Nonliability of Liquidating Trustee and Liquidating Trust Advisory Board for Acts of Others Sample Clauses

Nonliability of Liquidating Trustee and Liquidating Trust Advisory Board for Acts of Others. Except as provided herein, nothing contained in this Trust Agreement, the Plan or the Confirmation Order shall be deemed to be an assumption by the Liquidating Trustee, the Liquidating Trust Advisory Board (or its members) or the Liquidating Trust Professionals of any of the liabilities, obligations or duties of the Debtors or shall be deemed to be or contain a covenant or agreement by the Liquidating Trustee to assume or accept any such liability, obligation or duty. Any successor Liquidating Trustee or Liquidating Trust Advisory Board member may accept and rely upon any accounting made by or on behalf of any predecessor Liquidating Trustee hereunder, and any statement or representation made as to the assets comprising the Liquidating Trust Assets or as to any other fact bearing upon the prior administration of the Liquidating Trust, so long as it has a good faith basis to do so. The Liquidating Trustee and the Liquidating Trust Advisory Board members shall not be liable for having accepted and relied in good faith upon any such accounting, statement, or representation if it is later proved to be incomplete, inaccurate, or untrue. The Liquidating Trustee or any successor Liquidating Trustee and the Liquidating Trust Advisory Board members shall not be liable for any act or omission of any predecessor Liquidating Trustee or Liquidating Trust Advisory Board member, nor have a duty to enforce any claims against any predecessor Liquidating Trustee or Liquidating Trust Advisory Board member on account of any such act or omission, unless directed to do so by the Liquidating Trust Advisory Board. No provision of this Trust Agreement shall require the Liquidating Trustee to expend or risk his personal funds or otherwise incur any financial liability in the performance of his rights or powers hereunder if the Liquidating Trustee has reasonable grounds to believe that the payment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to him.
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Related to Nonliability of Liquidating Trustee and Liquidating Trust Advisory Board for Acts of Others

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