Common use of Continuance of Trust for Winding Up Clause in Contracts

Continuance of Trust for Winding Up. After the termination of the Litigation Trust and for the purpose of winding up the affairs of the Litigation Trust, the Trustee shall continue to act as such until its duties have been fully performed. Upon termination of the Litigation Trust, the Trustee shall retain for a period of two years the books, records, the register of holders of Litigation Trust Interests, and certificates and other documents and files which shall have been delivered to or created by the Trustee; provided that, subject to the terms of any applicable protective order, documents received by the Trustee solely in connection with the conduct of the Anadarko Litigation, including discovery documents produced by any party therein, may be destroyed at any time after the completion of the Anadarko Litigation, including the expiration of time to take any appeals, but only to the extent permitted by law, judicial rule, or other agreements pertaining to such documents. At the Trustee’s discretion, all of such records and documents may, but need not, be destroyed at any time after two years from the completion and winding up of the affairs of the Litigation Trust. Except as otherwise specifically provided herein, upon the termination of the Litigation Trust, the Trustee shall have no further duties or obligations hereunder. Notwithstanding the above, the Trustee shall notify the Beneficiaries and Government Environmental Entities at least three months prior to the destruction of any documents authorized to be destroyed under this subsection, and shall offer the Beneficiaries and Government Environmental Entities an opportunity to take possession, custody, and control of such documents.

Continuance of Trust for Winding Up. After the termination of the Litigation Unsecured Claims Trust and for the purpose of liquidating and winding up the affairs of the Litigation Unsecured Claims Trust, the Unsecured Claims Trustee shall continue to act as such until its duties have been fully performed. Prior to the final distribution of all of the remaining assets of the Unsecured Claims Trust and upon approval of the Unsecured Claims Trust Board, the Unsecured Claims Trustee shall be entitled to reserve from such assets any and all amounts required to provide for its own reasonable costs and expenses, in accordance with Section 3.17 herein, until such time as the winding up of the Unsecured Claims Trust is completed. Upon termination of the Litigation Unsecured Claims Trust, the Unsecured Claims Trustee shall retain for a period of two years the books, records, lists of the register of holders of Litigation the Unsecured Claims Trust Interests, and certificates the Trust Register, and other documents and files which shall that have been delivered to or created by the Unsecured Claims Trustee; provided that, subject to the terms of any applicable protective order, documents received by the Trustee solely in connection with the conduct of the Anadarko Litigation, including discovery documents produced by any party therein, may be destroyed at any time after the completion of the Anadarko Litigation, including the expiration of time to take any appeals, but only to the extent permitted by law, judicial rule, or other agreements pertaining to such documents. At the Unsecured Claims Trustee’s discretion, all of such records and documents may, but need not, be destroyed at any time after two years from the completion and winding up of the affairs of the Litigation Unsecured Claims Trust. Except as otherwise specifically provided herein, upon the termination of the Litigation Unsecured Claims Trust, the Unsecured Claims Trustee shall have no further duties or obligations hereunder. Notwithstanding the above, the Trustee shall notify the Beneficiaries and Government Environmental Entities at least three months prior to the destruction of any documents authorized to be destroyed under this subsection, and shall offer the Beneficiaries and Government Environmental Entities an opportunity to take possession, custody, and control of such documents.