Common use of Compensation of the Liquidating Trustee Clause in Contracts

Compensation of the Liquidating Trustee. (a) The Original Trustee shall be compensated for his services, and reimbursed for his expenses, in accordance with Schedule A attached hereto, as a cost of administering the Liquidating Trust. In the event a successor trustee is appointed, such successor shall be compensated for his or her services, and reimbursed for his or her expenses, as a cost of administering the Liquidating Trust, in accordance with and pursuant to the terms of, a separate agreement to be negotiated and executed by the Plan Advisory Committee. (b) In the event that the Liquidating Trustee’s appointment terminates by reason of (i) the death of the Liquidating Trustee; (ii) resignation of the Liquidating Trustee by reason of the Liquidating Trustee’s Disability; or (iii) the removal of the Liquidating Trustee by the Bankruptcy Court pursuant to Section 3.5(c) for Cause shown upon motion of a party in interest, the Liquidating Trustee, or his or her estate, as applicable, shall be entitled to payment of any earned but unpaid portion of compensation, any earned but unpaid bonus, and any un- reimbursed business expenses incurred prior to such death, Disability, or effective date of removal. (c) For purposes of Section 3.17(b), the following terms shall have the following meanings:

Appears in 2 contracts

Sources: Liquidating Trust Agreement, Liquidating Trust Agreement