Retiree Committee definition
Examples of Retiree Committee in a sentence
No consideration shall be owed or paid by the Debtors or any of their successors, or the Retiree Committee or any of its Successors (as defined below) with respect to the Untimely Run Off Claims.
State that all Retiree Claims shall be paid from the Settlement Amount in accordance with the Apportionment Methodology, and that any Retiree Claims for sums above their allowed amount and for which no Objection was timely filed in accordance with the Objection Procedures shall be released and extinguished with no further right to payment from the Settlement Amount, the Debtor Releasees or their successors and advisors, the Retiree Committee or its Successors and advisors.
The Retiree Committee or its Successors shall direct the LLC to transfer the Settlement Amount, less the estimated Settlement Administration Costs, to a voluntary employees’ beneficiary association within the meaning of section 501(c)(9) of the Tax Code (as defined herein) (a “VEBA”) that will be established by the Retiree Committee or its Successor.
The LLC, the VEBA and any plan sponsor, trustee and fiduciaries thereof are referred to herein as “Successors” of the Retiree Committee.
All countries in the region contributed to this improvement in results, but especially Poland, the Czech Republic, Hungary and Romania.
The Debtors shall not be liable to pay fees, expenses or costs incurred by the Retiree Committee or its professionals, advisors, Successors, designees or agents after the Effective Date, which amounts shall instead be paid out of the Settlement Amount.
Furthermore, nothing herein is intended to be, nor shall be, construed to relieve the Debtors of any obligations to pay for professional fees and/or expenses of the Retiree Committee or its retained professionals incurred prior to the Effective Date, or subsequent thereto in connection with the drafting or presentation of LTD Employee Information, subject to the Debtors’ right to challenge the fee applications of the Retiree Committee.
Additionally, the Retiree Committee and each of its members and any professionals retained by the Retiree Committee in their capacity as such shall be included in the indemnity and release provisions provided to the Debtors’ professionals contained in the Debtors’ chapter 11 plan to the fullest extent permitted by law.
The Debtors shall be liable to pay fees, expenses or costs incurred by the Retiree Committee, its professionals, advisors, Successors, designees or agents after the Effective Date to the extent that such fees, expenses or costs are incurred in connection with the drafting or presentation of LTD Employee Information, subject to approval of such fees, expenses or costs by the Bankruptcy Court.
All costs and expenses associated with the Notice and the Publication Notice shall be borne by the Debtors, and not by the Retiree Committee, and no part of such expenses shall constitute a Settlement Administration Cost.