Common use of Status as an Unsecured General Creditor Clause in Contracts

Status as an Unsecured General Creditor. Notwithstanding anything contained herein to the contrary: (i) the Executive shall have no legal or equitable rights, interests or claims in or to any specific property or assets of the Employer as a result of this Agreement; (ii) none of the Employer’s assets shall be held in or under any trust for the benefit of the Executive, or held in any way as security for the fulfillment of the obligations of the Employer under this Agreement; (iii) all of the Employer’s assets shall be and remain the general unpledged and unrestricted assets of the Employer; (iv) the Employer’s obligation under this Agreement shall be that of an unfunded and unsecured promise by the Employer to pay money in the future; and (v) the Executive shall be an unsecured general creditor with respect to any benefits which may be payable under the terms of this Agreement. Notwithstanding subparagraphs (i) through (v) above, the Employer and the Executive acknowledge and agree that, in the event of a Change in Control, upon request of the Executive, or in the Employer’s discretion if the Executive does not so request and the Employer nonetheless deems it appropriate, the Employer shall establish, not later than the effective date of the Change in Control, a Rabbi Trust or multiple Rabbi Trusts (the “Trust” or “Trusts”) upon such terms and conditions as the Employer, in its sole discretion, deems appropriate and in compliance with applicable provisions of the Code, in order to permit the Employer to make contributions and/or transfer assets to the Trust or Trusts to discharge its obligations pursuant to this Agreement. The principal of the Trust or Trusts and any earnings thereon shall be held separate and apart from other funds of the Employer to be used exclusively for discharge of the Employer’s obligations pursuant to this Agreement and shall continue to be subject to the claims of the Employer’s general creditors until paid to the Executive in such manner and at such times as specified in this Agreement.

Status as an Unsecured General Creditor. Notwithstanding anything contained herein to the contraryExcept as provided below in this Paragraph, Executive agrees that: (i) the Executive he shall have no legal or equitable rights, interests or claims in or to any specific property or assets of the Employer as a result of this Agreement; (ii) none of the Employer’s assets shall be held in or under any trust for the benefit of the Executive, Executive or held in any way as security for the fulfillment of the obligations of the Employer under this Agreement; (iii) all of the Employer’s assets shall be and remain the general unpledged and unrestricted assets of the Employer; (iv) the Employer’s obligation under this Agreement shall be that of an unfunded and unsecured promise by the Employer to pay money in the future; and (v) the Executive shall be an unsecured general creditor with respect to any benefits which may be payable under the terms of this Agreement. Notwithstanding subparagraphs provisions (i) through (v) above, the Employer and the Executive acknowledge and agree that, in the event of that Employer signs a definitive agreement calling for a transaction that would result in a Change in Control, then upon request of the Executive, or in the Employer’s discretion if the Executive does not so request and the Employer nonetheless deems it appropriate, the Employer shall establish, not later than the effective date of the Change in Control, a Rabbi Trust or multiple Rabbi Trusts (the “"Trust” " or “"Trusts”") upon such terms and conditions as the Employer, in its sole discretion, deems appropriate and in appropriate. In compliance with applicable provisions of the Code, in order and, pursuant to permit the Trusts, Employer to shall promptly make contributions and/or transfer assets to the Trust or Trusts which facilitate and are appropriate to the discharge its of the Trusts’ obligations pursuant to this Agreement. The principal of the Trust or Trusts and any earnings thereon shall be held separate and apart from other funds of the Employer to be used exclusively for discharge of the Employer’s obligations pursuant to this Agreement and shall continue to be subject to the claims of the Employer’s general creditors until paid to the Executive in such manner and at such times as specified in this Agreement.

Status as an Unsecured General Creditor. Notwithstanding anything contained herein to the contrary: (i) neither the Executive Director, the Director’s spouse of the Director’s designated beneficiaries shall have no any legal or equitable rights, interests interests, or claims in or to any specific property or assets of the Employer Bank as a result of this Agreement; (ii) none of the EmployerBank’s assets shall be held in or under any trust for the benefit of the ExecutiveDirector, the Director’s spouse or the Director’s designated beneficiaries or held in any way as security for the fulfillment of the obligations of the Employer Bank under this Agreement; (iii) all of the EmployerBank’s assets shall be and remain the general unpledged and unrestricted assets of the EmployerBank; (iv) the EmployerBank’s obligation under this Agreement shall be that of an unfunded and unsecured promise by the Employer Bank to pay money in the future; and (v) the Executive Director, the Director’s spouse and the Director’s designated beneficiaries shall be an unsecured general creditor creditors with respect to any benefits which may be payable under the terms of this Agreement. Notwithstanding subparagraphs (i) through (v) the above, the Employer Director and the Executive Bank acknowledge and agree that, in the event of a Change in Control, upon Control and at the written request of the Executive, or in the Employer’s discretion if the Executive does not so request and the Employer nonetheless deems it appropriateDirector, the Employer Bank shall establish, not later than the effective date of the Change in Control, a Rabbi Trust or multiple Rabbi Trusts (the “Trust” or “Trusts”) upon such terms and conditions as the Employer, Bank in its sole discretion, discretion deems appropriate and in compliance with applicable provisions of the Code, Code in order to permit the Employer Bank to make contributions and/or transfer assets to the Trust or Trusts to discharge its obligations pursuant to this Agreement. The principal of the Trust or Trusts and any earnings thereon shall be held separate and apart from other funds of the Employer Bank to be used exclusively for discharge of the EmployerBank’s obligations pursuant to this Agreement and shall continue to be subject to the claims of the EmployerBank’s general creditors until paid to the Executive Director or his beneficiaries in such manner and at such times as specified in this Agreement.

Status as an Unsecured General Creditor. Notwithstanding anything contained herein to the contraryExcept as provided below in this Paragraph, Executive agrees that: (i) the Executive shall have no legal or equitable rights, interests or claims in or to any specific property or assets of the Employer Bank as a result of this Agreement; (ii) none of the EmployerBank’s assets shall be held in or under any trust for the benefit of the Executive, Executive (other than in a rabbi trust) or held in any way as security for the fulfillment of the obligations of the Employer Bank under this Agreement; (iii) all of the EmployerBank’s assets shall be and remain the general unpledged and unrestricted assets of the EmployerBank; (iv) the EmployerBank’s obligation under this Agreement shall be that of an unfunded and unsecured promise by the Employer Bank to pay money in the future; and (v) the Executive shall be an unsecured general creditor with respect to any benefits which may be payable under the terms of this Agreement. Notwithstanding subparagraphs provisions (i) through (v) above, the Employer Bank and the Executive acknowledge and agree that, in the event of that the Bank signs a definitive agreement calling for a transaction that would result in a Change in Control, upon request of the Executive, or in the EmployerBank’s discretion if the Executive does not so request and the Employer Bank nonetheless deems it appropriate, the Employer Bank shall establish, not later than the effective date of the Change change in Controlcontrol, a Rabbi Trust rabbi trust or multiple Rabbi Trusts rabbi trusts (the “Trust” or “Trusts”) upon such terms and conditions as the EmployerBank, in its sole discretion, deems appropriate and appropriate, in compliance with applicable provisions of the Code, in order and, pursuant to permit the Employer to Trusts, the Bank shall promptly make contributions and/or transfer assets to the Trust or Trusts which facilitate and are appropriate to the discharge its of the Trusts’ obligations pursuant to this Agreement. The principal of the Trust or Trusts and any earnings thereon shall be held separate and apart from other funds of the Employer Bank to be used exclusively for discharge of the EmployerBank’s obligations pursuant to this Agreement and shall continue to be subject to the claims of the EmployerBank’s general creditors until paid to the Executive in such manner and at such times as specified in this Agreement.

Status as an Unsecured General Creditor. Notwithstanding anything contained herein to the contraryExcept as provided below in this Paragraph, Executive agrees that: (i) the Executive shall have no legal or equitable rights, interests or claims in or to any specific property or assets of the Employer as a result of this Agreement; (ii) none of the Employer’s 's assets shall be held in or under any trust for the benefit of the Executive, Executive or held in any way as security for the fulfillment of the obligations of the Employer under this Agreement; (iii) all of the Employer’s 's assets shall be and remain the general unpledged and unrestricted assets of the Employer; (iv) the Employer’s 's obligation under this Agreement shall be that of an unfunded and unsecured promise by the Employer to pay money in the future; and (v) the Executive shall be an unsecured general creditor with respect to any benefits which may be payable under the terms of this Agreement. Notwithstanding subparagraphs provisions (i) through (v) above, the Employer and the Executive acknowledge and agree that, in the event of that the Employer signs a Change definitive agreement calling for a transaction that would result in Controla change in control, upon request of the Executive, or in the Employer’s 's discretion if the Executive does not so request and the Employer nonetheless deems it appropriate, the Employer shall establish, not later than the effective date of the Change change in Controlcontrol, a Rabbi Trust or multiple Rabbi Trusts (the “"Trust” " or “"Trusts”") upon such terms and Eid Unit Plan 8/8/2014 12 conditions as the Employer, in its sole discretion, deems appropriate and appropriate, in compliance with applicable provisions of the Code, in order and, pursuant to permit the Trusts, the Employer to shall promptly make contributions and/or transfer assets to the Trust or Trusts which facilitate and are appropriate to the discharge its of the Trusts' obligations pursuant to this Agreement. The principal of the Trust or Trusts and any earnings thereon shall be held separate and apart from other funds of the Employer to be used exclusively for discharge of the Employer’s 's obligations pursuant to this Agreement and shall continue to be subject to the claims of the Employer’s 's general creditors until paid to the Executive in such manner and at such times as specified in this Agreement.

Status as an Unsecured General Creditor. Notwithstanding anything contained herein to the contraryExcept as provided below in this Paragraph 11.0, Executive agrees that: (i) the Executive shall have no legal or equitable rights, interests or claims in or to any specific property or assets of the Employer as a result of this Agreement; (ii) none of the Employer’s 's assets shall be held in or under any trust for the benefit of the Executive, Executive or held in any way as security for the fulfillment of the obligations of the Employer under this Agreement; (iii) all of the Employer’s 's assets shall be and remain the general unpledged and unrestricted assets of the Employer; (iv) the Employer’s 's obligation under this Agreement shall be that of an unfunded and unsecured promise by the Employer to pay money in the future; and (v) the Executive shall be an unsecured general creditor with respect to any benefits which may be payable under the terms of this Agreement. Notwithstanding subparagraphs provisions (i) through (v) above, the Employer and the Executive acknowledge and agree that, in the event of that the Employer signs a Change definitive agreement calling for a transaction that would result in Controla change in control, upon request of the Executive, or in the Employer’s 's discretion if the Executive does not so request and the Employer nonetheless deems it appropriate, the Employer shall establish, not later than the effective date of the Change change in Controlcontrol, a Rabbi Trust or multiple Rabbi Trusts (the “"Trust” " or “"Trusts”") upon such terms and conditions as the Employer, in its sole discretion, deems appropriate and appropriate, in compliance with applicable provisions of the Code, in order and, pursuant to permit the Trusts, the Employer to shall promptly 12 Unit Plan2019/3/1 make contributions and/or transfer assets to the Trust or Trusts which facilitate and are appropriate to the discharge its of the Trusts' obligations pursuant to this Agreement. The principal of the Trust or Trusts and any earnings thereon shall be held separate and apart from other funds of the Employer to be used exclusively for discharge of the Employer’s 's obligations pursuant to this Agreement and shall continue to be subject to the claims of the Employer’s 's general creditors until paid to the Executive in such manner and at such times as specified in this Agreement.

Status as an Unsecured General Creditor. Notwithstanding anything contained herein to the contrary: (i) neither the Executive Director, the Director’s spouse or the Director’s designated beneficiaries shall have no any legal or equitable rights, interests interests, or claims in or to any specific property or assets of the Employer Bank as a result of this Agreement; (ii) none of the EmployerBank’s assets shall be held in or under any trust for the benefit of the ExecutiveDirector, the Director’s spouse or the Director’s designated beneficiaries or held in any way as security for the fulfillment of the obligations of the Employer Bank under this Agreement; (iii) all of the EmployerBank’s assets shall be and remain the general unpledged and unrestricted assets of the EmployerBank; (iv) the EmployerBank’s obligation under this Agreement shall be that of an unfunded and unsecured promise by the Employer Bank to pay money in the future; and (v) the Executive Director, the Director’s spouse and the Director’s designated beneficiaries shall be an unsecured general creditor creditors with respect to any benefits which may be payable under the terms of this Agreement. Notwithstanding subparagraphs (i) through (v) the above, the Employer Director and the Executive Bank acknowledge and agree that, in the event of a Change in Control, upon Control and at the written request of the Executive, or in the Employer’s discretion if the Executive does not so request and the Employer nonetheless deems it appropriateDirector, the Employer Bank shall establish, not later than the effective date of the Change in Control, a Rabbi Trust or multiple Rabbi Trusts (the “Trust” or “Trusts”) upon such terms and conditions as the Employer, Bank in its sole discretion, discretion deems appropriate and in compliance with applicable provisions of the Code, Code in order to permit the Employer Bank to make contributions and/or transfer assets to the Trust or Trusts to discharge its obligations pursuant to this Agreement. The principal of the Trust or Trusts and any earnings thereon shall be held separate and apart from other funds of the Employer Bank to be used exclusively for discharge of the EmployerBank’s obligations pursuant to this Agreement and shall continue to be subject to the claims of the EmployerBank’s general creditors until paid to the Executive Director or his beneficiaries in such manner and at such times as specified in this Agreement.

Status as an Unsecured General Creditor. Notwithstanding anything contained herein to the contraryExcept as provided below in this Paragraph, Executive agrees that: (i) the Executive shall have no legal or equitable rights, interests or claims in or to any specific property or assets of the Employer as a result of this Agreement; (ii) none of the Employer’s 's assets shall be held in or under any trust for the benefit of the Executive, Executive or held in any way as security for the fulfillment of the obligations of the Employer under this Agreement; (iii) all of the Employer’s 's assets shall be and remain the general unpledged and unrestricted assets of the Employer; (iv) the Employer’s 's obligation under this Agreement shall be that of an unfunded and unsecured promise by the Employer to pay money in the future; and (v) the Executive shall be an unsecured general creditor with respect to any benefits which may be payable under the terms of this Agreement. Notwithstanding subparagraphs provisions (i) through (v) above, the Employer and the Executive acknowledge and agree that, in the event of that the Employer signs a Change definitive agreement calling for a transaction that would result in Controla change in control, upon request of the Executive, or in the Employer’s 's discretion if the Executive does not so request and the Employer nonetheless deems it appropriate, the Employer shall establish, not later than the effective date of the Change change in ControlMerrywell Unit Plan 4/7/2015 12 control, a Rabbi Trust or multiple Rabbi Trusts (the “"Trust” " or “"Trusts”") upon such terms and conditions as the Employer, in its sole discretion, deems appropriate and appropriate, in compliance with applicable provisions of the Code, in order and, pursuant to permit the Trusts, the Employer to shall promptly make contributions and/or transfer assets to the Trust or Trusts which facilitate and are appropriate to the discharge its of the Trusts' obligations pursuant to this Agreement. The principal of the Trust or Trusts and any earnings thereon shall be held separate and apart from other funds of the Employer to be used exclusively for discharge of the Employer’s 's obligations pursuant to this Agreement and shall continue to be subject to the claims of the Employer’s 's general creditors until paid to the Executive in such manner and at such times as specified in this Agreement.

Status as an Unsecured General Creditor. Notwithstanding anything contained herein to the contraryExcept as provided below in this Paragraph, Executive agrees that: (i) the Executive shall have no legal or equitable rights, interests or claims in or to any specific property or assets of the Employer as a result of this Agreement; (ii) none of the Employer’s assets shall be held in or under any trust for the benefit of the Executive, Executive or held in any way as security for the fulfillment of the obligations of the Employer under this Agreement; (iii) all of the Employer’s assets shall be and remain the general unpledged and unrestricted assets of the Employer; (iv) the Employer’s obligation under this Agreement shall be that of an unfunded and unsecured promise by the Employer to pay money in the future; and (v) the Executive shall be an unsecured general creditor with respect to any benefits which may be payable under the terms of this Agreement. Notwithstanding subparagraphs provisions (i) through (v) above, the Employer and the Executive acknowledge and agree that, in the event of that the Employer signs a definitive agreement calling for a transaction that would result in a Change in Control, upon request of the Executive, or in the Employer’s discretion if the Executive does not so request and the Employer nonetheless deems it appropriate, the Employer shall establish, not later than the effective date of the Change in Control, a Rabbi Trust or multiple Rabbi Trusts (the “"Trust” " or “"Trusts”") upon such terms and conditions as the Employer, in its sole discretion, deems appropriate and appropriate, in compliance with applicable provisions of the Code, in order and, pursuant to permit the Trusts, the Employer to shall promptly make contributions and/or transfer assets to the Trust or Trusts which facilitate and are appropriate to the discharge its of the Trusts’ obligations pursuant to this Agreement. The principal of the Trust or Trusts and any earnings thereon shall be held separate and apart from other funds of the Employer to be used exclusively for discharge of the Employer’s obligations pursuant to this Agreement and shall continue to be subject to the claims of the Employer’s general creditors until paid to the Executive in such manner and at such times as specified in this Agreement.

Status as an Unsecured General Creditor. Notwithstanding anything contained herein to the contraryExcept as provided below in this Paragraph, Executive agrees that: (i) the Executive shall have no legal or equitable rights, interests or claims in or to any specific property or assets of the Employer as a result of this Agreement; (ii) none of the Employer’s 's assets shall be held in or under any trust for the benefit of the Executive, Executive or held in any way as security for the fulfillment of the obligations of the Employer under this Agreement; (iii) all of the Employer’s 's assets shall be and remain the general unpledged and unrestricted assets of the Employer; (iv) the Employer’s 's obligation under this Agreement shall be that of an unfunded and unsecured promise by the Employer to pay money in the future; and (v) the Executive shall be an unsecured general creditor with respect to any benefits which may be payable under the terms of this Agreement. Notwithstanding subparagraphs provisions (i) through (v) above, the Employer and the Executive acknowledge and agree that, in the event of that the Employer signs a Change definitive agreement calling for a transaction that would result in Controla change in control, upon request of the Executive, or in the Employer’s 's discretion if the Executive does not so request and the Employer nonetheless deems it appropriate, the Employer shall establish, not later than the effective date of the Change change in Controlcontrol, a Rabbi Trust or multiple Rabbi Trusts (the “"Trust” " or “"Trusts”") upon such terms and conditions as the Employer, in its sole discretion, deems appropriate and appropriate, in compliance with applicable provisions of the Code, in order and, pursuant to permit the Trusts, the Employer to shall promptly make contributions and/or transfer assets to the Trust or Trusts which facilitate and are appropriate to the discharge its of the Trusts' obligations pursuant to this Agreement. The principal of the Trust or Trusts and any earnings thereon shall be held separate and apart from other funds of the Employer to be used exclusively for discharge of the Employer’s 's obligations pursuant to this Agreement and shall continue to be subject to the claims of the Employer’s 's general creditors until paid to the Executive in such manner and at such times as specified in this Agreement.

Status as an Unsecured General Creditor. Notwithstanding anything contained herein to the contrary: (i) the Executive shall have no legal or equitable rights, interests or claims in or to any specific property or assets of the Employer Bank as a result of this Agreement; ;, (ii) none of the EmployerBank’s assets shall be held in or under any trust for the benefit of the Executive, Executive or held in any way as security for the fulfillment of the obligations of the Employer Bank under this Agreement; (iii) all of the EmployerBank’s assets shall be and remain the general unpledged and unrestricted assets of the EmployerBank; (iv) the EmployerBank’s obligation under this Agreement shall be that of an unfunded and unsecured promise by the Employer Bank to pay money in the future; and (v) the Executive shall be an unsecured general creditor with respect to any benefits which may be payable under the terms of this Agreement. Notwithstanding subparagraphs (i) through (v) above, the Employer Bank and the Executive acknowledge and agree that, in the event of a Change in Control, upon request of the Executive, or in the EmployerBank’s discretion if the Executive does not so request and the Employer Bank nonetheless deems it appropriate, the Employer Bank shall establish, not later than the effective date of the Change in Control, a Rabbi Trust or multiple Rabbi Trusts (the “Trust” or “Trusts”) upon such terms and conditions as the EmployerBank, in its sole discretion, deems appropriate and in compliance with applicable provisions of the Code, in order to permit the Employer Bank to make contributions and/or transfer assets to the Trust or Trusts to discharge its obligations pursuant to this Agreement. The principal of the Trust or Trusts and any earnings thereon shall be held separate and apart from other funds of the Employer Bank to be used exclusively for discharge of the EmployerBank’s obligations pursuant to this Agreement and shall continue to be subject to the claims of the EmployerBank’s general creditors until paid to the Executive in such manner and at such times as specified in this Agreement.

Status as an Unsecured General Creditor. Notwithstanding anything contained herein to the contraryExcept as provided in this paragraph 10, below, Executive agrees that: (i) the Executive shall have no legal or equitable rights, interests or claims in or to any specific property or assets of the Employer as a result of this Agreement; (ii) none of the Employer’s assets shall be held in or under any trust for the exclusive benefit of the Executive, Executive or held in any way as security for the fulfillment of the obligations of the Employer under this Agreement; (iii) all of the Employer’s assets shall be and remain the general unpledged and unrestricted assets of the Employer; (iv) the Employer’s obligation under this Agreement shall be that of an unfunded and unsecured promise by the Employer to pay money in the future; and (v) the Executive shall be an unsecured general creditor with respect to any benefits which may be payable under the terms of this Agreement. Notwithstanding this Paragraph 10’s subparagraphs (i) through (v) above, the Employer and the Executive acknowledge and agree that, in the event of that Mt. Rainier National Bank or the Company sign a Definitive Agreement calling for a transaction that would result in a Change in Control, upon request of the Executive, or in the Employer’s discretion if the Executive does not so request and the Employer nonetheless deems it appropriate, the Employer shall establish, not later than the effective date of the Change in Control, a Rabbi Trust or multiple Rabbi Trusts (the “Trust” or “Trusts”) upon such terms and conditions as the Employer, in its sole discretion, deems appropriate and appropriate, in compliance with applicable provisions of the Code, in order and, pursuant to permit the Trusts, the Employer to shall promptly make contributions and/or transfer assets to the Trust or Trusts which facilitate and are appropriate to the discharge its of the Trusts’ obligations pursuant to this Agreement. The principal of the Trust or Trusts and any earnings thereon shall be held separate and apart from other funds of the Employer to be used exclusively for discharge of the Employer’s obligations pursuant to this Agreement and shall continue to be subject to the claims of the Employer’s general creditors until paid to the Executive in such manner and at such times as specified in this Agreement.

Status as an Unsecured General Creditor. Notwithstanding anything contained herein to the contraryExcept as provided below in this Paragraph 11.0, Executive agrees that: (i) the Executive shall have no legal or equitable rights, interests or claims in or to any specific property or assets of the Employer as a result of this Agreement; (ii) none of the Employer’s 's assets shall be held in or under any trust for the benefit of the Executive, Executive or held in any way as security for the fulfillment of the obligations of the Employer under this Agreement; (iii) all of the Employer’s 's assets shall be and remain the general unpledged and unrestricted assets of the Employer; (iv) the Employer’s 's obligation under this Agreement shall be that of an unfunded and unsecured promise by the Employer to pay money in the future; and (v) the Executive shall be an unsecured general creditor with respect to any benefits which may be payable under the terms of this Agreement. Notwithstanding subparagraphs provisions (i) through (v) above, the Employer and the Executive acknowledge and agree that, in the event of that the Employer signs a Change definitive agreement calling for a transaction that would result in Controla change in control, upon request of the Executive, or in the Employer’s 's discretion if the Executive does not so request and the Employer nonetheless deems it appropriate, the Employer shall establish, not later than the effective date of the Change change in Controlcontrol, a Rabbi Trust or multiple Rabbi Trusts (the “"Trust” " or “"Trusts”") upon such terms and conditions as the Employer, in its sole discretion, deems appropriate and appropriate, in compliance with applicable provisions of the Code, in order and, pursuant to permit the Trusts, the Employer to shall promptly make contributions and/or transfer assets to the Trust or Trusts which facilitate and are appropriate to the discharge its of the Trusts' obligations pursuant to this Agreement. The principal of the Trust or Trusts and any earnings thereon shall be held separate and apart from other funds of the Employer to be used exclusively for discharge of the Employer’s 's obligations pursuant to this Agreement and shall continue to be subject to the claims of the Employer’s 's general creditors until paid to the Executive in such manner and at such times as specified in this Agreement.

Status as an Unsecured General Creditor. Notwithstanding anything contained herein to the contrary: (i) neither the Executive Executive, the Executive's Surviving Spouse or the Executive's Beneficiary shall have no any legal or equitable rights, interests or claims in or to any specific property or assets of the Employer as a result of this Agreement; (ii) none of the Employer’s 's assets shall be held in or under any trust for the benefit of the Executive, the Executive's Surviving Spouse or the Executive's Beneficiary or held in any way as security for the fulfillment of the obligations of the Employer under this Agreement; (iii) all of the Employer’s 's assets shall be and remain the general unpledged and unrestricted assets of the Employer; (iv) the Employer’s 's obligation under this Agreement shall be that of an unfunded and unsecured promise by the Employer to pay money in the future; Employer Premiums and to permit the payment of the Executive's Premiums from the distributions of bonus compensation paid by the Employer to the Executive and (v) the Executive Executive, the Executive's Surviving Spouse and the Executive's Beneficiary shall be an unsecured general creditor creditors with respect to any benefits unpaid Employer Premiums and Executive Premiums which may be payable under the terms of this Agreement. Notwithstanding subparagraphs 9.2 (i) through (v) above, the Employer and the Executive acknowledge and agree that, in the event of a Change in Control, upon request of the Executive, or in the Employer’s 's discretion if the Executive does not so request and the Employer nonetheless deems it appropriate, the Employer shall establish, not later than the effective date of the Change in Control, a Rabbi Trust or multiple Rabbi Trusts (the “"Trust” " or “"Trusts”") upon such terms and conditions as the Employer, in its sole discretion, deems appropriate and in compliance with applicable provisions of the Code, in order to permit the Employer to make contributions and/or transfer assets to the Trust or Trusts to discharge its obligations pursuant to this Agreement. The principal of the Trust or Trusts and any earnings thereon shall be held separate and apart from other funds of the Employer to be used exclusively for discharge of the Employer’s obligations pursuant to this Agreement and shall continue to be subject to the claims of the Employer’s general creditors until paid to the Executive in such manner and at such times as specified in this Agreement.this

Status as an Unsecured General Creditor. Notwithstanding anything contained herein to the contrary: (i) neither the Executive Executive, the Executive's Surviving Spouse or the Executive's Beneficiary shall have no any legal or equitable rights, interests or claims in or to any specific property or assets of the Employer as a result of this Agreement; (ii) none of the Employer’s 's assets shall be held in or under any trust for the benefit of the Executive, the Executive's Surviving Spouse or the Executive's Beneficiary or held in any way as security for the fulfillment of the obligations of the Employer under this Agreement; (iii) all of the Employer’s 's assets shall be and remain the general unpledged and unrestricted assets of the Employer; (ivEmployer;(iv) the Employer’s 's obligation under this Agreement shall be that of an unfunded and unsecured promise by the Employer to pay money in the future; Employer Premiums and to permit the payment of the Executive's Premiums from the distributions of bonus compensation paid by the Employer to the Executive and (v) the Executive Executive, the Executive's Surviving Spouse and the Executive's Beneficiary shall be an unsecured general creditor creditors with respect to any benefits unpaid Employer Premiums and Executive Premiums which may be payable under the terms of this Agreement. Notwithstanding subparagraphs 9.2 (i) through (v) above, the Employer and the Executive acknowledge and agree that, in the event of a Change in Control, upon request of the Executive, or in the Employer’s 's discretion if the Executive does not so request and the Employer nonetheless deems it appropriate, the Employer shall establish, not later than the effective date of the Change in Control, a Rabbi Trust or multiple Rabbi Trusts (the “"Trust” " or “"Trusts”") upon such terms and conditions as the Employer, in its sole discretion, deems appropriate and in compliance with applicable provisions of the Code, in order to permit the Employer to make contributions and/or transfer assets to the Trust or Trusts to discharge its obligations pursuant to this Agreement. The principal of the Trust or Trusts and any earnings thereon shall be held separate and apart from other funds of the Employer to be used exclusively for discharge of the Employer’s 's obligations pursuant to this Agreement and shall continue to be subject to the claims of the Employer’s 's general creditors until paid to the Executive or the Executive's Surviving Spouse, or Beneficiary in such manner and at such times as specified in this Agreement.