Unsecured General Creditor definition

Unsecured General Creditor. The Participant, Beneficiary and any other person or persons having or claiming a right to payments hereunder or to any interest in this Plan shall rely solely on the unsecured promise of the Employer set forth herein, and nothing in this Plan shall be construed to give the Participant, Beneficiary, or any other person or persons any right, title, interest or claim in, or to, any specific asset, fund, reserve, account or property of any kind whatsoever owned by the Employer or in which it may have any right, title or interest now or in the future. The Employer shall, however, informally fund its obligations under this Plan through the establishment and maintenance of a Trust. The Employer will make contributions to the Trust, at the end of each calendar quarter, in the amount described in Paragraph 3.01 of this Plan. Once contributed, any and all Trust assets will remain subject to the claims of the Employer's creditors, and the Plan shall remain an unfunded plan within the regulatory framework of ERISA.
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Examples of Unsecured General Creditor in a sentence

  • General Corporate Assets; Unsecured General Creditor Status of Participant .

  • MISCELLANEOUS 13.1 Unsecured General Creditor of the Employer 13.2 Employer's Liability 13.3 Limitation of Rights 13.4 Acceleration of Benefits 13.5 Facility of Payment 13.6 Notices 13.7 Tax Withholding 13.8 Indemnification 13.9 Governing Law PREAMBLE The Computer Associates International, Inc.

  • Unsecured General Creditor 11 10.2 Restriction Against Assignment 12 10.3 Withholding 12 10.4 Amendment, Modification, Suspension or Termination 12 10.5 Governing Law 12 10.6 Receipt or Release 12 10.7 Payments on Behalf of Persons under Incapacity 12 10.8 Headings, etc.

Related to Unsecured General Creditor

  • Unsecured Creditors means all Creditors with Concurrent Claims against the Company;

  • Unsecured Creditor means the holder of an Unsecured Claim.

  • financial creditor means any person to whom a financial debt is owed and includes a person to whom such debt has been legally assigned or transferred to;

  • operational creditor means a person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred;

  • Senior Creditor means a holder or holders of Senior Indebtedness and includes any representative or representatives, agent or agents or trustee or trustees of any such holder or holders;