Common use of Termination of Litigation Trust Clause in Contracts

Termination of Litigation Trust. (i) The Litigation Trust shall terminate upon the occurrence of the earlier of (I) the full liquidation, administration and distribution of the Trust Property in accordance with the Plan, the Confirmation Order and this Litigation Trust Agreement and the full performance of all other duties and functions of the Trustee set forth in the Plan, the Confirmation Order and this Litigation Trust Agreement or (II) the fifth anniversary of the Effective Date, subject to one or more finite extensions, which must be approved by the Bankruptcy Court within one month prior to the then-current termination date and provided that the Trustee receives an opinion of counsel or a favorable ruling from the Internal Revenue Service to the effect that any such extension would not adversely affect the status of the Trust as a qualified settlement fund (or a qualified settlement fund treated as a grantor trust pursuant to the QSF Regulations) for federal income tax purposes. (ii) The Trustee shall not unduly prolong the duration of the Litigation Trust and shall at all times endeavor to resolve, settle, or otherwise dispose of all claims that constitute Trust Property, subject to the limitations of Section 4(c), and to effect the distribution of the Trust Property to the holders of the Litigation Trust Interests in accordance with the terms hereof and terminate the Litigation Trust as soon as practicable. Prior to and upon termination of the Litigation Trust, the Trust Property will be distributed to the holders of the Litigation Trust Interests, pursuant to the provisions set forth in Section 5 hereof. If (x) the Trustee has sent two notices by certified mail, at least a month apart, to a holder of Litigation Trust Interests, inviting that holder to claim a distribution of Trust Property, and (y) a year has passed from the date of the second notice without such holder’s claiming such Trust Property, such Trust Property will be redistributed pro rata to all other holders of Litigation Trust Interests receiving Trust Property pursuant to Section 5 hereof.

Termination of Litigation Trust. (i) The Litigation Trust shall automatically terminate upon the occurrence date (the “Litigation Trust Termination Date”) of the earlier of (I) the full liquidation, administration and final distribution of the Trust Property in accordance with Assets to the Litigation Trust Beneficiaries pursuant to the Plan, the Confirmation Order Order, and this Agreement; provided, however, that the term of the Litigation Trust Agreement and shall not be unduly prolonged, within the full performance of all other duties and functions meaning of the Trustee set forth Revenue Procedure, by the Litigation Trust Management and, in the Planany event, the Confirmation Order and this Litigation Trust Agreement or shall be dissolved no later than five (II5) years from the fifth anniversary Effective Date unless extended as provided herein. The Litigation Trust Management shall monitor the Litigation Trust Termination Date and will seek appropriate extensions as provided in this Section. Notwithstanding the foregoing, multiple fixed-term extensions can be obtained so long as Bankruptcy Court approval is obtained (upon a finding that the extension is necessary to the liquidating purpose of the Effective DateLitigation Trust) within six (6) months before the expiration of the term of the Litigation Trust and each extended term, subject to one or more finite extensions, which must be approved by the Bankruptcy Court within one month prior to the then-current termination date and provided that the Trustee receives an opinion of counsel or a favorable ruling from the Internal Revenue Service to the effect that any such further extension would not adversely affect the status of the Litigation Trust as a qualified settlement fund (or a qualified settlement fund treated as a grantor liquidating trust pursuant to within the QSF Regulationsmeaning of section 301.7701-4(d) of the Treasury Regulations for federal income tax purposes. (ii) The Trustee shall not unduly prolong . After the duration of the Litigation Trust and shall at all times endeavor to resolve, settle, or otherwise dispose of all claims that constitute Trust Property, subject to the limitations of Section 4(c), and to effect the distribution of the Trust Property to the holders of the Litigation Trust Interests in accordance with the terms hereof and terminate the Litigation Trust as soon as practicable. Prior to and upon termination of the Litigation Trust, the Litigation Trust Property will shall be distributed to deemed dissolved for all purposes without the holders necessity for any other or further actions. Notwithstanding the foregoing, after the termination of the Litigation Trust InterestsTrust, pursuant to the provisions set forth in Section 5 hereof. If (x) the Trustee has sent two notices by certified mail, at least a month apart, to a holder of Litigation Trust InterestsManagement shall have the powers, inviting that holder to claim a distribution of Trust Propertyauthorities, and (y) a year has passed from discretions herein conferred solely for the date purpose of winding up the affairs of the second notice without such holder’s claiming such Trust PropertyLitigation Trust, such Trust Property will be redistributed pro rata including to all other holders file any final tax returns on behalf of the Litigation Trust Interests receiving Trust Property pursuant to Section 5 hereofTrust.

Termination of Litigation Trust. (ia) The Litigation Trust shall terminate upon commence on the occurrence of the earlier of (I) the full liquidation, administration Effective Date and distribution of the Trust Property in accordance with the Plan, the Confirmation Order and this Litigation Trust Agreement and the full performance of all other duties and functions of the Trustee set forth in the Plan, the Confirmation Order and this Litigation Trust Agreement or (II) end no later than the fifth (5th) anniversary of the Effective DateDate (the “Initial Litigation Trust Term”); provided, however, that the Litigation Trustee may, subject to the further provisions of this Section, extend the term of the Litigation Trust for such additional period of time as is necessary to facilitate or complete the recovery and liquidation of the Litigation Trust Assets as follows: within the three (3) month period prior to the termination of the Initial Litigation Trust Term, the Litigation Trustee may file a notice of intent to extend the term of the Litigation Trust with the Bankruptcy Court and, upon approval of the Bankruptcy Court of such extension request following notice and a hearing, the term of the Litigation Trust shall be so extended. The Litigation Trust may file one or more finite extensionssuch extension notices, which must each notice to be approved by filed within the Bankruptcy Court within one three (3) month period prior to the then-current termination date and provided that of the Trustee receives an opinion extended term of counsel or the Litigation Trust (all such extensions are referred to herein in the aggregate as the “Supplemental Litigation Trust Term”). Notwithstanding anything to the contrary in this Section, however, the Supplemental Litigation Trust Term may not, in the aggregate, exceed three (3) years without a favorable letter ruling from the Internal Revenue Service to the effect IRS that any such further extension would not adversely affect the status of the Litigation Trust as a qualified settlement fund (or a qualified settlement fund treated as a grantor trust pursuant to the QSF Regulations) for federal income tax purposes. In addition, the provisions of this Section shall be without prejudice to the right of any party in interest under Section 1109 of the Bankruptcy Code to petition the Bankruptcy Court, for cause shown, to shorten the Supplemental Litigation Trust Term. (iib) The Trustee shall not unduly prolong Litigation Trust may be terminated earlier than its scheduled termination if (i) the duration Bankruptcy Court has entered a Final Decree closing all of or the last of the Litigation Trust and shall at all times endeavor to resolve, settle, or otherwise dispose of all claims that constitute Trust Property, subject to the limitations of Section 4(c), and to effect the distribution Chapter 11 Cases of the Trust Property to the holders of the Litigation Trust Interests in accordance with the terms hereof and terminate the Litigation Trust as soon as practicable. Prior to and upon termination of the Litigation Trust, the Trust Property will be distributed to the holders of the Litigation Trust Interests, pursuant to the provisions set forth in Section 5 hereof. If (x) the Trustee has sent two notices by certified mail, at least a month apart, to a holder of Litigation Trust Interests, inviting that holder to claim a distribution of Trust PropertyEPC Reorganizing Debtors, and (yii) a year the Litigation Trustee has passed from the date of the second notice without such holder’s claiming such Trust Property, such Trust Property will be redistributed pro rata to administered all other holders of Litigation Trust Interests receiving Assets and materially performed all duties required by the Plan, the Confirmation Order, and this Litigation Trust Property pursuant to Section 5 hereofAgreement.