1993-07-02_GENERAL DOCUMENTS - C1981017

• Permit No: C1981017
• IBM Index Class Name: GENERAL DOCUMENTS
• Doc Date: 7/2/1993
• Doc Name: Debtor's plan of liquidation
• From: US District Court
• To: Mid-Continent Resources, Inc.
• Permit Index Doc Type: General Correspondence
• Media Type: D
• Archive: No

affiliates, arising out of act or omission as Trustee
or Creditor Representative, except for such acts or
omissions as shall constitute willful misfeasance,
gross negligence, or willful disregard of duties.
Except for such acts or omissions, the Trustee and the
Creditors ' Representatives shall, from time to time, be
entitled to be exonerated and indemnified from time to
time by the Creditors ' Trust against any loss, expense,
or liability which they may suffer. Neither the
Trustee nor the Creditors ' Representatives shall be
required to give any bond or surety for the performance
of their duties and, if so otherwise ordered, shall be
entitled to be reimbursed for the cost of such bond or
surety from the Creditors ' Trust.
6.2 . 7 Liquidation of Assets. The property held by the
Creditors ' Trust may be sold by the Trustee without
further order of the Court order, but sale of any
single item of real or personal property for a price in
excess of $100, 000 shall not be made without the
express written consent of both Creditor
Representatives. Notwithstanding the foregoing, sales
of equipment shall continue to be governed by the
procedures set forth in the ME Contract, that is,
sales may occur without approval from the Trustee, or
the Creditor Representatives, with respect to any sale
for which the sale price is equal to greater than the
minimum price set forth on the confidential price list.
For sales at a price less than the minimum price set
forth on the confidential price list, sales shall
require approval of the Creditor Representatives rather
than the Court.
6.2.8 Reclamation Equipment. The Creditors ' Trust
shall lease the Reclamation Equipment to the Debtor
from the Effective Date to September 1, 1995, for one rV
dollar. The Debtor shall maintain the Reclamation
Equipment from funds in the_ ec ama ccount normal
w�aana Lear excepted, and return t e ec amation
Equipment to the Creditors ' Trust at the end of the
lease term.
6.2.9 Distributions to Reclamation and Environmental
Trusts. The Creditors ' Trust shall distribute
$1,500, 000 to the Reclamation Account and $250, 000 to
the Environmental Trust. Such distributions shall be
made from Net Proceeds in the Creditors ' Trust, prior
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