Status as a Creditor Clause Samples
The 'Status as a Creditor' clause defines the legal standing of a party as a creditor in relation to a debtor, typically within the context of a loan or financial agreement. This clause clarifies that the party providing funds or extending credit is recognized as a creditor, with all associated rights and obligations, such as the right to receive repayment and to take action in the event of default. By explicitly establishing this status, the clause ensures that the creditor's claims are formally acknowledged and prioritized according to the terms of the agreement, thereby reducing ambiguity and protecting the creditor's interests.
Status as a Creditor. Unless and until Restricted Stock Units have vested in accordance with Section 2 above, the Participant will have no settlement right with respect to any Restricted Stock Units. Prior to settlement of any vested Restricted Stock Units, the vested Restricted Stock Units will represent an unfunded and unsecured obligation of the Company, payable (if at all) only from the general assets of the Company. The Participant is an unsecured general creditor of the Company, and settlement of Restricted Stock Units is subject to the claims of the Company’s creditors.
Status as a Creditor. Unless and until Performance Share Units have vested in accordance with Section 2 above and become payable under Section 3 above, the Participant will have no settlement right with respect to any Performance Share Units. Prior to settlement of any vested Performance Share Units, the vested Performance Share Units will represent an unfunded and unsecured obligation of the Company, payable (if at all) only from the general assets of the Company. The Participant is an unsecured general creditor of the Company, and settlement of Performance Share Units is subject to the claims of the Company’s creditors.
Status as a Creditor. Prior to settlement of any vested Performance Units, the Performance Units will represent an unfunded and unsecured obligation of the Company, payable (if at all) only from the general assets of the Company. The Employee is an unsecured general creditor of the Company, and settlement of vested Performance Units is subject to the claims of the Company’s creditors.
Status as a Creditor. Unless and until Restricted Stock has vested in accordance with the Agreement, the Participant will have no settlement right with respect to any Restricted Stock. Prior to settlement of any vested Restricted Stock, the vested Restricted Stock will represent an unfunded and unsecured obligation of the Company, payable (if at all) only from the general assets of the Company. The Participant is an unsecured general creditor of the Company, and settlement of Restricted Stock is subject to the claims of the Company’s creditors.
Status as a Creditor. Unless and until Units have vested in accordance with Section 2 above, Grantee will have no right to a payout with respect to any Units. Prior to payout of any vested Units, the vested Units will represent an unfunded and unsecured obligation of the Company, payable (if at all) only from the general assets of the Company. Grantee is an unsecured general creditor of the Company, and payouts are subject to the claims of the Company's creditors.