Common use of Role of the Litigation Trustee Clause in Contracts

Role of the Litigation Trustee. In furtherance of and consistent with the purpose of the Litigation Trust and the Plan, subject to the terms and conditions contained herein and in the Plan, the Litigation Trustee shall (i) hold the Litigation Trust Assets for the benefit of the Litigation Trust Beneficiaries and such other beneficiaries as described in the Litigation Distribution Schedule, (ii) make distributions of Litigation Claim Proceeds and other Litigation Trust Assets in accordance with the Litigation Distribution Schedule, and (iii) have the power and authority to resolve any Avoidance Claims and Unsettled Bond Avoidance Action Claims, provided, however, Avoidance Claims other than Unsettled Bond Avoidance Action Claims shall be used solely in the Claims reconciliation process pursuant to Article V of the Plan for Claims reduction, setoff or defensive purposes, provided further, however, the Litigation Trustee cannot settle any Unsettled Bond Avoidance Action Claims unless the Bankruptcy Court enters an order approving such settlement pursuant to Rule 9019 of the Bankruptcy Rules. To the extent that any action has been taken to prosecute or otherwise resolve any Avoidance Claims prior to the Effective Date by the Debtors, the Creditors’ Committee, and/or any other party, the Litigation Trustee shall be substituted for the Debtors, the Creditors’ Committee, and/or the other party in connection therewith. The Litigation Trustee shall be responsible for all decisions and duties with respect to the Litigation Trust and the Litigation Trust Assets. In all circumstances, the Litigation Trustee shall act in the best interests of all beneficiaries of the Litigation Trust and in furtherance of the purpose of the Litigation Trust, and shall use commercially reasonable efforts to dispose of the Litigation Trust Assets and to make timely distributions and not unduly prolong the duration of the Litigation Trust. The Litigation Trustee’s powers are exercisable solely in a fiduciary capacity consistent with, and in furtherance of, the purposes of the Litigation Trust and not otherwise, except that the Litigation Trustee may deal with the Litigation Trust Assets for its own account as permitted by Section 5.2 hereof.

Role of the Litigation Trustee. In furtherance of and consistent with the purpose of the Litigation Trust and the Plan, subject to the terms and conditions contained herein and in the PlanDirectives, the Litigation Trustee shall shall, subject to the approval of the Litigation Trust Advisory Board (i) hold receive, manage, supervise and protect the Litigation Trust Assets upon its receipt of same on behalf of and for the benefit Beneficiary; (ii) investigate, analyze, prosecute and, if necessary and appropriate, settle and compromise the Litigation Causes of Action, and any objections to Claims related to the Litigation Trust Causes of Action; (iii) prepare and file all required tax returns and pay taxes and all other obligations of the Litigation Trust Beneficiaries Trust; and (iv) have all such other beneficiaries responsibilities as described may be vested in the Litigation Distribution Schedule, (ii) make distributions of Litigation Claim Proceeds and other Litigation Trust Assets in accordance with the Litigation Distribution Schedule, and (iii) have the power and authority to resolve any Avoidance Claims and Unsettled Bond Avoidance Action Claims, provided, however, Avoidance Claims other than Unsettled Bond Avoidance Action Claims shall be used solely in the Claims reconciliation process Trustee pursuant to Article V of the Plan for Claims reduction, setoff or defensive purposes, provided further, however, the Litigation Trustee cannot settle any Unsettled Bond Avoidance Action Claims unless the Bankruptcy Court enters an order approving such settlement pursuant to Rule 9019 Directives and all other orders of the Bankruptcy Rules. To the extent that any action has been taken to prosecute or otherwise resolve any Avoidance Claims prior to the Effective Date by the Debtors, the Creditors’ Committee, and/or any other party, the Litigation Trustee shall be substituted for the Debtors, the Creditors’ Committee, and/or the other party in connection therewithCourt. The Litigation Trustee in consultation with, and subject to the approval of, the Litigation Trust Advisory Board, shall be responsible for all decisions and duties with respect to the Litigation Trust and the Litigation Trust Assets, such decisions and duties to be carried out in accordance with the Directives. In all circumstances, the Litigation Trustee shall act in the best interests of all beneficiaries of the Litigation Trust Beneficiary and in furtherance of the purpose of the Litigation Trust, and shall use commercially reasonable efforts to dispose of resolve the Litigation Trust Assets Causes of Action and to make timely distributions of any proceeds therefrom and not unduly unreasonably prolong the duration of the Litigation Trust. The Litigation Trustee shall have fiduciary duties to the Beneficiary 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 Litigation Trustee shall not owe fiduciary obligations to any defendants of Litigation Trust Causes of Action in their capacities as such, it being the intent of such fiduciary duties to ensure that the Litigation Trustee’s powers obligations are exercisable solely in a fiduciary capacity consistent with, and in furtherance of, to maximize the purposes value of the Litigation Trust and not otherwiseAssets, except that the Litigation Trustee may deal with including the Litigation Trust Assets for its own account as permitted by Section 5.2 hereofCauses of Action.

Role of the Litigation Trustee. In furtherance of and consistent with the purpose of the Litigation Trust and the Plan, the Litigation Trustee, subject to the terms and conditions contained herein herein, in the Plan and in the PlanConfirmation Order, the Litigation Trustee shall (i) hold the Litigation Trust Assets for the benefit of the Litigation Trust Beneficiaries Beneficiaries, and such other beneficiaries as described in the Litigation Distribution Schedule, (ii) make distributions of Litigation Claim Proceeds and other Net Litigation Trust Assets Proceeds in accordance with the Plan and the Litigation Trust Distribution Schedule, and (iii) have . Subject to the power and authority to resolve any Avoidance Claims and Unsettled Bond Avoidance Action Claims, provided, however, Avoidance Claims other than Unsettled Bond Avoidance Action Claims shall be used solely in the Claims reconciliation process pursuant to Article V provisions of the Plan for Claims reduction, setoff or defensive purposes, provided further, howeverthis Litigation Trust Agreement, the Litigation Trustee cannot settle any Unsettled Bond Avoidance Action Claims unless the Bankruptcy Court enters an order approving such settlement pursuant to Rule 9019 of the Bankruptcy Rules. To the extent that any action has been taken to prosecute or otherwise resolve any Avoidance Claims prior in consultation with, and subject to the Effective Date by the Debtors, the Creditors’ Committee, and/or any other partymanagement and direction of, the Litigation Trustee shall be substituted for the Debtors, the Creditors’ Committee, and/or the other party in connection therewith. The Litigation Trustee Trust Advisory Board shall be responsible for all decisions and duties with respect to the Litigation Trust and the Litigation Trust Assets. In all circumstances, the Litigation Trustee shall act in the best interests of all beneficiaries the Litigation Trust Beneficiaries of the Litigation Trust and in furtherance of the purpose of the Litigation Trust, . The Litigation Trustee shall have fiduciary duties to the Litigation Trust 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 use commercially reasonable efforts exercise his, her or its responsibilities accordingly; provided, that the Litigation Trustee shall not owe fiduciary obligations to dispose any defendants of Preserved Causes of Action in their capacities as such, it being the intent of such fiduciary duties to ensure that the Litigation Trustee’s obligations are to maximize the value of the Litigation Trust Assets and to make timely distributions and not unduly prolong Assets, including the duration Preserved Causes of the Litigation TrustAction. The Litigation Trustee’s powers are exercisable solely in a fiduciary capacity consistent with, Trustee shall be subject to and in furtherance of, bound by the purposes terms of the Litigation Trust LT Confidentiality and not otherwise, except that the Litigation Trustee may deal with the Litigation Trust Assets for its own account as permitted by Section 5.2 hereofCommon Interest Agreement.