Role of the Creditors’ Trustee Sample Clauses

Role of the Creditors’ Trustee. In furtherance of and consistent with the purpose of the Creditors’ Trust and the Plan, subject to the terms and conditions contained in the Directives, the Creditors’ Trustee shall, subject to the approval of the Creditors’ Trust Advisory Board, (i) receive, manage, supervise and protect the Creditors’ Trust Assets upon its receipt of same on behalf of and for the Beneficiaries; (ii) investigate, analyze, prosecute and, if necessary and appropriate, settle and compromise (with any state court approval, if required) the State Law Avoidance Claims and any defense asserted by the Creditors’ Trust in connection with any counterclaim or cross claim asserted against the Creditors’ Trust; (iii) subject to the provisions of Section 4.4, determine a method for allocating all items of income, gain, loss, deduction and credit among the Beneficiaries and the DOF in accordance with the Distribution Trust’s treatment as a grantor trust; (iv) prepare and file all required tax returns and pay taxes and all other obligations of the Creditors’ Trust; (v) make distributions from the proceeds of the State Law Avoidance Claims to the holders of Creditors’ Trust Interests in accordance with the terms of the Creditors’ Trust Distribution Orders; and (vi) have such other responsibilities as may be vested in the Creditors’ Trustee pursuant to the Directives. The Creditors’ Trustee in consultation with, and subject to the approval of, the Creditors’ Trust Advisory Board, shall be responsible for all decisions and duties with respect to the Creditors’ Trust and the Creditors’ Trust Assets, such decisions and duties to be carried out in accordance with the Directives. In all circumstances, the Creditors’ Trustee shall act in the best interests of all Beneficiaries and in furtherance of the purpose of the Creditors’ Trust, and shall use commercially reasonable efforts to dispose of the Creditors’ Trust Assets and to make timely distributions and not unreasonably prolong the duration of the Creditors’ Trust. The Creditors’ Trustee shall have fiduciary duties to the Beneficiaries consistent with the fiduciary duties that a member of an official committee of creditors appointed pursuant to section 1102 of the Bankruptcy Code has to the creditor constituents represented by such committee and shall exercise his, her or its responsibilities accordingly; provided, that the Creditors’ Trustee shall not owe fiduciary obligations to any defendants of State Law Avoidance Claims in their capacit...
Sample 1
AutoNDA by SimpleDocs

Related to Role of the Creditors’ Trustee

  • of the Credit Agreement Section 6.02 of the Credit Agreement is hereby amended as follows:

  • Escrow Agent Not a Trustee The Escrow Agent accepts duties and responsibilities under this Agreement, and the escrow securities and any share certificates or other evidence of these securities, solely as a custodian, bailee and agent. No trust is intended to be, or is or will be, created hereby and the Escrow Agent shall owe no duties hereunder as a trustee.

  • Administrative Proceedings With a view to administering in a consistent, impartial, and reasonable manner all measures of general application affecting matters covered by this Agreement, each Party shall ensure that in its administrative proceedings applying measures referred to in Article 73 to particular persons or goods of the other Party in specific cases that:

  • Administrative Agent May File Proofs of Claim In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

  • LHIN is an Agent of the Crown The parties acknowledge that the LHIN is an agent of the Crown and may only act as an agent of the Crown in accordance with the provisions of LHSIA. Notwithstanding anything else in this Agreement, any express or implied reference to the LHIN providing an indemnity or any other form of indebtedness or contingent liability that would directly or indirectly increase the indebtedness or contingent liabilities of the LHIN or of Ontario, whether at the time of execution of this Agreement or at any time during the term of this Agreement, will be void and of no legal effect.

  • Appointment of Trustee The Depositor hereby appoints the Trustee as trustee of the Trust, effective as of the date hereof, to have all the rights, powers and duties set forth herein.

  • Compensation of Trustee Any individual Trustee serving hereunder shall be entitled to: (Choose One) ☐ - No compensation whatsoever. ☐ - Be paid a reasonable fee from the Trust Estate based on the amount of time expended by such Trustee in carrying out his or her duties hereunder. Any corporate Trustee shall be entitled to be paid a fee based upon its fee schedule from time to time that is required to be published.

  • Judicial and Administrative Proceedings In the event that Business Associate receives a subpoena, court or administrative order, or other discovery request or mandate for release of PHI, Business Associate agrees to collaborate with Covered Entity with respect to Business Associate’s response to such request. Business Associate shall notify Covered Entity within seven (7) days of receipt of such request or mandate.

  • Collateral Agent (a) The Trustee and each of the Holders by acceptance of the Notes hereby designates and appoints the Collateral Agent as its agent under this Indenture, the Collateral Documents and the Intercreditor Agreements and the Trustee and each of the Holders by acceptance of the Notes hereby irrevocably authorizes the Collateral Agent to take such action on its behalf under the provisions of this Indenture, the Collateral Documents and the Intercreditor Agreements and to exercise such powers and perform such duties as are expressly delegated to the Collateral Agent by the terms of this Indenture, the Collateral Documents and the Intercreditor Agreements, and consents and agrees to the terms of the Intercreditor Agreements and each Collateral Document, as the same may be in effect or may be amended, restated, supplemented or otherwise modified from time to time in accordance with their respective terms. The Collateral Agent agrees to act as such on the express conditions contained in this Section 12.9. The provisions of this Section 12.9 are solely for the benefit of the Collateral Agent and none of the Trustee, any of the Holders nor any of the Grantors shall have any rights as a third party beneficiary of any of the provisions contained herein other than as expressly provided in Section 12.4. Each Holder agrees that any action taken by the Collateral Agent in accordance with the provision of this Indenture, the Intercreditor Agreements and the Collateral Documents, and the exercise by the Collateral Agent of any rights or remedies set forth herein and therein shall be authorized and binding upon all Holders. Notwithstanding any provision to the contrary contained elsewhere in this Indenture, the Collateral Documents and the Intercreditor Agreements, the duties of the Collateral Agent shall be ministerial and administrative in nature, and the Collateral Agent shall not have any duties or responsibilities, except those expressly set forth herein and in the other Notes Documents to which the Collateral Agent is a party, nor shall the Collateral Agent have or be deemed to have any trust or other fiduciary relationship with the Trustee, any Holder or any Grantor, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Indenture, the Collateral Documents and the Intercreditor Agreements or otherwise exist against the Collateral Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” in this Indenture with reference to the Collateral Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties.

  • Appointment of the Agents (A) Each other Finance Party (other than the relevant Agent) appoints each Agent to act in that capacity under and in connection with the Finance Documents.

Time is Money Join Law Insider Premium to draft better contracts faster.