Common use of General Unsecured Creditor Clause in Contracts

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.