Non-Secured Promise. 2.6.1 The rights of the Executive under this Agreement and of any beneficiary of the Executive will be solely those of an unsecured creditor of the Corporation. Any insurance policy or any other asset acquired or held by Nalco in connection with the liabilities assumed by it hereunder, will not be deemed to be held under any trust for the benefit of the Executive or the Executive's beneficiaries or to be security for the performance of the obligations of Nalco, but will be, and remain, a general, unpledged, unrestricted asset of Nalco.
Non-Secured Promise. The rights of the Executive under this Agreement and of any Beneficiary of the Executive will be solely those of an unsecured creditor of the Company. Any insurance policy or any other asset acquired or held by the Company in connection with the liabilities assumed by it hereunder, will not be deemed to be held under any trust for the benefit of the Executive or his beneficiaries or to be security for the performance of the obligations of the Company, but will be, and remain, a general, unpledged, unrestricted asset of the Company and the Company will retain all ownership rights in any such policy.
Non-Secured Promise. The rights of the Executive under this Agreement will be solely those of an unsecured creditor of the Company. The benefits under this Agreement will be paid by the Company from its general assets. Any insurance policy or any other asset acquired or held by the Company in connection with the liabilities assumed by it hereunder will not be deemed to be held under any trust for the benefit of the Executive, or to be security for the performance of the obligations of the Company, but will be, and remain, a general, unpledged, unrestricted asset of the Company. This Agreement is intended to constitute an unfunded or insured welfare plan for a select group of management or highly compensated employees, within the meaning of Department of Labor Reg. ss.2520.104-24, exempting such plans and arrangement from the reporting and disclosure provisions of Part 1 of Title 1 of the Employee Retirement Income Security Act of 1974, as amended.
Non-Secured Promise. If the Association shall acquire an insurance policy or any other asset in connection with the liabilities assumed by it hereunder, it is expressly understood and agreed that neither the Director nor any beneficiary of the Director shall have any right with respect to, or claim against, such policy or other asset. Such policy or asset shall not be deemed to be held under any trust for the benefit of the Director or his beneficiaries, or to be held in any way as collateral or security for the fulfilling of the obligations of the Association under this Agreement, but shall be and remain a general, unpledged, unrestricted asset of the Association.
Non-Secured Promise. Except as provided in the final sentence of Article X, the rights of the Employee against the Company under this Agreement and of any beneficiary of the Employee shall be solely those of an unsecured creditor of the Company. Any insurance policy or any other asset acquired or held by the Company in connection with the liabilities assumed by it hereunder, shall not be deemed to be held under any trust for the benefit of the Employee or his spouse or beneficiaries or to be security for the performance of the obligations of the Company, but shall be, and remain, a general, unpledged, unrestricted asset of the Company.
Non-Secured Promise. The rights of the Employee under this Agreement and of any beneficiary of the Employee shall be solely those of an unsecured creditor of the savings bank. Any insurance policy or any other asset acquired or held by the savings bank in connection with the liabilities assumed by it hereunder shall not, except as otherwise expressly provided, be deemed to be security for the performance of the obligations of the savings bank, but shall be, and remain, a general, unpledged, unrestricted asset of the savings bank.
Non-Secured Promise. The rights of the Participating Employee and any designated Beneficiary(ies) of the Participating Employee, or any other person claiming through the Participating Employee under this Agreement, shall be solely those of an unsecured general creditor of the Company. The Participating Employee and/or the designated Beneficiary(ies) of the Participating Employee shall have the right to receive payments specified under this Agreement only from the Company and shall have no right to any specific assets of the Company, or any specific or special property separate from the Company, to satisfy or discharge any claim for benefits. Any assets used or acquired by the Company in connection with its obligations under this Agreement shall not be deemed held under any trust for the benefit of the Participating Employee or his designated Beneficiary(ies), nor shall any such assets be considered security for the performance of the obligations of the Company. Nothing contained in this Agreement and no action taken pursuant to the provisions of the Agreement shall create or be construed to create a fiduciary relationship between the Company, the Participating Employee, his Beneficiary(ies) or any other person. The Participating Employee also agrees that his participation in the acquisition of any such assets for the Company shall not constitute a representation to the Participating Employee, his designated Beneficiary(ies), or any person claiming through the Participating Employee, that any of them has a special or beneficial interest in such assets.
Non-Secured Promise. The rights of the Employee under this Agreement and of any beneficiary or the spouse of the Employee shall be solely those of an unsecured creditor of Intrex and the Bank. Any insurance policy or any other asset that may be acquired or held by Intrex or the Bank in connection with the liabilities assumed hereunder shall not be deemed to be held under any trust for the benefit of the Employee, his spouse or his beneficiaries or to be security for the performance of the obligations of Intrex or the bank, but shall be, and remain, a general, unpledged, unrestricted asset of Intrex and/or the Bank.
Non-Secured Promise. The rights of the Executive under this Agreement and of any beneficiary of the Executive shall be solely those of an unsecured creditor of the Association. The Association shall be under no obligation whatsoever to procure or obtain any insurance policy or any other asset to fund or provide security for the satisfaction of the liabilities arising under this Agreement, and any decision to do so shall be solely in the discretion of the Association. Any insurance policy or any other asset acquired or held by the Association in connection with the liabilities assumed by it hereunder, shall not, except as otherwise expressly provided, be deemed to be held under any trust for the benefit of the Executive or his beneficiaries or his spouse or estate or to be security for the performance of the obligations of the Association, but shall be, and remain, a general, unpledged, unrestricted asset of the Association. If the Association procures a life insurance policy upon Executive's life to fund in whole or in part the Association's obligations hereunder (or under agreements with any other employee) and the Executive fails to answer truthfully and completely any question or request for information by an insurance company in connection with the issuance of the policy, and the liability of the insurer under such policy is unrestricted to any degree as a result of such failure, then the association shall be relieved of its obligations hereunder.
Non-Secured Promise. The rights of the Director under this Agreement and of any beneficiary of the Director shall be solely those of an unsecured creditor of the Corporation. Any insurance policy or any other asset acquired or held by the Corporation in connection with the liabilities assumed by it hereunder, shall not, except as otherwise expressly provided, be deemed to be held under any trust for the benefit of the Director or his beneficiaries or to be security for the performance of the obligations of the Corporation, but shall be, and remain, a general, unpledged, unrestricted asset of the Corporation.
