Structure of the Creditor Trust Sample Clauses

Structure of the Creditor Trust. It is contemplated that the Creditor Trust will be operated by the Creditor Trustee who will report to a three-member advisory board (the “Creditor Trust Advisory Board”). The Creditor Trustee and the members of the Creditor Trust Advisory Board will be distinct individuals and will be appointed by the Creditors’ Committee in its sole discretion and service as the Litigation Trustee or as a member of the Litigation Trust Advisory Board shall not prohibit such person or persons from serving as the Creditor Trustee or as a member of the Creditor Trust Advisory Board. The Creditor Trust will have authority to retain any counsel, financial advisors, claims agent, auditors, or other such professionals as it deems appropriate at all times. The Creditor Trust may select any of the foregoing professionals in its sole discretion, and prior employment in any capacity in the Debtors’ bankruptcy cases on behalf of the Debtors, their estates, the Creditors’ Committee, or any creditors or concurrent representation of the Litigation Trust or the Creditor Representative shall not preclude the Creditor Trust’s retention of such professionals. The Creditor Trust Beneficiaries’ interests in the Creditor Trust may not be transferred to any other Persons. The Creditor Trust Beneficiaries’ interests in the Creditor Trust shall be uncertificated and, subject to applicable law, shall not be transferable.
Sample 1
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