Laserfiche WebLink
<br />axis to develop strategies for Asset deposition <br />ARTICLE III. <br />LIQUIDATING TRUSTEE ACCEPTANCE <br />3.1 Acceptance of Liquidating Trust. The Liquidating Trustee accepu the <br />Liquidating Ttust imposed by this Trust Agreement and the Plan, and agrees to perform upon and <br />subject to the terms and conditions set forth herein-and-irrtirrPfm and in the Pl:tp, <br />3.2 Name of Trl_ct. The LiptidatLng TrLCt estabLhed hereby shall bear the name <br />" prop Lipuidating Trust". In connection with the exercise of his powers, au horities and <br />duties as L.iauidating Tr~ctee. the L.ipuidating Trustee may uc_e such name or such variation <br />thereon ac he sees fit. or may use his own name. as L.ipuidating Trustee. <br />ARTICLE IV. <br />RIGHTS, POWERS AND DUTIES OF LIQUIDATING TRUSTEE: <br />4.1 Status of Liquidating Trustee. On the Effective Date of the Plan, the: Liquidating <br />Trustee shalt be the representative of the Estates as that term is used in 11 U.S.C. <br />§ 1123(bl(31tB1 and shall have the rights and powers provided for in the Bankru~~tcy Code in <br />addition to any rights and powers granted in this Trust Agreement and in the Plan. The <br />Liquidating Trustee shall be the successor-in-interest to the Debtors and the Committee with <br />respect to any Avoidance Action or any other aetiett Action commenced by a Debtor or the <br />Committee prior to the Confirmation Date and shall he deemed substituted for the same as the <br />party in such litigation. All such Avoidance Actions -te-dte-Piarr, <br />shafh-br, Actions. and other actionsartd an~an all other claims. rig_htc or interests <br />constitutin coat , ch 11 be preserved. retained and enforced by the Liquidating Trustee as the <br />representative of the Estates pttrsuant to k 11 US.C. <br />§ 1123(b)t31B1. ~'he Lipuitlatine Trustee shall be a party-in-interest as to all matters over <br />w <br />4.2 Authority. Subject to any limita[ions contained in, or as otherwise provided by, <br />this Trust Agreement or in the Plan, the Liquidating Trustee shall have the following powers, <br />authorities and duties. by way of the illustration ~ttd_notQf limitation: <br />(a) Manage, sell and convert al] or any portion of the Assets to Cash and <br />distribute the Net Distributable Proceeds as specified in the !Plan; <br />(b) Release, convey or assign any right, title or interest in or about the Assets <br />of g any portion thereof: <br />(c) Pay and discharge any costs, expenses, professional fees or obligations <br />deemed necessary to preserve or enhance the value of the Assets, discharge <br />1/ <br />DN 95776.1 17680 00707 lCOmpaciaon of Documents DN5745j .2 to DN57451.1) <br />6/25/97 9:55 am 3 <br />