Examples of Creditors Trust in a sentence
A form of the proposed Creditors Trust Agreement and identity of the Creditors Trustee will be provided with the Plan Supplement and shall be subject to execution by the proposed Creditors Trustee, and further amendment and modification as necessary.
The salient terms of the Creditors Trustee’s employment, including the Creditors Trustee’s duties and compensation, to the extent not set forth in the Plan, shall be set forth in the Creditors Trust Agreement.
In all circumstances, the Creditors Trustee shall act in the best interests of all Creditors Trust Beneficiaries and in furtherance of the purposes of the Creditors Trust.
The Creditors Trust is intended to be treated for federal income tax purposes as a liquidating trust within the meaning of Treasury Regulation section 301.7701-4(d), for the benefit of the Creditors Trust Beneficiaries.
The Creditors Trustee shall have no liability to any Creditors Trust Beneficiary or any Holder of a Claim for the consequences of any act or omission that is approved or ratified by the Bankruptcy Court.