NOAT definition

NOAT means the National Opioid Abatement Trust to be established under the Debtors’ proposed plan of reorganization.

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NOAT means the National Opioid Abatement Trust, a Delaware statutory trust to be established in accordance with Section 5.7 of the Plan to (i) assume all liability for the Non-Federal Domestic Governmental Channeled Claims, (ii) hold the MDT NOAT Interest and the TopCo NOAT Interest and collect the Initial NOAT Distribution (less the Public Schools’ Special Education Initiative Contribution) and other Public Creditor Trust Distributions received in accordance with the Public Entity Settlements, (iii) administer Non-Federal Domestic Governmental Channeled Claims and (iv) make Abatement Distributions to Authorized Recipients for Authorized Abatement Purposes, in each case in accordance with the NOAT TDP.

NOAT means the National Opioid Abatement Trust, a Delaware statutory trust to be established in accordance with Section 5.7 of the Plan to (i) assume all liability for the Non-Federal Domestic Governmental Claims, (ii) hold the MDT NOAT Interest and the TopCo NOAT Interest and collect the Initial NOAT Distribution and other Public Creditor Trust Distributions received in accordance with the Public Entity Settlements, (iii) administer Non-Federal Domestic Governmental Claims and

Examples of NOAT in a sentence

• The Trustees may transact the business and affairs of the Trust in the name of NOAT II, and references herein to the Trust shall include the Trustees acting on behalf of the Trust.

• Pursuant to Section 3.4 of the Master Trust Distribution Procedures attached as Exhibit A to the MDT II Agreement (the “Master II TDP”), the Trust shall receive the State and Municipal Government Opioid Claims Share (the “Aggregate NOAT II Consideration” and, together with any income or gain earned thereon and proceeds derived therefrom, collectively, the “Trust Assets”).

• Direct distributions of Additional Settlement Funds shall be administered according to (ii) with respect to NOAT II Funds, the NOAT II Plan, and (ii) with respect to Additional Company Settlement Funds, the Additional Settling Company Agreement under which such Additional Company Settlement Funds are paid, each consistent with this Agreement and the instructions submitted to the applicable administrator of the NOAT II Plan or Additional Settling Company Agreement by the OR Participating Subdivisions.

• The Aggregate NOAT II Consideration shall be transferred free and clear of all Claims, Liens or other recourse or encumbrances, and shall not be subject to attachment, disgorgement or recoupment by any Person.

• NOAT II Funds distributed to a county are not required to be spent exclusively for NOAT II Approved Abatement Uses in any city, but must be used only for NOAT II Approved Abatement Uses and reported in accordance with all requirements of the NOAT II Plan.

• The Trust shall succeed to all of the Debtors’ respective right, title and interest, including all legal privileges, in the Aggregate NOAT II Consideration and neither the Debtors nor any other person or entity transferring such Aggregate NOAT II Consideration will have any further equitable or legal interest in, or with respect to, the Trust Assets, including the Aggregate NOAT II Consideration or the Trust.

• This Agreement applies to the distribution of NOAT II Funds received by Oregon under the NOAT II Plan and the Additional Company Settlement Funds received by Oregon under the Additional Settling Company Agreements.

• The Trustees shall provide to the NOAT II Beneficiaries notice of any proposed modification to this Trust Agreement, whether material or minor, through the NOAT II Portal at the time of notice to the Bankruptcy Court and not less than ten (10) business days before such modification becomes effective; provided, however, that the Trustees may shorten such notice period only in the event that a ten (10) day notice period would be materially adverse to the Trust and the NOAT II Beneficiaries.

• Notice of the dissolution of NOAT II and the filing of the Certificate of Cancellation shall be given to the Delaware Trustee promptly following such filing.

• Additional Settlement Funds allocated to OR Participating Subdivisions, whether NOAT II Funds or Additional Company Settlement Funds, shall be distributed to OR Participating Subdivisions in the same proportion and manner as OR Subdivision Funds are distributed under the Section 4(c) of the OSA.