Common use of General Creditor Status Clause in Contracts

General Creditor Status. The benefits to which Executive may become entitled under 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. Accordingly, Executive’s right (or the right of the executors or administrators of Executive’s estate) to receive such benefits shall at all times be that of a general creditor of the Company and shall have no priority over the claims of other general creditors.

Appears in 7 contracts

Samples: Employment Agreement (LMF Acquisition Opportunities Inc), Employment Agreement (LMF Acquisition Opportunities Inc), Employment Agreement (LMF Acquisition Opportunities Inc)

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General Creditor Status. The benefits payment to which Executive may become entitled under this Agreement shall hereunder will be paid, when due, from the general assets of the Company’s general assets, and no trust fund, escrow arrangement or other segregated account shall will be established as a funding vehicle for such paymentspayment. Accordingly, Executive’s right (or the right of the executors personal representatives or administrators beneficiaries of Executive’s estate) to receive such benefits shall any payment hereunder will at all times be that of a general creditor of the Company and shall will have no priority over the claims of other general creditors.

Appears in 7 contracts

Samples: Executive Employment Agreement (Oceanfirst Financial Corp), Executive Employment Agreement (Oceanfirst Financial Corp), Executive Employment Agreement (Oceanfirst Financial Corp)

General Creditor Status. The benefits to which the Executive may become entitled under Article 4 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. Accordingly, the Executive’s right (or the right of the executors or administrators of the Executive’s estate) to receive such benefits shall at all times be that of a general creditor of the Company and shall have no priority over the claims of other general creditors.

Appears in 7 contracts

Samples: Employment Agreement (NYTEX Energy Holdings, Inc.), Employment Agreement (Masergy Communications Inc), Employment Agreement (Masergy Communications Inc)

General Creditor Status. The benefits to which the 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. Accordingly, the Executive’s right (or the right of the executors or administrators of the Executive’s estate) to receive such benefits shall at all times be that of a general creditor of the Company and shall have no priority over the claims of other general creditors.

Appears in 6 contracts

Samples: Severance Agreement (Corsair Gaming, Inc.), Severance Agreement (Corsair Gaming, Inc.), Severance Agreement (Corsair Gaming, Inc.)

General Creditor Status. The benefits to which Executive may become entitled under Part Three or Part Four of this Agreement shall be paid, when due, from the CompanyCorporation’s general assets, and no trust fund, escrow arrangement or other segregated account shall be established as a funding vehicle for such payments. Accordingly, Executive’s right (or the right of the executors or administrators of Executive’s estate) to receive such benefits shall at all times be that of a general creditor of the Company Corporation and shall have no priority over the claims of other general creditors.

Appears in 3 contracts

Samples: Employment Agreement, Employment Agreement (Wageworks, Inc.), Employment Agreement (Wageworks, Inc.)

General Creditor Status. The benefits to which the Executive may become entitled under Part Three of this Agreement shall be paid, when due, from the Company’s Corporation's general assets, and no trust fund, escrow arrangement or other segregated account shall be established as a funding vehicle for such payments. Accordingly, the Executive’s 's right (or the right of the executors or administrators of the Executive’s 's estate) to receive such benefits shall at all times be that of a general creditor of the Company Corporation and shall have no priority over the claims of other general creditors.

Appears in 3 contracts

Samples: Employment Agreement (Legato Systems Inc), Employment Agreement (Legato Systems Inc), Employment Agreement (Legato Systems Inc)

General Creditor Status. The benefits to which the Executive may become entitled under Article 5 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. Accordingly, the Executive’s right (or the right of the executors or administrators of the Executive’s estate) to receive such benefits shall at all times be that of a general creditor of the Company and shall have no priority over the claims of other general creditors.

Appears in 3 contracts

Samples: Employment Agreement (ALPHA & OMEGA SEMICONDUCTOR LTD), Employment Agreement (ALPHA & OMEGA SEMICONDUCTOR LTD), Employment Agreement (ALPHA & OMEGA SEMICONDUCTOR LTD)

General Creditor Status. The benefits to which the Executive may become entitled under Part Two or Part Three 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. Accordingly, the Executive’s right (or the right of the executors or administrators of the Executive’s estate) to receive such benefits shall at all times be that of a general creditor of the Company and shall have no priority over the claims of other general creditors.

Appears in 2 contracts

Samples: Severance Agreement (ALPHA & OMEGA SEMICONDUCTOR LTD), Retention Agreement

General Creditor Status. The benefits to which the Executive may become entitled under Part Three of this Agreement shall be paid, when due, from the CompanyCorporation’s general assets, and no trust fund, escrow arrangement or other segregated account shall be established as a funding vehicle for such payments. Accordingly, the Executive’s right (or the right of the executors or administrators of the Executive’s estate) to receive such benefits shall at all times be that of a general creditor of the Company Corporation and shall have no priority over the claims of other general creditors.

Appears in 2 contracts

Samples: Employment Agreement (Legato Systems Inc), Employment Agreement (Legato Systems Inc)

General Creditor Status. The benefits to which Executive may ----------------------- become entitled under Part Three or Four of this Agreement shall be paid, when due, from the Company’s Corporation's general assets, and no trust fund, escrow arrangement or other segregated account shall be established as a funding vehicle for such payments. Accordingly, Executive’s 's right (or the right of the executors or administrators of Executive’s 's estate) to receive such benefits shall at all times be that of a general creditor of the Company Corporation and shall have no priority over the claims of other general creditors.

Appears in 2 contracts

Samples: Executive Employment Agreement (Digital Island Inc), Employment Agreement (Digital Island Inc)

General Creditor Status. The benefits to which the Executive may become entitled under Part Three or Part Four of this Agreement shall be paid, when due, from the Company’s Corporation's general assets, and no trust fund, escrow arrangement or other segregated account shall be established as a funding vehicle for such payments. Accordingly, the Executive’s 's right (or the right of the executors or administrators of the Executive’s 's estate) to receive such benefits shall at all times be that of a general creditor of the Company Corporation and shall have no priority over the claims of other general creditors.

Appears in 2 contracts

Samples: Employment Agreement (Legato Systems Inc), Employment Agreement (Legato Systems Inc)

General Creditor Status. The benefits to which the Executive may become entitled under Article 4 of this Agreement shall be paid, when due, from the Company’s 's general assets, and no trust fund, escrow arrangement or other segregated account shall be established as a funding vehicle for such payments. Accordingly, the Executive’s 's right (or the right of the executors or administrators of the Executive’s 's estate) to receive such benefits shall at all times be that of a general creditor of the Company and shall have no priority over the claims of other general creditors.

Appears in 2 contracts

Samples: Employment Agreement (NYTEX Energy Holdings, Inc.), Employment Agreement (NYTEX Energy Holdings, Inc.)

General Creditor Status. The benefits to which the Executive may become entitled under Part Two or Part Three 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. Accordingly, the Executive’s right (or the right of the executors or administrators of the Executive’s estate) to receive such benefits shall at all times be that of a general creditor of the Company and shall have no priority over the claims of other general creditors. 14.

Appears in 2 contracts

Samples: Severance Agreement (ALPHA & OMEGA SEMICONDUCTOR LTD), Severance Agreement (ALPHA & OMEGA SEMICONDUCTOR LTD)

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General 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 Corporation's general assets, and no trust fund, escrow arrangement or other segregated account shall be established as a funding vehicle for such payments. Accordingly, Executive’s 's right (or the right of the executors or administrators of Executive’s 's estate) to receive such benefits shall at all times be that of a general creditor of the Company Corporation and shall have no priority over the claims of other general creditors.

Appears in 2 contracts

Samples: Employment Agreement (Digital Island Inc), Employment Agreement (Digital Island Inc)

General Creditor Status. The benefits to which the Executive may become entitled under Part Two or Part Three of this Agreement shall be paid, when due, from the CompanyCorporation’s general assets, and no trust fund, escrow arrangement or other segregated account shall be established as a funding vehicle for such payments. Accordingly, the Executive’s right (or the right of the executors or administrators of the Executive’s estate) to receive such benefits shall at all times be that of a general creditor of the Company Corporation and shall have no priority over the claims of other general creditors.

Appears in 2 contracts

Samples: Executive Severance Benefit Agreement (Wageworks, Inc.), Executive Severance Benefit Agreement (Wageworks, Inc.)

General Creditor Status. The benefits to which Executive may become entitled under this Agreement shall be paid, when due, from the Company’s 's general assets, and no trust fund, escrow arrangement or other segregated account shall be established as a funding vehicle for such payments. Accordingly, Executive’s 's right (or the right of the executors or administrators of Executive’s 's estate) to receive such benefits shall at all times be that of a general creditor of the Company and shall have no priority over the claims of other general creditors.

Appears in 1 contract

Samples: Employment Agreement (Salt Blockchain Inc.)

General Creditor Status. The benefits to which the Executive may become entitled under Part Three or Part Four of this Agreement shall be paid, when due, from the Company’s BMP's general assets, and no trust fund, escrow arrangement or other segregated account shall be established as a funding vehicle for such payments. Accordingly, the Executive’s 's right (or the right of the executors or administrators of the Executive’s 's estate) to receive such benefits shall at all times be that of a general creditor of the Company BMP and shall have no priority over the claims of other general creditors.

Appears in 1 contract

Samples: Employment Agreement (Beijing Med Pharm Corp)

General Creditor Status. The benefits to which the Executive may become entitled under this Part Three or Part Four of her Agreement shall be paid, when due, from the CompanyBMP’s general assets, and no trust fund, escrow arrangement or other segregated account shall be established as a funding vehicle for such payments. Accordingly, the Executive’s right (or the right of the executors or administrators of the Executive’s estate) to receive such benefits shall at all times be that of a general creditor of the Company BMP and shall have no priority over the claims of other general creditors.

Appears in 1 contract

Samples: Employment Agreement (BMP Sunstone CORP)

General Creditor Status. The benefits to which Executive may become entitled under Part Three of this Agreement shall be paid, when due, from the CompanyCorporation’s general assets, and no trust fund, escrow arrangement or other segregated account shall be established as a funding vehicle for such payments. Accordingly, Executive’s right (or the right of the executors or administrators of Executive’s estate) to receive such benefits shall at all times be that of a general creditor of the Company Corporation and shall have no priority over the claims of other general creditors.

Appears in 1 contract

Samples: Employment Agreement (Portal Software Inc)

General 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. Accordingly, Executive’s right (or the right of the executors or administrators of Executive’s estate) to receive such benefits shall at all times be that of a general creditor of the Company and shall have no priority over the claims of other general creditors.

Appears in 1 contract

Samples: Employment Agreement (Biolase Technology Inc)

General Creditor Status. The benefits to which the Executive may become entitled under Part Three or Part Four of this Agreement shall be paid, when due, from the CompanyBMP’s general assets, and no trust fund, escrow arrangement or other segregated account shall be established as a funding vehicle for such payments. Accordingly, the Executive’s right (or the right of the executors or administrators of the Executive’s estate) to receive such benefits shall at all times be that of a general creditor of the Company BMP and shall have no priority over the claims of other general creditors.

Appears in 1 contract

Samples: Employment Agreement (BMP Sunstone CORP)

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