Common use of Authority and Responsibilities Clause in Contracts

Authority and Responsibilities. The Trust Governing Board shall have the authority and responsibility to oversee, review, and guide the activities and performance of the Litigation Trustee and shall have the authority to remove the Litigation Trustee in accordance with Section 5.4 hereof. The Trust Governing Board shall also (a) monitor and review the fairness of settlement, abandonment and other disposition proposals proposed to or agreed to by the Litigation Trustee with respect to the Litigation Claims (including any counterclaims), (b) monitor and oversee the administration of the Litigation Trust and the Litigation Trustee’s performance of its responsibilities under this Litigation Trust Agreement and/or the Plan, and (c) perform such other tasks as set forth in this Litigation Trust Agreement and/or in the Plan. In all circumstances, except as explicitly provided herein, the Trust Governing Board shall exercise its responsibilities under the Litigation Trust consistent with fiduciary standards. In all circumstances, the Trust Governing Board shall act in the best interests of all beneficiaries of the Litigation Trust and in furtherance of the purpose of the Litigation Trust. The Litigation Trustee shall consult with and provide information to the Trust Governing Board in accordance with and pursuant to the terms of this Litigation Trust Agreement and the Plan.

Authority and Responsibilities. The Trust Governing Board shall have the authority and responsibility to oversee, reviewmanage, and guide direct the activities of the Litigation Trust and the performance of the Litigation Trustee and shall have the authority to remove the Litigation Trustee in accordance with Section 5.4 hereof. The Trust Governing Board shall also (a) monitor and review the fairness of settlement, abandonment and other disposition proposals proposed to or agreed to by the Litigation Trustee with respect to the Litigation Claims (including any counterclaims), (b) monitor and oversee the administration of the Litigation Trust and the Litigation Trustee’s 's performance of its responsibilities under this Litigation Trust Agreement and/or the Plan, and (cb) perform such other tasks as set forth in this Litigation Trust Agreement and/or in the Plan. In all circumstances, except as explicitly provided herein, the Trust Governing Board shall exercise its responsibilities under the Litigation Trust consistent with fiduciary standards. In all circumstances, the Trust Governing Board shall act in the best interests of all beneficiaries of the Litigation Trust Beneficiaries and in furtherance of the purpose of the Litigation Trust. The Litigation Trustee shall consult with and provide information to the Trust Governing Board in accordance with and pursuant to the terms of this Litigation Trust Agreement and the PlanPlan to enable the Trust Board to meet its obligations hereunder.