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.
Sample 1

Examples of Unsecured General Creditor in a sentence

  • The JSAs have also filed the MFGUK Unsecured General Creditor Claims in the amount of approximately $5 million.

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

  • DEFERRED COMPENSATION PLAN 13.4. Unsecured General Creditor ...................................................

  • Miscellaneous Provisions 1611.1 Unsecured General Creditor 1611.2 No Employment Rights 1611.3 Tax Withholding 1611.4 Non-alienation of Benefits 1711.5 Severability 1711.6 Section 409A 1711.7 Controlling Law 17 Doc#: US1:9476114v16 Article 1.

  • Miscellaneous Provisions 1511.1 Unsecured General Creditor 1511.2 No Employment Rights 1611.3 Tax Withholding 1611.4 Non-alienation of Benefits 1611.5 Severability 1611.6 Section 409A 1611.7 Controlling Law 17 Article 1.

  • GENERAL PROVISIONS Article 8.1 - Unsecured General Creditor The Corporation will not establish a trust or otherwise set aside or segregate assets from other assets of the Corporation or otherwise fund its obligations under the Plan for the benefit of Participants and Beneficiaries.

  • Unsecured General Creditor 1.1 Participants and their Beneficiaries shall have no legal or equitable rights, claims or interests in any specific assets or property of the Company, nor shall they be the Beneficiaries of, or have any rights, claims or interests in any life insurance policies, annuity contracts, or the proceeds therefrom owned, or which may be acquired by, the Company (Policies).

  • The Plan will be administered and interpreted to the extent possible in a manner consistent with that intent.18.020 Unsecured General Creditor.

  • Unsecured General Creditor of the EmployerParticipants and their Beneficiaries, heirs, successors, and assigns shall have no legal or equitable rights, interests or claims in any property or assets of the Employer.

  • 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.

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;

  • Junior Creditor means any Defaulting Bank which has not (x) fully cured each and every default on its part under the Loan Documents and (y) unconditionally tendered to the Administrative Agent such Defaulting Bank’s Pro Rata Share of all costs, expenses and disbursements required to be paid or reimbursed pursuant to the terms of the Loan Documents.

  • Subordinated Creditors means all creditors the indebtedness of which is subordinated, in the event of the Winding-Up of DSB, in right of payment to the claims of depositors and other unsubordinated creditors of DSB other than those whose claims rank or is expressed to rank by operation of law or contract pari passu with, or junior to, the claims of the Noteholders. For this purpose indebtedness shall include all liabilities, whether actual or contingent;

  • Senior Creditors means creditors of the Issuer: (a) who are unsubordinated creditors of the Issuer; (b) whose claims are, or are expressed to be, subordinated to the claims of unsubordinated creditors of the Issuer but not further or otherwise; or (c) whose claims are, or are expressed to be, junior to the claims of other creditors of the Issuer, whether subordinated or unsubordinated, other than those whose claims rank, or are expressed to rank, pari passu with, or junior to, the claims of the Holders in a winding-up in respect of the Securities (and, for the avoidance of doubt, Senior Creditors shall include holders of Tier 2 Capital instruments);

  • Subordinated Creditor means any creditor of Tenant which is a party to a Subordination Agreement in favor of Landlord.

  • Senior Lenders means each of the lenders from time to time under the Senior Credit Agreement.

  • Unsecured PHI or “PHI that is unsecured” means PHI that is not rendered unusable, 29 unreadable, or indecipherable to unauthorized individuals through the use of a technology or 30 methodology specified by the Secretary of Health and Human Services in the guidance issued on the

  • Federal credit means the Georgia Housing Tax Credit established by the federal government for the purpose of encouraging the development of affordable housing and governed by the Code.

  • Second Lien With respect to each Mortgaged Property, the lien of the mortgage, deed of trust or other instrument securing a Mortgage Note which creates a second lien on the Mortgaged Property.

  • Senior Lender means each holder of a Senior Note.

  • Original Credit Agreement shall have the meaning assigned to such term in the recitals hereto.

  • Prepetition Lenders means the lenders from time to time party to the Prepetition Credit Agreements.

  • ABL Credit Agreement as defined in the recitals hereto.

  • Universal Credit means any payment of Universal Credit payable under the Welfare Reform Act 2012, the Universal Credit Regulations 2013, The Universal Credit (Consequential, Supplementary, Incidental and Miscellaneous Provisions) Regulations 2013, Universal Credit (Miscellaneous Amendments) Regulations 2013 and the Universal Credit (Transitional Provisions) Regulations 2014;

  • Second Lien Claimholders means, at any relevant time, the holders of Second Lien Obligations at that time, including the Second Lien Lenders and the agents under the Second Lien Loan Documents.

  • Lender Creditors shall have the meaning provided in the recitals of this Agreement.

  • ABL Credit Facility means, collectively, the senior secured revolving credit facility, swing loans, and letters of credit provided for by the ABL Credit Agreement.

  • Principal Credit Facility means any loan agreement, credit agreement, note purchase agreement, indenture or similar document under which credit facilities in the aggregate original principal or commitment amount of at least $20,000,000 are provided for.

  • Prepetition Credit Agreement has the meaning specified in the recitals hereto.

  • Second Lien Lenders means the “Lenders” under and as defined in the Second Lien Credit Agreement.

  • Unsecured Loan means any Loan other than a Secured Loan.

  • Material Credit Facility means, as to the Company and its Subsidiaries,