General Unsecured Creditor Clause Samples

The 'General Unsecured Creditor' clause defines a party whose claims against a debtor are not backed by specific collateral or security interests. In practice, this means that if the debtor defaults or enters bankruptcy, these creditors are paid only after secured and priority creditors have been satisfied, and typically receive a proportionate share of any remaining assets. The core function of this clause is to clarify the creditor's status and the order of payment in insolvency proceedings, ensuring all parties understand the risks and potential recoveries associated with unsecured claims.
General Unsecured Creditor. Holder shall have only the rights of a general unsecured creditor of the Company until shares of Stock are issued in respect of the Restricted Stock Units.
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General Unsecured Creditor. Holder shall have only the rights of a general unsecured creditor of the Company until Units are issued in respect of the RSUs or cash is paid in respect of Redeemed RSU Value. Unit holder: Neither the RSUs nor this Award Agreement shall entitle Holder to any voting rights or other rights as a member or Unit holder of the Company unless and until the Units in respect of the RSUs have been issued in settlement thereof. Notwithstanding the foregoing, the RSUs granted hereunder (unvested and vested) will accrue any dividends (whether in cash or Units) or dividend equivalents declared with respect to the Units to which the RSUs relate, which dividends or dividend equivalents shall be withheld by the Company for Holder’s account (without any interest) and be paid only with respect to any vested RSUs upon the settlement of such RSUs; provided, that dividends or dividend equivalents accrued on the RSUs granted hereunder will reflect any such dividends or dividend equivalents declared with respect to the Units to which the RSUs relate as if the RSUs were granted on the Vesting Commencement Date.
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General Unsecured Creditor. An individual's right to receive benefits pursuant to this Agreement shall be that of a general unsecured creditor of Employer. Employer shall not be obligated to set aside or acquire any asset to satisfy its obligation under this Agreement. Any assets Employer may set aside or acquire to satisfy its obligations under this Agreement shall remain at all times subject to the claims of Employer's general creditors. The reference to the Annuity Contract in Paragraph 1 is a reference only to a basis to measure Employee's future benefit; neither Employee nor any beneficiary shall have any rights in the Annuity Contract or in any other asset or investment that may be acquired by Employer. This Agreement and the right to receive payments under this Agreement shall at all times be unfunded.
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General Unsecured Creditor. Holder shall have only the rights of a general unsecured creditor of the Company until shares of Common Stock are issued in respect of the Restricted Stock Units. Transfer Restrictions: Holder shall not be permitted to sell, transfer, pledge, or otherwise encumber the Restricted Stock Units before they vest and are settled, and any attempt to sell, transfer, pledge, or otherwise encumber the Restricted Stock Units in violation of the foregoing shall be null and void.
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General Unsecured Creditor. The Company’s obligations under this Agreement shall be merely that of an unfunded and unsecured promise to pay money in the future. As such, the Executive’s and his beneficiary(ies), heirs and successors shall have no legal or equitable rights, interests or claims in any property or assets of the Company (or its affiliates) as a result of this Agreement, and their status, individually or collectively, with respect to the Payment shall be that of a general, unsecured creditor of the Company.
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General Unsecured Creditor. The Executive shall have only the rights of a general unsecured creditor of the Company until such time, if any, shares of Common Stock are issued in respect of the Performance Units.
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Related to General Unsecured Creditor

  • Secured Cash Management Agreements and Secured Hedge Agreements Except as otherwise expressly set forth herein, no Cash Management Bank or Hedge Bank that obtains the benefit of the provisions of Section 8.03, the Guaranty or any Collateral by virtue of the provisions hereof or any Collateral Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) (or to notice of or to consent to any amendment, waiver or modification of the provisions hereof or of the Guaranty or any Collateral Document) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article IX to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements except to the extent expressly provided herein and unless the Administrative Agent has received a Secured Party Designation Notice of such Secured Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be. The Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements in the case of a Facility Termination Date.