Title to the Litigation Trust Assets. The transfer of the Litigation Trust Assets to the Litigation Trust pursuant to Section 2.2 hereof is being made by the Debtors for the sole benefit, and on behalf of, the Beneficiaries. Upon the transfer of the initial Litigation Trust Assets to the Litigation Trust, the Litigation Trust shall succeed to all of the Debtors’ and Beneficiaries’ rights, title and interests in the Litigation Trust Assets and no other entity shall have any interest, legal, beneficial, or otherwise, in the Litigation Trust or the Litigation Trust Assets upon their assignment and transfer to the Litigation Trust (other than as provided herein or in the Plan).
Title to the Litigation Trust Assets. The transfer of the Litigation Trust Assets to the Litigation Trust shall be made by the Debtors for the sole benefit and on behalf of the Litigation Trust Beneficiaries. Upon transfer to the Litigation Trust of the Litigation Trust Assets, the Litigation Trustee shall succeed to all of the Debtors’ right, title and interest in and to the Litigation Trust Assets, and the Debtors will have no further interest or rights in or with respect to the Litigation Trust Assets. The transfer of the Litigation Trust Assets to the Litigation Trust, shall be exempt from any stamp, real estate transfer, mortgage reporting, recording, transfer, sales, use or other similar tax, and shall be free and clear of any liens, claims and encumbrances, and no other entity, including the Debtors or Reorganized Greektown (other than Reorganized Casino with respect to the Litigation Trust Loan), shall have any interest, legal, beneficial, or otherwise, in the Litigation Trust or the Litigation Trust Assets upon their assignment and transfer to the Litigation Trust (other than as provided herein or in the Plan); provided, however, that such assets shall be transferred to the Litigation Trust subject only to the obligation of the Litigation Trust to make distributions under the Litigation Distribution Schedule.
