Common use of Transferee Liabilities Clause in Contracts

Transferee Liabilities. The Trust shall have no liability for, and the Trust Assets shall not be subject to, any claim arising by, through or under the Debtors except as expressly set forth in the Plan or in this Litigation Trust Agreement. In no event shall the Litigation Trustee or the Beneficiaries have any personal liability for such claims. If any liability shall be asserted against the Trust or the Litigation Trustee as the transferee of the Trust Assets on account of any claimed liability of, through or under the Debtor, the Litigation Trustee may use such part of the Trust Assets as may be necessary to contest any such claimed liability and to pay, compromise, settle or discharge same on terms reasonably satisfactory to the Litigation Trustee as a Trust Cost.