General Creditors Sample Clauses

General Creditors. At all times during the continuance of this Trust, the principal and income of the Trust shall be subject to claims of general creditors of the Employer. (a) The Board of Directors and the Chief Executive Officer of Employer shall have the duty to inform the Trustee in writing of Employer’s Insolvency. If a person claiming to be a creditor of the Employer alleges in writing to the Trustee under penalty of perjury that that Employer has become Insolvent, the Trustee shall take action it deems prudent to determine whether Employer is Insolvent, and, pending such determination, the Trustee shall discontinue payment of benefits to Plan participants or their beneficiaries. (b) Unless the Trustee has actual knowledge of Employer’s Insolvency, or has received notice from Employer or a person claiming to be a creditor alleging that Employer is Insolvent, the Trustee shall have no duty to inquire whether Employer is Insolvent. The Trustee may in all events rely on the determination of the independent accountant regularly auditing the financial records of Employer as to whether Employer is Insolvent. (c) If at any time the Trustee has made or received a determination that Employer is Insolvent, the Trustee shall discontinue payments to Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of Employer’s general creditors. Nothing in this Trust Agreement shall in any way diminish any rights of Plan participants or their beneficiaries to pursue their rights as general creditors of the Employer with respect to benefits due under the Plan or otherwise. (d) The Trustee shall resume the payment of benefits to Plan participants or their beneficiaries in accordance with the terms of this Agreement only after the Trustee has received a determination from the independent accountant regularly auditing the financial records of the Employer that the Employer is not Insolvent (or is no longer Insolvent). (e) During the continuance of the Trust, the fees and expenses of the Trustee shall be paid from the Trust Fund if not paid by the Employer.
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General Creditors. 3 1.10. Insolvent............................................. 3 1.11. Investment Manager.................................... 3 1.12. Participant........................................... 3 1.13. Plan Administrator.................................... 3 1.14. Trust Agreement....................................... 3 1.15.
Sample 1
General Creditors. At all times during the continuance of the Account, as provided in Section 2.4 hereof, the principal and income of the Account will be subject to claims of general creditors of the Customer under federal and state law as set forth below. 4.2.1. The Customer will have the duty to inform the Bank in writing of the Customer's Insolvency. If a person claiming to be a creditor of the Customer alleges in writing to the Bank that the Customer has become Insolvent, the Bank will determine whether the Customer is Insolvent and, pending such determination, the Bank will discontinue payment of benefits to Participants or Beneficiaries. 4.2.2. Unless the Bank has actual knowledge of the Customer's Insolvency, or has received notice from the Customer or a person claiming to be a creditor alleging that the Customer is Insolvent, the Bank will have no duty to inquire whether the Customer is Insolvent. The Bank may in all events rely on such evidence concerning the Customer's solvency as may be furnished to the Bank and that provides the Bank with a reasonable basis for making a determination concerning the Customer's solvency. 4.2.3. If at any time the Bank has determined that the Customer is Insolvent, the Bank will discontinue payments to Participants or Beneficiaries and will hold the assets of the Account for the benefit of the Customer's general creditors. Nothing in this Agreement will in any way diminish any rights of Participants or Beneficiaries to pursue their rights as general creditors of the Customer with respect to benefits due under the Plan or otherwise. 4.2.4. The Bank will resume the payment of benefits to Participants or Beneficiaries in accordance with Section 3 hereof only after the Bank has determined that the Customer is not Insolvent (or is no longer Insolvent).
Sample 1
General Creditors. Each of the Company and its Affiliates shall provide the benefits described in the Plan and allocable to such entity pursuant to the terms of subsection (a) hereof from its general assets. The Company's and Affiliates' obligations to pay benefits under the Plan constitute mere promises of the Company and its Affiliates to pay such benefits; and a Participant or Surviving Spouse shall be and remain no more than an unsecured, general creditor of the Company. EXH 10.4 Table of Contents
Sample 1
General Creditors. The Executive has no legal or equitable rights, claims, or interest in any specific property or assets of the Company or any of its Affiliates in connection with the 4
Sample 1

Related to General Creditors

  • Rights as Unsecured Creditors Notwithstanding anything to the contrary in this Agreement, the Second Priority Representatives and the Second Priority Debt Parties may exercise rights and remedies as unsecured creditors against the Company and any other Grantor in accordance with the terms of the Second Priority Debt Documents and applicable law so long as such rights and remedies do not violate any express provision of this Agreement. Nothing in this Agreement shall prohibit the receipt by any Second Priority Representative or any Second Priority Debt Party of the required payments of principal, premium, interest, fees and other amounts due under the Second Priority Debt Documents so long as such receipt is not the direct or indirect result of the exercise by a Second Priority Representative or any Second Priority Debt Party of rights or remedies as a secured creditor in respect of Shared Collateral. In the event any Second Priority Representative or any Second Priority Debt Party becomes a judgment lien creditor in respect of Shared Collateral as a result of its enforcement of its rights as an unsecured creditor in respect of Second Priority Debt Obligations, such judgment lien shall be subordinated to the Liens securing Senior Obligations on the same basis as the other Liens securing the Second Priority Debt Obligations are so subordinated to such Liens securing Senior Obligations under this Agreement. Nothing in this Agreement shall impair or otherwise adversely affect any rights or remedies the Senior Representatives or the Senior Secured Parties may have with respect to the Senior Collateral.

  • RIGHTS OF THE UNION 5.01 The Board agrees, with the approval of the Superintendent or his/her designee, non-employee officers and representatives of the Union may be admitted to school premises during times that employees in the unit are working. The Union representative shall, upon arrival, check in through the established channels for receiving visitors. Such visitations shall be for the purpose of the adjustment of grievances. The Union agrees that such activities shall not interfere with the normal work duties of the employees. However, the Board agrees to provide for the release of employees from their normal duties to meet privately with the representative for no more than thirty (30) minutes, so long as that employee's work responsibilities can be covered without the hiring of a substitute. 5.02 The Board recognizes the right of the Union to designate one member of the unit as a Grievance Chairperson and one member as an alternate Grievance Chairperson. The alternate Chairperson shall assume the duties of the Chairperson when he/she is absent from work for cause. All duties of the Chairperson and alternate shall be carried out during their non-duty hours. 5.03 The Union will be accorded the privileges of use of meeting space in school buildings with the following restraints: Arrangements for use of the space shall be approved and scheduled with the building principal 24 hours in advance; use is restricted to general membership meetings; rooms shall not be used later than 10:00 P.M.; meetings shall not be held more than once per month. The Board may require the Union to pay any additional cost involved in such use which shall be made known at the time of the request for building use. However, additional costs which cannot be projected by the Board because of negligence, abuse, over-extended use or other unforeseen events resulting from the use of the buildings by the Union shall be the responsibility of the Union. 5.04 The Board may allow a representative of the Union to review employee's personnel files when accompanied by the employee. 5.05 It is agreed internal Union business, except for grievance investigations as outlined in Section 5.01 above, shall not be conducted during the duty hours of the employees concerned. 5.06 The right to be supplied with a seniority roster of all bargaining unit employees by November 1 of each year. The roster shall indicate the employee’s present classification and job site. 5.07 The OAPSE Local delegate, alternate or officer has the right to use six (6) days (i.e., three (3) days each) to attend the OAPSE annual delegate conference or attend other meetings or hearings for the Local or School District as required with no loss in pay; or, at their hourly rate of pay if outside of their contract day if requested and approved by the Superintendent or his/her designee.

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