Liquidating Trust Budget Sample Clauses

Liquidating Trust Budget. (a) There shall be prepared a reasonably detailed annual plan and budget for the Liquidating Trust (any such plan and budget, as it may be amended from time to time i n accordance with the terms hereof, the “Liquidating Trust Budget”) for each Fiscal Year, except that the Liquidating Trust Budget for the first Fiscal Year, if less than six calendar months, may be combined with the Liquidating Trust Budget for the next s ucceeding Fiscal Year, and the Liquidating Trust Budget for the last Fiscal Year, if less than six calendar months, may be combined with the Liquidating Trust Budget for the immediate prior Fiscal Year. The Liquidating Trust Budget shall set forth (on an annual basis) in reasonable detail: (i) the assumptions underlying the projected recoveries and expenses associated with the administration of the Liquidating Trust for the annual budget and the funding of the Administrative Expenses Set Aside in respect thereof, and (ii) the anticipated distributions to the Unitholders.
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Liquidating Trust Budget. Whenever the first $200,000 of the Liquidating Trust Advance, which is subject to the Liquidating Trust Budget, has been expended or committed to be paid as set forth herein, the Trustee may, on at least ten (10) days’ notice to PNC, Arch, Xxxxxxxxxx Xxxxxxx and the Liquidating Trust Committee, seek additional Cash to fund an extended Liquidating Trust Budget (the “Re-Funding”). The same procedure applies in the event the Trustee seeks to modify, amend or supplement the Liquidating Trust Budget at any time during the Trust’s existence. In the event that the Trustee, the Liquidating Trust Committee, PNC, Arch and Xxxxxxxxxx Xxxxxxx cannot reach an agreement on a revised Liquidating Trust Budget or on a Re-Funding, the Trustee and/or his professionals may resign without further cause in accordance with the terms of this Agreement.
Sample 1

Related to Liquidating Trust Budget

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  • Allocation of Profits and Losses Distributions Profits/Losses. For financial accounting and tax purposes, the Company's net profits or net losses shall be determined on an annual basis and shall be allocated to the Members in proportion to each Member's relative capital interest in the Company as set forth in Schedule 2 as amended from time to time in accordance with U.S. Department of the Treasury Regulation 1.704-1.

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