Disputed Equity Interest Reserve Sample Clauses

Disputed Equity Interest Reserve. The Trustee shall establish a disputed equity interest reserve (the “Disputed Equity Interest Reserve”), which shall include assets held separately from other assets of the Litigation Trust, subject to an allocable share of all expenses and obligations for the Litigation Trust, on account of Disputed Claims. The amount of the Disputed Equity Interest Reserve shall be equal to the amount necessary to satisfy the distributions to which the holders of the relevant Disputed Equity Interest would be entitled to receive if all such Disputed Equity Interest were to be subsequently Allowed. The Trustee may, for U.S. federal income tax purposes (and, to the extent permitted by law, for state and local income tax purposes), (i) make an election pursuant to Treasury Regulation section 1.468B-9 to treat the Disputed Equity Interest Reserve as a “disputed ownership fund” within the meaning of that section (ii) allocate taxable income or loss to the Disputed Equity Interest Reserve, with respect to any given taxable year (but only for the portion of the taxable year with respect to which such Equity Interest are Disputed Equity Interest), and (iii) distribute assets from the Disputed Equity Interest Reserve and distribute the same as provided in this Article 6 as, when, and to the extent, such Disputed Claims either become Allowed or are otherwise resolved. The Litigation Trust Beneficiaries shall be bound by such election, if made by the Trustee, and as such shall, for U.S. federal income tax purposes (and, to the extent permitted by law, for state and local income tax purposes), report consistently therewith.‌ LITIGATION TRUST AGREEMENT - 24 - LITIGATION TRUST AGREEMENT - 25 - ARTICLE 7 INDEMNIFICATION‌
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