Non-Transferability of Litigation Trust Interests Sample Clauses

The Non-Transferability of Litigation Trust Interests clause prohibits holders of interests in a litigation trust from selling, assigning, or otherwise transferring those interests to third parties. In practice, this means that beneficiaries cannot trade or transfer their rights to receive distributions or proceeds from the trust, and any attempted transfer is typically deemed void. This clause ensures that only the original, intended beneficiaries participate in the trust's recoveries, preventing speculative trading and maintaining the integrity and purpose of the trust structure.
Non-Transferability of Litigation Trust Interests. The Litigation Trust Interests have not been registered pursuant to the Securities Act of 1933, as amended, or any state securities law. If the Litigation Trust Interests constitute “securities,” the parties hereto intend that the exemption provisions of section 1145 of the Bankruptcy Code shall apply to the Litigation Trust Interests. The Litigation Trust Interests shall not be capable of being transferred, assigned, pledged or hypothecated, in whole or in part. Any purported transfer, assignment, pledge or hypothecation of a Litigation Trust Interest or any part thereof shall constitute a violation of this Section 3(d) and shall be void ab initio.
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Non-Transferability of Litigation Trust Interests. No transfer, assignment, pledge or hypothecation of any Litigation Trust Interests, either in whole or in part, shall be permitted except with respect to a transfer by will or under the laws of descent and distribution. Any transfer permitted under this Section 3.4 will not be effective until and unless the Litigation Trustee receives written notice of such transfer.
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Non-Transferability of Litigation Trust Interests. No transfer, assignment, pledge or hypothecation of any Litigation Trust Interests, either in whole or in part, shall be permitted except with respect to a transfer (a) by a Beneficiary to any corporation, partnership or other organization in which such Beneficiary is the beneficial owner of more than 50% of the equity securities (excluding directors qualifying shares) or equity interests; (b) by a Beneficiary to any person that owns, directly or indirectly, more than 50% of the voting securities of such Beneficiary, (c) by operation of law, or (d) by will or under the laws of descent and distribution; provided that the Reorganized Debtors shall be permitted to transfer their interests in the Litigation Trust as an Other Distributee to any wholly-owned subsidiary of New Topco. Any transfer permitted under this Section 3.5 will not be effective until and unless the Litigation Trustee receives written notice of such transfer. In addition to compliance with Article X hereof, the limitations imposed by this Section 3.5 on the transferability of Litigation Trust Interests may not be amended without the approval of the Bankruptcy Court after proper notice.
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Related to Non-Transferability of Litigation Trust Interests

  • Non-transferability of Interest None of the rights of Executive to receive any form of compensation payable pursuant to this Agreement shall be assignable or transferable except through a testamentary disposition or by the laws of descent and distribution upon the death of Executive. Any attempted assignment, transfer, conveyance, or other disposition (other than as aforesaid) of any interest in the rights of Executive to receive any form of compensation to be made by the Company pursuant to this Agreement shall be void.

  • Non-Transferability of RSUs Unless otherwise provided by the Committee in its discretion, RSUs may not be sold, assigned, alienated, transferred, pledged, attached or otherwise encumbered except as provided in Section 9(a) of the Plan. Any purported sale, assignment, alienation, transfer, pledge, attachment or other encumbrance of RSUs in violation of the provisions of this Section 6 and Section 9(a) of the Plan shall be void.

  • Transferability of Registration Rights The registration rights set forth in this Agreement are transferable to each transferee of Registrable Securities. Each subsequent holder of Registrable Securities must consent in writing to be bound by the terms and conditions of this Agreement in order to acquire the rights granted pursuant to this Agreement.

  • Non-Transferability Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner.

  • Non-Transferability of Options The Option may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Optionee, only by the Optionee.