Examples of Creditors Trustee 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 Creditors Trustee shall be deemed to have acted in good faith, and shall have no liability to any Creditors Trust Beneficiary or the Holder of a Claim, for acting in reasonable reliance upon the advice or opinion of counsel or other professional person retained by the Creditors Trustee.
A form of the proposed Creditors Trust Agreement and identity of the Creditors Trustee will be provided with the Plan Supplement and shall be subject to execution by the proposed Creditors Trustee, and further amendment and modification as necessary.
In the event the Creditors Trustee dies, is terminated, or resigns for any reason, a successor Creditors Trustee shall be appointed in accordance with the terms of the Creditors Trust Agreement.
Such Creditors Trust Agreement shall comply with and such Creditors Trustee shall administer the Creditors Trust in accordance with the advance ruling guidelines contained in Revenue Procedure 94-45, 1994-2 C.B. 684.