Common use of NON-ASSIGNABILITY OF BENEFITS Clause in Contracts

NON-ASSIGNABILITY OF BENEFITS. The Executive may not transfer, assign, anticipate, hypothecate or otherwise encumber any part or all of the amounts payable hereunder, which are expressly declared to be unassignable and non-transferable. Any such attempted assignment or transfer shall be void and shall terminate this Agreement; the Corporation shall thereupon have no further liability hereunder. No amount payable hereunder shall, prior to actual payment thereof, be subject to seizure by any creditor of the Executive for the payment of any debt, judgment or other obligation, by a proceeding at law or in equity.