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

Status as an Unsecured General Creditor. Director agrees that: (i) the Director shall have no legal or equitable rights, interests or claims in or to any specific property or assets of the Bank as a result of this Agreement; (ii) none of the Bank’s assets shall be held in or under any trust for the exclusive benefit of the Director or held in any way as security for the fulfillment of the obligations of the Bank under this Agreement; (iii) all of the Bank’s assets shall be and remain the general unpledged and unrestricted assets of the Bank; (iv) the Bank’s obligation under this Agreement shall be that of an unfunded and unsecured promise by the Bank to pay money in the future; and (v) the Director shall be an unsecured general creditor with respect to any benefits which may be payable under the terms of this Agreement.

Status as an Unsecured General Creditor. Director agrees thatNotwithstanding anything contained herein to the contrary: (i) the Director Executive shall have no legal or equitable rights, interests interests, or claims in or to any specific property or assets of the Bank as a result of this Agreement; (ii) none of the Bank’s assets shall be held in or under any trust for the exclusive benefit of the Director Executive or held in any way as security for the fulfillment of the obligations of the Bank under this Agreement; (iii) all of the Bank’s assets shall be and remain the general unpledged and unrestricted assets of the Bank; (iv) the Bank’s obligation under this Agreement shall be that of an unfunded and unsecured promise by the Bank Banks to pay money in the future; and (v) the Director Executive shall be an unsecured general creditor with respect to any benefits which may be payable under the terms of this Agreement.

Status as an Unsecured General Creditor. Director Executive agrees that: (i) the Director Executive shall have no legal or equitable rights, interests or claims in or to any specific property or assets of the Bank Company as a result of this Agreement; (ii) none of the BankCompany’s assets shall be held in or under any trust for the exclusive benefit of the Director Executive or held in any way as security for the fulfillment of the obligations of the Bank Company under this Agreement; (iii) all of the BankCompany’s assets shall be and remain the general unpledged and unrestricted assets of the BankCompany; (iv) the BankCompany’s obligation under this Agreement shall be that of an unfunded and unsecured promise by the Bank Company to pay money in the future; and (v) the Director Executive shall be an unsecured general creditor with respect to any benefits which may be payable under the terms of this Agreement.