Common use of Declaration of Trust; Transfer of Trust Assets Clause in Contracts

Declaration of Trust; Transfer of Trust Assets. Pursuant to the Plan, (I) the Debtors and the Trustee hereby establish as of the Effective Date the Litigation Trust on behalf of and for the Beneficiaries, (II) the Debtors irrevocably and absolutely transfer, assign, convey, and deliver to the Litigation Trust as of the Effective Date, in trust to and for the benefit of the Beneficiaries for the uses and purposes stated herein, all of their rights, title, and interests (whether legal, beneficial, or otherwise) to the Anadarko Litigation, including any and all claims therein, free and clear of any lien, claim, encumbrance, or interest in such property of it or any other person or entity and (III) the Debtors irrevocably and absolutely transfer to the Litigation Trust the Initial Funding in trust to and for the benefit of the Beneficiaries for the uses and purposes stated herein. Effective as of the Effective Date, the Trustee shall have all the rights, powers, and duties set forth herein and pursuant to applicable law for accomplishing the purposes of the Litigation Trust. The Trustee is hereby authorized to file with any governmental authority any documents necessary to establish the Litigation Trust. The Litigation Trust shall remain subject to the continuing jurisdiction of the Bankruptcy Court.