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 Liquidating Trustee as the duly appointed representative of each of the Estates, and, as such, the Liquidating Trustee succeeds to all of the rights and powers of a trustee in bankruptcy with respect to prosecution of the Liquidating Trust Assets for the ratable benefit of the Liquidating Trust Beneficiaries. To the extent that any Liquidating Trust Assets cannot be transferred to the Liquidating Trust because of a restriction on transferability under applicable non-bankruptcy law that is not superseded or preempted by section 1123 of the Bankruptcy Code or any other provision of the Bankruptcy Code, such Liquidating Trust Assets shall be deemed to have been retained by the applicable Reorganized Debtor, as appropriate, and the Liquidating 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 Liquidating Trust Assets on behalf of such Estate. Notwithstanding the foregoing, all net proceeds of the Liquidating Trust Assets shall be transferred to the Liquidating Trust Beneficiaries consistent with the provisions of the Plan and this Liquidating Trust Agreement.