Creditor Status. No benefit or promise hereunder shall be secured by any specific assets of the Company. Executive shall have only the rights of an unsecured general creditor of the Company in seeking satisfaction of such benefits or promises.
Creditor Status. The Severance Benefits and Change in Control Benefits to which Executive may become entitled under Section 7 of this Agreement will be paid, when due, from the Company’s general assets, and no trust fund escrow arrangement or other segregated account will be established as a funding vehicle for such payments. Executive is not waiving any rights he may have to collect any monies due to Executive under this Agreement in the same manner as any other employee of the Company would have.
Creditor Status. The benefits to which Executive may become entitled under Part Two of this Agreement shall be paid, when due, from the Company’s general assets, and no trust fund, escrow arrangement or other segregated account shall be established as a funding vehicle for such payments. Executive is not waiving any rights he may have to collect any monies due to Executive under this Agreement in the same manner as any other employee of the Company would have.
Creditor Status. This Option and any Shares payable pursuant thereto (1) may not be taken, either voluntarily or involuntarily, for the satisfaction of the debts of, or other obligations or claims against, the Participant, the Participant's beneficiary or any other person, including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings and (2) shall not be subject in any manner to anticipation, sale, alienation, transfer, assignment, pledge, encumbrance, charge, attachment, garnishment, levy or execution by Participant, Participant's beneficiary, the creditors of either, and any other person. In the event of a violation or attempted violation of any of the restrictions and/or provisions of this subsection, the Company has the sole discretion and authority to terminate this Option (without any compensation therefore) by written notice to Participant and it shall thereupon become null and void.
Creditor Status. The Executive shall have no legal or equitable rights, interests, or claims in or to any particular property or assets of the Company, all of which shall be and remain the general unrestricted assets of the Company. If any amount becomes payable to the Executive under this agreement, including but not limited to a discretionary payment to the Executive's estate in the event of the Executive's death, the Executive or his estate, as the case may be, shall be and have the status of a general unsecured creditor of the Company; and this agreement constitutes a mere unfunded and unsecured contingent promise of the Company to make a certain payment in the future if all of the preconditions to such payment are fully satisfied.
Creditor Status. This Option and any Shares payable pursuant --------------- thereto
(1) may not be taken, either voluntarily or involuntarily, for the satisfaction of the debts of, or other obligations or claims against, the Participant, the Participant's beneficiary or any other person, including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings and (2) shall not be subject in any manner to anticipation, sale, alienation, transfer, assignment, pledge, encumbrance, charge, attachment, garnishment, Xxxxx Xxxxxx Stock Option Agreement, cont. 3 ------------------------------------------------------------------------------- levy or execution by Participant, Participant's beneficiary, the creditors of either, and any other person. In the event of a violation or attempted violation of any of the restrictions and/or provisions of this subsection, the Company has the sole discretion and authority to terminate this Option (without any compensation therefore) by written notice to Participant and it shall thereupon become null and void.
Creditor Status. The Grantor shall be a general creditor of the Company under this Agreement and any obligation of the Company to the Grantee under this Agreement shall be subordinated to any obligation of the Company to the various lending institutions under the Amended and Restated Credit Agreement, dated as of May 8, 2007 and as amended or restated from time to time, among the Company, various designated subsidiary borrowers, various lending institutions and JPMorgan Chase Bank, N.A., as Administrative Agent.
Creditor Status. At the time the Creditor was offered the Shares, it was, and at the date hereof it is, an “accredited investor” as defined in Rule 501(a) under the Securities Act. (e)
Creditor Status. A Participant to whom a Stock Unit is granted shall be no more than a general and unsecured creditor of First Financial with respect to any cash payment due under such grant.
Creditor Status. Any assets which the Company may acquire or set aside to help cover its financial liabilities are and must remain general assets of the Company subject to the claims of its creditors. Neither the Company nor this Plan gives the Participant any beneficial ownership interest in any asset of the Company. All rights of ownership in any such assets are and remain in the Company.
