Common use of Transfers of Beneficial Interests Clause in Contracts

Transfers of Beneficial Interests. (a) The Beneficial Interests in the Post-Consummation Trust have not been registered pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or any state securities law. To the extent that the Beneficial Interests constitute “securities,” the parties hereto intend that the exemption provisions of section 1145 of the Bankruptcy Code shall apply to the issuance and distribution of the Beneficial Interests. The Beneficial Interests shall not be capable of being transferred, assigned, pledged or hypothecated, in whole or in part, unless the conditions set forth in Section 2.5(b) below are met. Any such transfer, assignment, pledge or hypothecation, however, will not be effective until and unless the Plan Administrator receives written notice of such transfer, assignment, pledge or hypothecation, which notice must be in the form attached hereto as Annex A and be executed by the transferor and the transferee and must clearly identify the Beneficial Interest being transferred, assigned, pledged or hypothecated. The Plan Administrator is entitled to rely upon such notice as definitive evidence of such transfer, assignment, pledge or hypothecation without additional investigation. Transfers of record made in accordance with this Section 2.5 shall be indicated on the books and records of the Plan Administrator maintained for such purpose. Any transfer, assignment, pledge or hypothecation of a Beneficial Interest or any part thereof in violation of this Section 2.5 shall be void ab initio.

Transfers of Beneficial Interests. (a) The Beneficial Interests in the Post-Consummation Liquidation Trust have not been registered pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or any state securities law. To the extent that the Beneficial Interests constitute “securities,” the parties hereto intend that the exemption provisions of section 1145 of the Bankruptcy Code shall apply to the issuance and distribution of the Beneficial Interests. The Beneficial Interests shall not be capable of being transferred, assigned, pledged or hypothecated, in whole or in part, unless the conditions set forth in Section 2.5(b) below are met. Any such transfer, assignment, pledge or hypothecation, however, will not be effective until and unless the Plan Liquidation Trust Administrator receives written notice of such transfer, assignment, pledge or hypothecation, which notice must be in the form attached hereto as Annex A C and be executed by the transferor and the transferee and must clearly identify the Beneficial Interest being transferred, assigned, pledged or hypothecated. The Plan Liquidation Trust Administrator is entitled to rely upon such notice as definitive evidence of such transfer, assignment, pledge or hypothecation without additional investigation. Transfers of record made in accordance with this Section 2.5 shall be indicated on the books and records of the Plan Liquidation Trust Administrator maintained for such purpose. Any transfer, assignment, pledge or hypothecation of a Beneficial Interest or any part thereof in violation of this Section 2.5 shall be void ab initio.Section