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

Unsecured General Creditor Status of Executive. (a) Payment to the Executive or a Beneficiary hereunder shall be made from assets which shall continue, for all purposes, to be part of the legally available assets of the Bank and no person shall have any interest in any such asset by virtue of any provision of this Plan. The Bank’s obligation hereunder shall be an unfunded and unsecured promise to pay money in the future. To the extent that any person acquires a right to receive payments from the Bank under the provisions hereof, such right shall be no greater than the right of any unsecured general creditor of the Bank and no such person shall have or acquire any legal or equitable right, interest, or claim in or to any property or assets of the Bank. (b) In the event that the Bank purchases an insurance policy or policies insuring the life of the Executive or an employee, to allow the Bank to recover or meet the cost of providing benefits, in whole or in part, hereunder, neither the Executive nor Beneficiary shall have any rights whatsoever in said policy or the proceeds therefrom by virtue of this Plan. The Bank shall be the primary owner and beneficiary of any such insurance policy or property and shall possess and may exercise all incidents of ownership therein. No insurance policy with regard to any director, “highly compensated employee,” or “highly compensated individual,” as defined in Code Section 101(j), shall be acquired before satisfying the Code Section 101(j) “Notice and Consent” requirements. (c) In the event that the Bank purchases an insurance policy or policies on the life of the Executive as provided for above, then all such policies shall be subject to the claims of the creditors of the Bank. (d) If the Bank chooses to obtain insurance on the life of the Executive in connection with its obligations und er this Plan, the Executive shall take such physical examinations and truthfully and completely supply such information as may be required by the Bank or the insurance Bank designated by the Bank.

Unsecured General Creditor Status of Executive. (a) Payment to the Executive or a Beneficiary hereunder shall be made from assets which shall continue, for all purposes, to be part of the legally available assets of the Bank and no person shall have any interest in any such asset by virtue of any provision of this Plan. The Bank’s obligation hereunder shall be an unfunded and unsecured promise to pay money in the future. To the extent that any person acquires a right to receive payments from the Bank under the provisions hereof, such right shall be no greater than the right of any unsecured general creditor of the Bank and no such person shall have or acquire any legal or equitable right, interest, or claim in or to any property or assets of the Bank. (b) In the event that the Bank purchases an insurance policy or policies insuring the life of the Executive or an employee, to allow the Bank to recover or meet the cost of providing benefits, in whole or in part, hereunder, neither the Executive nor Beneficiary shall have any rights whatsoever in said policy or the proceeds therefrom by virtue of this Plantherefrom. The Bank shall be the primary owner and beneficiary of any such insurance policy or property and shall possess and may exercise all incidents of ownership therein. No insurance policy with regard to any director, “highly compensated employee,” or “highly compensated individual,” as defined in Code Section 101(j), shall be acquired before satisfying the Code Section 101(j) “Notice and Consent” requirements. (c) In the event that the Bank purchases an insurance policy or policies on the life of the Executive as provided for above, then all such policies shall be subject to the claims of the creditors of the Bank. (d) If the Bank chooses to obtain insurance on the life of the Executive in connection with its obligations und er under this Plan, the Executive shall take such physical examinations and truthfully and completely supply such information as may be required by the Bank or the insurance Bank company designated by the Bank.

Unsecured General Creditor Status of Executive. (a) Payment to the Executive or a Beneficiary hereunder shall be made from assets which shall continue, for all purposes, to be part of the legally available assets of the Bank Company and no person shall have any interest in any such asset by virtue of any provision of this Plan. The Bank’s Company's obligation hereunder shall be an unfunded and unsecured promise to pay money in the future. To the extent that any person acquires a right to receive payments from the Bank Company under the provisions hereof, such right shall be no greater than the right of any unsecured general creditor of the Bank Company and no such person shall have or acquire any legal or equitable right, interest, or claim in or to any property or assets of the BankCompany. (b) In the event that the Bank Company purchases an insurance policy or policies insuring the life of the Executive or an employee, to allow the Bank Company to recover or meet the cost of providing benefits, in whole or in part, hereunder, neither the Executive nor Beneficiary shall have any rights whatsoever in said policy or the proceeds therefrom by virtue of this Plantherefrom. The Bank Company shall be the primary owner and beneficiary of any such insurance policy or property and shall possess and may exercise all incidents of ownership therein. No insurance policy with regard to any director, “"highly compensated employee,” " or “"highly compensated individual,” " as defined in Code Section 101(j), shall be acquired before satisfying the Code Section 101(j) “"Notice and Consent” " requirements. (c) In the event that the Bank Company purchases an insurance policy or policies on the life of the Executive as provided for above, then all such policies shall be subject to the claims of the creditors of the BankCompany. (d) If the Bank chooses to obtain insurance on the life of the Executive in connection with its obligations und er this Plan, the Executive shall take such physical examinations and truthfully and completely supply such information as may be required by the Bank or the insurance Bank designated by the Bank.

Unsecured General Creditor Status of Executive. (a) Payment to the Executive or a Beneficiary Beneficial), hereunder shall be made from assets which shall continue, for all purposes, to be part of the legally available assets of the Bank general assets and no person shall have any interest in any such asset by virtue of any provision of this Plan. The Bank’s obligation hereunder shall be an unfunded and unsecured promise to pay money in the future. To the extent that any person acquires a right to receive payments from the Bank under the provisions hereof, such right shall be no greater than the right of any unsecured general creditor of the Bank and no such person shall have or acquire any legal or equitable right, interest, or claim in or to any property or assets of the Bank. (b) In the event that the Bank purchases an insurance policy or policies insuring the life of the Executive or an employee, to allow the Bank to recover or meet the cost of providing benefits, in whole or in partpail, hereunder, neither the Executive nor or Beneficiary shall not have any rights whatsoever in said policy or the proceeds therefrom by virtue of this Plantherefrom. The Bank shall be the primary owner and beneficiary of any such insurance policy or property and shall possess and may exercise all incidents of ownership therein. No insurance policy with regard to any director, “highly compensated employee,” or “highly compensated individual,” as defined in Code Section 101(j), ) shall be acquired before satisfying the Code Section 101(j) “Notice and Consent” requirements. (c) In the event that the Bank purchases an insurance policy or policies on the life of the Executive as provided for above, then all of such policies shall be subject to the claims of the creditors of the Bank. (d) If the Bank chooses to obtain insurance on the life of the Executive in connection with its obligations und er under this Plan, the Executive shall take such physical examinations and truthfully and completely supply such information as may be required by the Bank or the insurance Bank company designated by the Bank.