Common use of Alienability and Assignment Prohibition Clause in Contracts

Alienability and Assignment Prohibition. Except to the extent provided below, neither Executive, his widow nor any other beneficiary under this Agreement shall have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify or otherwise encumber in advance any of the benefits payable hereunder nor shall any of said benefits be subject to seizure for the payment of any debts, judgments, alimony or separate maintenance owed by the Executive or his beneficiary, nor be transferable by operation of law in the event of bankruptcy, insolvency or otherwise. In the event Executive or any beneficiary attempts assignment, commutation, hypothecation, transfer or disposal of the benefits hereunder, the Corporation's liabilities shall forthwith cease and terminate. Notwithstanding the preceding prohibition, in the event Executive and his spouse divorce, the value of the benefits payable hereunder may be subject to the division for the benefit of Executive's spouse pursuant to a divorce decree or other similar domestic relations order.

Alienability and Assignment Prohibition. Except to the extent provided below, neither Executive, his widow nor any other beneficiary under this Agreement shall have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify or otherwise encumber in advance any of the benefits payable hereunder nor shall any of said benefits be subject to seizure for the payment of any debts, judgments, alimony or separate maintenance owed by the Executive or his beneficiary, nor be transferable by operation of law in the event of bankruptcy, insolvency or otherwise. In the event Executive or any beneficiary attempts assignment, commutation, hypothecation, transfer or disposal of the benefits hereunder, the Corporation's ’s liabilities shall forthwith cease and terminate. Notwithstanding the preceding prohibition, in the event Executive and his spouse divorce, the value of the benefits payable hereunder may be subject to the division for the benefit of Executive's ’s spouse pursuant to a divorce decree or other similar domestic relations order.

Alienability and Assignment Prohibition. Except to Neither the extent provided below, neither Executive, Executive nor his widow nor any other beneficiary under this Agreement surviving spouse shall have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify or otherwise encumber in advance any of the benefits payable hereunder hereunder, nor shall any of said the benefits be subject to seizure for the payment of any debts, judgments, alimony or separate maintenance owed by the Executive or his beneficiary, surviving spouse nor shall any of the benefits be transferable by operation of law in the event of bankruptcy, insolvency bankruptcy or otherwiseinsolvency. In the event the Executive or any beneficiary and/or his surviving spouse attempts assignment, commutation, hypothecation, transfer or disposal of the benefits hereunder, the Corporation's ’s liabilities under this SERP shall forthwith cease and terminate. Notwithstanding the preceding prohibition, in the event Executive and his spouse divorce, the value of the benefits payable hereunder may be subject to the division for the benefit of Executive's spouse pursuant to a divorce decree or other similar domestic relations order.