1994-02-01_GENERAL DOCUMENTS - C1981017 ‎(4)‎

• Permit No: C1981017
• IBM Index Class Name: GENERAL DOCUMENTS
• Doc Date: 2/1/1994
• Doc Name: Debtor's 2nd amended plan of liquidation
• From: US District Court
• To: Mid-Continent Resources, Inc. & DMG
• Permit Index Doc Type: General Correspondence
• Media Type: D
• Archive: No

of an Allowed Claim, or to the Debtor or its corporate
affiliates, arising out of any act or omission as
Creditors ' Trustee or Creditors' Representative, except
for such acts or omissions as shall constitute
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 by the
Creditors' Trust against any loss, expense, or liability
which they may suffer. Neither the Creditors' 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.
6.2.5 Liquidation of Assets. The property held by the
Creditors' Trust or under power of attorney may be sold
by the Creditors' Trustee without further order of the
Court, 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 MBE Contract, that is, sales may occur
without approval from the Creditors' 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 . 6 Reclamation Equipment. The Creditors' Trust shall
lease the Reclamation Equipment to the MLRB from the
Effective Date to September 1, 1995, for one dollar. The
MLRB shall maintain the Reclamation Equipment from funds
provided pursuant to Section 4 .3 .2 of the Plan and shall
return the Reclamation Equipment to the Creditors' Trust
at the end of the lease term, or sooner if the MLRB
determines that the Reclamation Equipment is no longer
needed for reclamation of the Debtor's Mine. The
Reclamation Equipment shall be returned in as good a
condition as that in which the Reclamation Equipment was
provided to the MLRB on the Effective Date, normal wear
and tear excepted.
6.2. 7 Limit on Reclamation and Environmental
Obligations. Other than the requirements imposed by
Sections 6.2. 6 and 6. 2 . 7 of. the Plan, neither the
Creditors ' Trustee, nor the Creditors ' Representatives,
nor the Creditors ' Trust shall have any obligation with
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