Common use of General Creditor Status Clause in Contracts

General Creditor Status. The benefits to which you may become entitled under this letter agreement (except those attributable to your Options or Stock Issuances) will be paid, when due, from the general assets of the Company. Your right (or the right of the executors or administrators of your estate) to receive any such payments will at all times be that of a general creditor of the Company and will have no priority over the claims of other general creditors of the Company.

Appears in 17 contracts

Samples: Severance Agreement (Ligand Pharmaceuticals Inc), Severance Agreement (Ligand Pharmaceuticals Inc), Severance Agreement (Ligand Pharmaceuticals Inc)

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General Creditor Status. The benefits to which you may become entitled under this letter agreement (except those attributable to your Options or Stock IssuancesOptions) will be paid, when due, from the general assets of the Company. Your right (or the right of the executors or administrators of your estate) to receive any such payments will at all times be that of a general creditor of the Company and will have no priority over the claims of other general creditors of the Company.

Appears in 5 contracts

Samples: Severance Agreement (MDL Information Systems Inc), Severance Agreement (MDL Information Systems Inc), Severance Agreement (MDL Information Systems Inc)

General Creditor Status. The benefits to which you may become ----------------------- entitled under this letter agreement (except those attributable to your Options or Stock Issuances) will be paid, when due, from the general assets of the Company. Your right (or the right of the executors or administrators of your estate) to receive any such payments will at all times be that of a general creditor of the Company and will have no priority over the claims of other general creditors of the Company.

Appears in 4 contracts

Samples: Severance Agreement (DTM Corp /Tx/), Severance Agreement (DTM Corp /Tx/), Severance Agreement (DTM Corp /Tx/)

General Creditor Status. The benefits to which you may become entitled under this letter agreement (except those attributable to your Options or Stock Issuances) will be paid, when due, from the general assets of the Company. Your right (or the right of the executors or administrators of your estate) to receive any such payments will at all times be that of a general creditor of the Company and will have no priority over the claims of other general creditors of the Company.

Appears in 3 contracts

Samples: Severance Agreement (DTM Corp /Tx/), Severance Agreement (Ligand Pharmaceuticals Inc), Retention Bonus Agreement (Ligand Pharmaceuticals Inc)

General Creditor Status. The benefits to which you may become entitled under this letter agreement (except those attributable to your Options or Stock Issuances) will Letter Agreement shall be paid, when due, from the general assets of the Company. Your right (or the right of the executors or administrators of your estate) to receive any such payments will shall at all times be that of a general creditor of the Company and will shall have no priority over the claims of other general creditors of the Company.

Appears in 2 contracts

Samples: Severance Agreement (QLT Inc/Bc), Change of Control Agreement (QLT Inc/Bc)

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General Creditor Status. The benefits to which you may become entitled under this letter agreement (except those attributable to your Options or Stock Issuances) Agreement will be paid, when due, from the general assets of the Company. Your right (or the right of the executors or administrators of your estate) to receive any such payments will at all times be that of a general creditor of the Company and will have no priority over the claims of other general creditors of the Company.

Appears in 1 contract

Samples: Severance Agreement (Pharmacyclics Inc)

General Creditor Status. The benefits to which you may become entitled under this letter agreement Amended Letter Agreement (except those attributable to your Options or Stock Issuances) will be paid, when due, from the general assets of the Company. Your right (or the right of the executors or administrators of your estate) to receive any such payments will at all times be that of a general creditor of the Company and will have no priority over the claims of other general creditors of the Company.

Appears in 1 contract

Samples: Severance Agreement (Pharmacyclics Inc)

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