Common use of Authority of Trustee Clause in Contracts

Authority of Trustee. In connection with the administration of the Litigation Trust, except as set forth in this Litigation Trust Agreement, including Section 4(c) hereof, and subject in all respects to the powers and rights of the Trust Advisory Board set forth herein, the Trustee is authorized to perform any and all acts necessary or desirable to accomplish the purposes of the Litigation Trust. Without limiting, but subject to, the foregoing and to Section 4(c) hereof, the Trustee shall be expressly authorized, but shall not be required, in each case upon reasonable consultation with the Trust Advisory Board, to: (i) hold legal title to any and all rights of the holders of the Litigation Trust Interests in or arising from the Trust Property, including, but not limited to, collecting any and all money and other property belonging to the Litigation Trust; (ii) perform the duties, exercise the powers, and assert the rights of a trustee under sections 704 and 1106 of the Bankruptcy Code; (iii) subject to Section 4(c) below, compromise, adjust, mediate, arbitrate, xxx on or defend, pursue, prosecute, abandon, or otherwise protect and enforce the rights to the Trust Property by any method deemed appropriate including, without limitation, by judicial proceedings or pursuant to any applicable bankruptcy, insolvency, moratorium, or similar law and general principles of equity; (iv) subject to Section 4(c) below, in accordance with section 1123(b)(3)(B) of the Bankruptcy Code, engage in, intervene in, join, compromise, adjust, release, mediate, arbitrate, xxx on or defend, counterclaim, setoff, recoup, pursue, prosecute, abandon, or otherwise deal with and settle any actions, suits, proceedings, disputes, claims, controversies, demands, causes of action, or other litigation in favor of or against the Litigation Trust, to enter into agreements relating to the foregoing, whether or not any suit is commenced or claim accrued or asserted and, in advance of any controversy, to enter into agreements regarding arbitration, adjudication or settlement thereof, all in the name of the Litigation Trust if necessary or appropriate, and institute or continue actions which were or otherwise could have been brought by any Debtor that constitute Trust Property, and prosecute or defend all litigation or appeals that are Trust Property and, when appropriate, settle such actions and claims; (v) determine and satisfy any and all liabilities created, incurred or assumed by the Litigation Trust, subject to Section 11(a) hereof; (vi) make distributions to holders of the Litigation Trust Interests; (vii) file, if necessary, any and all tax and information returns with respect to the Litigation Trust, comply with any withholding obligations, and pay taxes properly payable by the Litigation Trust, if any; (viii) assert or waive any privilege or defense on behalf of the Litigation Trust; (ix) pay all expenses and make all other payments relating to the Trust Property, including the liquidation and distribution thereof; (x) obtain insurance coverage with respect to the liabilities and obligations of the Trustee and the Trust Advisory Board under this Litigation Trust Agreement (in the form of, among other things, an errors and omissions policy or otherwise), except to the extent that the liabilities and obligations of the Trustee or members of the Trust Advisory Board are covered by other applicable insurance available from other sources, and indemnification for the Trustee and the members of the Trust Advisory Board and others as provided for in this Litigation Trust Agreement; (xi) subject to Section 4(c) below, retain and pay third-party providers of professional services, including, but not limited to, attorneys, accountants, and other professionals reasonably necessary to accomplish the purposes of the Litigation Trust; (xii) invest any moneys held as part of the Litigation Trust (including any earnings thereon or proceeds therefrom) in accordance with the terms and limitations of Section 6(c) hereof; (xiii) request any appropriate tax determination with respect to the Litigation Trust, including, without limitation, a determination pursuant to section 505 of the Bankruptcy Code; (xiv) open and maintain bank accounts and deposit funds, draw checks and make disbursements in accordance with the Plan and this Litigation Trust Agreement; (xv) enforce, waive, assign or release rights, privileges or immunities of any kind; Bankruptcy Court; (xvi) seek any relief from, or resolution of, any disputes by the (xvii) appear and participate in any proceeding before the Bankruptcy Court with respect to any matter regarding or relating to the Plan (insofar as it affects the Litigation Trust or the Trust Property), the Litigation Trust, the Trust Advisory Board, or the Anadarko Litigation; (xviii) establish and maintain a web site for the purpose of providing notice of the Litigation Trust activities in addition to notice by other means or, to the extent specifically authorized by any given holder of Litigation Trust Interests, in lieu of notice by other means, subject to providing notice to those holders referred to in Section 14(f) hereof; (xix) file any and all documents and take or refrain from taking any and all actions the Trustee reasonably deems necessary for the continuation, protection, distribution, liquidation, and maximization of the Trust Property consistent with the purposes hereof; and (xx) do any and all things necessary to accomplish the purposes of this Litigation Trust Agreement.

Authority of Trustee. In connection with the administration of the Litigation Trust, except as set forth in this Litigation Trust Agreement, including Section 4(c) hereof, and subject in all respects to the powers and rights of the Trust Advisory Board set forth herein, the Trustee is authorized to perform any and all acts necessary or desirable to accomplish the purposes of the Litigation Trust. Without limiting, but subject to, the foregoing and to Section 4(c) hereof, the Trustee shall be expressly authorized, but shall not be required, in each case upon reasonable consultation with the Trust Advisory Board, to: (i) hold legal title to any and all rights of the holders of the Litigation Trust Interests in or arising from the Trust Property, including, but not limited to, collecting any and all money and other property belonging to the Litigation Trust; (ii) perform the duties, exercise the powers, and assert the rights of a trustee under sections 704 and 1106 of the Bankruptcy Code; (iii) subject to Section 4(c) below, compromise, adjust, mediate, arbitrate, xxx sue on or defend, pursue, prosecute, abandon, or otherwise protect and enforce the rights to the Trust Property by any method deemed appropriate including, without limitation, by judicial proceedings or pursuant to any applicable bankruptcy, insolvency, moratorium, or similar law and general principles of equity; (iv) subject to Section 4(c) below, in accordance with section 1123(b)(3)(B) of the Bankruptcy Code, engage in, intervene in, join, compromise, adjust, release, mediate, arbitrate, xxx sue on or defend, counterclaim, setoff, recoup, pursue, prosecute, abandon, or otherwise deal with and settle any actions, suits, proceedings, disputes, claims, controversies, demands, causes of action, or other litigation in favor of or against the Litigation Trust, to enter into agreements relating to the foregoing, whether or not any suit is commenced or claim accrued or asserted and, in advance of any controversy, to enter into agreements regarding arbitration, adjudication or settlement thereof, all in the name of the Litigation Trust if necessary or appropriate, and institute or continue actions which were or otherwise could have been brought by any Debtor that constitute Trust Property, and prosecute or defend all litigation or appeals that are Trust Property and, when appropriate, settle such actions and claims; (v) determine and satisfy any and all liabilities created, incurred or assumed by the Litigation Trust, subject to Section 11(a) hereof; (vi) make distributions to holders of the Litigation Trust Interests; (vii) file, if necessary, any and all tax and information returns with respect to the Litigation Trust, comply with any withholding obligations, and pay taxes properly payable by the Litigation Trust, if any; (viii) assert or waive any privilege or defense on behalf of the Litigation Trust; (ix) pay all expenses and make all other payments relating to the Trust Property, including the liquidation and distribution thereof; (x) obtain insurance coverage with respect to the liabilities and obligations of the Trustee and the Trust Advisory Board under this Litigation Trust Agreement (in the form of, among other things, an errors and omissions policy or otherwise), except to the extent that the liabilities and obligations of the Trustee or members of the Trust Advisory Board are covered by other applicable insurance available from other sources, and indemnification for the Trustee and the members of the Trust Advisory Board and others as provided for in this Litigation Trust Agreement; (xi) subject to Section 4(c) below, retain and pay third-party providers of professional services, including, but not limited to, attorneys, accountants, and other professionals reasonably necessary to accomplish the purposes of the Litigation Trust; (xii) invest any moneys held as part of the Litigation Trust (including any earnings thereon or proceeds therefrom) in accordance with the terms and limitations of Section 6(c) hereof; (xiii) request any appropriate tax determination with respect to the Litigation Trust, including, without limitation, a determination pursuant to section 505 of the Bankruptcy Code; (xiv) open and maintain bank accounts and deposit funds, draw checks and make disbursements in accordance with the Plan and this Litigation Trust Agreement; (xv) enforce, waive, assign or release rights, privileges or immunities of any kind; Bankruptcy Court; (xvi) seek any relief from, or resolution of, any disputes by the (xvii) appear and participate in any proceeding before the Bankruptcy Court with respect to any matter regarding or relating to the Plan (insofar as it affects the Litigation Trust or the Trust Property), the Litigation Trust, the Trust Advisory Board, or the Anadarko Litigation; (xviii) establish and maintain a web site for the purpose of providing notice of the Litigation Trust activities in addition to notice by other means or, to the extent specifically authorized by any given holder of Litigation Trust Interests, in lieu of notice by other means, subject to providing notice to those holders referred to in Section 14(f) hereof; (xix) file any and all documents and take or refrain from taking any and all actions the Trustee reasonably deems necessary for the continuation, protection, distribution, liquidation, and maximization of the Trust Property consistent with the purposes hereof; and (xx) do any and all things necessary to accomplish the purposes of this Litigation Trust Agreement.

Authority of Trustee. In The Trustee shall have such powers as are reasonably necessary to carry out the purposes of this Trust as specified in this Trust Agreement. Among the other powers stated or implied herein, in connection with the administration of the Litigation this Trust, except as set forth in this Litigation Trust Agreement, including Section 4(c) hereof, and subject in all respects to the powers and rights of the Trust Advisory Board set forth herein, the Trustee is authorized to perform any in its fiduciary capacity may exercise the following powers, authority, and all acts necessary or desirable to accomplish the purposes of the Litigation Trust. Without limiting, but subject to, the foregoing and to Section 4(c) hereof, the Trustee shall be expressly authorized, but shall not be required, in each case upon reasonable consultation with the Trust Advisory Board, discretion to: (ia) hold legal title to any and all rights of the holders of the Litigation Trust Interests Beneficiaries in or arising from the sale of any Trust Property, including, but not limited to, collecting and to receive and collect any and all money payments due in connection with any such sales; (b) receive, hold, maintain, convey, release, assign or otherwise transfer legal title to any Trust Property; (c) hold Trust Property in the name of a nominee or in any other way without disclosing the trust relationship; (d) execute and other property belonging deliver, upon proper payment, partial and complete releases of any third-party obligations transferred to the Litigation Trust; (iie) perform the duties, exercise the powers, and assert the rights of a trustee under sections 704 and 1106 of the Bankruptcy Code; (iii) subject to Section 4(c) below, compromise, adjust, mediate, arbitrate, xxx on or defend, pursue, prosecute, abandon, or otherwise protect and enforce the rights vested in the Trustee to the Trust Property by this Trust Agreement by any method deemed appropriate appropriate, including, without limitation, by judicial proceedings or pursuant to any applicable bankruptcy, insolvency, moratorium, or similar law and general principles of equityproceedings; (ivf) subject take any steps necessary to Section 4(cestablish clear title to any Trust Property; (g) belowemploy legal counsel, accountants, advisors, custodians and other agents in accordance connection with section 1123(b)(3)(B) the administration or termination of this Trust, to delegate to them any powers of the Bankruptcy CodeTrustee, engage inincluding, intervene inwithout limitation, joinpursuant to a power of attorney, and to pay out of the Trust Property to such legal counsel, accountants, advisors, custodians and other agents reasonable compensation for services rendered; (h) file any and all tax returns required in connection with the Trust and to pay any taxes properly payable by the Trust out of the Trust Property, (i) compromise, adjust, release, mediate, arbitrate, xxx sxx on or defend, counterclaim, setoff, recoup, pursue, prosecute, abandon, abandon or otherwise deal with and settle any actions, suits, proceedings, disputes, claims, controversies, demands, causes of action, or other litigation claims in favor of or against the Litigation Trust, to enter into agreements relating to the foregoing, whether or not any suit is commenced or claim accrued or asserted and, in advance of any controversy, to enter into agreements regarding arbitration, adjudication or settlement thereof, all in the name of the Litigation this Trust if necessary or appropriate, and institute or continue actions which were or otherwise could have been brought by any Debtor that constitute Trust Property, and prosecute or defend all litigation or appeals that are Trust Property and, when appropriate, settle such actions and claims; (v) determine and satisfy any and all liabilities created, incurred or assumed by the Litigation Trust, subject to Section 11(a) hereof; (vi) make distributions to holders of the Litigation Trust Interests; (vii) file, if necessary, any and all tax and information returns with respect to the Litigation Trust, comply with any withholding obligations, and pay taxes properly payable by the Litigation Trust, if any; (viii) assert or waive any privilege or defense on behalf of the Litigation Trust; (ix) pay all expenses and make all other payments relating to the Trust Property, including the liquidation and distribution thereof; (x) obtain insurance coverage with respect to the liabilities and obligations of as the Trustee and the Trust Advisory Board under this Litigation Trust Agreement (in the form of, among other things, an errors and omissions policy or otherwise), except to the extent that the liabilities and obligations of the Trustee or members of the Trust Advisory Board are covered by other applicable insurance available from other sources, and indemnification for the Trustee and the members of the Trust Advisory Board and others as provided for in this Litigation Trust Agreement; (xi) subject to Section 4(c) below, retain and pay third-party providers of professional services, including, but not limited to, attorneys, accountants, and other professionals reasonably necessary to accomplish the purposes of the Litigation Trust; (xii) invest any moneys held as part of the Litigation Trust (including any earnings thereon or proceeds therefrom) in accordance with the terms and limitations of Section 6(c) hereof; (xiii) request any appropriate tax determination with respect to the Litigation Trust, including, without limitation, a determination pursuant to section 505 of the Bankruptcy Code; (xiv) open and maintain bank accounts and deposit funds, draw checks and make disbursements in accordance with the Plan and this Litigation Trust Agreement; (xv) enforce, waive, assign or release rights, privileges or immunities of any kind; Bankruptcy Court; (xvi) seek any relief from, or resolution of, any disputes by the (xvii) appear and participate in any proceeding before the Bankruptcy Court with respect to any matter regarding or relating to the Plan (insofar as it affects the Litigation Trust or the Trust Property), the Litigation Trust, the Trust Advisory Board, or the Anadarko Litigation; (xviii) establish and maintain a web site for the purpose of providing notice of the Litigation Trust activities in addition to notice by other means or, to the extent specifically authorized by any given holder of Litigation Trust Interests, in lieu of notice by other means, subject to providing notice to those holders referred to in Section 14(f) hereof; (xix) file any and all documents and take or refrain from taking any and all actions the Trustee reasonably deems necessary for the continuation, protection, distribution, liquidation, and maximization of the Trust Property consistent with the purposes hereofbest; and (xxj) do any purchase appropriate insurance to indemnify or reimburse the Trustee, its agents and all things necessary to accomplish representatives, and the purposes Trust in the event of this Litigation Trust Agreementoccurrences covered by such insurance.