Common use of Termination of Litigation Trust Clause in Contracts

Termination of Litigation Trust. The Litigation Trustee, the Trust Governing Board and the Litigation Trust shall be discharged or dissolved, as the case may be, at such time as (i) the Litigation Trustee determines that the pursuit of additional Unsettled Bond Avoidance Action Claims is not likely to yield sufficient additional Litigation Claims Proceeds to justify further pursuit of such claims and (ii) all distributions of Litigation Claims Proceeds required to be made by the Litigation Trustee under the Plan have been made, but in no event shall the Litigation Trust be dissolved later than five (5) years from the Effective Date unless the Bankruptcy Court, upon motion made within the six (6) month period prior to such fifth (5th) anniversary (and, in the event for further extension, at least six (6) months prior to the end of the preceding extension), determines that a fixed period extension (not to exceed three (3) years, together with any prior extensions, without a favorable letter ruling from the IRS that any further extension would not adversely affect the status of the Litigation Trust as a liquidating trust for federal income tax purposes) is necessary to facilitate or complete the recovery on and liquidation of the Litigation Trust Assets. Upon dissolution of the Litigation Trust, any remaining Litigation Trust Assets shall be distributed in accordance with the Litigation Trust Agreement (which shall include the Litigation Distribution Schedule).

Termination of Litigation Trust. The Litigation Trustee, the Trust Governing Board Trustee and the Litigation Trust shall be discharged or dissolved, as the case may be, at such time as (ia) the Litigation Trustee determines that the pursuit of additional Unsettled Bond Avoidance Action Claims Assigned Actions is not likely to yield sufficient additional Litigation Claims Proceeds to justify further pursuit of such claims and (iib) all distributions of Proceeds and other Litigation Claims Proceeds Trust Assets required to be made by the Litigation Trustee under the Plan and this Litigation Trust Agreement have been mademade in accordance with the Distribution Schedule, but in no event shall the Litigation Trust be dissolved later than five (5) years from the Effective Date unless the Bankruptcy Court, upon motion made by a party in interest within the six (6) month period prior to such fifth (5th) anniversary (and, in the event for of further extension, at least six (6) months prior to the end of the preceding extension), determines that a fixed period extension (not to exceed three (3) years, together with any prior extensions, without a favorable letter ruling from the IRS that any further extension would not adversely affect the status of the Litigation Trust as a liquidating trust for federal income tax purposes) is necessary to facilitate or complete the recovery on and liquidation of the Litigation Trust Assets; provided that in no event shall the term of the Litigation Trust be extended beyond April 30, 2031. Upon dissolution of the Litigation Trust, any remaining Cash on hand and other Litigation Trust Assets shall be distributed in accordance with the Distribution Schedule. Article VII shall survive any termination of the Litigation Trust Agreement (which shall include the Litigation Distribution Schedule)Agreement.