Common use of Appointment as Representative Clause in Contracts

Appointment as Representative. Pursuant to section 1123(b)(3)(B) of the Bankruptcy Code, the Litigation Trustee shall be the duly appointed representative of the Estates and, as such, to the extent provided herein, the Litigation Trustee succeeds to the rights and powers of a trustee in bankruptcy solely with respect to prosecution, resolution and settlement of the Litigation Claims. To the extent that any of the Litigation 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to the Litigation Trust because of a restriction on transferability under applicable non-bankruptcy law that is not superseded or preempted by section 1123 of the Bankruptcy Code or any other provision of the Bankruptcy Code, such Litigation Claims shall be deemed to have been retained by the Company Parties and the Reorganized Debtors (other than for tax purposes) and the Litigation Trustee shall be deemed to have been designated as a representative of the Company Parties to the extent provided herein pursuant to section 1123(b)(3)(B) of the Bankruptcy Code solely to enforce and pursue such Litigation Claims on behalf of the Company Parties, the Reorganized Debtors, and the Estates for the benefit of the Litigation Trust Beneficiaries. Notwithstanding the foregoing, all Litigation Trust Proceeds shall be distributed to the Litigation Trust Beneficiaries consistent with the provisions of the Plan, Confirmation Order, and this Agreement. For the avoidance of doubt, any of the Litigation Claims subject to this Section 2.6 shall be treated by the Parties for U.S. federal, state and local income tax purposes as a disposition of the Litigation Claims by the Company Parties as described in Section 2.2.

Appointment as Representative. Pursuant to section 1123(b)(3)(B) of the Bankruptcy Code, the Litigation Liquidating Trustee shall be the duly appointed representative of the Estates for certain limited purposes and, as such, to the extent provided herein, the Litigation Liquidating Trustee succeeds to the rights and powers of a trustee in bankruptcy solely with respect to prosecution, resolution and settlement of the Litigation Preserved Estate Claims and the Disputed Claims. To the extent that any of the Litigation Preserved Estate Claims or any right to prosecute, settle or dispose of 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 provision of the Bankruptcy Code, such Litigation Preserved Estate Claims and rights shall be deemed to have been retained by the Company Parties Debtors and the Reorganized Wind-Down Debtors (other than for tax purposes) and the Litigation Liquidating Trustee shall be deemed to have been designated as a representative of the Company Parties Debtors to the extent provided herein pursuant to section 1123(b)(3)(B) of the Bankruptcy Code solely to enforce and pursue such Litigation Preserved Estate Claims on behalf of the Company PartiesDebtors, the Reorganized Wind-Down Debtors, and the Estates for the benefit of the Litigation Liquidating Trust BeneficiariesBeneficiaries or settle or otherwise dispose of Disputed Claims. Notwithstanding the foregoing, all Litigation Liquidating Trust Proceeds shall be distributed to the Litigation Liquidating Trust Beneficiaries consistent with the provisions of the Plan, Confirmation Order, and this Agreement. For the avoidance of doubt, any of the Litigation Preserved Estate Claims subject to this Section 2.6 2.7 shall be treated by the Parties for U.S. federal, state and local income tax purposes as a disposition of the Litigation Preserved Estate Claims and Disputed Claims by the Company Parties Debtors as described in Section 2.22.2 herein.

Appointment as Representative. Pursuant to section 1123(b)(3)(B1123(b)(3) of the Bankruptcy Code, the Litigation Trustee shall be the duly appointed representative of the Estates for certain limited purposes and, as such, to the extent provided herein, the Litigation Trustee succeeds to the rights and powers of a trustee in bankruptcy solely with respect to prosecution, resolution and settlement prosecution of the Litigation ClaimsTrust Causes of Action. To the extent that any of the Litigation Claims Trust 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 provision of the Bankruptcy Code, such Litigation Claims Trust Assets shall be deemed to have been retained by the Company Parties and the Reorganized Debtors (other than for tax purposes) and the Litigation Trustee shall be deemed to have been designated as a representative of the Company Parties Debtors' Estates to the extent provided herein pursuant to section 1123(b)(3)(B) of the Bankruptcy Code solely to enforce and pursue such Litigation Claims Trust Causes of Action on behalf of the Company Parties, the Reorganized Debtors, and the Estates for the benefit of the Litigation Trust BeneficiariesEstates. Notwithstanding the foregoing, all net proceeds of the Litigation Trust Proceeds Assets shall be distributed to the Litigation Trust Beneficiaries consistent with the provisions of the Plan, Confirmation Order, Plan and this Agreementthe other Directives. For the avoidance of doubt, any of the Litigation Claims Trust Causes of Action subject to this Section 2.6 2.7 shall be treated by the Parties for U.S. federal, state and local income tax purposes as a disposition of the Litigation Claims Trust Causes of Action by the Company Parties Reorganized Debtors as described in Section 2.28.1 below.

Appointment as Representative. Pursuant to section 1123(b)(3)(B1123(b)(3) of the Bankruptcy Code, the Litigation Trustee shall be the duly appointed representative of the Estates estates for certain limited purposes, and, as such, to the extent provided herein, the Litigation Trustee succeeds to the rights and powers of a trustee in bankruptcy solely with respect to prosecution, resolution and settlement prosecution of the Litigation ClaimsAssigned Actions for the benefit of the Beneficiaries. To the extent that any of the Litigation Claims Assigned Actions 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 provision of the Bankruptcy Code, such Litigation Claims Trust Assets shall be deemed to have been retained by the Company Parties and the Reorganized Debtors (other than for tax purposes) and the Litigation Trustee shall be deemed to have been designated as a representative of the Company Parties Debtors' estates to the extent provided herein pursuant to section 1123(b)(3)(B) of the Bankruptcy Code solely to enforce and pursue such Litigation Claims Assigned Actions on behalf of the Company Parties, the Reorganized Debtors, and the Estates for the benefit of the Litigation Trust Beneficiariesestates. Notwithstanding the foregoing, all net proceeds of the Litigation Trust Proceeds Assets shall be distributed to the Litigation Trust Beneficiaries consistent with the provisions of the Plan, Confirmation Order, Plan and this AgreementLitigation Trust Agreement in accordance with the Distribution Schedule. For the avoidance of doubt, any of the Litigation Claims Assigned Action subject to this Section 2.6 2.7 shall be treated by the Parties for U.S. federal, state and local income tax purposes as a disposition of the Litigation Claims Assigned Action by the Company Parties Reorganized Debtor as described in Section 2.28.1 below.