Common use of CREATION/TERMINATION OF LITIGATION TRUST Clause in Contracts

CREATION/TERMINATION OF LITIGATION TRUST. Section 2.1 Creation of the Litigation Trust. Pursuant to the Plan, the Litigation Trust is hereby constituted by the Litigation Trust Beneficiaries and created as a liquidating trust, in accordance with the tax treatment described in Section 5.1 hereof, and in accordance with the Bankruptcy Code, for the primary purposes of prosecuting and liquidating the Noble Claims and distributing the proceeds thereof for the benefit of the Litigation Trust Beneficiaries in accordance with the terms and conditions of this Agreement and the Plan, with no objective to engage in the conduct of a trade or business, except to the extent reasonably necessary to, and consistent with, such liquidating purpose.