Common use of Title to Liquidating Trust Assets Clause in Contracts

Title to Liquidating Trust Assets. (a) The transfer of the Liquidating Trust Assets to the Liquidating Trust shall be made by the Debtors for the benefit and on behalf of the Beneficiaries. In this regard, the Liquidating Trust Assets will be treated for tax purposes as being transferred by the Debtors to Beneficiaries, and then by such holders to the Liquidating Trust in exchange for interests in the Liquidating Trust (the "Liquidating Trust Interests") for the benefit of such Beneficiaries in accordance with the Plan. Upon the transfer of the Liquidating Trust Assets, the Liquidating Trustee shall succeed to all of the Debtors' right, title and interest in the Liquidating Trust Assets and the Debtors will have no further interest in or with respect to the Liquidating Trust Assets or this Liquidating Trust. (b) For all federal income tax purposes, all parties (including, without limitation, the Debtors, the Liquidating Trustee, and the Beneficiaries shall treat the transfer of Liquidating Trust Assets to the Liquidating Trust, as set forth in this Section 1.5 and in accordance with the Plan and the Schemes, as a transfer to the Beneficiaries (and, as provided in the Plan, in respect of any Disputed Claims, to the Liquidating Trustee to be held in the Liquidating Trust Disputed Claims Reserve), followed by a transfer by such Beneficiaries to the Liquidating Trust, and the Beneficiaries of this Liquidating Trust shall be treated as the grantors and owners hereof.

Title to Liquidating Trust Assets. (a) The Liquidating Trust Assets shall be transferred to the Liquidating Trust and/or the Reserves on the Effective Date. As provided in the Plan, additional assets may subsequently become Liquidating Trust Assets which shall be transferred to the Liquidating Trust. Such transfers may be accomplished in whole or in part by the transfer to the Liquidating Trust of the stock of the Reorganized Debtors. (b) The transfer of the Liquidating Trust Assets to the Liquidating Trust shall be made by the Debtors for the sole benefit and on behalf of the Beneficiaries. In this regard, the Liquidating Trust Assets will be treated for tax purposes as being deemed to be transferred to the Beneficiaries and held by the Debtors to or the Reorganized Debtors on their behalf. Immediately thereafter, on behalf of the Beneficiaries, and then by such holders the Debtors or the Reorganized Debtors shall transfer the Liquidating Trust Assets to the Liquidating Trust in exchange for interests the Liquidating Trust Interests in the Liquidating Trust (the "Liquidating Trust Interests") for the benefit of such the Beneficiaries in accordance with the Plan. Upon the transfer of the Liquidating Trust Assets, the Liquidating Trustee Trust shall succeed to all of the Debtors' ’ or the Reorganized Debtors’ right, title and interest in the Liquidating Trust Assets and the Debtors or the Reorganized Debtors will have no further interest in or with respect to the Liquidating Trust Assets or this the Liquidating Trust. (bc) Pursuant to the Plan, in consideration for their having received Liquidating Trust Interests, the Beneficiaries shall be deemed to have transferred to the Liquidating Trust any and all claims and causes of action such Beneficiaries may have against any Person in connection with, or in any way related to, the Liquidating Trust Assets, the Debtors or the Reorganized Debtors. (d) For all federal income tax purposes, all parties (including, without limitation, the Debtors, the Liquidating Trustee, and the Beneficiaries Beneficiaries) shall treat the transfer of the Liquidating Trust Assets to the Liquidating Trust, as set forth in this Section 1.5 1.02(a), (b) and (c) hereof and in accordance with the Plan and the SchemesPlan, as a transfer to the Beneficiaries (and, as provided in the Plan, in respect of any Disputed Claims, to the Liquidating Trustee to be held in the Liquidating Trust Disputed Claims Reserve)Beneficiaries, followed by a transfer by such Beneficiaries them to the Liquidating Trust in exchange for Liquidating Trust Interests in the Liquidation Trust, and the Beneficiaries of this Liquidating Trust shall be treated as the grantors and owners hereof.

Title to Liquidating Trust Assets. (a) The transfer of the Liquidating Trust Assets to the Liquidating Trust shall be made by the Debtors Company for the benefit and on behalf of the Beneficiaries. In this regard, the Liquidating Trust Assets will be treated for tax purposes as being transferred by the Debtors Company to the Beneficiaries, and then by such holders to the Liquidating Trust in exchange for interests in the Liquidating Trust (the "Liquidating Trust Interests") for the benefit of such Beneficiaries in accordance with the Plan. Upon the transfer of the Liquidating Trust Assets, the Liquidating Trustee shall succeed to all of the DebtorsCompany' right, title and interest in the Liquidating Trust Assets and the Debtors Company will have no further interest in or with respect to the Liquidating Trust Assets or this Liquidating Trust. (b) For all federal income tax purposes, all parties (including, without limitation, the DebtorsCompany, the Liquidating Trustee, and the Beneficiaries Beneficiaries) shall treat the transfer of Liquidating Trust Assets to the Liquidating Trust, as set forth in this Section 1.5 1.4 and in accordance with the Plan and the SchemesPlan, as a transfer to the Beneficiaries (and, as provided in the Plan, in respect of any Disputed Claims, to the Liquidating Trustee to be held in the Liquidating Trust Disputed Claims Reserve)Beneficiaries, followed by a transfer by such Beneficiaries to the Liquidating Trust, and the Beneficiaries of this Liquidating Trust shall be treated as the grantors and owners hereof.