Common use of Unsecured Promise Clause in Contracts

Unsecured Promise. Unless otherwise stated herein, no benefit or promise hereunder shall be secured by any specific assets of the Company. Unless otherwise stated herein, the Executive shall have only the rights of an unsecured general creditor of the Company in seeking satisfaction of such benefits or promises. Notwithstanding the foregoing, the Company may choose to maintain a rabbi trust or trusts for the purpose of paying certain of the benefits hereunder or under other plans and programs of the Company and, if so, the Executive shall be entitled to payments therefrom, if any, as and to the extent provided in such rabbi trust or trusts.