Termination of Liquidation Trust. The Liquidation Trust shall terminate upon the earlier of: (x) satisfaction of all Allowed Claims; (y) the entry by the Bankruptcy Court of a Final Decree(s) closing each of the Chapter 11 Cases of the Liquidating Debtors; or (z) the three (3) year anniversary of the Effective Date, provided that, on or subsequent to the date six (6) months prior to such termination, the Bankruptcy Court, upon motion by a party in interest, may extend the term of the Liquidation Trust for a finite period if such an extension is necessary to liquidate the Liquidation Trust Assets or to complete any distribution required under the Plan.
Termination of Liquidation Trust. The Liquidating Trust will terminate on the earlier of (a) thirty (30) days after the final distribution of all of the Liquidating Trust Assets in accordance with the terms of this Trust Agreement and the Plan; or (b) the third (3rd) anniversary of the Effective Time and Date. Notwithstanding the foregoing, multiple fixed-term extensions can be obtained so long as Chancery Court approval upon motion and a showing that such extension is necessary to facilitate or complete the recovery and liquidation of the Liquidation Trust Assets is obtained within six (6) months before the expiration of the original term and each extended term. The aggregate of all such extensions shall not exceed three (3) years, unless the Liquidating Trustee receives a favorable ruling from the IRS that any further extension would not adversely affect the status of the Liquidating Trust as a liquidating trust within the meaning of Treasury Regulations Section Section 301.7701-4(d) for federal income tax purposes. The Liquidating Trustee shall not unduly prolong the duration of the Liquidating Trust and shall at all times endeavor to resolve, settle or otherwise dispose of all claims that constitute Liquidating Trust Assets and to effect the distribution of the Liquidating Trust Assets to the holders of the Liquidating Trust Interests in accordance with the terms hereof and terminate the Liquidating Trust as soon as practicable.
Termination of Liquidation Trust. The Liquidation Trustee shall be discharged and the Liquidation Trust shall be terminated, at such time as (i) all Disputed Parent Equity Interests have been resolved, (ii) all of the Liquidation Trust Assets (including, but not limited to, the Retained Causes of Action) have been liquidated, abandoned or otherwise administered, (iii) all duties and obligations of the Liquidation Trustee hereunder have been fulfilled, (iv) all distributions required to be made by the Liquidation Trustee under the Plan and this Agreement have been made, and (v) the Chapter 11 Cases and the CCAA Proceedings involving the Debtors have been closed; provided, however, that in no event shall the Liquidation Trust be terminated later than the term of the Liquidation Trust under Section 11.2 of this Agreement, as such term may be extended pursuant to Section 11.2.
Termination of Liquidation Trust. The Liquidation Trustee shall be discharged and 559 the Liquidation Trust shall be terminated, at such time as (a) all Disputed Claims have been 560 resolved, (b) all of the Liquidation Trust Assets have been liquidated, (c) all duties and obligations 561 of the Liquidation Trustee hereunder have been fulfilled, (d) all Distributions required to be made 562 by the Liquidation Trustee under the Plan and this Agreement have been made, and (e) the Case 563 has been closed. If the Liquidation Trust has not terminated pursuant to the foregoing at the end of 564 five (5) years from the date of its creation, the Liquidation Trust will terminate unless within six 565 (6) months after the end of such five (5) year term such court as shall have jurisdiction over the 566 Liquidation Trust in accordance with Section 2.4 approves an extension of the term of the 567 Liquidation Trust for a specified additional period of time.
