Common use of Subject to Claims of Creditors of the Company Clause in Contracts

Subject to Claims of Creditors of the Company. It is the intent of the parties hereto that the Trust Fund is and shall remain at all times subject to the claims of the creditors of the Company in the event of the Company's insolvency or bankruptcy as set forth in this Article VI, including, without limitation, its general creditors (including the Executive). Accordingly, the Company shall not create a security interest in the Trust Fund in favor of the Executive or any creditor. If the Trustee receives the notice provided for in Section 6.3, or otherwise receives actual notice that the Company is insolvent or bankrupt as defined in Section 6.3, the Trustee will make no further distributions of the Trust Fund to the Executive but shall deliver the Trust Funds only as a court of competent jurisdiction, or duly appointed receiver or other person authorized to act by such a court, may direct, in order to make the Trust Fund available to satisfy the claims of the Company's creditors, including, without limitation, its general creditors. The Trustee shall resume distribution of the Trust Fund to the Executive under the terms hereof after receipt of notification from the Company, through its Board of Directors and Chief Executive Officer, that the Company was not, or is no longer, bankrupt or insolvent, or upon receipt of a decision to that effect by a court of competent jurisdiction or a duly appointed receiver or other person authorized by a court to so act. Unless the Trustee has actual notice of the Company's bankruptcy or insolvency, the Trustee shall have no duty to inquire whether the Company is bankrupt or insolvent.

Subject to Claims of Creditors of the Company. It is the intent of the parties hereto that the Trust Fund is and shall remain at all times subject to the claims of the creditors of the Company in the event of the Company's insolvency or bankruptcy as set forth in this Article VI, including, without limitation, its general creditors (including the Executive). Accordingly, the Company shall not create a security interest in the Trust Fund in favor of the Executive or any creditor. If the Trustee receives the notice provided for in Section 6.3, or otherwise receives actual notice that the Company is insolvent or bankrupt as defined in Section 6.3, the Trustee will make no further distributions of the Trust Fund to the Executive but shall deliver the Trust Funds only as a court of competent jurisdiction, or duly appointed receiver or other person authorized to act by such a court, may direct, in order to make the Trust Fund available to satisfy the claims of the Company's creditors, including, without limitation, its general creditors. The Trustee shall resume distribution of the Trust Fund to the Executive under the terms hereof after receipt of notification from hereof, upon no less than thirty (30) days' advance notice to the Company, through its Board of Directors and Chief Executive Officer, if it determines that the Company was not, or is no longer, bankrupt or insolvent, or upon receipt of a decision to that effect by a court of competent jurisdiction or a duly appointed receiver or other person authorized by a court to so act. Unless the Trustee has actual notice of the Company's bankruptcy or insolvency, the Trustee shall have no duty to inquire whether the Company is bankrupt or insolvent.

Subject to Claims of Creditors of the Company. It is the intent of the parties hereto that the Trust Fund is and shall remain at all times subject to the claims of the creditors of the Company in the event of the Company's insolvency or bankruptcy as set forth in this Article VI, including, without limitation, its general creditors (including the Executive). Accordingly, the Company shall not create a security interest in the Trust Fund in favor of the Executive or any creditor. If the Trustee receives the notice provided for in Section 6.3, or otherwise receives actual notice that the Company is insolvent or bankrupt as defined in Section 6.3, the Trustee will make no further distributions of the Trust Fund to the Executive but shall deliver the Trust Funds only as a court of competent jurisdiction, or duly appointed receiver or other person authorized to act by such a court, may direct, in order to make the Trust Fund available to satisfy the claims of the Company's creditors, including, without limitation, its general creditors. The Trustee shall resume distribution of the Trust Fund to the Executive under the terms hereof after receipt of notification from the Company, through its Board of Directors and Chief Executive Officer, that the Company was not, or is no longer, bankrupt or insolvent, or upon receipt of a decision to that effect by a court of competent jurisdiction or a duly appointed receiver or other person authorized by a court to so act. Unless the Trustee has actual notice of the Company's bankruptcy or insolvency, the Trustee shall have no duty to inquire whether the Company is bankrupt or insolvent.