Creditor Trust definition

Creditor Trust means the trust established pursuant to Section 5.8 hereof, to which the State Law Avoidance Claims shall be contributed, to hold and to prosecute the State Law Avoidance Claims and to distribute the net proceeds of any recoveries on the State Law Avoidance Claims in accordance with Section 5.8 hereof.

Creditor Trust means the creditor recovery trust established on the Effective Date in accordance with Article IV.D.2 of the Plan and the Creditor Trust Agreement.

Creditor Trust means a common law trust to be established under the Plan, the Creditor Trust Agreement, and the Confirmation Order for the sole and exclusive benefit of the Beneficiaries. The Creditor Trust will liquidate and distribute the Creditor Trust Assets according to the Creditor Trust Agreement.

Examples of Creditor Trust in a sentence

• Nothing contained in this Cooperation Agreement shall create or be deemed to create an employment, agency, fiduciary, joint venture or partnership relationship between any of the Reorganized Debtors, Litigation Trust or the Creditor Trust, on the one hand, or any of such other parties’ employees, on the other hand.

• The Reorganized Debtors, Litigation Trust and Creditor Trust shall each be deemed to be an independent contractor of the other and employees of any such party shall at all times be regarded only as employees of such party.

• Candidates for the positions of Financial Institution shall fully disclose to the Trustees any interest in or relationship with the Debtors, their affiliated persons, Covidien, any Opioid Creditor Trust (other than NOAT II or TAFT II), or any Released Parties.

• The Reorganized Debtors, the Litigation Trust and the Creditor Trust agree that no failure or delay by either party in exercising any right, power or privilege hereunder will operate as a waiver thereof, and that no single or partial exercise thereof will preclude any other or further exercise thereof or the exercise of any right, power and privilege hereunder.

• The transfer of the Creditor Trust Assets to the Creditor Trust is being made by the Beneficiaries and Other Distributees for the sole benefit of the Beneficiaries and Other Distributees.

More Definitions of Creditor Trust

Creditor Trust means a common law grantor trust to be established

Creditor Trust means (i) with respect to Non-Federal Domestic Governmental Channeled Claims, NOAT, (ii) with respect to Tribe Channeled Claims, the Tribe Trust, (iii) with respect to Hospital Channeled Claims, the Hospital Trust, (iv) with respect to Third-Party Payor Channeled Claims, the TPP Trust, (v) with respect to NAS Monitoring Channeled Claims, the NAS Monitoring Trust, (vi) with respect to PI Channeled Claims, the PI Trust and (vii) with respect to Future PI Channeled Claims, the PI Futures Trust.

Creditor Trust means the trust to be created on the Effective Date in accordance with Section 9 of the Plan and the Creditor Trust Agreement for the benefit of holders of Allowed General Unsecured Claims.

Creditor Trust the statutory trust being created under the Plan of Reorganization pursuant to the Delaware Statutory Trust Act (12 Del. C. section 3801 et seq.) in which certain holders of Claims (as defined in the Plan of Reorganization) against the Debtors will hold a beneficial interest as of the Plan Effective Date.

Creditor Trust means a trust formed in accordance with the Creditor Trust Agreement, which shall receive all distributions made by a Disbursing Agent in respect of Class C-4, and to which the Debtors shall assign their rights to (a) object to all Class C-4 Claims, (b) make all distributions to holders of Allowed Class C-4 Claims and (c)(i) pursue all Unresolved Avoidance Actions (against parties not released under the Plan) and the Retained Actions and (ii) receive all Unresolved Avoidance Action recoveries (against parties not released under the Plan) and all recoveries on account of the Retained Actions.

Creditor Trust means the trust to be established on the Effective Dateby the Debtors or the Reorganized Debtors, as applicable, pursuant to this Plan for the benefit of holders of Allowed General Unsecured Claims and Allowed Second Lien Deficiency Claims, as described in more detail in Sections 4.3, 4.5, 5.17, and 6.11 of this Plan.

Creditor Trust means that certain trust that may be created pursuant to this Plan to be administered by the Creditor Trustee as set forth in Article XII.