Unsecured Obligation. All rights of the Executive or any beneficiary of the Executive who succeeds to the Executive’s rights to payments or benefits under this Agreement shall at all times be entirely unfunded and no provision shall at any time be made with respect to segregating any assets of the Company or payment of any amounts due hereunder. Neither the Executive nor any such beneficiary shall have any interest in or rights against any specific assets of the Company or any of its subsidiaries, and the Executive and any such beneficiary shall have only the rights of a general unsecured creditor of the Company.
Appears in 17 contracts
Samples: Executive Severance Agreement (Cantel Medical Corp), Executive Severance Agreement (Cantel Medical Corp), Executive Severance Agreement (Cantel Medical Corp)
Unsecured Obligation. All rights of the Executive or any beneficiary of the Executive who succeeds to the Executive’s 's rights to payments or benefits under this Agreement shall at all times be entirely unfunded and no provision shall at any time be made with respect to segregating any assets of the Company or payment of any amounts due hereunder. Neither the Executive nor any such beneficiary shall have any interest in or rights against any specific assets of the Company or any of its subsidiaries, and the Executive and any such beneficiary shall have only the rights of a general unsecured creditor of the Company.
Appears in 4 contracts
Samples: Change in Control Agreement (Great Lakes Chemical Corp), Change in Control Agreement (Great Lakes Chemical Corp), Control Agreement (Great Lakes Chemical Corp)
Unsecured Obligation. All rights of the Executive and Executive's spouse or any other beneficiary of the Executive who succeeds to the Executive’s rights to payments or benefits under this Agreement shall at all times be entirely unfunded and no provision shall at any time be made with respect to segregating any assets of the Company or payment of any amounts due hereunder. Neither the Executive nor any such his spouse or other beneficiary shall have any interest in or rights against any specific assets of the Company or any of its subsidiariesCompany, and the Executive and any such his spouse or other beneficiary shall have only the rights of a general unsecured creditor of the Company.
Appears in 2 contracts
Samples: Employment Agreement (Celestial Seasonings Inc), Executive Agreement (Celestial Seasonings Inc)
Unsecured Obligation. All rights of the Executive and Executive's spouse or any beneficiary of the Executive who succeeds to the Executive’s rights to payments or benefits other beneficiaries under this Agreement shall at all times be entirely unfunded and no provision shall at any time be made with respect to segregating any assets of the Company or payment of any amounts due hereunder. Neither the Executive nor any such his spouse or other beneficiary shall have any interest in or rights against any specific assets of the Company or any of its subsidiariesCompany, and the Executive and any such his spouse or other beneficiary shall have only the rights of a general unsecured creditor of the Company.. * * * * *
Appears in 2 contracts
Samples: Executive Severance Agreement (Nl Industries Inc), Executive Severance Agreement (Nl Industries Inc)
Unsecured Obligation. All rights of the Executive and Executive's spouse or any other beneficiary of the Executive who succeeds to the Executive’s rights to payments or benefits under this Agreement shall at all times be entirely unfunded and no provision shall at any time be made with respect to segregating any assets of the Company or payment of any amounts due hereunder. Neither the Executive nor any such his spouse or other beneficiary shall have any interest in or rights against any specific assets of the Company or any of its subsidiariesCompany, and the Executive and any such his spouse or other beneficiary shall have only the rights of a general unsecured creditor of the Company.. * * * *
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