Examples of Proceed Assets in a sentence
In accordance with Section 1123(b) of the Bankruptcy Code, the Trust or the Post-Confirmation Debtor shall exclusively enforce any claims, rights and Causes of Action or Proceed Assets, as the case may be, that the Debtor or the Estate may hold against any Person or Entity that are not released or discharged by or pursuant to this Plan.
For all federal income tax purposes, all parties (including, without limitation, the Debtor, the Trustee and the Class Members) shall treat the transfer of the Causes of Action and the proceeds of the Proceed Assets by the Trust in accordance with the terms of this Plan as a transfer by the Debtor to the Class Members followed by a transfer by the Class Members to the Trust, and the Class Members shall be treated as the grantors and owners thereof.
The Debtor and the Post-Confirmation Debtor shall execute such documents and take such actions as are necessary to effect the transfer of the Causes of Action and the proceeds of the Proceed Assets to the Trust in accordance with this Section 5.04.
The transfer of the Causes of Action and proceeds of the Proceed Assets to the Trust shall be made, as provided herein, for the benefit of the Class Members.
Pursuant to the order of the District Court, there is hereby created a trust which shall be known as the “AremisSoft Liquidating Trust” (the “Trust”), which is the Trust created by the Plan and the Individual Trustees of which also shall serve as the legal representatives of the Debtor’s bankruptcy estate for the purpose of liquidating the Proceed Assets (in such capacity, the “Legal Representatives”).
Except in their capacity as Legal Representatives with respect to the Proceed Assets, the Individual Trustees shall not be deemed successors to the Debtor, and any liability resulting from such successor capacity with respect to the Proceed Assets shall be solely the responsibility of the Debtor.
The Legal Representative shall administer the Proceed Assets as provided in Section 5.04.
The Legal Representative shall be deemed authorized to take all further actions for the Post-Confirmation Debtor with respect to the Proceed Assets.
The Trust is organized for the primary purpose of litigating the Trust Claims, distributing the proceeds of the Trust Claims and the Proceed Assets to the Class Members and liquidating its assets for the benefit of the Class Members, all in accordance with Treasury Regulation Section 301.7701-4(d), with no objective to continue or engage in the conduct of a trade or business except to the extent reasonably necessary to, and consistent with, the liquidating purpose of the Trust.
Under the Plan, the Individual Trustees will be appointed as Legal Representatives of the post-confirmation Debtor, solely with respect to the administration of the Proceed Assets and other ancillary duties assigned under the Plan.