Common use of Term; Termination of the Litigation Trust Clause in Contracts

Term; Termination of the Litigation Trust. 9.1 Term; Termination of the Litigation Trust. (a) The Litigation Trust will be dissolved no later than five (5) years from the Effective Date; provided, however, that the Bankruptcy Court, upon motion by a party in interest, on notice with an opportunity for a hearing, may extend the term of the Litigation Trust for a finite period if (i) such extension is necessary to the purpose of the Litigation Trust, (ii) the Litigation Trustee receives an opinion of counsel or a ruling from the Internal Revenue Service stating that such extension would not adversely affect the status of the Litigation Trust as a liquidating trust for U.S. federal income tax purposes, and (iii) such extension is obtained within the six (6) month period prior to the Litigation Trust’s fifth (5th) anniversary or the end of the immediately preceding extension period, as applicable. (b) Upon dissolution of the Litigation Trust, any remaining Cash on hand and other assets, with the exception of any Preserved Causes of Action will be distributed to the Litigation Trust Beneficiaries in accordance with this Litigation Trust Agreement and the Litigation Trust Distribution Schedule. (c) In connection with the dissolution of the Litigation Trust, the Litigation Trustee shall withdraw with prejudice any pending suits, actions or proceedings with respect to the Preserved Causes of Action and, upon dissolution of the Litigation Trust, all remaining Preserved Causes of Action shall be deemed void and abandoned and no Litigation Trust Beneficiary shall have any right, title or interest in or to any such Preserved Cause of Action.

Term; Termination of the Litigation Trust. 9.1 Term; Termination of the Litigation Trust. (a) The Litigation Trust will be dissolved no later than five (5) years from the Effective Date; provided, however, that the Bankruptcy Court, upon motion by a party in interest, on notice with an opportunity for a hearing, may extend the term of the Litigation Trust for a finite period if (i) such extension is necessary to the purpose of the Litigation Trust, (ii) the Litigation Trustee receives an opinion of counsel or a ruling from the Internal Revenue Service stating that such extension would not adversely affect the status of the Litigation Trust as a liquidating trust for U.S. federal income tax purposes, and (iii) such extension is obtained within the six (6) month period prior to the Litigation Trust’s fifth (5th) anniversary or the end of the immediately preceding extension period, as applicable. (b) Upon dissolution of the Litigation Trust, any remaining Cash on hand hand, including any Cash in the Expense Fund, and other assets, with the exception of any Preserved Causes of Action Action, will be distributed to the Litigation Trust Beneficiaries in accordance with this Litigation Trust Agreement and the Litigation Trust Distribution Schedule. (c) In connection with the dissolution of the Litigation Trust, the Litigation Trustee shall withdraw with prejudice any pending suits, actions or proceedings with respect to the Preserved Causes of Action and, upon dissolution of the Litigation Trust, all remaining Preserved Causes of Action shall be deemed void and abandoned and no Litigation Trust Beneficiary shall have any right, title or interest in or to any such Preserved Cause of Action.

Term; Termination of the Litigation Trust. 9.1 Term; Termination of the Litigation Trust. (a) The Litigation Trust will be dissolved no later than five (5) years from the Effective Date; provided, however, that the Bankruptcy Court, upon motion by a party in interest, on notice with an opportunity for a hearing, may extend the term of the Litigation Trust for a finite period if (i) such extension is necessary to the purpose of the Litigation Trust, (ii) the Litigation Trustee receives an opinion of counsel or a ruling from the Internal Revenue Service stating that such extension would not adversely affect the status of the Litigation Trust as a liquidating trust for U.S. federal income tax purposes, and (iii) such extension is obtained within the six (6) month period prior to the Litigation Trust’s 's fifth (5th) anniversary or the end of the immediately preceding extension period, as applicable. (b) Upon dissolution of the Litigation Trust, any remaining Cash on hand hand, including any Cash in the Expense Fund, and other assets, with the exception of any Preserved Causes of Action Litigation Claims, will be distributed to the Litigation Trust Beneficiaries in accordance with the Plan, this Litigation Trust Agreement and the Litigation Trust Distribution ScheduleProceeds Waterfall. (c) In connection with If for any reason the dissolution Litigation Trust shall terminate and be deemed wound up prior to the entry of a Final Order resolving the Litigation Claims (by way of judgment, settlement or otherwise) and receipt by the Litigation Trust of all amounts to which the Litigation Trust may be entitled, notwithstanding anything to the contrary set forth herein, the distribution of any proceeds recovered at any time on account of the Litigation Trust, Claims shall be made in accordance with the Litigation Trustee shall withdraw with prejudice any pending suits, actions or proceedings with respect to the Preserved Causes of Action and, upon dissolution of the Litigation Trust, all remaining Preserved Causes of Action shall be deemed void and abandoned and no Litigation Trust Beneficiary shall have any right, title or interest in or to any such Preserved Cause of ActionProceeds Waterfall.

Term; Termination of the Litigation Trust. 9.1 Term; Termination of the Litigation Trust.‌ (a) The Litigation Trust will be dissolved shall commence on the date hereof and terminate no later than five (5) years from the fifth anniversary of the Effective Date; provided, however, that, on or prior to the date that is ninety (90) days prior to such termination, the Bankruptcy Court, upon motion by a party in interest, on notice with an opportunity for a hearing, may extend the term of the Litigation Trust for a finite period if (i) such extension it is necessary to the purpose of the Litigation Trust, (ii) the Litigation Trustee receives an opinion of counsel or a ruling from the Internal Revenue Service stating that such extension would not adversely affect the status liquidation of the Litigation Trust Assets. Notwithstanding the foregoing, multiple extensions may be obtained so long as a liquidating trust for U.S. federal income tax purposes, and (iii) such extension Bankruptcy Court approval is obtained within the six not less than ninety (690) month period days prior to the expiration of each extended term; provided, however, that in no event shall the term of the Litigation Trust’s fifth Trust extend past the tenth (5th10th) anniversary or the end of the immediately preceding extension period, as applicableEffective Date; provided further that neither this Agreement nor the continued existence of the Litigation Trust shall prevent the Debtors from closing the Chapter 11 Cases pursuant to section 350 of the Bankruptcy Code and obtaining a final decree pursuant to Bankruptcy Rule 3022. (b) Upon dissolution of the Litigation Trust, any remaining Cash on hand and other assets, with the exception of any Preserved Causes of Action will be distributed to the The Litigation Trust Beneficiaries in accordance with this may be terminated earlier than its scheduled termination if the Trustee has administered all Litigation Trust Assets and performed all other duties required by the Plan, the Confirmation Order, this Agreement and the Litigation Trust Distribution ScheduleTrust. (c) In connection with If at any time the dissolution Trustee determines that the expense of administering the Litigation Trust is likely to exceed the value of the remaining Litigation Trust Assets, the Trustee may (i) donate any balance to a non-religious charitable organization exempt LITIGATION TRUST AGREEMENT - 27 - from federal income tax under section 501(c)(3) of the Internal Revenue Code of 1986, as amended, that is unrelated to the Debtors and any insider of the Debtors and (ii) dissolve the Litigation Trust, the Litigation Trustee shall withdraw with prejudice any pending suits, actions or proceedings with respect to the Preserved Causes of Action and, upon dissolution of the Litigation Trust, all remaining Preserved Causes of Action shall be deemed void and abandoned and no Litigation Trust Beneficiary shall have any right, title or interest in or to any such Preserved Cause of Action.

Term; Termination of the Litigation Trust. 9.1 Term; Termination of the Litigation Trust. (a) The Litigation Trust will be dissolved shall commence on the date hereof and terminate no later than five (5) years from the fifth anniversary of the Effective Date; provided, however, that, on or prior to the date that is ninety (90) days prior to such termination, the Bankruptcy Court, upon motion by a party in interest, on notice with an opportunity for a hearing, may extend the term of the Litigation Trust for a finite period if (i) such extension it is necessary to the purpose of the Litigation Trust, (ii) the Litigation Trustee receives an opinion of counsel or a ruling from the Internal Revenue Service stating that such extension would not adversely affect the status liquidation of the Litigation Trust Assets. Notwithstanding the foregoing, multiple extensions may be obtained so long as a liquidating trust for U.S. federal income tax purposes, and (iii) such extension the Bankruptcy Court approval is obtained within the six not less than ninety (690) month period days prior to the expiration of each extended term; provided, however, that in no event shall the term of the Litigation Trust’s fifth Trust extend past the tenth (5th10th) anniversary or the end of the immediately preceding extension period, as applicableEffective Date; provided further that neither this Agreement nor the continued existence of the Litigation Trust shall prevent the Debtor from closing the Chapter 11 Case pursuant to section 350 of the Bankruptcy Code and obtaining a final decree pursuant to Bankruptcy Rule 3022. (b) Upon dissolution The Litigation Trust may be terminated earlier than its scheduled termination if the Trustee has administered all of the Litigation TrustTrust Assets and performed all other duties required by the Plan, any remaining Cash on hand and other assetsthe Confirmation Order, with the exception of any Preserved Causes of Action will be distributed to the Litigation Trust Beneficiaries in accordance with this Litigation Trust Agreement and the Litigation Trust Distribution ScheduleTrust. (c) In connection with If at any time, the dissolution Trustee determines that the expense of administering the Litigation Trust is likely to exceed the value of the remaining Litigation Trust Assets, the Trustee may dissolve the Litigation Trust, the Litigation Trustee shall withdraw with prejudice any pending suits, actions or proceedings with respect to the Preserved Causes of Action and, upon dissolution of the Litigation Trust, all remaining Preserved Causes of Action shall be deemed void and abandoned and no Litigation Trust Beneficiary shall have any right, title or interest in or to any such Preserved Cause of Action.

Term; Termination of the Litigation Trust. 9.1 Term; Termination of the Litigation Trust. (a) The Litigation Trust will be dissolved no later than five (5) years from the Effective Date; provided, however, that the Bankruptcy Court, upon motion by a party in interest, on notice with an opportunity for a hearing, may extend the term of the Litigation Trust for a finite period if (i) such extension is necessary to the purpose of the Litigation Trust, (ii) the Litigation Trustee receives an opinion of counsel or a ruling from the Internal Revenue Service stating that such extension would not adversely affect the status of the Litigation Trust as a liquidating trust for U.S. federal income tax purposes, and (iii) such extension is obtained within the six (6) month period prior to the Litigation Trust’s fifth (5th) anniversary or the end of the immediately preceding extension period, as applicable. (b) Upon dissolution of the Litigation Trust, any remaining Cash on hand and other assets, with the exception of any Preserved Causes of Action (other than the Disclaimed State Law Avoidance Claims) will be distributed to the Litigation Trust Beneficiaries in accordance with this Litigation Trust Agreement and the Litigation Trust Distribution Schedule. (c) In connection with the dissolution of the Litigation Trust, the Litigation Trustee shall withdraw with prejudice any pending suits, actions or proceedings with respect to the Preserved Causes of Action (other than the Disclaimed State Law Avoidance Claims) and, upon dissolution of the Litigation Trust, all remaining Preserved Causes of Action (other than the Disclaimed State Law Avoidance Claims) shall be deemed void and abandoned and no Litigation Trust Beneficiary shall have any right, title or interest in or to any such Preserved Cause of ActionAction (other than the Disclaimed State Law Avoidance Claims).