Investment Obligations. The Trustee shall invest and reinvest the liquid Trust Assets consistent with the obligations of a trustee under § 345 of Bankruptcy Code and otherwise pursuant to any Trust Committee authorization in accordance with Section 5.6 of this Trust Agreement. The Trustee shall not be liable in any way for any loss or other liability arising from any investment, or the sale or other disposition of any investment, made in accordance with this Section 4.10, except for any such loss or liability arising from the Trustee’s gross negligence or willful misconduct. However, the scope of any such permissible investments shall be limited to include only those investments, or shall be expanded to include any additional investments, as the case may be, that a liquidating trust, within the meaning of Treasury Regulation § 301.7701- 4(d) may be permitted to hold, as set forth in IRS Revenue Procedure 94-45 and any successor guidance, pursuant to any amendment or addition to the Internal Revenue Code or to the Treasury Regulations or any modification in IRS guidelines, whether set forth in IRS rulings, other IRS pronouncements or otherwise. Any investment purchased with the Trust Assets shall be deemed a part of the Trust Assets. All interest distributions and proceeds received by the Trustee in respect to such investments shall be a part of the Trust Assets.
Investment Obligations. Unless otherwise directed by the Liquidation Trust Advisory Board, the Liquidation Trust Administrator shall invest and re- invest the liquid Liquidation Trust Assets consistent with the obligations of a trustee under section 345 of the Bankruptcy Code; provided, that, the Liquidation Trust Administrator shall be limited to investing such liquid Liquidation Trust Assets in demand and time deposits, such as short-term certificates of deposit, in banks or other savings institutions or other temporary liquid investments such as Treasury bills. The Liquidation Trust Administrator shall not be liable in any way for any loss or other liability arising from any investment, or the sale or other disposition of any investment, made in accordance with this Section.
Investment Obligations. The Trustee shall invest and reinvest the liquid Trust Assets as directed by the Company; provided that such investments shall be in obligations of or guaranteed by the United States of America, with maturities not exceeding three (3) months. Any interest and other income resulting from such investment shall become a part of the Trust Assets and a proportionate distribution of any such interest or income shall be paid upon payment to any holder of an Unsecured Claim Unit or an Allowed Unsecured Claim (net of any taxes owing or paid on such interest or income). The Trustee shall not be liable to ensure that investment directions provided by the Company comply with the restrictions set forth in this Section 4.6 or in any way for any loss or other liability arising from any investment, or the sale or other disposition of any investment, made in accordance with this Section 4.6, except for any such loss or liability arising from the Trustee’s gross negligence or willful misconduct.
Investment Obligations. Limited obligations concerning investment (expressed as sums to be invested in the various periods of the exploration phase), work (expressed as the number of xxxxx to be drilled in the period) and the release of the area covered by the concession characterize the relationship in this phase. It is up to the concessionaire, in compliance with the obligations concerning investment and work, also to draw up annual programmes and budgets, without any interference by the authority granting the concession. Even the obligation to use local human resources (essential for the acquisition of the necessary professionalism) is normally subordinate to the priority need to conduct oil operations efficiently. The obligation to train staff (training) is deferred to the commercial production phase and made subject nevertheless to various limitations. Complete freedom is guaranteed with respect to currency as the concession agreement grants the concessionaire the right to open and maintain in the country accounts in any currency and to export freely the profits made as a result of its activity. Equal freedom is granted to the concessionaire and its contractors with respect to imports, free from customs and similar duties, of all material required to carry out oil operations and their re-export. The same applies also to the exportation of the oil produced. In return for the set of rights and privileges granted under the petroleum concession, at least in an initial phase, the concessionaire is required only to pay a quota of production, in cash or in kind, as a royalty. Only subsequently, on the initiative of Venezuela (1943), the payment of income tax was added to the payment of a royalty. This income tax was normally limited to 50% of the income calculated on the basis of a posted price in conformity with the principle of equal profit sharing. This price is determined, in this phase, by the concessionaire company and corresponds to the price at which the concessionaire company is prepared to sell the crude oil produced. The amount of the royalty constitutes a deductible cost for the purposes of calculating the income tax, the latter being set at an overall rate of 50% of the income calculated as indicated above. The absence of any control by the state over the concessionaire’s activities and over the hydrocarbon production, as well as the concessionaire’s exclusive responsibility for the downstream activities of marketing, transport and refining characterize this phase of t...
Investment Obligations. The Individual Trustees shall invest and reinvest the liquid Trust Assets consistent with the obligations of a trustee under Bankruptcy Code § 345 and only in demand and time deposits, such as short-term certificates of deposit, in banks or other savings institutions or other temporary liquid investments, such as Treasury bills. The Individual Trustees shall not be liable in any way for any loss or other liability arising from any investment, or the sale or other disposition of any investment, made in accordance with this Section, except for any such loss or liability determined by a final order of a court of competent jurisdiction to be due solely to the Individual Trustees’ gross negligence or willful misconduct.
Investment Obligations. As of the Effective Date, the Issuer has no knowledge that it has made any material investment, or entered into any agreement for the purpose of effecting any such investment, which is not permitted to be made pursuant to the Act and the Indenture.
Investment Obligations. Subject to Section 1.5 of this Trust Agreement, the Trustee may, but shall not be obligated to, invest and re-invest the liquid Trust Assets consistent with the obligations of a trustee under Bankruptcy Code 345; provided, that the Trustee shall be limited to investing such liquid Trust Assets in demand and time deposits, such as short-term certificates of deposit, in banks or other savings institutions or other temporary liquid investments such as Treasury bills. The Trustee shall not be liable in any way for any loss or other liability arising from any investment, or the sale or other disposition of any investment, made in accordance with this Section.
Investment Obligations. (a) Upon the receipt by Southcross Holdings of a valid written notice from SXE (or the Administrative Agent on behalf of SXE) of a Full Investment Trigger, Southcross Holdings shall, within three (3) Business Days (provided that such period shall be extended to thirteen (13) Business Days after the date of delivery of such notice if Southcross Holdings issues a valid Backstop Demand pursuant to Section 2.2), make a Qualifying Investment in SXE in an aggregate amount equal to the Committed Amount as of the date of such notice.
Investment Obligations. The Litigation Trustee shall (a) invest all Cash in “government securities” (as such term is defined in Section 2(a)(16) of the Investment Company Act of 1940, as amended) or (b) deposit such Cash in demand deposits at any bank approved as a depository for debtor-in-possession accounts by the U.S. Trustee. The Litigation Trustee shall make such investments or deposits, as the case may be, in such amounts and at such times as may be deemed necessary by the Litigation Trustee, in his or her sole discretion, to provide funds when needed to make payments from the Scotia Pacific Litigation Trust. If at any time it shall become necessary that some or all of the investments be redeemed or sold in order to raise money necessary to comply with the provisions of this Scotia Pacific Litigation Trust Agreement or the Plan, the Litigation Trustee shall effect such redemption or sale, in such manner and at such time as the Litigation Trustee, in his or her sole discretion, deems reasonable.
Investment Obligations. The Liquidating Trustee shall (a) invest all Cash in “government securities” (as such term is defined in Section 2(a)(16) of the Investment Company Act of 1940, as amended) or (b) deposit such Cash in demand deposits at any bank approved as a depository for debtor-in-possession accounts by the U.S. Trustee. The Liquidating Trustee shall make such investments or deposits, as the case may be, in such amounts and at such times as may be deemed necessary by the Liquidating Trustee, in his or her sole discretion, to provide funds when needed to make payments from the Scotia Pacific Liquidating Trust. If at any time it shall become necessary that some or all of the investments constituting Trust Assets be redeemed or sold in order to raise money necessary to comply with the provisions of this Scotia Pacific Liquidating Trust Agreement or the Plan, the Liquidating Trustee shall effect such redemption or sale, in such manner and at such time as the Liquidating Trustee, in his or her sole discretion, deems reasonable.
