Common use of Appointment as Representative Clause in Contracts

Appointment as Representative. Pursuant to section 1123(b)(3) of the Bankruptcy Code, the Plan appointed the Litigation Trustee as the duly appointed representative of each of the Estates solely with respect to the Litigation Trust Assets and, as such, the Litigation Trustee is deemed to be acting in the capacity of a bankruptcy trustee, receiver, liquidator, conservator, rehabilitator, or creditors’ committee or any similar official who has been appointed to take control of, supervise, manage or liquidate the Debtors solely with respect to prosecution of the Litigation Trust Assets for the benefit of the Litigation Trust Beneficiaries. To the extent that any Preserved Causes of Action cannot be transferred to the Litigation Trust because of a restriction on transferability under applicable non-bankruptcy law that is not superseded or preempted by section 1123 of the Bankruptcy Code or any other provisions of the Bankruptcy Code, such Preserved Causes of Action shall be deemed to have been retained by the applicable Estate and the Litigation Trustee shall be deemed to have been designated as a representative of the applicable Estate pursuant to section 1123(b)(3)(B) of the Bankruptcy Code to enforce and pursue such Preserved Causes of Action on behalf of such Estate subject to the terms of this Litigation Trust Agreement, the Plan and the Confirmation Order. Notwithstanding the foregoing, all Litigation Trust Proceeds shall be paid over to the Litigation Trust and shall be applied in accordance with the Plan, this Litigation Trust Agreement and the Litigation Trust distribution schedule, attached hereto as Exhibit C (the “Litigation Trust Distribution Schedule”).

Appointment as Representative. Pursuant to section 1123(b)(3) of the Bankruptcy Code, the Plan appointed the Litigation Non-Released Party Trustee as shall be the duly appointed representative of each of the Debtors’ Estates solely with respect to the Litigation Trust Assets for certain limited purposes and, as such, to the Litigation extent provided herein, the Non-Released Party Trustee is deemed succeeds to be acting in the capacity rights and powers of a trustee in bankruptcy trustee, receiver, liquidator, conservator, rehabilitator, or creditors’ committee or any similar official who has been appointed to take control of, supervise, manage or liquidate the Debtors solely with respect to prosecution of the Litigation Non-Released Party Trust Assets for the benefit Causes of the Litigation Trust BeneficiariesAction. To the extent that any Preserved of the Non-Released Party Trust Causes of Action cannot be transferred to the Litigation Non-Released Party Trust because of a restriction on transferability under applicable non-bankruptcy law that is not superseded or preempted by section 1123 of the Bankruptcy Code or any other provisions provision of the Bankruptcy Code, such Preserved Causes of Action Non-Released Party Trust Assets and rights shall be deemed to have been retained by the applicable Estate NWHI Parties (other than for tax purposes) and the Litigation Non-Released Party Trustee shall be deemed to have been designated as a representative of the applicable Estate Debtors’ Estates to the extent provided herein pursuant to section 1123(b)(3)(B) of the Bankruptcy Code solely to enforce and pursue such Preserved Causes of Action Claims on behalf of such Estate subject the NWHI Parties and Debtors’ Estates for the benefit of the Non-Released Party Trust Beneficiaries. Notwithstanding the foregoing, all Non-Released Party Trust Distributable Proceeds shall be distributed to the terms Non-Released Party Trust Beneficiaries consistent with the provisions of this Litigation Trust Agreement, the Plan and the Confirmation Order. Notwithstanding For the foregoingavoidance of doubt, all Litigation any of the Non-Released Party Trust Proceeds Causes of Action subject to this Section 2.6 shall be paid over to treated by the Litigation Parties for U.S. federal, state, and local income tax purposes as a disposition of the Non-Released Party Trust and shall be applied Causes of Action by the NWHI Parties as described in accordance with the Plan, this Litigation Trust Agreement and the Litigation Trust distribution schedule, attached hereto as Exhibit C (the “Litigation Trust Distribution Schedule”)Section 2.2 herein.

Appointment as Representative. Pursuant to section 1123(b)(3) of the Bankruptcy Code, the Plan appointed the Litigation Trustee as the duly appointed representative of each of the Estates solely with respect to the Litigation Trust Assets and, as such, the Litigation Trustee is deemed to be acting in the capacity of a bankruptcy trustee, receiver, liquidator, conservator, rehabilitator, or creditors’ committee or any similar official who has been appointed to take control of, supervise, manage or liquidate the Debtors solely with respect to prosecution of the Litigation Trust Assets for the benefit of the Litigation Trust Beneficiaries. To the extent that any Preserved Causes of Action (other than the Disclaimed State Law Avoidance Claims) cannot be transferred to the Litigation Trust because of a restriction on transferability under applicable non-bankruptcy law that is not superseded or preempted by section 1123 of the Bankruptcy Code or any other provisions of the Bankruptcy Code, such Preserved Causes of Action (other than the Disclaimed State Law Avoidance Claims) shall be deemed to have been retained by the applicable Estate and the Litigation Trustee shall be deemed to have been designated as a representative of the applicable Estate pursuant to section 1123(b)(3)(B) of the Bankruptcy Code to enforce and pursue such Preserved Causes of Action (other than the Disclaimed State Law Avoidance Claims) on behalf of such Estate subject to the terms of this Litigation Trust Agreement, the Plan and the Confirmation Order. Notwithstanding the foregoing, all Litigation Trust Proceeds shall be paid over to the Litigation Trust and shall be applied in accordance with the Plan, this Litigation Trust Agreement and the Litigation Trust distribution schedule, attached hereto as Exhibit C (the “Litigation Trust Distribution Schedule”).

Appointment as Representative. Pursuant to section 1123(b)(31123(b)(3)(B) of the Bankruptcy Code, the Plan appointed the Litigation Liquidating Trustee as shall be the duly appointed representative of each of the Estates solely with respect to the Litigation Trust Assets for certain limited purposes and, as such, to the Litigation extent provided herein, the Liquidating Trustee is deemed succeeds to be acting in the capacity rights and powers of a trustee in bankruptcy trustee, receiver, liquidator, conservator, rehabilitator, or creditors’ committee or any similar official who has been appointed to take control of, supervise, manage or liquidate the Debtors solely with respect to prosecution prosecution, resolution and settlement of the Litigation Trust Assets for Preserved Estate Claims and the benefit of the Litigation Trust BeneficiariesDisputed Claims. To the extent that any of the Preserved Causes Estate Claims or any right to prosecute, settle or dispose of Action a Disputed Claim or Interest cannot be transferred to the Litigation Liquidating Trust because of a restriction on transferability under applicable non-bankruptcy law that is not superseded or preempted by section 1123 of the Bankruptcy Code or any other provisions provision of the Bankruptcy Code, such Preserved Causes of Action Estate Claims and rights shall be deemed to have been retained by the applicable Estate Debtors and the Litigation Wind-Down Debtors (other than for tax purposes) and the Liquidating Trustee shall be deemed to have been designated as a representative of the applicable Estate Debtors to the extent provided herein pursuant to section 1123(b)(3)(B) of the Bankruptcy Code solely to enforce and pursue such Preserved Causes of Action Estate Claims on behalf of such Estate subject to the terms of this Litigation Trust AgreementDebtors, the Plan Wind-Down Debtors, and the Confirmation OrderEstates for the benefit of the Liquidating Trust Beneficiaries or settle or otherwise dispose of Disputed Claims. Notwithstanding the foregoing, all Litigation Liquidating Trust Proceeds shall be paid over distributed to the Litigation Liquidating Trust and shall be applied in accordance Beneficiaries consistent with the provisions of the Plan, Confirmation Order, and this Litigation Trust Agreement Agreement. For the avoidance of doubt, any of the Preserved Estate Claims subject to this Section 2.7 shall be treated by the Parties for U.S. federal, state and local income tax purposes as a disposition of the Litigation Trust distribution schedule, attached hereto Preserved Estate Claims and Disputed Claims by the Debtors as Exhibit C (the “Litigation Trust Distribution Schedule”)described in Section 2.2 herein.

Appointment as Representative. Pursuant to section 1123(b)(3) of the Bankruptcy Code, the Plan appointed the Litigation Trustee as the duly appointed representative of each of the Estates solely with respect to the Litigation Trust Assets and, as such, the Litigation Trustee is deemed to be acting in the capacity of a bankruptcy trustee, receiver, liquidator, conservator, rehabilitator, or creditors’ ' committee or any similar official who has been appointed to take control of, supervise, manage or liquidate the Debtors solely with respect to prosecution of the Litigation Trust Assets for the benefit of the Litigation Trust Beneficiaries. To the extent that any Preserved Causes of Action Litigation Claim cannot be transferred to the Litigation Trust because of a restriction on transferability under applicable non-non- bankruptcy law that is not superseded or preempted by section 1123 of the Bankruptcy Code or any other provisions of the Bankruptcy Code, such Preserved Causes of Action Litigation Claim shall be deemed to have been retained by the applicable Estate and the Litigation Trustee shall be deemed to have been designated as a representative of the applicable Estate pursuant to section 1123(b)(3)(B) of the Bankruptcy Code to enforce and pursue such Preserved Causes of Action Litigation Claim on behalf of such Estate subject to the terms of this Litigation Trust Agreement, the Plan and the Confirmation Order. Notwithstanding the foregoing, all Litigation Trust Proceeds shall be paid over to the Litigation Trust and shall be applied in accordance with the Plan, this Litigation Trust Agreement Plan and the Litigation Trust distribution schedule, attached hereto as Exhibit C (the “Litigation Trust Distribution Schedule”)Proceeds Waterfall.