Termination After Five Years. If the Trust has not been previously terminated pursuant to Article 9.2 hereof, on the fifth (5th) anniversary of the Effective Date, and unless the Trust term has been otherwise extended by the Bankruptcy Court in accordance with the terms of the Plan (such extension to be approved by the Bankruptcy Court within six (6) months of the beginning of the extended term), the Trustee shall distribute all of the Trust Assets to the Beneficiaries in accordance with the Plan and immediately thereafter the Trust shall terminate and the Trustee shall have no further responsibility in connection therewith.
Termination After Five Years. { TC “11.3 Termination After Five Years” \l2 \fC }. If the Litigation Trust has not been previously terminated pursuant to Section 11.2, on the fifth anniversary of the Effective Date, unless otherwise extended by the Bankruptcy Court due to the Litigation Trust’s necessity to complete its liquidating purpose, and provided such extension does not adversely affect the status of the Litigation Trust for federal income Tax or federal securities law purposes, the Litigation Trustee will distribute all of the Litigation Trust Assets to the Beneficiaries in accordance with this Agreement, unless directed to do otherwise by Order of the Bankruptcy Court. Any approval of such extension must be approved by the Bankruptcy Court within six months of the beginning of such extension. Within sixty (60) days after (a) the payment of all Litigation Trust Expenses and any other obligations incurred in connection with administering the Litigation Trust; (b) the distribution of all remaining Litigation Trust Assets in accordance with the provisions of this Agreement; and (c) the completion of any reports, Tax returns or other documentation determined by the Litigation Trustee, in its reasonable discretion, to be necessary, appropriate or desirable, the Litigation Trust will terminate and the Litigation Trustee will have no further responsibility in connection therewith except as may be required to effectuate such termination under relevant law and except as described in Section 10.4. The Litigation Trustee will have the right to apply to the Bankruptcy Court to extend the term of the Litigation Trust as contemplated above if the Litigation Trustee determines, in its reasonable discretion, that such extension is necessary to enable the Litigation Trust to complete its liquidating purpose.
Termination After Five Years. 11.4 Other Termination Procedures
Termination After Five Years. If the Trust has not been previously terminated pursuant to Section 11.2 hereof, on the fifth anniversary of the Effective Date (the "Expiration Date"), but subject to the provisions of the Call Agreement, the Trustee shall distribute all of the Trust Assets to the Beneficiaries in accordance with this Agreement and the Plan and immediately thereafter, the Trust shall terminate and the Trustee shall have no further responsibility in connection therewith, unless the Bankruptcy Court shall, within six (6) months of the Expiration Date, approve an extension of the existence of the Trust for a finite term based upon a finding that such an extension is necessary for the Trust to liquidate the Trust Assets or otherwise fulfill the purposes of the Trust.
Termination After Five Years. If the Litigation Trust has not been previously terminated and dissolved pursuant to section 12.2 hereof by the date that is five (5) years from the Effective Date (the “Outside Termination Date”), on or soon as reasonably practicable following the Outside Termination Date the Litigation Trustee shall distribute all of the Litigation Trust Distributable Assets to the Disbursing Agent for the benefit of, and further distribution to, Beneficiaries in accordance with the Plan and Confirmation Order, and immediately thereafter the Litigation Trust shall dissolve and terminate and the Litigation Trustee shall have no further responsibility in connection therewith except to the limited extent set forth in section 12.5 of this Agreement; provided that the Outside Termination Date may be extended if the Bankruptcy Court, upon a motion made by a party in interest within the six (6) month period prior to such fifth (5th) anniversary of the Effective Date (and, in the event of further extension, at least six (6) months prior to the end of any such further extension period), determines that a fixed period extension is necessary to facilitate or complete the recovery on, and liquidation of, the Litigation Trust Assets. Notwithstanding anything to the contrary in this section 12.3, any such extensions of the Outside Termination Date may not, in the aggregate, exceed three (3) years without a favorable letter ruling from the IRS that any further extension would not adversely affect the status of the Litigation Trust as a liquidating trust within the meaning of Treasury Regulation section 301.7701-4(d) and Revenue Procedure 94-45 and as a grantor trust pursuant to sections 671-677 et seq. of the IRC.
