Creditors Trust definition

Creditors Trust means that certain trust created pursuant to the Plan and governed by the Creditors' Trust Agreement, to be administered by the Creditors' Trustee, all as more particularly set forth in Article XIV of the Plan and the Creditors' Trust Agreement.

Creditors Trust or “Trust” means the trust to be created pursuant to Article VIII of the

Creditors Trust means the Trust to be established as of the Effective Date for the benefit of the Holders of Allowed Class 3 and Class 4 Claims, and for ease of reference includes

Examples of Creditors Trust in a sentence

• The Creditors Trustee shall not have any liability to any Creditors Trust Beneficiary or to any Holder of a Claim for the consequences of his or her acts and omissions in the performance of duties under the Plan and Creditors Trust Agreement, except to the extent such consequences are caused by the Creditors Trustee’s intentional and willful misconduct, fraud or gross negligence.

• The transfer(s) of the Creditors Trust Assets shall be exempt from any stamp, real estate transfer, mortgage reporting, sales, use, or other similar tax.

• The Creditors Trustee shall have no liability to any Creditors Trust Beneficiary or any Holder of a Claim for the consequences of any act or omission that is approved or ratified by the Bankruptcy Court.

• Creditors Trust Interests shall not be represented by certificates, but upon issuance of the Creditors Trust Interests, the Creditors Trustee shall issue a schedule of the Creditors Trust Beneficiaries and the Pro Rata Share of Creditors Interests issued to each Creditors Trust Beneficiary.

• The Reorganized Debtors shall not be responsible for any fees, expenses, and costs of the Creditors Trust.

More Definitions of Creditors Trust

Creditors Trust means the trust to be created pursuant to Article VIII of the Plan.

Creditors Trust means the trust created pursuant to the Creditors’ Trust Agreement which will be part of the Plan Supplement.

Creditors Trust means the entity created pursuant to Article VI of this Plan to own and administer the Creditors’ Trust Assets.

Creditors Trust means the entity created pursuant to the Plan to own and administer the Creditors’ Trust Assets.

Creditors Trust means the Trust to be established as of the Effective Date for the benefit of the Holders of Allowed Class 3 and Class 4 Claims: Trust Assets shall include: • Cash Funding of Creditors’ Trust: The Creditors’ Trust will receive as of the Effective Date, the sum of $50,000, Cash. • Prepetition Lender Trust Contribution. • The right to bring any objection or raise any defense to a Class 3 Claim, including without limitation, use of Avoidance Actions as a basis upon which to object to any Class 3 Claim (this shall not preclude the Reorganized Debtors from utilizing defenses to actions against them as may arise post-Effective Date asserting non- dischargeable rights status). • Any Retained Actions identified by the Debtors under the Plan. • The Trust shall receive Fifty Percent (50%) of the Debtors’ working interest in the Properties comprising the Neon Light Prospect, including without limited to the Simoneaux #1 Well shall be contributed to the Creditor Trust (“Trust Neon Light Interest”). The Reorganized Debtors will assume the joint operating agreement governing operations of the Neon Light Properties (NLJOA), and the Creditors’ Trust will be a contract party under the NLJOA. Reorganized Debtors will for their account and the account of the Creditors’ Trust obtain agreement with and ratification by the operator under the NLJOA that (i) the amounts due attributable to the (50%) Trust Neon Light Interest (approximately $49,512, as of the Petition Date) and (approximately $84,294, the amount left to be paid for completion of the Simoneaux #1 well) shall be paid by means offset on a dollar for dollar basis against revenues attributable to such 50% interest and (ii) those costs and expenses arising thereafter with respect to the Simoneaux #1 well attributable to the (50%) Trust Neon Light Interest shall be paid by means of monthly offset against production. Any additional development of properties subject to the Trust Neon Light Interest or sale of the interest acquired by the Creditors’ Trust will be governed by the assumed NLJOA. • Seismic Interests/Catapult Agreements: To the extent assignable without any payment by the Debtors or Reorganized Debtors, at the option of the Committee, Confirmation will constitute assignment of the rights of the Debtors in, to and upon, the Old Spanish Trail Seismic and any rights of the Debtors in, to or with respect to the Catapult Agreements to the Creditor Trust.

Creditors Trust means the trust to be constituted by and in accordance with the Trust Deed Establishing the CBD Energy Creditors Trust in a form approved by creditors of the Company pursuant to an amended and restated DOCA and under which the Deed Administrators in their capacity as trustees of a trust will hold the funds comprising the Deed Fund (as defined in the DOCA) in trust for such creditors.

Creditors Trust means the trust established pursuant to that certain Creditors’ Trust Agreement, dated as of [ ], 2011, the Plan and the Confirmation Order, which trust shall prosecute the State Law Avoidance Claims and distribute the proceeds of the State Law Avoidance Claims to the holders of the beneficial interests in such trust in accordance with the Plan, the Confirmation Order, the Creditors’ Trust Agreement, the Creditors’ Trust Distribution Orders (as defined in the Plan) and, to the extent applicable, the Senior Loan Claim Sharing Resolution (as defined in the Plan).