property of any kind whatsoever owned by the Employer or in which it may have any right, title or interest now or in the future. The Employer shall, however, informally fund its obligations under this Plan through the establishment and maintenance of a Trust. The Employer will make contributions to the Trust, at the end of each calendar quarter, in the amount described in Paragraph 3.01 of this Plan. Once contributed, any and all Trust assets will remain subject to the claims of the Employer's creditors, and the Plan shall remain an unfunded plan within the regulatory framework of ERISA.
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Examples of Unsecured General Creditor in a sentence

  • Unsecured General Creditor Participants and their beneficiaries, heirs, successors, and assigns shall have no legal or equitable rights, interests, or other claims in any property or assets of the Company, nor shall they be beneficiaries of, or have any rights, claims, or interests in any specified assets of the Company.

  • Status of Each Participant is that of an Unsecured General Creditor.

  • Unsecured General Creditor Participants and their beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interests, or other claim in any property or assets of the Employer.

  • General Corporate Assets; Unsecured General Creditor Status of Participant .

  • Unsecured General Creditor -------------------------- Participants and their Beneficiaries, heirs and successors shall have no legal or equitable rights, interests or claims in any property or assets of the Company.

  • Unsecured General Creditor Status: Distributions to the Participant or his designated beneficiary(ies) or any other beneficiary(ies) hereunder shall be made from assets which prior to distribution shall continue, for all purposes, to be a part of the general corporate assets and no person (including Participants) shall have any interest in such assets of Ameren, including without limitation the proceeds of life or other insurance policies, by virtue of the provisions of the Plan.

  • Unsecured General Creditor: Participants and their beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interest, or claims in any property or assets of SBC or any Subsidiary.

  • Unsecured General Creditor Participants and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interest or claims in any property or assets of Employer, nor shall they be Beneficiaries of, or have any rights, claims or interests in any life insurance policies, annuity contracts or the proceeds therefrom owned or which may be acquired by the Employer ("Policies").

  • Plan Administrative CostsAll reasonable costs and expenses (including legal, accounting, and employee communication fees) incurred by the Administrator in administering the Plan shall be paid by the Plan to the extent not paid by the Employer.Article 12-3 Unsecured General Creditor of the EmployerParticipants and their Beneficiaries, heirs, successors, and assigns shall have no legal or equitable rights, interests or claims in any property or assets of the Employer.

  • GENERAL PROVISIONS Article 8.1 - Unsecured General Creditor The Corporation will not establish a trust or otherwise set aside or segregate assets from other assets of the Corporation or otherwise fund its obligations under the Plan for the benefit of Participants and Beneficiaries.

Related to Unsecured General Creditor

  • Unsecured Creditors means all Creditors with Concurrent Claims against the Company;

  • Unsecured Creditor means the holder of an Unsecured Claim.

  • financial creditor means any person to whom a financial debt is owed and includes a person to whom such debt has been legally assigned or transferred to;

  • Senior Creditor means a holder or holders of Senior Indebtedness and includes any representative or representatives, agent or agents or trustee or trustees of any such holder or holders;

  • Junior Creditor means any Defaulting Bank which has not (x) fully cured each and every default on its part under the Loan Documents and (y) unconditionally tendered to the Administrative Agent such Defaulting Bank’s Pro Rata Share of all costs, expenses and disbursements required to be paid or reimbursed pursuant to the terms of the Loan Documents.

  • Subordinated Creditors means all creditors the indebtedness of which is subordinated, in the event of the Winding-Up of DSB, in right of payment to the claims of depositors and other unsubordinated creditors of DSB other than those whose claims rank or is expressed to rank by operation of law or contract pari passu with, or junior to, the claims of the Noteholders. For this purpose indebtedness shall include all liabilities, whether actual or contingent;

  • Senior Creditors means the Senior Agent, the Senior Lenders and any other Person who holds Senior Indebtedness.

  • Subordinated Creditor means any creditor of Tenant which is a party to a Subordination Agreement in favor of Landlord.

  • Senior Lenders means each of the lenders from time to time under the Senior Credit Agreement.

  • Unsecured PHI or “PHI that is unsecured” means PHI that is not rendered unusable, 29 unreadable, or indecipherable to unauthorized individuals through the use of a technology or 30 methodology specified by the Secretary of Health and Human Services in the guidance issued on the

  • Federal Credit means the Georgia Housing Tax Credit established by the federal government for the purpose of encouraging the development of affordable housing and governed by the Code.

  • Second Lien With respect to each Mortgaged Property, the lien of the mortgage, deed of trust or other instrument securing a Mortgage Note which creates a second lien on the Mortgaged Property.

  • Senior Lender means each holder of a Senior Note.

  • Original Credit Agreement shall have the meaning assigned to such term in the recitals hereto.

  • Prepetition Lenders means the lenders under the Prepetition Credit Agreement.

  • ABL Credit Agreement as defined in the recitals hereto.

  • Second Lien Claimholders means, at any relevant time, the holders of Second Lien Obligations at that time, including the Second Lien Lenders and the agents under the Second Lien Loan Documents.

  • Lender Creditors shall have the meaning provided in the recitals of this Agreement.

  • ABL Credit Facility means the agreement, dated as of March 30, 2015, among the Company, the Subsidiaries of the Company that borrow or guarantee obligations under such agreement from time to time, as “Credit Parties,” the lenders parties thereto from time to time and Bank of America, N.A., as agent (or its successor in such capacity), together with the related notes, letters of credit, guarantees and security documents, and as the same may be amended, restated, amended and restated, supplemented or modified from time to time and any renewal, increase, extension, refunding, restructuring, replacement or refinancing thereof (whether with the original administrative agent and lenders or another administrative agent, collateral agent or agents or one or more other lenders or additional borrowers or guarantors and whether provided under the original ABL Credit Facility or one or more other credit or other agreements or indentures).

  • Principal Credit Facility means any loan agreement, credit agreement, note purchase agreement, indenture or similar document under which credit facilities in the aggregate original principal or commitment amount of at least $20,000,000 are provided for.

  • Prepetition Credit Agreement has the meaning specified in the recitals hereto.

  • Second Lien Lenders means the “Lenders” under and as defined in the Second Lien Credit Agreement.

  • Prepetition means the time period ending immediately prior to the filing of the Chapter 11 Cases.

  • Unsecured Loan means any Loan other than a Secured Loan.