Examples of Litigation Trust Committee in a sentence
The Litigation Trust Committee may authorize the Litigation Trust to retain Litigation Trust Recovery Proceeds to fund additional litigation with respect to Litigation Trust Assets.
Membership, duties, responsibilities and powers of the Litigation Trust Committee shall be as set forth in the Litigation Trust Agreement.
The Preference Claim Litigation Trust shall be governed by the Litigation Trust Committee pursuant to the terms of the Preference Claim Litigation Trust Agreement.
Subject to subsection (c), the Preference Claim Litigation Trust, through the Litigation Trust Committee, shall be authorized, and shall have the power, to prosecute, settle or waive, in its sole discretion, the Preference Rights, without further order of the Bankruptcy Court.
The Litigation Trust Committee shall not prosecute or otherwise pursue, formally or informally, the Preference Rights against particular creditors if such prosecution or pursuit would directly or indirectly harm the businesses or the value of any of the Reorganized Debtors.
The powers, authority, responsibilities and duties of the Litigation Trust, the Litigation Trustee and the Litigation Trust Committee are set forth in and shall be governed by the Litigation Trust Agreement.
The Litigation Trust will make distributions to the Litigation Trust Beneficiaries when and as authorized by the Litigation Trust Committee pursuant to the Litigation Trust Agreement.
Prior to any such prosecution or pursuit, the Litigation Trust Committee shall give the Reorganized Debtors written notice identifying the creditors against which the Preference Claim Litigation Trust intends to prosecute or otherwise pursue the Preference Rights, and the Reorganized Debtors shall be provided a reasonable opportunity and timeframe in which to object and to be heard as to why such prosecution or pursuit against particular creditors should not occur.
Finally, from time to time as determined by the Litigation Trust Committee, the holders of Existing Secured Lender Claims shall receive their Pro Rata share of sixty percent (60%) of any of the Preference Claim Litigation Trust Proceeds available on the dates that such proceeds are distributed by the Litigation Trust Committee.
The members of the Litigation Trust Committee who are New Board Designees shall be allowed to participate in all activities of the Litigation Trust Committee and shall not be required to exclude themselves from any vote or discussion of the Litigation Trust Committee, notwithstanding the existence or allegation of any conflict(s) of interest arising from (i) their service on the board of directors of Reorganized GenTek or (ii) other duties they may owe to Reorganized GenTek.