Designated Settlement Fund definition

Designated Settlement Fund means the non-grantor trust portion of the settlement fund established for claimants against the Company which filed a petition for reorganization under Chapter 11 of Title 11, United States Code on August 26, 1982, pursuant to Section 1807(a)(7) (C) (i) of the Tax Reform Act of 1986.

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Designated Settlement Fund means the non-grantor trust portion of the settlement fund established pursuant to Section l807(a)(7) (C) (i) of the Tax Reform Act of 1986 for claimants against the Company, which filed a petition for reorganization under Chapter 11 of Title 11, United States Code on August 26, 1982. "Escrow Agreement" shall have the meaning set forth in Section 3.3 hereof. "Final Order" means (a) a judgment, order or other decree issued and entered by the Court or by any state or other federal court or other tribunal located in one of the states, territories or possessions of the United States or the District of Columbia, which judgment, order or decree (x) has not been reversed or stayed and as to which the time to appeal has expired and as to which no appeal or petition for review, rehearing or certiorari is pending or (y) with respect to which any appeal has been finally decided and no further appeal or petition for certiorari can be taken or granted; or (b) stipulation or other agreement entered into which has the effect of any such judgment, order or other decree. "Futures Representative" shall mean ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, the successor to the Legal Representative of the Future Claimants against the Trust appointed pursuant to the Second Amended and Restated Plan of Reorganization of the Company or any of his successors in such capacity. "Governmental Agency" shall mean any domestic, foreign, supranational, national, federal, state, regional or local government and any department, bureau, agency, authority, commission, board, court, tribunal, or other legislative, executive, judicial, regulatory or administrative body or instrumentality of any such government or any official empowered to act on behalf of any of the foregoing, or any arbitral tribunal acting within the proper scope of its jurisdiction. "Indemnified Parties" shall have the meaning set forth in Section 2.2 hereof. "Merger" shall mean the merger contemplated by the Merger Agreement. "Merger Agreement" shall mean the Agreement and Plan of Merger, dated as of the date hereof, among Parent, Acquisition Subsidiary and the Company. "Offer" shall have the meaning set forth in the Merger Agreement. "Order" shall have the meaning set forth in Section 6.1(c). "Parent" means Berkshire Hathaway Inc., a Delaware corporation. "SCB" shall mean the Selected Counsel for the Beneficiaries appointed pursuant to the Second Amended and Restated Plan of Reorganization of the Company. "Statutory Tax Provision" shall have the me...

Examples of Designated Settlement Fund in a sentence

Such payment shall be treated as a payment to a Qualified or Designated Settlement Fund under I.R.C. § 468B and the regulations or proposed regulations promulgated thereunder (including without limitation Treasury Reg.
Except as provided in Section 2.2(b), from and after the Closing, the Company shall have no further obligation to indemnify and pay the Trust in respect of any Taxes, non-income taxes of the Designated Settlement Fund, costs, expenses, losses and damages (including fees and expenses of counsel and other litigation and settlement costs), regardless of when incurred, in connection with any Taxes and non-income taxes of the Designated Settlement Fund, imposed upon the Trust at any time.
Following the Effective Time (as defined in the Merger Agreement), the Trust shall transfer to the Designated Settlement Fund all assets received by the grantor trust portion of the Trust that would constitute Qualified Payments (as defined in section 468B(d) of the Code) immediately following receipt of such assets.
The Trust shall transfer to the Designated Settlement Fund portion of the Trust all assets received by the grantor trust portion of the Trust that would constitute Qualified Payments (as defined in Section 468B(d) of the Code), including any cash consideration received by the Trust pursuant to the Offer or the Stockholder Agreement, immediately following receipt of such assets.
Except as provided in Section 2.2(b), from and after the Closing, the Company shall have no further obligation to indemnify and pay the Trust, regardless of when incurred, in respect of any Taxes, non-income taxes of the Designated Settlement Fund, costs, expenses, losses and damages (including fees and expenses of counsel and other litigation and settlement costs), in connection with any Taxes and non-income taxes of the Designated Settlement Fund, imposed upon the Trust at any time.
No Trustee shall take any action that will adversely affect the qualification of the Trust as a "Designated Settlement Fund" within the meaning of Section 468B(d)(2) of the Internal Revenue Code.
The Trustees shall make any election and provide any information as may be necessary to comply with the requirement of a Designated Settlement Fund under Section 468B(d)(2) of the Internal Revenue Code.
TAXES means all federal, state, local or foreign taxes, assessments, duties, levies or similar charges of any kind imposed on the income of the Designated Settlement Fund (including, without limitation, any Tax imposed pursuant to the Statutory Tax Provision) and including any interest, fines, penalties, assessments or additions to Tax resulting from, attributable to or incurred in connection with any such Tax or any contest or dispute thereof.
Accordingly, an attendant purpose of the Trust is to qualify as a non-reversionary Designated Settlement Fund pursuant to Section 468 of the Internal Revenue Code.