Liquidation Trustee Sample Clauses
The Liquidation Trustee clause defines the appointment, powers, and responsibilities of a person or entity designated to oversee the liquidation of assets in accordance with a bankruptcy or restructuring plan. Typically, this clause outlines how the trustee is selected, their authority to collect, manage, and distribute assets, and their obligation to act in the best interests of creditors. By establishing clear guidelines for the trustee's role, the clause ensures an orderly and transparent process for asset liquidation, helping to maximize recoveries and resolve claims efficiently.
Liquidation Trustee. Upon the occurrence of an event of dissolution listed in Section 9.1(a), the Board shall appoint a liquidating trustee (the “Trustee”) to conduct and supervise the liquidation, which Trustee shall be an individual who is knowledgeable about the Business and has substantial experience in the purchase and sale of businesses. The Trustee shall cause a full accounting of the assets, liabilities and operations of the Company to be taken and reviewed by independent accountants. The Trustee shall ensure that the Company shall not be dissolved prior to the date, if any, recommended or required by a Governmental Authority or, if no Governmental Authority recommends or requires a dissolution date, prior to 90 days after the event of dissolution.
Liquidation Trustee. (a) Upon dissolution of the LLC, the liquidating trustee (who shall be selected by the Members) shall proceed diligently to wind up the affairs of the LLC and distribute its assets in the following order of priority:
(i) To the payment of the debts and liabilities of the LLC (other than those to Members) and the expenses of liquidation;
(ii) To the setting up of such reserves as the liquidating trustee may deem reasonably necessary for any contingent or unforeseen liabilities or obligations of the LLC arising out of or in connection with the LLC; provided that any such reserve shall be paid over by the liquidating trustee to a Person (if an individual, not a Member or one in the employ of any Member), as escrowee, to be held by such Person (or designated successor) for the purpose of disbursing such reserves in payment of any of the aforementioned contingencies and, at the expiration of such period as the liquidating trustee shall deem advisable, to distribute the balance thereafter remaining in the manner hereinafter provided;
(iii) To the repayment of any advances that may have been made by any of the Members to the LLC, but if the amount available for such repayment shall be insufficient, then pro rata in accordance with the amounts of such advances; and
(iv) To the Members in accordance with their LLC Percentage Interests.
(b) Pending such distribution, the liquidating trustee shall continue to exploit the rights and properties of the LLC consistent with the liquidation thereof, exercising in connection therewith all the power and authority of the Members as herein set forth.
Liquidation Trustee. In accordance with the Plan and subject to the Confirmation Order, the Plan Administrator is hereby named, constituted, and appointed as Liquidation Trustee effective as of the date hereof, to have all the rights, powers, and duties set forth herein and as otherwise provided by law. The Liquidation Trustee is willing, and does hereby accept the appointment, to act and serve as Liquidation Trustee of the Liquidation Trust.
Liquidation Trustee. (a) Upon dissolution of the LLC, the liquidating trustee (who shall be selected by the Members) shall proceed diligently to wind up the affairs of the LLC and distribute its assets in the following order of priority:
(i) To the payment of the debts and liabilities of the LLC (other than those to Members) and the expenses of liquidation;
(ii) To the setting up of such reserves as the liquidating trustee may deem reasonably necessary for any contingent or unforeseen liabilities or obligations of the LLC arising out of or in connection with the LLC; provided that any such reserve shall be paid over by the liquidating trustee to a Person (if an individual, not a Member or one in the employ of any Member), as escrowee, to be held by such Person (or designated
Liquidation Trustee