Title to Creditor Trust Assets Sample Clauses

Title to Creditor Trust Assets. Subject to Sections 2.5(a) and 2.5(b), upon the transfer of the Creditor Assets and Litigation Assets, the Creditor Trust shall succeed to all of the right, title and interest in the Creditor Assets and Litigation Assets of the Debtors, the Non-RCS Affiliates or the Registered Investment Advisors, as the case may be, and no other Person, including the Debtors or Reorganized Debtors, will have any further rights or interest in or with respect to the Creditor Assets, Litigation Assets or the Creditor Trust.
Sample 1
AutoNDA by SimpleDocs
Title to Creditor Trust Assets. (a) The Confirmation Order provides for, causes and orders, upon the Effective Date and the full execution of the Agreement, the transfer, assignment, and delivery from the Debtor and the Estate to the Creditor Trust, for the benefit of the Beneficiaries, of all of the Estate’s right, title, and interest in the Creditor Trust Assets, as provided for in this Agreement and the Plan, all of which assets shall vest in the Creditor Trust on the Effective Date free and clear of all Claims, encumbrances, and interests in accordance with section 1141 of the Bankruptcy Code, but subject to the rights of Beneficiaries to obtain the distributions as provided for in this Agreement and the Plan. In this regard, the Creditor Trust Assets will be treated for tax purposes as being transferred by the Debtor and the Estate to the Beneficiaries, and then by the Beneficiaries to the Creditor Trust in exchange for their Creditor Trust Interests for the benefit of such Beneficiaries in accordance with the Plan. Upon the transfer of the Creditor Trust Assets, Creditor Trustee shall succeed to all of the Estate’s right, title and interest in such assets, and the Estate shall have no further interest in or with respect to the Creditor Trust Assets or the Creditor Trust. Each of the Creditor Trust and Creditor Trustee shall be considered for all purposes in respect of the disposition of the Creditor Trust Assets as separate and distinct from, and independent of, Debtor and the Estate. (b) The Creditor Trust shall be treated as a “liquidating trust” within the meaning of section 301.770 1-4(d) of the Treasury Regulations. For all federal and state income tax purposes, the transfer of the Creditor Trust Assets to the Creditor Trust shall be treated as a transfer to the Beneficiaries of the Creditor Trust for all purposes of the Internal Revenue Code (e.g., sections 61(a)(12), 483, 1001, 1012, and 1274) followed by a deemed transfer by such Beneficiaries to the Creditor Trust. The Creditor Trust shall be considered a “grantor” trust, and the Beneficiaries shall be treated as the grantors and deemed owners of the Creditor Trust. The Creditor Trust shall not be deemed a successor of Xxxxxx. To the extent valuation of the Creditor Trust Assets to the Creditor Trust is required under applicable law, Creditor Trustee shall value the transferred property and notify in writing the Beneficiaries of such valuations. The assets transferred to the Creditor Trust shall be valued consistently by C...
Sample 1

Related to Title to Creditor Trust Assets

  • No Legal Title to Owner Trust Estate in Certificateholders The Certificateholders shall not have legal title to any part of the Owner Trust Estate. The Certificateholders shall be entitled to receive distributions with respect to their undivided ownership interest therein only in accordance with Articles V and IX. No transfer, by operation of law or otherwise, of any right, title or interest of the Certificateholders to and in their ownership interest in the Owner Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Owner Trust Estate.

  • No Legal Title to Trust Estate in Certificateholders The Certificateholders shall not have legal title to any part of the Trust Estate. A Certificateholder shall be entitled to receive distributions with respect to its undivided Percentage Interest therein only in accordance with Articles V and IX. No transfer, by operation of law or otherwise, of any right, title or interest of a Certificateholder to and in its ownership interest in the Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate.

  • Trust Assets To the extent permitted by applicable Laws and in accordance with the Serviced Corporate Trust Contracts for Serviced Appointments, Xxxxx Bank hereby appoints the Bank Assets Purchaser and Xxxxx Trust Company hereby appoints the Delaware Trust Assets Purchaser (or the Bank Assets Purchaser, if required by Section 3.3) as custodial agent to receive, hold, deposit, invest and transfer Trust Assets related to the Serviced Appointments of the Xxxxx Bank and Xxxxx Trust Company, respectively. The Trust Assets shall be transferred after the Closing in accordance with the terms of the applicable Serviced Corporate Trust Contract. Each Purchaser represents and warrants to the applicable Seller that the accounts to which the Trust Assets will be transferred satisfy all eligible accounts requirements under the terms of the applicable Serviced Corporate Trust Contract and applicable Law.

  • No Legal Title to Owner Trust Estate in Certificateholder The Certificateholder shall not have legal title to any part of the Owner Trust Estate. The Certificateholder shall be entitled to receive distributions in accordance with Article VIII. No transfer, by operation of law or otherwise, of any right, title or interest of the Certificateholder to and in its ownership interest in the Owner Trust Estate shall operate to terminate this Agreement or the trust hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Owner Trust Estate.

  • Title to the Trust Estate Legal title to all the Trust Estate shall be vested at all times in the Issuer as a separate legal entity.

  • Title to Trust Property Legal title to all the Owner Trust Estate shall be vested at all times in the Trust as a separate legal entity except where applicable law in any jurisdiction requires title to any part of the Owner Trust Estate to be vested in a trustee or trustees, in which case title shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a separate trustee, as the case may be.

  • No Legal Title to Owner Trust Estate The Certificateholders shall not have legal title to any part of the Owner Trust Estate solely by virtue of their status as a Certificateholder. The Certificateholders shall be entitled to receive distributions with respect to their undivided beneficial interest therein only in accordance with Articles V and VIII. No transfer, by operation of law or otherwise, of any right, title or interest of the Certificateholders to and in their ownership interest in the Owner Trust Estate shall operate to terminate this Trust Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Owner Trust Estate.

  • Grantor Trust The Trust is intended to be a grantor trust, of which the Sponsor is the grantor, within the meaning of subpart E, part I, subchapter J, chapter 1, subtitle A of the Internal Revenue Code of 1986, as amended, and shall be construed accordingly.

  • The Trust Fund Xxxxxx Mae, acting in its capacity as Trustee for the Lower Tier REMIC, does hereby transfer, assign, set over and otherwise convey to Xxxxxx Xxx, acting in its capacity as Trustee for the Trust Fund established hereby, all of Xxxxxx Mae’s right, title and interest in and to the Lower Tier Regular Classes, including all payments of principal and interest thereon received after the month of the Issue Date.

  • Payments from Owner Trust Estate All payments to be made by the Owner Trustee under this Agreement or any of the Basic Documents to which the Trust or the Owner Trustee is a party shall be made only from the income and proceeds of the Owner Trust Estate and only to the extent that the Owner Trustee shall have received income or proceeds from the Owner Trust Estate to make such payments in accordance with the terms hereof. Wilmington Trust Company or any successor thereto, in its individual capacity, shall not be liable for any amounts payable under this Agreement or any of the Basic Documents to which the Trust or the Owner Trustee is a party.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!