Common use of Creditor Status Clause in Contracts

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.