DISTRIBUTIONS TO OR FOR THE BENEFIT OF OTHER CREDITORS Sample Clauses

DISTRIBUTIONS TO OR FOR THE BENEFIT OF OTHER CREDITORS. At all times during the continuance of this Trust, as provided in Section 1.6 hereof, the Trust Fund shall be subject to claims of general creditors of CBI, but only as set forth in this Section 2.3. The Trustee shall cease payment of benefits to or in respect of Participants and their Designees and Beneficiaries if CBI is insolvent. CBI shall be considered "insolvent" for purposes of this Trust Agreement if (i) CBI is unable to pay its debts as they become due, or (ii) CBI is subject to a pending proceeding as a debtor under the United States Bankruptcy Code. The Board of Directors and the Chief Executive Officer of CBI shall have the duty to inform the Trustee in writing of CBI's insolvency. If a person claiming to be a creditor of CBI alleges in writing to the Trustee that CBI has become insolvent, the Trustee shall determine whether CBI is insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to or on behalf of Participants or their Designees or Beneficiaries. Unless the Trustee has actual knowledge of CBI's insolvency, or has received notice from CBI or a person claiming to be a creditor alleging that CBI is insolvent, the Trustee shall have no If at any time the Trustee has determined that CBI is insolvent, the Trustee shall discontinue payments to or for the benefit of Participants or their Designees or Beneficiaries and shall hold the assets of the Trust for the benefit of CBI's general creditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants or their Designees and Beneficiaries to pursue their rights as general creditors of CBI with respect to benefits due under the Plan(s) or otherwise. The Trustee shall resume the payment of benefits to or for the benefit of Participants and their Designees and Beneficiaries in accordance with Sections 2.1 and 2.2 of this Trust Agreement only after Trustee has determined that CBI is not insolvent (or is no longer insolvent). Provided that there are sufficient assets, if the Trustee discontinues the payment of benefits from the Trust pursuant to this Section 2.3 and subsequently resumes such payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to or for the benefit of Participants and their Designees and Beneficiaries under the terms of the Plan(s) for the period of such discontinuance, less the aggregate amount of any payments made to or for the benefit of Participants and the...
Sample 1
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Related to DISTRIBUTIONS TO OR FOR THE BENEFIT OF OTHER CREDITORS

  • Reports to Other Creditors Promptly after the furnishing thereof, copies of any statement or report furnished to any other party pursuant to the terms of any indenture, loan, or credit or similar agreement and not otherwise required to be furnished to the Lender pursuant to any other clause of this Section;

  • Other Creditors The Credit Parties shall provide to the Administrative Agent promptly after the giving or receipt thereof, copies of any material default notices given or received by the Borrower or by any of its Subsidiaries pursuant to the terms of any indenture, loan agreement, credit agreement, or similar agreement evidencing Debt in an amount in excess of $2,000,000.

  • Sole Benefit of Member Except as expressly provided in Section 17, the provisions of this Agreement (including Section 11) are intended solely to benefit the Member and, to the fullest extent permitted by applicable law, shall not be construed as conferring any benefit upon any creditor of the Company (and no such creditor shall be a third-party beneficiary of this Agreement), and no Member shall have any duty or obligation to any creditor of the Company to make any contributions or payments to the Company.

  • Exclusive Benefit of Parties This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever.

  • SUCCESSORS; PERSONS ENTITLED TO BENEFIT OF AGREEMENT This Agreement shall inure to the benefit of and be binding upon the several Underwriters, the Company and their respective successors and assigns. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, other than the persons mentioned in the preceding sentence, any legal or equitable right, remedy or claim under or in respect of this Agreement, or any provisions herein contained, this Agreement and all conditions and provisions hereof being intended to be and being for the sole and exclusive benefit of such persons and for the benefit of no other person; except that the representations, warranties, covenants, agreements and indemnities of the Company contained in this Agreement shall also be for the benefit of the Underwriter Indemnified Parties, and the indemnities of the several Underwriters shall be for the benefit of the Company Indemnified Parties. It is understood that each Underwriter’s responsibility to the Company is solely contractual in nature and the Underwriters do not owe the Company, or any other party, any fiduciary duty as a result of this Agreement. No purchaser of any of the Stock from any Underwriter shall be deemed to be a successor or assign by reason merely of such purchase.

  • Not for Benefit of Creditors The provisions of this Agreement are intended only for the regulation of relations among past, present and future Members, Directors, the Manager and the Company. This Agreement is not intended for the benefit of non-member creditors and no rights are granted to non-Member creditors under this Agreement.

  • Disclaimer of Other Representations or Warranties Except as previously set forth in this Section 2 or in any certificate delivered by the Company to Parent and/or Merger Sub pursuant to this Agreement, the Company makes no representation or warranty, express or implied, at law or in equity, with respect to it or any of its assets, liabilities or operations, and any such other representations or warranties are hereby expressly disclaimed.

  • Concerning the Securityholders SECTION 7.01.

  • Provisions of Indenture for the Sole Benefit of Parties and Securityholders Nothing in this Indenture or in the Securities, expressed or implied, shall give or be construed to give to any person, firm or corporation, other than the parties hereto and their successors and the Holders of the Securities, any legal or equitable right, remedy or claim under this Indenture or under any covenant or provision herein contained, all such covenants and provisions being for the sole benefit of the parties hereto and their successors and of the Holders of the Securities.

  • Certain Representations; Reservation and Availability of Shares of Common Stock or Cash (a) This Agreement has been duly authorized, executed and delivered by the Company and, assuming due authorization, execution and delivery hereof by the Warrant Agent, constitutes a valid and legally binding obligation of the Company enforceable against the Company in accordance with its terms, and the Warrants have been duly authorized, executed and issued by the Company and, assuming due authentication thereof by the Warrant Agent pursuant hereto and payment therefor by the Holders as provided in the Registration Statement, constitute valid and legally binding obligations of the Company enforceable against the Company in accordance with their terms and entitled to the benefits hereof; in each case except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally or by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law).

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