Manner of Payment or Distribution Clause Samples
Manner of Payment or Distribution. (a) With the exception of Class 1E Litigation Trust Interests and Class 1J Litigation Trust Interests, all distributions made by the Litigation Trustee to Holders of Litigation Trust Interests shall be payable by the Litigation Trustee directly to the Holders of Litigation Trust Interests of record as of the twentieth (20th) day prior to the date scheduled for the distribution, unless such day is not a Business Day, then such date for the distribution shall be the following Business Day. Unless otherwise set forth in the Confirmation Order, no record date shall be established for distributions to Holders of Class 1E Litigation Trust Interests or Class 1J Litigation Trust Interests. For the avoidance of doubt, in accordance with the Plan and the Litigation Trust Distribution Schedule, distributions to Holders of Class 1E Litigation Trust Interests or Class 1J Litigation Trust Interests shall be made to the applicable Indenture Trustees, which, in turn, shall make such distributions to the applicable Holders either through DTC or, in case of Class 1E Litigation Trust Interests or Class 1J Litigation Trust Interests held directly by the Holder thereof, through the applicable Indenture Trustee, subject to the respective rights, claims and interests, if any, that the Indenture Trustee may have under the applicable Indentures or otherwise to the recovery an/or reimbursement of their fees, costs and expenses (including the fees, costs and expenses of counsel and financial advisors) from any distribution on account of such Litigation Trust Interests, whether such rights, claims or interests are in the nature of a charging lien or otherwise. To the extent the Indenture Trustees make distributions to applicable Holders through DTC, such payment shall be made to DTC in accordance with DTC’s customary procedures. If the distribution to Holders of Litigation Trust Interests shall be in Cash, the Litigation Trustee shall distribute such Cash by wire, check, or such other method as the Litigation Trustee deems appropriate under the circumstances.
(b) All Net Litigation Trust Proceeds shall be distributed in accordance with the Plan and the Litigation Trust Distribution Schedule.
Manner of Payment or Distribution. All distributions made by the Trustees to Beneficiaries shall be payable to the holders of Interests of record as of the 20th day prior to the date scheduled for the distribution, unless such day is not a Business Day, in which case such day shall be the following Business Day (the “Record Date”). If the distribution shall be in Cash, the Trustees shall distribute such Cash by wire, check, or such other method as the Trustees deem appropriate under the circumstances.
Manner of Payment or Distribution. All Distributions made by the Liquidating Trustee to holders of Liquidating Trust Interests shall be payable to the holders of Liquidating Trust Interests of record as of the 15th day prior to the date scheduled for the distribution, unless such -------------------------------------------------------------------------------- Liquidating Trust Agreement day is not a Business Day, then such day shall be the following Business Day (the "Record Date"). If the Distribution shall be in Cash, the Liquidating Trustee shall distribute such Cash by wire, check, or such other method as the Liquidating Trustee deems appropriate under the circumstances.
Manner of Payment or Distribution. (a) Subject to the terms and conditions of any Term Sheet and/or any documents evidencing such terms and conditions (as they may be modified by agreement of the parties thereto) and any liens that may be granted in connection therewith, and in strict accordance thereto, all distributions authorized under Section 6.1 hereof and made by the Liquidating Trustee to holders of Liquidating Trust Interests shall be payable to the holders of Liquidating Trust Interests of record as of the 20th day prior to the date scheduled for the distribution, unless such day is not a Business Day, then such day shall be the following Business Day. If the distribution shall be in Cash, the Liquidating Trustee shall distribute such Cash by wire, check, or such other method as the Liquidating Trustee deems appropriate under the circumstances.
(b) To the extent that the Debtors become liable for the payment of any Claims arising under section 502(h) of the Bankruptcy Code on account of Liquidating Trust Assets Recoveries, the Liquidating Trustee will be responsible for making distributions on account of such Claims pursuant to Section 8.2.
(c) Subject to the terms and conditions of any Term Sheet and/or any documents evidencing such terms and conditions (as they may be modified by agreement of the parties thereto) and any liens that may be granted in connection therewith, and in strict accordance thereto, all distributions authorized under Section 6.1 hereof shall be distributed Pro Rata to holders of Liquidating Trust Interests in accordance with the terms of the Plan.
(d) Holders of General Unsecured Claims shall share the Liquidating Trust Interests Pro Rata based on the amount of each such holder’s Allowed Claim.
Manner of Payment or Distribution. All distributions made by the Trustee to holders of Common Equity Trust Interests shall be payable to the holders of the Common Equity Trust Interests of record as of the twentieth (20th) day prior to the date scheduled for the distribution, unless such day is not a Business Day, in which case such day shall be the following Business Day. If the distribution shall be in Cash the Trustee shall distribute such Cash by wire, check or such other method as the Trustee deems appropriate under the circumstances.
Manner of Payment or Distribution. All distributions made by the Trustees through the transfer agent to the Ultimate Beneficiaries pursuant to this Agreement shall be payable to the Ultimate Beneficiaries as of the record date fixed for each such distribution as determined by the Trustees in their sole discretion. If any distribution shall be in cash, the Trustees shall cause to be distributed such cash by wire, check or such other method as the Trustees deem appropriate under the circumstances.
Manner of Payment or Distribution. All distributions to be made by the Trustee to the Litigation Trust Beneficiaries shall be paid quarterly. If the distribution shall be in Cash, the Trustee shall distribute such Cash by wire, check, or such other method as the Trustee deems appropriate under the circumstances.
Manner of Payment or Distribution. (a) All distributions made by the Private Actions Trustee to holders of Private Actions Trust Beneficial Interests shall be payable to the holders of Private Actions Trust Beneficial Interests of record as of the 20th day prior to the date scheduled for the distribution, unless such day is not a Business Day, then such day shall be the following Business Day. If the distribution shall be in Cash, the Private Actions Trustee shall distribute such Cash by wire, check, or such other method as the Private Actions Trustee deems appropriate under the circumstances.
(b) Any net recoveries on Contributed Non-Estate Causes of Action shall first be used to repay the Initial Funding described in Section 1.6(a) and then such proceeds shall be distributed to the Private Actions Trust Beneficiaries.
Manner of Payment or Distribution. All distributions made by the Litigation Trust to or for the benefit of the holders of Litigation Trust Interests shall be payable in Cash to the holders of Litigation Trust Interests of record on the Distribution Record Date; provided that the distribution on account of a transferred Litigation Trust Interest shall be made in accordance with Section 5.3 hereof. The Litigation Trustee shall distribute such cash by wire, check, or such other method as the Litigation Trustee deems appropriate under the circumstances.
Manner of Payment or Distribution. (a) All distributions made by the Trustee on behalf of the Trust to Beneficial Owners (or by a disbursing agent (the “Disbursing Agent”) retained by the Trust to make distributions on behalf of the Trust) shall be payable to the Beneficial Owner of record on the date scheduled for the distribution (the “Distribution Date”), unless such day is not a Business Day, then such date for the distribution shall be the following Business Day, but such distribution shall be deemed to have been completed as of the required date. The Trustee shall direct the Disbursing Agent to effect an orderly and efficient disbursement of funds with respect to Approved Claims, after the Trust has satisfied any release, tax reporting, and other documents or requirements (including without limitation tax withholding, if necessary), in accordance with the Trust Documents.
(b) The Disbursing Agent may enter into arrangements with one or more banks with branch networks located in Northern California so as to expedite Beneficial Owner access to such funds.
(c) Neither the Disbursing Agent nor any banks retained pursuant to this Section 4.2 shall be required to meet the standards of a Financial Institution under Section 3.1(c) of this Trust Agreement.