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 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
Creditors Trust or “Trust” means the trust to be created pursuant to Article VIII of the
Examples of Creditors Trust in a sentence
The Reorganized Debtors shall not be responsible for any fees, expenses, and costs of the Creditors Trust.
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.
After the Effective Date, the Creditors Trust will make Distributions to Creditors Trust Beneficiaries according to the terms of the Plan and the Creditors Trust Agreement.
The Creditors Trust shall be established for the sole purpose of liquidating and distributing the Creditors Trust Assets, in accordance with Treasury Regulation section 301.7701-4(d), with no objective to continue or engage in the conduct of a trade or business.
All fees, expenses, and costs of the Creditors Trust shall be paid by from (i) the Initial Creditors Trust Funds, and (ii) Creditors Trust Assets.
More Definitions of Creditors Trust
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 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 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 any Entity (such as a limited liability company) to be created and owned by the Creditors Trust, formed for the purpose of holding Trust Assets.
Creditors Trust means the trust created pursuant to the Creditors’ Trust Agreement on the Effective Date in accordance with the terms of the Bridge Lender Plan, the Confirmation Order and the Creditors’ Trust Agreement, which shall prosecute the State LawAvoidance Claims and the D&O Claims and distribute the proceeds thereof to the holders of Creditors’ Trust Interests in accordance with the terms of the Creditors’ Trust Agreement, the Creditors’ Trust Distribution Orders and the Senior Loan Claim Sharing Resolution.