Common use of Continuance of Trust for Winding Up Clause in Contracts

Continuance of Trust for Winding Up. After the termination of the Liquidating Trust and for the purpose of liquidating and winding up the affairs of the Liquidating Trust, the Liquidating Trustee shall continue to act as such until his or her duties have been fully performed. Prior to the final distribution of all of the remaining assets of the Liquidating Trust and upon consultation with the Plan Advisory Committee, the Liquidating Trustee shall be entitled to reserve from such assets any and all amounts required to provide for his or her own costs and expenses, in accordance with Section 3.17 herein, until such time as the winding up of the Liquidating Trust is completed. Upon termination of the Liquidating Trust, the Liquidating Trustee shall retain, until the expiration of the applicable statute of limitations in respect of the taxable years of the Liquidating Trust’s existence unless otherwise ordered by the Bankruptcy Court, as a cost of administering the Liquidating Trust, the books, records, Liquidating Trust Beneficiary lists, the Trust Register, and certificates and other documents and files that have been delivered to or created by the Liquidating Trustee. At the Liquidating Trustee’s discretion, all of such records and documents may, but need not, be destroyed at any time after the expiration of the applicable statute of limitations in respect of the taxable year in which the affairs of the Liquidating Trust were completed and wound up. Except as otherwise specifically provided herein, upon the termination of the Liquidating Trust, the Liquidating Trustee shall have no further duties or obligations hereunder.