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

Status of an Unsecured General Creditor. Notwithstanding anything contained herein to the contrary: (i) neither the Executive nor the Executive’s legal representative shall have any legal or equitable rights, interests or claims in or to any specific property or assets of the Employer; (ii) none of the Employer’s assets shall be held in or under any trust for the benefit of the Executive or the Executive’s legal representative 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 and the Executive’s legal representative shall be unsecured general creditors with respect to any benefits which may be payable under the terms of this Agreement.

Status of an Unsecured General Creditor. Notwithstanding anything contained herein to the contrary: (i) neither the Executive nor Executive, the Executive’s legal representative spouse or the Executive’s beneficiary shall have any legal or equitable rights, interests or claims in or to any specific property or assets of the Employer; (ii) none of the Employer’s assets shall be held in or under any trust for the benefit of the Executive or the Executive’s legal representative 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 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 and the Executive’s legal representative beneficiary shall be unsecured general creditors with respect to any benefits which may be payable under the terms of this Agreement.

Status of an Unsecured General Creditor. Notwithstanding anything contained herein to the contrary: (i) neither the Executive Executive, nor the Executive’s legal representative beneficiary shall have any legal or equitable rights, interests or claims in or to any specific property or assets of the Employer; (ii) none of the Employer’s assets shall be held in or under any trust for the benefit of the Executive or the Executive’s legal representative 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 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 and the Executive’s legal representative beneficiary shall be unsecured general creditors with respect to any benefits which may be payable under the terms of this Agreement.

Status of an Unsecured General Creditor. Notwithstanding anything contained herein to the contrary: (i) neither the Executive nor the Executive’s legal representative beneficiary shall have any legal or equitable rights, interests or claims in or to any specific property or assets of the Employer; (ii) none of the Employer’s assets shall be held in or under any trust for the benefit of the Executive or the Executive’s legal representative 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 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 and the Executive’s legal representative beneficiary shall be unsecured general creditors with respect to any benefits which may be payable under the terms of this Agreement.