Common use of Consent Process Clause in Contracts

Consent Process. (i) In the event the Trustees are required to obtain the consent of the Legal Representative pursuant to Section 2.2(f) above, the Trustees shall provide the Legal Representative with a written notice stating that his or her consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Trustees propose to take, and explaining in detail the reasons why the Trustees desire to take such action. The Trustees shall provide the Legal Representative as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Trustees shall also provide the Legal Representative with such reasonable access to experts retained by the PI Trust and its staff (if any) as the Legal Representative may reasonably request during the time that the Trustees are considering such action, and shall also provide the Legal Representative the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the Trustees. (ii) The Legal Representative must consider in good faith and in a timely fashion any request for his or her consent by the Trustees, and must in any event advise the Trustees in writing of his or her consent or objection to the proposed action within 30 days of receiving the original request for consent from the Trustees. The Legal Representative may not withhold his or her consent unreasonably. If the Legal Representative decides to withhold consent, he or she must explain in detail his or her objections to the proposed action. If the Legal Representative does not advise the Trustees in writing of his or her consent or objections to the proposed action within 30 days of receiving the notice from the Trustees regarding such consent, the Legal Representative's consent shall be deemed to have been affirmatively granted. (iii) If, after following the procedures specified in this Section 5.7(b), the Legal Representative continues to object to the proposed action and to withhold its consent to the proposed action, the Trustees and/or the Legal Representative shall resolve their dispute pursuant to the procedures set forth in Section 7.13.

Appears in 3 contracts

Sources: Asbestos Personal Injury Settlement Trust Agreement (Raytech Corp Asbestos Personal Injury Settlement Trust), Asbestos Personal Injury Settlement Trust Agreement (Raytech Corp Asbestos Personal Injury Settlement Trust), Asbestos Personal Injury Settlement Trust Agreement (Raytech Corp Asbestos Personal Injury Settlement Trust)

Consent Process. (i) In the event the Trustees are required to obtain the consent of the Legal Representative TAC pursuant to Section 2.2(f) above, the Trustees shall provide the Legal Representative TAC with a written notice stating that his or her their consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Trustees propose to take, and explaining in detail the reasons why the Trustees desire to take such action. The Trustees shall provide the Legal Representative TAC as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Trustees shall also provide the Legal Representative TAC with such reasonable access to experts retained by the PI Trust and its staff (if any) as the Legal Representative TAC may reasonably request during the time that the Trustees are considering such action, and shall also provide the Legal Representative TAC the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the Trustees. (ii) The Legal Representative TAC must consider in good faith and in a timely fashion any request for his or her its consent by the Trustees, and must in any event advise the Trustees in writing of his or her its consent or its objection to the proposed action within 30 calendar days of receiving the original request for consent from the Trustees. The Legal Representative TAC may not withhold his or her its consent unreasonably. If the Legal Representative TAC decides to withhold its consent, he or she it must explain in detail his or her its objections to the proposed action. If the Legal Representative TAC does not advise the Trustees in writing of his or her its consent or its objections to the proposed action within 30 days of receiving the notice from the Trustees regarding such consentrequest, the Legal RepresentativeTAC's consent to the proposed actions shall be deemed to have been affirmatively granted. (iii) If, after following the procedures specified in this Section 5.7(b), the Legal Representative TAC continues to object to the proposed action and to withhold its consent to the proposed action, the Trustees and/or the Legal Representative TAC shall resolve their dispute pursuant to the procedures set forth in Section 7.13.

Appears in 3 contracts

Sources: Asbestos Personal Injury Settlement Trust Agreement (Raytech Corp Asbestos Personal Injury Settlement Trust), Asbestos Personal Injury Settlement Trust Agreement (Raytech Corp Asbestos Personal Injury Settlement Trust), Asbestos Personal Injury Settlement Trust Agreement (Raytech Corp Asbestos Personal Injury Settlement Trust)

Consent Process. (i) In the event the Trustees are required to obtain the consent of the Legal Representative PD FCR pursuant to Section 2.2(f) above, the Trustees shall provide the Legal Representative PD FCR with a written notice stating that his or her consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Trustees propose to take, and explaining in detail the reasons why the Trustees desire to take such action. The Trustees shall provide the Legal Representative PD FCR as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Trustees shall also provide the Legal Representative PD FCR with such reasonable access to the Trust Professionals and other experts retained by the PI PD Trust and its staff (if any) as the Legal Representative PD FCR may reasonably request during the time that the Trustees are considering such action, and shall also provide the Legal Representative PD FCR the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the Trustees. (ii) The Legal Representative PD FCR must consider in good faith and in a timely fashion any request for his or her consent by the Trustees, and must in any event advise the Trustees in writing of his or her consent or objection to the proposed action within 30 thirty (30) days of receiving the original request for consent from the Trustees. The Legal Representative PD FCR may not withhold his or her consent unreasonably. If the Legal Representative PD FCR decides to withhold consent, he or she must explain in detail his or her objections to the proposed action. If the Legal Representative PD FCR does not advise the Trustees in writing of his or her consent or objections to the proposed action within 30 thirty (30) days of receiving the notice from the Trustees regarding such consent, the Legal Representative's PD FCR’s consent shall be deemed to have been affirmatively granted. (iii) If, after following the procedures specified in this Section 5.7(b6.6(b), the Legal Representative PD FCR continues to object to the proposed action and to withhold its consent to the proposed action, the Trustees and/or the Legal Representative PD FCR shall resolve their dispute pursuant to the procedures set forth in Section 7.137.14.

Appears in 2 contracts

Sources: Asbestos Property Damage Settlement Trust Agreement (W R Grace & Co), Settlement Agreement

Consent Process. (i) In the event the Trustees are required to obtain the consent of the Legal Representative TAC pursuant to Section 2.2(f) above, the Trustees shall provide the Legal Representative TAC with a written notice stating that his or her their consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Trustees propose to take, and explaining in detail the reasons why the Trustees desire to take such action. The Trustees shall provide the Legal Representative TAC as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Trustees shall also provide the Legal Representative TAC with such reasonable access to Professionals and other experts retained by the PI Trust and its staff (if any) as the Legal Representative TAC may reasonably request during the time that the Trustees are considering such action, and shall also provide the Legal Representative TAC the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the Trustees. (ii) The Legal Representative TAC must consider in good faith and in a timely fashion any request for his or her its consent by the Trustees, and must in any event advise the Trustees in writing of his or her its consent or its objection to the proposed action within 30 days of receiving the original request for consent from the Trustees. The Legal Representative TAC may not withhold his or her its consent unreasonably. If the Legal Representative TAC decides to withhold its consent, he or she it must explain in detail his or her its objections to the proposed action. If the Legal Representative TAC does not advise the Trustees in writing of his or her its consent or its objections to the proposed action within 30 days of receiving the notice from the Trustees regarding such consentrequest, the Legal RepresentativeTAC's consent to the proposed actions shall be deemed to have been affirmatively granted. (iii) If, after following the procedures specified in this Section 5.7(b), the Legal Representative TAC continues to object to the proposed action and to withhold its consent to the proposed action, the Trustees and/or the Legal Representative TAC shall resolve their dispute pursuant to the procedures set forth in Section 7.13. However, the burden of proof with respect to the validity of the TAC's objection and withholding of its consent shall be on the TAC.

Appears in 2 contracts

Sources: Asbestos Personal Injury Settlement Trust Agreement (Armstrong Holdings Inc /Pa/), Asbestos Personal Injury Settlement Trust Agreement (Armstrong World Industries Inc)

Consent Process. (i) In the event the Trustees are Trustee is required to obtain the consent of the Legal Representative TAC pursuant to Section 2.2(f2.2(g) aboveherein, the Trustees Hospital TDP, the Plan, or otherwise, the Trustee shall provide the Legal Representative TAC with a written notice stating that his or her its consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Trustees propose Trustee proposes to take, and explaining in detail the reasons why the Trustees desire Trustee desires to take such action. The Trustees Trustee shall provide the Legal Representative TAC as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Trustees Trustee shall also provide the Legal Representative TAC with such reasonable access to the Trust Professionals and other experts retained by the PI Hospital Trust and its staff (if any) as the Legal Representative TAC may reasonably request during the time that the Trustees are Trustee is considering such action, and shall also provide the Legal Representative TAC the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the TrusteesTrustee. (ii) The Legal Representative TAC must consider in good faith and in a timely fashion any request for his or her their consent by the Trustees, Trustee and must in any event advise the Trustees Trustee in writing of his or her its consent or objection to the proposed action within 30 thirty (30) days of receiving the original request for consent from the TrusteesTrustee, or within such additional time as the Trustee and TAC may agree. The Legal Representative TAC may not withhold his or her its consent unreasonably. If the Legal Representative TAC decides to withhold its consent, he or she it must explain in detail his or her its objections to the proposed action. If the Legal Representative TAC does not advise the Trustees Trustee in writing of his or her its consent or objections to the proposed action within 30 thirty (30) days of receiving the notice from the Trustees regarding such consentrequest (or any additional time period agreed to by the Trustee), then consent of the Legal Representative's consent TAC to the proposed action shall be deemed to have been affirmatively granted. (iii) If, after following the procedures specified in this Section 5.7(b6.1(b), the Legal Representative TAC continues to object to the proposed action and to withhold its consent to the proposed action, the Trustees and/or Trustee and the Legal Representative TAC shall resolve their dispute pursuant to Section 6.13. The TAC shall bear the procedures set forth in Section 7.13burden of proving that it reasonably withheld its consent. If the TAC meets that burden, the Hospital Trust shall then bear the burden of showing why it should be permitted to take the proposed action notwithstanding the TAC or Trustee’s reasonable objection.

Appears in 1 contract

Sources: Trust Agreement

Consent Process. (i) In the event the Trustees are required to obtain the consent of the Legal Future Claimants Representative pursuant to Section 2.2(f) above, the Trustees shall provide the Legal Future Claimants Representative with a written notice stating that his or her consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Trustees propose to take, and explaining in detail the reasons why the Trustees desire to take such action. The Trustees shall provide the Legal Future Claimants Representative as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Trustees shall also provide the Legal Future Claimants Representative with such reasonable access to Professionals and other experts retained by the PI U.S. Asbestos Trust and its staff (if any) as the Legal Future Claimants Representative may reasonably request during the time that the Trustees are considering such action, and shall also provide the Legal Future Claimants Representative the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the Trustees. (ii) The Legal Future Claimants Representative must consider in good faith and in a timely fashion any request for his or her consent by the Trustees, and must in any event advise the Trustees in writing of his or her consent or objection to the proposed action within 30 days of receiving the original request for consent from the Trustees. The Legal Future Claimants Representative may not withhold his or her consent unreasonably. If the Legal Future Claimants Representative decides to withhold consent, he or she must explain in detail his or her objections to the proposed action. If the Legal Future Claimants Representative does not advise the Trustees in writing of his or her consent or objections to the proposed action within 30 days of receiving the notice from the Trustees regarding such consent, the Legal Future Claimants Representative's ’s consent shall be deemed to have been affirmatively granted. (iii) If, after following the procedures specified in this Section 5.7(b), the Legal Future Claimants Representative continues to object to the proposed action and to withhold its consent to the proposed action, the Trustees and/or the Legal Future Claimants Representative shall resolve their dispute pursuant to Section 7.14. However, the procedures set forth in Section 7.13burden of proof with respect to the validity of the Future Claimants Representative’s objection and withholding of his or her consent shall be on the Future Claimants Representative.

Appears in 1 contract

Sources: Trust Agreement (Federal-Mogul Corp)

Consent Process. (i) In the event the Plan Trustees are required to obtain the consent of the Legal Futures Representative pursuant to Section 2.2(f) above, the Plan Trustees shall provide the Legal Futures Representative with a written notice stating that his or her consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Plan Trustees propose to take, and explaining in detail the reasons why the Plan Trustees desire to take such action. The Plan Trustees shall provide the Legal Futures Representative as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Plan Trustees shall also provide the Legal Futures Representative with such reasonable access to the Professionals and other experts retained by the PI Plan Trust and its staff (if any) as the Legal Futures Representative may reasonably request during the time that the Plan Trustees are considering such action, and shall also provide the Legal Futures Representative the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the Plan Trustees. (ii) The Legal Futures Representative must consider in good faith and in a timely fashion any request for his or her consent by the Plan Trustees, and must in any event advise the Plan Trustees in writing of his or her consent or objection to the proposed action within 30 thirty (30) days of receiving the original request for consent from the Plan Trustees. The Legal Futures Representative may not withhold his or her consent unreasonably. If the Legal Futures Representative decides to withhold consent, he or she must explain in detail his or her objections to the proposed action. If the Legal Futures Representative does not advise the Plan Trustees in writing of his or her consent or objections to the proposed action within 30 thirty (30) days of receiving the notice from the Plan Trustees regarding such consent, the Legal Futures Representative's consent shall be deemed to have been affirmatively granted.. EXHIBIT D TO THE PLAN (iii) If, after following the procedures specified in this Section 5.7(b6.6(b), the Legal Futures Representative continues to object to the proposed action and to withhold its consent to the proposed action, the Plan Trustees and/or the Legal Futures Representative shall resolve their dispute pursuant to the procedures set forth in Section 7.13. However, the burden of proof with respect to the validity of the Futures Representative's objection and withholding of his or her consent shall be on the Futures Representative.

Appears in 1 contract

Sources: Trust Agreement (Congoleum Corp)

Consent Process. (i) In the event the Trustees are Trustee is required to obtain the consent of the Legal Representative TAC pursuant to Section 2.2(f) aboveabove or otherwise in the Trust Documents, the Trustees Trustee shall provide the Legal Representative TAC with a written notice stating that his or her its consent is being sought pursuant to that provisionsought, describing in detail the nature and scope of the action the Trustees propose Trustee proposes to take, and explaining in detail the reasons why the Trustees desire Trustee desires to take such action. The Trustees Trustee shall provide the Legal Representative TAC as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Trustees Trustee shall also provide the Legal Representative TAC with such reasonable access to the Trust Professionals and other experts retained by the PI PSAN PI/WD Trust and its staff (if any) as the Legal Representative TAC may reasonably request during the time that the Trustees are Trustee is considering such action, and shall also provide the Legal Representative TAC the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the TrusteesTrustee. (ii) The Legal Representative TAC must consider in good faith and in a timely fashion any request for his or her its consent by the TrusteesTrustee, and must in any event advise the Trustees Trustee, in writing writing, of his or her its consent or its objection to the proposed action within 30 thirty (30) days of receiving the original request for consent from the TrusteesTrustee. The Legal Representative TAC may not withhold his or her its consent unreasonably. If the Legal Representative TAC decides to withhold its consent, he or she it must explain in detail his or her its objections to the proposed action. If the Legal Representative TAC does not advise the Trustees Trustee, in writing writing, of his or her its consent or its objections to the proposed action within 30 thirty (30) days of receiving the notice from the Trustees regarding such consentrequest, the Legal Representative's TAC’s consent to the proposed actions shall be deemed to have been affirmatively granted. (iii) If, after following the procedures specified in this Section 5.7(b), the Legal Representative TAC continues to object to the proposed action and to withhold its consent to the proposed action, the Trustees Trustee and/or the Legal Representative TAC shall resolve their dispute pursuant to Section 8.13 below. However, the procedures set forth burden of proof, described in Section 7.138.13 below, with respect to the validity of the TAC’s objection and withholding of its consent shall be on the TAC.

Appears in 1 contract

Sources: Trust Agreement

Consent Process. (i) In the event the Trustees are required to obtain the consent of the Legal Representative TAC pursuant to Section 2.2(f) above, the Trustees shall provide the Legal Representative TAC with a written notice stating that his or her their consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Trustees propose to take, and explaining in detail the reasons why the Trustees desire to take such action. The Trustees shall provide the Legal Representative TAC as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Trustees shall also provide the Legal Representative TAC with such reasonable access to Professionals and other experts retained by the PI U.S. Asbestos Trust and its staff (if any) as the Legal Representative TAC may reasonably request during the time that the Trustees are considering such action, and shall also provide the Legal Representative TAC the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the Trustees. (ii) The Legal Representative TAC must consider in good faith and in a timely fashion any request for his or her its consent by the Trustees, and must in any event advise the Trustees in writing of his or her its consent or its objection to the proposed action within 30 days of receiving the original request for consent from the Trustees. The Legal Representative TAC may not withhold his or her its consent unreasonably. If the Legal Representative TAC decides to withhold its consent, he or she it must explain in detail his or her its objections to the proposed action. If the Legal Representative TAC does not advise the Trustees in writing of his or her its consent or its objections to the proposed action within 30 days of receiving the notice from the Trustees regarding such consentrequest, the Legal Representative's TAC’s consent to the proposed actions shall be deemed to have been affirmatively granted. (iii) If, after following the procedures specified in this Section 5.7(b), the Legal Representative TAC continues to object to the proposed action and to withhold its consent to the proposed action, the Trustees and/or the Legal Representative TAC shall resolve their dispute pursuant to Section 7.14. However, the procedures set forth in Section 7.13burden of proof with respect to the validity of the TAC’s objection and withholding of its consent shall be on the TAC.

Appears in 1 contract

Sources: Trust Agreement (Federal-Mogul Corp)

Consent Process. (i) In the event the Trustees are required to obtain the consent of the Legal Futures Representative pursuant to Section 2.2(f) above, the Trustees shall provide the Legal Futures Representative with a written notice stating that his or her consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Trustees propose to take, and explaining in detail the reasons why the Trustees desire to take such action. The Trustees shall provide the Legal Futures Representative as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Trustees shall also provide the Legal Futures Representative with such reasonable access to the Trust Professionals and other experts retained by the PI Trust and its staff (if any) as the Legal Futures Representative may reasonably request during the time that the Trustees are considering such action, and shall also provide the Legal Futures Representative the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the Trustees. (ii) The Legal Futures Representative must consider in good faith and in a timely fashion any request for his or her consent by the Trustees, and must in any event advise the Trustees in writing of his or her consent or objection to the proposed action within 30 thirty (30) days of receiving the original request for consent from the Trustees. The Legal Futures Representative may not withhold his or her consent unreasonably. If the Legal Futures Representative decides to withhold consent, he or she must explain in detail his or her objections to the proposed action. If the Legal Futures Representative does not advise the Trustees in writing of his or her consent or objections to the proposed action within 30 thirty (30) days of receiving the notice from the Trustees regarding such consent, the Legal Futures Representative's ’s consent shall be deemed to have been affirmatively granted. (iii) If, after following the procedures specified in this Section 5.7(b6.6(b), the Legal Futures Representative continues to object to the proposed action and to withhold its his or her consent to the proposed action, the Trustees and/or the Legal Futures Representative shall resolve their dispute pursuant to the procedures set forth in Section 7.13. However, the burden of proof with respect to the validity of the Futures Representative’s objection and withholding of his or her consent shall be on the Futures Representative.

Appears in 1 contract

Sources: Asbestos Pi Trust Agreement (W R Grace & Co)

Consent Process. (i) In the event the Trustees are Trustee is required to obtain the consent of the Legal Representative TAC pursuant to Section 2.2(f) above, the Trustees Plan, the TDP, or otherwise, the Trustee shall provide the Legal Representative TAC with a written notice stating that his or her their consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Trustees propose Trustee proposes to take, and explaining in detail the reasons why the Trustees desire Trustee desires to take such action. The Trustees Trustee shall provide the Legal Representative TAC as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Trustees Trustee shall also provide the Legal Representative TAC with such reasonable access to the Trust Professionals and other experts retained by the PI Asbestos Trust and its staff (if any) as the Legal Representative TAC may reasonably request during the time that the Trustees are Trustee is considering such action, and shall also provide the Legal Representative TAC the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the TrusteesTrustee. (ii) The Legal Representative TAC must consider in good faith and in a timely fashion any request for his or her its consent by the TrusteesTrustee, and must in any event advise the Trustees Trustee in writing of his or her its consent or its objection to the proposed action within 30 thirty (30) days of receiving the original request for consent from the TrusteesTrustee, or within such additional time as the Trustee and the TAC may agree. The Legal Representative TAC may not withhold his or her its consent unreasonably. If the Legal Representative TAC decides to withhold its consent, he or she it must explain in detail his or her its objections to the proposed action. If the Legal Representative TAC does not advise the Trustees Trustee in writing of his or her its consent or its objections to the proposed action within 30 thirty (30) days of receiving the notice from the Trustees regarding such consentrequest (or the additional time period agreed to by the Trustee and the TAC), the Legal Representative's TAC’s consent to the proposed actions shall be deemed to have been affirmatively granted. (iii) If, after following the procedures specified in this Section 5.7(b), the Legal Representative TAC continues to object to the proposed action and to withhold its consent to the proposed action, the Trustees and/or Trustee and the Legal Representative TAC shall resolve their dispute pursuant to the procedures set forth in Section 7.13. However, the burden of proof with respect to the validity of the TAC’s objection and withholding of its consent shall be on the TAC.

Appears in 1 contract

Sources: Asbestos Personal Injury Trust Agreement

Consent Process. (i) In the event the Trustees are Trustee is required to obtain the consent of the Legal Representative TOC pursuant to Section 2.2(f) aboveany provision in the Trust Documents, the Trustees Trustee shall provide the Legal Representative TOC with a written notice stating that his or her its consent is being sought pursuant to that provisionsought, describing in detail the nature and scope of the action the Trustees propose Trustee proposes to take, and explaining in detail the reasons why the Trustees desire to take such action. The Trustees Trustee shall provide the Legal Representative TOC as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Trustees Trustee shall also provide the Legal Representative TOC with such reasonable access to the Trust Professionals and other experts retained by the PI Trust Trustee and its staff (if any) the Claims Administrator as the Legal Representative TOC may reasonably request during the time that the Trustees are Trustee is considering such action, and shall also provide the Legal Representative TOC the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the TrusteesTrustee. (ii) The Legal Representative TOC must consider in good faith and in a timely fashion any request for his or her its consent by the TrusteesTrustee, and must in any event advise the Trustees Trustee, in writing writing, of his or her its consent or its objection to the proposed action within 30 three (3) business days of receiving the original request for consent from the TrusteesTrustee. The Legal Representative TOC may not withhold his or her its consent unreasonably. If the Legal Representative TOC decides to withhold its consent, he or she it must explain in detail his or her its objections to the proposed action. If the Legal Representative TOC does not advise the Trustees Trustee, in writing writing, of his or her its consent or its objections to the proposed action within 30 three (3) business days of receiving the notice from the Trustees regarding such consentrequest, the Legal Representative's TOC’s consent to the proposed actions shall be deemed to have been affirmatively granted. (iii) . If, after following the procedures specified in this Section 5.7(b), the Legal Representative continues to object to the proposed action and to withhold its TOC does not consent to the Trustee’s proposed action, the Trustees and/or Trustee and the Legal Representative TOC shall resolve their dispute pursuant to Section 8.18 below, however, in that event the procedures set forth in Section 7.13TOC shall have the burden of proof to show the validity of the TOC’s objection. (iii) If the Trustee believes that the matter must be considered on less than three (3) business days’ notice (the “Emergency Consent Matter”), the Trustee shall so advise the TOC of the Trustee’s proposed action and provide a response deadline and information that is reasonable under the circumstances. The TOC shall be deemed to have consented if the TOC does not respond within the shortened response deadline. If the TOC does not consent to the Emergency Consent Matter, the Trustee may immediately seek the Bankruptcy Court’s intervention.

Appears in 1 contract

Sources: Trust Agreement

Consent Process. (i) In the event the Plan Trustees are required to obtain the consent of the Legal Representative TAC pursuant to Section 2.2(f) above, the Trustees shall provide the Legal Representative TAC with a written notice stating that his or her their consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Plan Trustees propose to take, and explaining in detail the reasons why the Plan Trustees desire to take such action. The Plan Trustees shall provide the Legal Representative TAC as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Plan Trustees shall also provide the Legal Representative TAC with such reasonable access to the Professionals and other experts retained by the PI Plan Trust and its staff (if any) as the Legal Representative TAC may reasonably request during the time that the Plan Trustees are considering such action, and shall also provide the Legal Representative TAC the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the Plan Trustees. (ii) The Legal Representative TAC must consider in good faith and in a timely fashion any request for his or her its consent by the Plan Trustees, and must in any event advise the Plan Trustees in writing of his or her its consent or its objection to the proposed action within 30 days of receiving the original request for consent from the Plan Trustees. The Legal Representative TAC may not withhold his or her its consent unreasonably. If the Legal Representative TAC decides to withhold its consent, he or she it must explain in detail his or her its objections to the proposed action. If the Legal Representative TAC does not advise the Plan Trustees in writing of his or her its consent or its objections to the proposed action within 30 thirty (30) days of receiving the notice from the Trustees regarding such consentrequest, the Legal RepresentativeTAC's consent to the proposed actions shall be deemed to have been affirmatively granted. (iii) If, after following the procedures specified in this Section 5.7(b5.8(b), the Legal Representative TAC continues to object to the proposed action and to withhold its consent to the proposed action, the Plan Trustees and/or the Legal Representative TAC shall resolve their dispute pursuant to the procedures set forth in Section 7.13.. However, the burden of proof with respect to the validity of the TAC's objection and withholding of its consent shall be on the TAC. EXHIBIT D TO THE PLAN SECTION 6 THE FUTURES REPRESENTATIVE

Appears in 1 contract

Sources: Trust Agreement (Congoleum Corp)

Consent Process. (i) In the event the Trustees are required to obtain the consent of the Legal Representative TAC pursuant to Section 2.2(f) above, the Trustees shall provide the Legal Representative TAC with a written notice stating that his or her their consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Trustees propose to take, and explaining in detail the reasons why the Trustees desire to take such action. The Trustees shall provide the Legal Representative TAC as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Trustees shall also provide the Legal Representative TAC with such reasonable access to the Trust Professionals and other experts retained by the PI Trust and its staff (if any) as the Legal Representative TAC may reasonably request during the time that the Trustees are considering such action, and shall also provide the Legal Representative TAC the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the Trustees. (ii) The Legal Representative TAC must consider in good faith and in a timely fashion any request for his or her its consent by the Trustees, and must in any event advise the Trustees in writing of his or her its consent or its objection to the proposed action within 30 thirty (30) days of receiving the original request for consent from the Trustees. The Legal Representative TAC may not withhold his or her its consent unreasonably. If the Legal Representative TAC decides to withhold its consent, he or she it must explain in detail his or her its objections to the proposed action. If the Legal Representative TAC does not advise the Trustees in writing of his or her its consent or its objections to the proposed action within 30 thirty (30) days of receiving the notice from the Trustees regarding such consentrequest, the Legal Representative's TAC’s consent to the proposed actions shall be deemed to have been affirmatively granted. (iii) If, after following the procedures specified in this Section 5.7(b), the Legal Representative TAC continues to object to the proposed action and to withhold its consent to the proposed action, the Trustees and/or the Legal Representative TAC shall resolve their dispute pursuant to the procedures set forth in Section 7.13. However, the burden of proof with respect to the validity of the TAC’s objection and withholding of its consent shall be on the TAC.

Appears in 1 contract

Sources: Asbestos Pi Trust Agreement (W R Grace & Co)

Consent Process. (i) In the event the Trustees are Trustee is required to obtain the consent of the Legal Representative TAC pursuant to Section 2.2(f) above, the Trustees Trustee shall provide the Legal Representative TAC with a written notice stating that his or her its consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Trustees propose Trustee proposes to take, and explaining in detail the reasons why the Trustees desire Trustee desires to take such action. The Trustees Trustee shall provide the Legal Representative TAC as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Trustees Trustee shall also provide the Legal Representative TAC with such reasonable access to the Trust Professionals and other experts retained by the PI Trust and its staff (if any) as the Legal Representative TAC may reasonably request during the time that the Trustees are Trustee is considering such action, and shall also provide the Legal Representative TAC the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the TrusteesTrustee. (ii) The Legal Representative TAC must consider in good faith and in a timely fashion any request for his or her its consent by the TrusteesTrustee, and must in any event advise the Trustees Trustee in writing of his or her its consent or its objection to the proposed action within 30 thirty (30) days of receiving the original request for consent from the TrusteesTrustee. The Legal Representative TAC may not withhold his or her its consent unreasonably. If the Legal Representative TAC decides to withhold its consent, he or she it must explain in detail his or her its objections to the proposed action. If the Legal Representative TAC does not advise the Trustees Trustee in writing of his or her its consent or its objections to the proposed action within 30 thirty (30) days of receiving the notice from the Trustees regarding such consentrequest, the Legal Representative's TAC’s consent to the proposed actions shall be deemed to have been affirmatively granted. (iii) If, after following the procedures specified in this Section 5.7(b), the Legal Representative TAC continues to object to the proposed action and to withhold its consent to the proposed action, the Trustees Trustee and/or the Legal Representative TAC shall resolve their dispute pursuant to the procedures set forth in Section 7.13. However, the burden of proof with respect to the validity of the TAC’s objection and withholding of its consent shall be on the TAC.

Appears in 1 contract

Sources: Trust Agreement (Motors Liquidation Co)

Consent Process. (i) In the event the Trustees are required to obtain the consent of the Legal Future Claimants' Representative pursuant to Section 2.2(f) above, the Trustees shall provide the Legal Future Claimants' Representative with a written notice stating that his or her consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Trustees propose to take, and explaining in detail the reasons why the Trustees desire to take such action. The Trustees shall provide the Legal Future Claimants' Representative as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Trustees shall also provide the Legal Future Claimants' Representative with such reasonable access to Professional and other experts retained by the PI Trust and its staff (if any) as the Legal Future Claimants' Representative may reasonably request during the time that the Trustees are considering such action, and shall also provide the Legal Future Claimants' Representative the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the Trustees. (ii) The Legal Future Claimants' Representative must consider in good faith and in a timely fashion any request for his or her consent by the Trustees, and must in any event advise the Trustees in writing of his or her consent or objection to the proposed action within 30 days of receiving the original request for consent from the Trustees. The Legal Future Claimants' Representative may not withhold his or her consent unreasonably. If the Legal Future Claimants' Representative decides to withhold consent, he or she must explain in detail his or her objections to the proposed action. If the Legal Future Claimants' Representative does not advise the Trustees in writing of his or her consent or objections to the proposed action within 30 days of receiving the notice from the Trustees regarding such consent, the Legal Future Claimants' Representative's consent shall be deemed to have been affirmatively granted. (iii) If, after following the procedures specified in this Section 5.7(b), the Legal Future Claimants' Representative continues to object to the proposed action and to withhold its consent to the proposed action, the Trustees and/or the Legal Future Claimants' Representative shall resolve their dispute pursuant to the procedures set forth in Section 7.13. However, the burden of proof with respect to the validity of the Future Claimants' Representative's objection and withholding of his or her consent shall be on the Future Claimants' Representative.

Appears in 1 contract

Sources: Asbestos Personal Injury Settlement Trust Agreement (Armstrong Holdings Inc /Pa/)

Consent Process. (i) In the event the Trustees are Trustee(s) is required to obtain the consent of the Legal Representative TAC pursuant to Section 2.2(f) above, the Trustees Trustee(s) shall provide the Legal Representative TAC with a written notice stating that his or her their consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Trustees propose Trustee(s) proposes to take, and explaining in detail the reasons why the Trustees desire Trustee(s) desires to take such action. The Trustees Trustee(s) shall provide the Legal Representative TAC as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Trustees Trustee(s) shall also provide the Legal Representative TAC with such reasonable access to the Trust Professionals and other experts retained by the PI Asbestos Trust and its staff (if any) as the Legal Representative TAC may reasonably request during the time that the Trustees are Trustee(s) is considering such action, and shall also provide the Legal Representative TAC the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the TrusteesTrustee(s). (ii) The Legal Representative TAC must consider in good faith and in a timely fashion any request for his or her its consent by the TrusteesTrustee(s), and must in any event advise the Trustees Trustee(s) in writing of his or her its consent or its objection to the proposed action within 30 thirty (30) days of receiving the original request for consent from the TrusteesTrustee(s), or within such additional time as the Trustee(s) and the TAC may agree. The Legal Representative TAC may not withhold his or her its consent unreasonably. If the Legal Representative TAC decides to withhold its consent, he or she it must explain in detail his or her its objections to the proposed action. If the Legal Representative TAC does not advise the Trustees Trustee(s) in writing of his or her its consent or its objections to the proposed action within 30 thirty (30) days of receiving the notice from the Trustees regarding such consentrequest (or the additional time period agreed to by the Trustee(s) and the TAC), the Legal Representative's TAC’s consent to the proposed actions shall be deemed to have been affirmatively granted. (iii) If, after following the procedures specified in this Section 5.7(b), the Legal Representative TAC continues to object to the proposed action and to withhold its consent to the proposed action, the Trustees Trustee(s) and/or the Legal Representative TAC shall resolve their dispute pursuant to the procedures set forth in Section 7.13. However, the burden of proof with respect to the validity of the TAC’s objection and withholding of its consent shall be on the TAC.

Appears in 1 contract

Sources: Asbestos Personal Injury Trust Agreement

Consent Process. (i) In the event the Trustees are required to obtain the consent of the Legal Representative TAC pursuant to Section 2.2(f) above, the Trustees shall provide the Legal Representative TAC with a written notice stating that his or her their consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Trustees propose to take, and explaining in detail the reasons why the Trustees desire to take such action. The Trustees shall provide the Legal Representative TAC as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Trustees shall also provide the Legal Representative TAC with such reasonable access to Professionals and other experts retained by the PI Trust and its staff (if any) as the Legal Representative TAC may reasonably request during the time that the Trustees are considering such action, and shall also provide the Legal Representative TAC the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the Trustees. (ii) The Legal Representative TAC must consider in good faith and in a timely fashion any request for his or her its consent by the Trustees, and must in any event advise the Trustees in writing of his or her its consent or its objection to the proposed action within 30 days of receiving the original request for consent from the Trustees. The Legal Representative TAC may not withhold his or her its consent unreasonably. If the Legal Representative TAC decides to withhold its consent, he or she it must explain in detail his or her its objections to the proposed action. If the Legal Representative TAC does not advise the Trustees in writing of his or her its consent or its objections to the proposed action within 30 days of receiving the notice from the Trustees regarding such consentrequest, the Legal Representative's TAC’s consent to the proposed actions shall be deemed to have been affirmatively granted. (iii) If, after following the procedures specified in this Section 5.7(b), the Legal Representative TAC continues to object to the proposed action and to withhold its consent to the proposed action, the Trustees and/or the Legal Representative TAC shall resolve their dispute pursuant to the procedures set forth in Section 7.13. However, the burden of proof with respect to the validity of the TAC’s objection and withholding of its consent shall be on the TAC.

Appears in 1 contract

Sources: Asbestos Personal Injury Trust Agreement (Owens Corning/Fibreboard Asbestos Personal Injury Trust)

Consent Process. (i) In the event the Trustees are Trustee is required to obtain the consent of the Legal Representative OAC pursuant to Section 2.2(f) aboveabove or otherwise in the Trust Documents, the Trustees Trustee shall provide the Legal Representative OAC with a written notice stating that his or her its consent is being sought pursuant to that provisionsought, describing in detail the nature and scope of the action the Trustees propose Trustee proposes to take, and explaining in detail the reasons why the Trustees desire Trustee desires to take such action. The Trustees Trustee shall provide the Legal Representative OAC as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Trustees Trustee shall also provide the Legal Representative OAC with such reasonable access to the Trust Professionals and other experts retained by the PI PSAN PI/WD Trust and its staff (if any) as the Legal Representative OAC may reasonably request during the time that the Trustees are Trustee is considering such action, and shall also provide the Legal Representative OAC the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the TrusteesTrustee. (ii) The Legal Representative OAC must consider in good faith and in a timely fashion any request for his or her its consent by the TrusteesTrustee, and must in any event advise the Trustees Trustee, in writing writing, of his or her its consent or its objection to the proposed action within 30 thirty (30) days of receiving the original request for consent from the TrusteesTrustee. The Legal Representative OAC may not withhold his or her its consent unreasonably. If the Legal Representative OAC decides to withhold its consent, he or she it must explain in detail his or her its objections to the proposed action. If the Legal Representative OAC does not advise the Trustees Trustee, in writing writing, of his or her its consent or its objections to the proposed action within 30 thirty (30) days of receiving the notice from the Trustees regarding such consentrequest, the Legal Representative's OAC’s consent to the proposed actions shall be deemed to have been affirmatively granted. (iii) If, after following the procedures specified in this Section 5.7(b6.7(b), the Legal Representative OAC continues to object to the proposed action and to withhold its consent to the proposed action, the Trustees Trustee and/or the Legal Representative OAC shall resolve their dispute pursuant to the procedures set forth in Section 7.138.13 below.

Appears in 1 contract

Sources: Trust Agreement

Consent Process. (i) In the event the Trustees are Trustee is required to obtain the consent of the Legal Representative FCR pursuant to Section 2.2(f) aboveabove or otherwise in the Trust Documents, the Trustees Trustee shall provide the Legal Representative FCR with a written notice stating that his or her consent is being sought pursuant to that provisionsought, describing in detail the nature and scope of the action the Trustees propose Trustee proposes to take, and explaining in detail the reasons why the Trustees desire Trustee desires to take such action. The Trustees Trustee shall provide the Legal Representative FCR as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Trustees Trustee shall also provide the Legal Representative FCR with such reasonable access to the Trust Professionals and other experts retained by the PI PSAN PI/WD Trust and its staff (if any) as the Legal Representative FCR may reasonably request during the time that the Trustees are Trustee is considering such action, and shall also provide the Legal Representative FCR the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the TrusteesTrustee. (ii) The Legal Representative FCR must consider in good faith and in a timely fashion any request for his or her consent by the TrusteesTrustee, and must in any event advise the Trustees Trustee, in writing writing, of his or her consent or objection to the proposed action within 30 thirty (30) days of receiving the original request for consent from the TrusteesTrustee. The Legal Representative FCR may not withhold his or her consent unreasonably. If the Legal Representative FCR decides to withhold consent, he or she must explain in detail his or her objections to the proposed action. If the Legal Representative FCR does not advise the Trustees Trustee, in writing writing, of his or her consent or objections objection to the proposed action within 30 thirty (30) days of receiving the notice from the Trustees Trustee regarding such consent, the Legal Representative's FCR’s consent shall be deemed to have been affirmatively granted. (iii) If, after following following, the procedures specified in this Section 5.7(b7.6(b), the Legal Representative FCR continues to object to the proposed action and to withhold its his or her consent to the proposed action, the Trustees Trustee and/or the Legal Representative FCR shall resolve their dispute pursuant to Section 8.13 below. However, the procedures set forth burden of proof, described in Section 7.138.13 below, with respect to the validity of the FCR’s objection and withholding of his or her consent shall be on the FCR.

Appears in 1 contract

Sources: Trust Agreement

Consent Process. (i) In the event the Trustees are required to obtain the consent of the Legal Representative Asbestos TAC pursuant to Section article 2.2(f) above, the Trustees shall provide the Legal Representative Asbestos TAC with a written notice stating that his or her its consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Trustees propose to take, and explaining in detail the reasons why the Trustees desire to take such action. The Trustees shall provide the Legal Representative Asbestos TAC as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Trustees also shall also provide the Legal Representative Asbestos TAC with such reasonable access to professionals and other experts retained by the Asbestos PI Trust and its staff (if any) as the Legal Representative Asbestos TAC may reasonably request during the time that the Trustees are considering such action, and shall also provide the Legal Representative Asbestos TAC the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the Trustees. (ii) The Legal Representative must Asbestos TAC shall consider in good faith and in a timely fashion any request for his or her its consent by the Trustees, and must shall in any event advise the Trustees in writing of his or her its consent or its objection to the proposed action within 30 thirty (30) days of receiving the original request for consent from the Trustees. The Legal Representative Asbestos TAC may not withhold his or her its consent unreasonably. If the Legal Representative Asbestos TAC decides to withhold its consent, he or she must it shall explain in detail his or her its objections to the proposed action. If the Legal Representative Asbestos TAC does not advise the Trustees in writing of his or her its consent or its objections to the proposed action within 30 thirty (30) days of receiving the notice from the Trustees regarding such consentrequest, the Legal RepresentativeAsbestos TAC's consent to the proposed actions shall be deemed to have been affirmatively granted. (iii) If, after following the procedures specified in this Section article 5.7(b), the Legal Representative Asbestos TAC continues to object to the proposed action and to withhold its consent to the proposed action, the Trustees and/or the Legal Representative Asbestos TAC shall resolve their dispute pursuant to article 7.13. However, the procedures set forth in Section 7.13burden of proof with respect to the validity of the Asbestos TAC's objection and withholding of its consent shall be on the Asbestos TAC.

Appears in 1 contract

Sources: Asbestos Trust Agreement

Consent Process. (i) In the event the Trustees are Trustee is required to obtain the consent of the Legal Representative pursuant to Section 2.2(f2.2(e) above, the Trustees Trustee shall provide the Legal Representative with a written notice stating that his or her consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Trustees propose Trustee proposes to take, take and explaining in detail the reasons why the Trustees desire Trustee desires to take such action. The Trustees Trustee shall provide the Legal Representative as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Trustees Trustee shall also provide the Legal Representative with such reasonable access to any counsel, accountants, appraisers, auditors, forecasters, experts or financial or investment advisors retained by the PI Trust and its staff (if any) as the Legal Representative may reasonably request during the time that the Trustees Trustee are considering such action, and shall also provide the Legal Representative the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the TrusteesTrustee; provided that in no event shall the Legal Representative have any right to consult with counsel to the Trust or obtain any information in such a manner as would result in the waiver of attorney-client or other applicable privilege belonging to the Trust. (ii) The Legal Representative must consider in good faith and in a timely fashion any request for his or her consent by the Trustees, Trustee and must in any event advise the Trustees Trustee in writing of his or her consent or objection to the proposed action within 30 thirty (30) days of receiving the original request for consent from the TrusteesTrustee. The Legal Representative may not withhold his or her consent unreasonably. If the Legal Representative decides to withhold consent, he or she must explain in detail his or her objections to the proposed action. If the Legal Representative does not advise the Trustees Trustee in writing of his or her consent or objections to the proposed action within 30 thirty (30) days of receiving the notice from the Trustees Trustee regarding such consent, the Legal Representative's ’s consent shall be deemed to have been affirmatively granted. (iii) If, after following the procedures specified in this Section 5.7(b7.7(b), the Legal Representative continues to object to the proposed action and to withhold its his or her consent to the proposed action, the Trustees Trustee and/or the Legal Representative shall resolve their dispute pursuant in accordance with Section 8.12 below. However, the burden of proof with respect to the procedures set forth in Section 7.13validity of the Legal Representative’s objection and withholding of his or her consent shall be on the Legal Representative.

Appears in 1 contract

Sources: Asbestos Trust Agreement

Consent Process. (i) In the event the Trustees are required to obtain the consent of the Legal Future Claimants’ Representative pursuant to Section 2.2(f) above, the Trustees shall provide the Legal Future Claimants’ Representative with a written notice stating that his or her consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Trustees propose to take, and explaining in detail the reasons why the Trustees desire to take such action. The Trustees shall provide the Legal Future Claimants’ Representative as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Trustees shall also provide the Legal Future Claimants’ Representative with such reasonable access to Trust Professionals and other experts retained by the PI Trust and its staff (if any) as the Legal Future Claimants’ Representative may reasonably request during the time that the Trustees are considering such action, and shall also provide the Legal Future Claimants’ Representative the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the Trustees. (ii) The Legal Future Claimants’ Representative must consider in good faith and in a timely fashion any request for his or her consent by the Trustees, and must in any event advise the Trustees in writing of his or her consent or objection to the proposed action within 30 days of receiving the original request for consent from the Trustees. The Legal Future Claimants’ Representative may not withhold his or her consent unreasonably. If the Legal Future Claimants’ Representative decides to withhold consent, he or she must explain in detail his or her objections to the proposed action. If the Legal Future Claimants’ Representative does not advise the Trustees in writing of his or her consent or objections to the proposed action within 30 days of receiving the notice from the Trustees regarding such consent, the Legal Future Claimants’ Representative's ’s consent shall be deemed to have been affirmatively granted. (iii) If, after following the procedures specified in this Section 5.7(b), the Legal Future Claimants’ Representative continues to object to the proposed action and to withhold its consent to the proposed action, the Trustees and/or the Legal Future Claimants’ Representative shall resolve their dispute pursuant to the procedures set forth in Section 7.13. However, the burden of proof with respect to the validity of the Future Claimants’ Representative’s objection and withholding of his or her consent shall be on the Future Claimants’ Representative.

Appears in 1 contract

Sources: Asbestos Personal Injury Trust Agreement (Owens Corning/Fibreboard Asbestos Personal Injury Trust)

Consent Process. (i) In the event the Trustees are required to obtain the consent of the Legal Representative TAC and FCR pursuant to Section 2.2(f) above, the TDP, the Plan, or otherwise, the Trustees shall provide the Legal Representative TAC and FCR with a written notice stating that his or her their consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Trustees propose to take, and explaining in detail the reasons why the Trustees desire to take such action. The Trustees shall provide the Legal Representative TAC and FCR as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Trustees shall also provide the Legal Representative TAC and FCR with such reasonable access to the Trust Professionals and other experts retained by the PI Talc Trust and its staff (if any) as the Legal Representative TAC and FCR may reasonably request during the time that the Trustees are considering such action, and shall also provide the Legal Representative TAC and FCR the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the Trustees. (ii) The Legal Representative TAC and FCR must consider in good faith and in a timely fashion any request for his or her their consent by the Trustees, Trustees and must in any event advise the Trustees in writing of his or her their consent or objection to the proposed action within 30 thirty (30) days of receiving the original request for consent from the Trustees, or within such additional time as the Trustees and TAC and FCR may agree. The Legal Representative TAC and FCR may not withhold his or her their consent unreasonably. If the Legal Representative TAC or FCR decides to withhold consent, he or she they must explain in detail his or her their objections to the proposed action. If either the Legal Representative TAC or the FCR does not advise the Trustees in writing of his or her its consent or objections to the proposed action within 30 thirty (30) days of receiving the notice from the Trustees regarding such consentrequest (or any additional time period agreed to by the Trustees), then consent of the Legal Representative's consent TAC or the FCR (as applicable) to the proposed action shall be deemed to have been affirmatively granted. (iii) If, after following the procedures specified in this Section 5.7(b7.1(b), the Legal Representative TAC or FCR continues to object to the proposed action and to withhold its consent to the proposed action, the Trustees and/or and the Legal Representative TAC or FCR shall resolve their dispute pursuant to the procedures set forth in Section 7.13.Section

Appears in 1 contract

Sources: Trust Agreement

Consent Process. (i) In the event the Trustees are Trustee(s) is required to obtain the consent of the Legal Representative FCR pursuant to Section 2.2(f) above, the Trustees Trustee(s) shall provide the Legal Representative FCR with a written notice stating that his or her consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Trustees propose Trustee(s) proposes to take, and explaining in detail the reasons why the Trustees desire Trustee(s) desires to take such action. The Trustees Trustee(s) shall provide the Legal Representative FCR as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Trustees Trustee(s) shall also provide the Legal Representative FCR with such reasonable access to the Trust Professionals and other experts retained by the PI Asbestos Trust and its staff (if any) as the Legal Representative FCR may reasonably request during the time that the Trustees are Trustee(s) is considering such action, and shall also provide the Legal Representative FCR the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the TrusteesTrustee(s). (ii) The Legal Representative FCR must consider in good faith and in a timely fashion any request for his or her consent by the TrusteesTrustee(s), and must in any event advise the Trustees Trustee(s) in writing of his or her consent or objection to the proposed action within 30 thirty (30) days of receiving the original request for consent from the TrusteesTrustee(s), or within such additional time as the Trustee(s) and FCR may agree. The Legal Representative FCR may not withhold his or her consent unreasonably. If the Legal Representative FCR decides to withhold consent, he or she must explain in detail his or her objections to the proposed action. If the Legal Representative FCR does not advise the Trustees Trustee(s) in writing of his or her consent or objections to the proposed action within 30 thirty (30) days of receiving the notice from the Trustees Trustee(s) regarding such consentconsent (or the additional time period agreed to by the Trustee(s) and the FCR), the Legal Representative's FCR’s consent shall be deemed to have been affirmatively granted. (iii) If, after following the procedures specified in this Section 5.7(b6.6(b), the Legal Representative FCR continues to object to the proposed action and to withhold its consent to the proposed action, the Trustees Trustee(s) and/or the Legal Representative FCR shall resolve their dispute pursuant to the procedures set forth in Section 7.13. However, the burden of proof with respect to the validity of the FCR’s objection and withholding of his or her consent shall be on the FCR.

Appears in 1 contract

Sources: Asbestos Personal Injury Trust Agreement

Consent Process. (i) In the event the Trustees are Trustee is required to obtain the consent of the Legal Representative TAC pursuant to Section 2.2(f) aboveherein, the Trustees NAS Monitoring TDP, the Plan, or otherwise, the Trustee shall provide the Legal Representative TAC with a written notice stating that his or her its consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Trustees propose Trustee proposes to take, and explaining in detail the reasons why the Trustees desire Trustee desires to take such action. The Trustees Trustee shall provide the Legal Representative TAC as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Trustees Trustee shall also provide the Legal Representative TAC with such reasonable access to the Trust Professionals and other experts retained by the PI NAS Monitoring Trust and its staff (if any) as the Legal Representative TAC may reasonably request during the time that the Trustees are Trustee is considering such action, and shall also provide the Legal Representative TAC the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the TrusteesTrustee. (ii) The Legal Representative TAC must consider in good faith and in a timely fashion any request for his or her their consent by the Trustees, Trustee and must in any event advise the Trustees Trustee in writing of his or her its consent or objection to the proposed action within 30 thirty (30) days of receiving the original request for consent from the TrusteesTrustee, or within such additional time as the Trustee and TAC may agree. The Legal Representative TAC may not withhold his or her its consent unreasonably. If the Legal Representative TAC decides to withhold its consent, he or she it must explain in detail his or her its objections to the proposed action. If the Legal Representative TAC does not advise the Trustees Trustee in writing of his or her its consent or objections to the proposed action within 30 thirty (30) days of receiving the notice from the Trustees regarding such consentrequest (or any additional time period agreed to by the Trustee), then consent of the Legal Representative's consent TAC to the proposed action shall be deemed to have been affirmatively granted. (iii) If, after following the procedures specified in this Section 5.7(b6.1(b), the Legal Representative TAC continues to object to the proposed action and to withhold its consent to the proposed action, the Trustees and/or Trustee and the Legal Representative TAC shall resolve their dispute pursuant to Section 6.14. The TAC shall bear the procedures set forth in Section 7.13burden of proving that it reasonably withheld its consent. If the TAC meets that burden, the NAS Monitoring Trust shall then bear the burden of showing why it should be permitted to take the proposed action notwithstanding the TAC or Trustee’s reasonable objection.

Appears in 1 contract

Sources: Trust Agreement

Consent Process. (i) Except as otherwise set forth herein, the TAC shall act by majority vote. (ii) In the event the Trustees Tort Claims Trustee are required to obtain the consent of the Legal Representative TAC pursuant to Section 2.2(f3.3(c) above, the Trustees Tort Claims Trustee shall provide the Legal Representative TAC with a written notice stating that his or her its consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Trustees propose Tort Claims Trustee proposes to take, take and explaining in detail the reasons why the Trustees desire Tort Claims Trustee desires to take such action. The Trustees Tort Claims Trustee shall provide the Legal Representative TAC as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Trustees Tort Claims Trustee shall also provide the Legal Representative TAC with such reasonable access to any counsel, accountants, appraisers, auditors, forecasters, experts or financial or investment advisors retained by the PI Tort Claims Trust and its staff (if any) as the Legal Representative TAC may reasonably request during the time that the Trustees are Tort Claims Trustee is considering such action, and shall also provide the Legal Representative TAC the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the TrusteesTort Claims Trustee; provided that in no event shall the TAC or its members have any right to consult with counsel to the Tort Claims Trust or obtain any information in such a manner as would result in the waiver of attorney-client or other applicable privilege belonging to the Tort Claims Trust. (iiiii) The Legal Representative TAC must consider in good faith and in a timely fashion any request for his or her its consent by the Trustees, Tort Claims Trustee and must in any event advise the Trustees Tort Claims Trustee in writing of his or her its consent or its objection to the proposed action within 30 thirty (30) days of receiving the original request for consent from the TrusteesTort Claims Trustee. The Legal Representative TAC may not withhold his or her its consent unreasonably. If the Legal Representative TAC decides to withhold its consent, he or she it must explain in detail his or her its objections to the proposed action. If the Legal Representative TAC does not advise the Trustees Tort Claims Trustee in writing of his or her its consent or its objections to the proposed action within 30 thirty (30) days of receiving the notice from the Trustees regarding such consentrequest, the Legal Representative's TAC’s consent to the proposed actions shall be deemed to have been affirmatively granted. (iiiiv) If, after following the procedures specified in this Section 5.7(b6.7(b), the Legal Representative TAC continues to object to the proposed action and to withhold its consent to the proposed action, the Trustees Tort Claims Trustee and/or the Legal Representative TAC shall resolve their dispute pursuant in accordance with Section 9.15 below. However, the burden of proof with respect to the procedures set forth in Section 7.13validity of the TAC’s objection and withholding of its consent shall be on the TAC.

Appears in 1 contract

Sources: Tort Claims Trust Agreement

Consent Process. (i) Except as otherwise set forth herein, the TAC shall act by majority vote. (ii) In the event the Trustees Tort Claims Trustee are required to obtain the consent of the Legal Representative TAC pursuant to Section 2.2(f3.3(c) above, the Trustees Tort Claims Trustee shall provide the Legal Representative TAC with a written notice stating that his or her its consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Trustees propose Tort Claims Trustee proposes to take, take and explaining in detail the reasons why the Trustees desire Tort Claims Trustee desires to take such action. The Trustees Tort Claims Trustee shall provide the Legal Representative TAC as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Trustees Tort Claims Trustee shall also provide the Legal Representative TAC with such reasonable access to any counsel, accountants, appraisers, auditors, forecasters, experts or financial or investment advisors retained by the PI Tort Claims Trust and its staff (if any) as the Legal Representative TAC may reasonably request during the time that the Trustees are Tort Claims Trustee is considering such action, and shall also provide the Legal Representative TAC the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the TrusteesTort Claims Trustee; provided that in no event shall the TAC or its members have any right to consult with counsel to the Tort Claims Trust or obtain any information in such a manner as would result in the waiver of attorney-client or other applicable privilege belonging to the Tort Claims Trust. (iiiii) The Legal Representative TAC must consider in good faith and in a timely fashion any request for his or her its consent by the Trustees, Tort Claims Trustee and must in any event advise the Trustees Tort Claims Trustee in writing of his or her its consent or its objection to the proposed action within 30 thirty (30) days of receiving the original request for consent from the TrusteesTort Claims Trustee. The Legal Representative TAC may not withhold his or her its consent unreasonably. If the Legal Representative TAC decides to withhold its consent, he or she it must explain in detail his or her its objections to the proposed action. If the Legal Representative TAC does not advise the Trustees Tort Claims Trustee in writing of his or her its consent or its objections to the proposed action within 30 thirty (30) days of receiving the notice from the Trustees regarding such consentrequest, the Legal Representative's TAC’s consent to the proposed actions shall be deemed to have been affirmatively granted. (iiiiv) If, after following the procedures specified in this Section 5.7(b6.7(b), the Legal Representative TAC continues to object to the proposed action and to withhold its consent to the proposed action, the Trustees Tort Claims Trustee and/or the Legal Representative TAC shall resolve their dispute pursuant in accordance with Section 9.15 below. However, the burden of proof with respect to the procedures set forth in Section 7.13validity of the TAC’s objection and withholding of its consent shall be on the TAC.

Appears in 1 contract

Sources: Tort Claims Trust Agreement

Consent Process. (i) In the event the Trustees are Trustee is required to obtain the consent of the Legal Representative FCR pursuant to Section 2.2(fsection 2.2(h) above, the Trustees Trustee shall provide the Legal Representative FCR with a written notice stating that his or her the FCR’s consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Trustees propose Trustee proposes to take, and explaining in detail the reasons why the Trustees desire Trustee desires to take such action. The Trustees Trustee shall provide the Legal Representative FCR as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances, subject to reasonable claims of privilege. The Trustees Trustee shall also provide the Legal Representative FCR and the FCR Professionals with such reasonable access to experts retained by the PI Trust and its staff (if any) Professionals as the Legal Representative FCR may reasonably request during the time that the Trustees are Trustee is considering such action, and shall also provide the Legal Representative FCR the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the TrusteesTrustee. (ii) The Legal Representative FCR must consider in good faith and in a timely fashion any request for his or her the FCR’s consent by the TrusteesTrustee, and must in any event advise the Trustees Trustee in writing of his or her the FCR’s consent or objection to the proposed action within 30 thirty (30) days of receiving the original request for consent from the TrusteesTrustee, or within such additional time as the Trustee and FCR may agree. The Legal Representative FCR may not withhold his or her the FCR’s consent unreasonably. If the Legal Representative FCR decides to withhold consent, he or she the FCR must explain in detail his or her the FCR’s objections to the proposed action. If the Legal Representative FCR does not advise the Trustees Trustee in writing of his or her the FCR’s consent or objections to the proposed action within 30 thirty (30) days of receiving the notice from the Trustees Trustee regarding such consentconsent (or the additional time period agreed to by the Trustee and the FCR), the Legal Representative's FCR’s consent shall be deemed to have been affirmatively granted. (iii) If, after following the procedures specified in this Section 5.7(b7.5(b), the Legal Representative FCR continues to object to the proposed action and to withhold its consent to the proposed action, the Trustees and/or Trustee and the Legal Representative FCR shall resolve their dispute pursuant to section 8.15. However, the procedures set forth in Section 7.13burden of proof with respect to the validity of the FCR’s objection and withholding of the FCR’s consent shall be on the FCR.

Appears in 1 contract

Sources: Trust Agreement