1993-07-02_GENERAL DOCUMENTS - C1981017 (2)

Home Browse Search

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 dollar. The Debtor shall maintain the Reclamation Equipment from funds in a e-d aura- �n Account; normal wear and tear excepted, and return tt-he--Re-dT—a `ation 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 -I1- .- t