Purpose of Liquidating Trust. (a) The Liquidating Trust is established for the purpose of liquidating and distributing the Liquidating Trust Assets in accordance with Treasury Regulations Section 301.7701-4(d), with no objective to continue or engage in the conduct of a trade or business, except to the extent reasonably necessary to, and consistent with, its liquida ting purpose hereunder. The Liquidating Trust shall perform the obligations under the DOJ/AG Settlement, the Consent Order, and the Order of Assessment, other than Ocwen’s rights and obligations under the Ocwen APA, in accordance with the terms of the Plan.
Purpose of Liquidating Trust. The Liquidating Trust is created to serve as a vehicle for the maintenance and preservation of the Assets for the primary purpose of liquidating the Assets, with no objective to continue or engage in the conduct of a trade or business, except to the extent reasonably necessary to, and consistent with, the liquidating purpose of the Liquidating Trust. In selling the Assets, or otherwise monetizing them, the Liquidating Trustee shall use his best efforts, within a reasonable time frame, to maximize the amount of Liquidation Proceeds derived therefrom.
Purpose of Liquidating Trust. This Liquidating Trust is organized for the sole purpose of conserving and liquidating the Trust Estate for the benefit of the Beneficial Interestholders as herein set out, with no objective to engage in the conduct of a trade or business (although companies whose stock is owned by the Liquidating Trust may operate a business). Pursuant to this express purpose, the Trustee is hereby authorized and directed to take all reasonable and necessary actions to conserve and protect the Trust Estate and to sell, lease, or otherwise dispose of the Trust Estate, and to distribute the net proceeds of such disposition, as hereinafter set out, in as prompt, efficient and orderly a fashion as possible in accordance with the provisions of Section Six hereof and the Plan.
Purpose of Liquidating Trust. The sole purpose of the Liquidating Trust is to implement the Plan on behalf, and for the benefit, of the Liquidating Trust Beneficiaries, and to serve as a mechanism for liquidating, converting to Cash and distributing the Liquidating Trust Assets in accordance with Treasury Regulations section 301.7701-4(d), with no objective to continue or engage in the conduct of a trade or business, except to the extent reasonably necessary to, and consistent with, the liquidating purpose of the Liquidating Trust. The Liquidating Trust shall not be deemed a successor in interest of the Debtors for any purpose other than as specifically set forth in the Plan or this Trust Agreement.
Purpose of Liquidating Trust. (a) It is expected that Investment Trust D shall liquidate and dissolve prior to fully winding up its affairs, including, but not limited to, the sale of its remaining assets, the collection of any receivables and the payment of any unsatisfied debts, claims, liabilities, commitments, suits and other obligations, whether contingent or fixed or otherwise (the "Liabilities"), except for such Liabilities for which Investment Trust D has previously reserved by the retention of the Cash Reserves as described in the recitals hereto. The Liquidating Trust hereby is organized for the sole purpose of winding up the affairs of Investment Trust D as promptly as reasonably possible and with no objective to continue or engage in the conduct of a trade or business.
Purpose of Liquidating Trust. This Liquidating Trust Agreement is intended to create a grantor trust for United States federal income tax purposes and, to the extent provided by law, shall be governed and construed in all respects as such a grantor trust. The Settlor and the Liquidating Trustee, pursuant to the Plan hereby create the Liquidating Trust solely for the purpose of, liquidating and distribution the Liquidating Trust Assets in accordance with the terms of this Liquidating Trust Agreement and Plan with no objective that the Liquidating Trust will continue or engage in the conduct of a trade or business. The Liquidating Trustee shall engage only in activities reasonably necessary to, and consistent with the purpose of the Liquidating Trust including, but not limited to, (a) investigating and, if appropriate, pursuing, settling or abandoning causes of action, (b) administering and liquidating the Assets, (c) resolving all Disputed Claims and (d) making Distributions from the Liquidating Trust as provided for in the Plan and this Liquidating Trust Agreement. The activities of the Liquidating Trust shall be limited to those activities set forth in this Liquidating Trust Agreement.
Purpose of Liquidating Trust. The Liquidating Trust is created solely ---------------------------- to implement the terms of the Plan. The purposes of the Liquidating Trust are to manage, conserve and protect the value of the Trust Estate for the benefit of the Beneficiaries, including, but not limited to: (i) collecting and liquidating the Trust Estate; (ii) pursuing those claims and causes of actions vested in the Trust Estate; and (iii) distributing to the Beneficiaries all proceeds from the liquidation of the Trust Estate pursuant to the terms of the Plan. Under no circumstances shall the Liquidation Agent have any power to engage in any trade or business or any other activity except as specifically provided herein or otherwise reasonably necessary and advisable for the orderly liquidation and distribution of the Trust Estate. The Liquidation Agent will make continuing efforts to dispose of the Trust Estate, make timely distributions, and not unduly prolong the duration of the Liquidating Trust.
Purpose of Liquidating Trust. The Liquidating Trust is established for the purposes of liquidating and distributing the Trust Property, in accordance with the Plan and Treasury Regulation Section 301.7701-4(d), with no objective to continue or engage in the conduct of a trade or business. The purpose of this Agreement is to implement certain provisions of the Plan, including Article VI.N of the Plan, on behalf, and for the benefit, of the Beneficiary, to serve as a mechanism for liquidating and converting the Trust Property to Cash and distributing the Trust Property to the Beneficiary. The Liquidating Trustee will not hold itself out as an investment company and will not conduct a trade or business. Subject to the WFCF Pledge and Trustee Agreements, the Liquidating Trustee will distribute the Trust Property to the Beneficiary in accordance with this Agreement and the Plan.
Purpose of Liquidating Trust. The sole purpose of this Liquidating Trust is to liquidate the Liquidating Trust Estate in a manner calculated to conserve and protect the Liquidating Trust Estate until such time as the proceeds can be distributed, and to collect and distribute the income and proceeds therefrom to the Beneficiaries in as prompt and orderly a fashion as possible after the payment of expenses and liabilities and the making of reasonable provision for claims and contingent liabilities, including without limitation any Indemnity Obligations. The Liquidating Trust shall have no objective to continue or engage in the conduct of a trade or business. 2.2
Purpose of Liquidating Trust. The sole purpose of this Liquidating Trust is to liquidate the Liquidating Trust Estate in a manner calculated to conserve and protect the Liquidating Trust Estate until such time as the proceeds can be distributed, and to collect and distribute the income and proceeds therefrom to the Beneficiaries in as prompt and orderly a fashion as possible after the payment of expenses and liabilities and the making of reasonable provision for claims and contingent liabilities, including without limitation any Indemnity Obligations. The Liquidating Trust shall have no objective to continue or engage in the conduct of a trade or business.
