Approval of and Consultation with the GUC Trust Monitor Sample Clauses

The "Approval of and Consultation with the GUC Trust Monitor" clause establishes the requirement that certain actions or decisions related to the General Unsecured Creditors (GUC) Trust must be reviewed and approved by, or discussed with, the GUC Trust Monitor. In practice, this means that the trustee or administrators of the GUC Trust cannot proceed with specified activities—such as distributions, settlements, or significant expenditures—without first obtaining the input or consent of the Monitor. This clause ensures oversight and accountability in the management of the GUC Trust, helping to protect the interests of unsecured creditors by preventing unilateral decisions and promoting transparency.
Approval of and Consultation with the GUC Trust Monitor. (a) Notwithstanding anything in this Trust Agreement to the contrary, the GUC Trust Administrator shall submit to the GUC Trust Monitor for its review and prior approval the following matters, in addition to any other matters that expressly require the approval of the GUC Trust Monitor pursuant to the terms of the Plan, the Confirmation Order or this Trust Agreement: (i) Any decision to settle or otherwise resolve any objections to Disputed General Unsecured Claims against the Debtors where the amount sought to be Allowed equals or exceeds $10,000,000; (ii) Any decision to refrain from making any distributions to the holders of Allowed General Unsecured Claims or Units, as the case may be, in accordance with the Trust Agreement, except as expressly permitted herein; (iii) Any decision to retain and/or to terminate the retention of Trust Professionals (other than legal counsel retained to represent the GUC Trust Administrator in connection with its role as GUC Trust Administrator, which shall be in the GUC Trust Administrator’s sole discretion); (iv) The incurrence of any cost or expense of the GUC Trust in excess of 10% of any individual line item therefor in the approved Budget, measured on a yearly basis; provided, however, that approval of the GUC Trust Monitor shall not be required in the case of any cost or expense authorized by further order of the Bankruptcy Court; (v) The reports and Budget described in Sections 6.2 and 6.4 hereof and any changes thereto; (vi) Any amendment of this Trust Agreement as provided in Section 13.13 hereof; (vii) Any privately-negotiated transaction to sell the New GM Securities for the sole purpose of liquidating fractional shares or expiring warrants pursuant to Sections 5.6 and 5.7, respectively; and (viii) Any distribution that is not made in accordance with the provisions of Article V as contemplated by Section 5.8; provided, however, that any deviation from the provisions of Article V other than as contemplated by Section 5.8 shall also require approval of the Bankruptcy Court. Notwithstanding anything herein to the contrary, the provisions of this Section 11.3 shall not supercede or modify the rights of the DIP Lenders to approve or review the expenditure of the Wind-Down Budget Cash or the Budget. (b) In addition to any other matters that expressly require consultation with the GUC Trust Monitor pursuant to the terms of the Plan, the Confirmation Order or this Trust Agreement, the GUC Trust Administrator shall con...
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Related to Approval of and Consultation with the GUC Trust Monitor

  • Notification and Consultation 1. A Party shall promptly notify the other Party in writing upon: (a) initiating a bilateral safeguard proceeding under this Section; (b) applying a provisional bilateral safeguard measure; and (c) taking a final decision to apply or extend a bilateral safeguard measure. 2. A Party shall provide to the other Party a copy of the public version of the report of its competent investigating authority in accordance with Article 8.4.1. 3. Upon request of a Party whose good is subject to a bilateral safeguard proceeding under this Section, the Party conducting that proceeding shall enter into consultations with the requesting Party to review a notification under paragraph 1 or any public notice or report that the competent investigating authority has issued in connection with the proceeding. 4. All notifications during any bilateral safeguard investigation shall be exchanged in English.

  • Approval of Counsel The exercise of the Option and the issuance and delivery of shares of Class A Stock pursuant thereto shall be subject to approval by the Corporation's counsel of all legal matters in connection therewith, including, but not limited to, compliance with the requirements of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, and the requirements of any stock exchange upon which the Class A Stock may then be listed.

  • Independent Monitors 8.1 The BUYER has appointed Independent Monitors (hereinafter referred to as Monitors) for this Pact in consultation with the Central Vigilance to as Monitors) for this Pact in consultation with the Central Vigilance Commission (Names and Addresses of the Monitors to be given). 8.2 The task of the Monitors shall be to review independently and objectively, whether and to what extent the parties comply with the obligations under this Pact. 8.3 The Monitors shall not be subject to instructions by the representatives of the parties and perform their functions neutrally and independently. 8.4 Both the parties accept that the Monitors have the right to access all the documents relating to the project/procurement, including minutes of meetings. 8.5 As soon as the Monitor notices, or has reason to believe, a violation of this Pact, he will so inform the Authority designated by the BUYER. 8.6 The BIDDER(s) accepts that the Monitor has the right to access without restriction to all Project documentation of the BUYER including that provided by the BIDDER. The BIDDER will also grant the Monitor, upon his request and demonstration of a valid interest, unrestricted and unconditional access to his project documentation. The same is applicable to Subcontractors. The Monitor shall be under contractual obligation to treat the information and documents of the BIDDER/Subcontractor(s) with confidentiality. 8.7 The BUYER will provide to the Monitor sufficient information about all meetings among the parties related to the Project provided such meetings could have an impact on the contractual relations between the parties. The parties will offer to the Monitor the option to participate in such meetings. 8.8 The Monitor will submit a written report to the designated Authority of BUYER/Secretary in the Department/ within 8 to 10 weeks from the date of reference or intimation to him by the BUYER / BIDDER and, should the occasion arise, submit proposals for correcting problematic situations.

  • State Approval of Replacement Personnel The Engineer may not replace the project manager or key personnel without prior consent of the State. The State must be satisfied that the new project manager or other key personnel is qualified to provide the authorized services. If the State determines that the new project manager or key personnel is not acceptable, the Engineer may not use that person in that capacity and shall replace him or her with one satisfactory to the State within forty-five (45) days.

  • Information and Consultation 8.1 You are entitled, under the Data Protection ▇▇▇ ▇▇▇▇ to inspect personal information held on you in our housing files. We will provide photocopies of this information on request. We may make a charge of up to £10 for this. We will provide you with a copy of any such information we hold within forty days of your request in writing. You may have other rights under that Act in relation to your personal data, which we will honour. You are entitled to check information you have provided in connection with your housing application free of charge. 8.2 We will give you information about your right to buy your house, and the likely consequences for you if you decide to buy your house, before the beginning of the tenancy. We will give you information about our complaints procedure. 8.3 On request, we will provide you with free information relating to: • the terms of your tenancy; • our policy and procedures about setting rent and service charges; • our policy and rules about;- ❖ admission to the housing lists, ❖ allocations, ❖ transfers of tenants between houses, ❖ exchanges of houses between our tenants, and tenants of other landlords, ❖ repairs and maintenance, • the right to buy your house; • the likely consequences for you if you decide to buy your house; • our tenant participation strategy; • our arrangements for taking decisions about housing management and services. 8.4 We will consult you about making or changing: • policies regarding housing management, repairs and maintenance if the proposal is likely to significantly affect you; • proposals for changes in rent and service charges where they affect all or a class of tenants (and you are to be affected); • proposals for the sale or transfer of your house to another landlord; • decisions about the information to be provided relating to our standards of housing management and performance; • performance standards or targets in relation to housing management repairs and maintenance; • our tenant participation strategy. We will take into account any views that you have before making a final decision. Any consultation with you will include giving you comprehensive information in an accessible form and reasonable time to express views.