Common use of Function, Duties and responsibilities Clause in Contracts

Function, Duties and responsibilities. Neither the Trust Board nor any member shall be liable for any duties or obligations except for the performance of such duties and obligations as are specifically set forth herein, and no implied covenants or obligations shall be read into this Litigation Trust Agreement. The Trust Board shall have the following functions, duties and responsibilities: (a) It shall meet with the Trustee upon such regular basis as the Trust Board and the Trustee deem appropriate, but in no event less frequently than quarterly (except as may be unanimously determined otherwise by the Trust Board and Trustee); and (b) It shall consult with the Trustee regarding the carrying out of his duties, and may specify tasks and duties to be taken by the Trustee in furtherance of the administration of the Litigation Trust and consistent with the terms of the Plan and this Litigation Trust Agreement, including (but not limited to) with respect to: (i) administration of the Litigation Trust Assets; LITIGATION TRUST AGREEMENT - 18 - (ii) status of the Causes of Action; and

Function, Duties and responsibilities. Neither the Trust Board nor any member shall be liable for any duties or obligations except for the performance of such duties and obligations as are specifically set forth herein, and no implied covenants or obligations shall be read into this Litigation Trust Agreement. The Trust Board shall have the following functions, duties and responsibilities: (a) It shall meet with the Trustee upon such regular basis as the Trust Board and the Trustee deem appropriate, but in no event less frequently than quarterly (except as may be unanimously determined otherwise by the Trust Board and Trustee); and (b) It shall consult with the Trustee regarding the carrying out of his duties, and may specify tasks and duties to be taken by the Trustee in furtherance of the administration of the Litigation Trust and consistent with the terms of the Plan and this Litigation Trust Agreement, including (but not limited to) with respect to:): (i) administration of the Litigation Trust Assets; LITIGATION TRUST AGREEMENT - 18 - ; (ii) status of the Causes of Action; and (iii) distributions to the Litigation Trust Beneficiaries. (c) In addition, the Trustee shall be required to obtain the consent of a majority of the Trust Board’s members before taking, or refraining from taking any Prior Notice Actions set forth in Section 3.9(b) hereof.