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Document Preview Liquidating Trust Agreement |
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Title: |
Liquidating Trust Agreement |
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Entities: |
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Date: |
2007 |
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Size: |
99KB total |
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Price: |
$41 |
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ID: |
#2943790 |
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Start of Preview |
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LIQUIDATING TRUST AGREEMENT.............................................................................................................................................................................. |
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RECITALS.......................................................................................................................................................................................................................... |
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ARTICLE I: NAME AND DEFINITIONS.......................................................................................................................................................................... |
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1.1 |
Name....................................................................................................................................................................................................................... |
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1.2 |
Certain Terms Defined.............................................................................................................................................................................................. |
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ARTICLE II: NATURE OF TRANSFER............................................................................................................................................................................ |
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2.1 |
Purpose of Trust........................................................................................................................................................................................................ |
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2.2 |
Prohibited Activities................................................................................................................................................................................................... |
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2.3 |
No Reversion to the Partnership................................................................................................................................................................................. |
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2.4 |
Payment of Liabilities................................................................................................................................................................................................. |
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2.5 |
Bill of Sale, Assignment, Acceptance and Assumption Agreement; Instruments of Further Assurance........................................................................... |
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2.6 |
Incidents of Ownership.............................................................................................................................................................................................. |
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2.7 |
Notice to Unlocated Holders of Partnership Units........................................................................................................................................................ |
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ARTICLE III: BENEFICIARIES......................................................................................................................................................................................... |
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3.1 |
Beneficial Interests.................................................................................................................................................................................................... |
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3.2 |
Rights of Beneficiaries............................................................................................................................................................................................... |
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3.3 |
No Transfer of Interests of Beneficiaries.................................................................................................................................................................... |
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3.4 |
Managing Trustee as Beneficiary................................................................................................................................................................................ |
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ARTICLE IV: DURATION AND TERMINATION OF TRUST......................................................................................................................................... |
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4.1 |
Duration.................................................................................................................................................................................................................... |
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4.2 |
Other Obligations of the Managing Trustee upon Termination....................................................................................................................................... |
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ARTICLE V: ADMINISTRATION OF TRUST ASSETS.................................................................................................................................................... |
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5.1 |
Sale of Trust Assets................................................................................................................................................................................................... |
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5.2 |
Transactions with Related Persons.............................................................................................................................................................................. |
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5.3 |
Payment of Claims, Expenses and Liabilities................................................................................................................................................................ |
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5.4 |
Interim Distributions................................................................................................................................................................................................... |
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5.5 |
Final Distribution........................................................................................................................................................................................................ |
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5.6 |
Reports to Beneficiaries and Others............................................................................................................................................................................ |
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5.7 |
Federal Income Tax Information................................................................................................................................................................................. |
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5.8 |
Employment of Manager............................................................................................................................................................................................ |
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ARTICLE VI: POWERS OF AND LIMITATIONS ON THE MANAGING TRUSTEE....................................................................................................... |
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6.1 |
Limitations on the Managing Trustee........................................................................................................................................................................... |
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6.2 |
Specific Powers of the Managing Trustee................................................................................................................................................................... |
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ARTICLE VII: RESIDENT TRUSTEE............................................................................................................................................................................... |
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7.1 |
Generally................................................................................................................................................................................................................... |
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7.2 |
Fees and Indemnity.................................................................................................................................................................................................... |
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7.3 |
Insurance.................................................................................................................................................................................................................. |
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7.4 |
Miscellaneous............................................................................................................................................................................................................ |
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ARTICLE VIII: CONCERNING THE MANAGING TRUSTEE, EMPLOYEES AND AGENTS......................................................................................... |
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8.1 |
Generally................................................................................................................................................................................................................... |
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8.2 |
Reliance by Managing Trustee.................................................................................................................................................................................... |
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8.3 |
Limitation on Liability to Third Persons........................................................................................................................................................................ |
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8.4 |
Recitals..................................................................................................................................................................................................................... |
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8.5 |
Indemnification.......................................................................................................................................................................................................... |
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8.6 |
Rights of Managing Trustees, Employees, Independent Contractors and Agents to Own Trust Units or Other Property and to Engage in Other Business... |
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ARTICLE IX: PROTECTION OF PERSONS DEALING WITH THE MANAGING TRUSTEE.......................................................................................... |
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9.1 |
Reliance on Statements by the Managing Trustee........................................................................................................................................................ |
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ARTICLE X: REIMBURSEMENT TO THE MANAGING TRUSTEE................................................................................................................................ |
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10.1 |
Expenses.................................................................................................................................................................................................................. |
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ARTICLE XI: THE MANAGING TRUSTEE AND SUCCESSOR MANAGING TRUSTEE............................................................................................... |
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11.1 |
Number and Qualification of Managing Trustees.......................................................................................................................................................... |
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11.2 |
Resignation and Removal........................................................................................................................................................................................... |
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11.3 |
Appointment of Successor.......................................................................................................................................................................................... |
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11.4 |
Acceptance of Appointment by Successor Managing Trustee....................................................................................................................................... |
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11.5 |
Bonds....................................................................................................................................................................................................................... |
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ARTICLE XII: CONCERNING THE BENEFICIARIES..................................................................................................................................................... |
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12.1 |
Evidence of Action by Beneficiaries............................................................................................................................................................................ |
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12.2 |
Limitation on Suits by Beneficiaries............................................................................................................................................................................. |
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12.3 |
Requirement of Undertaking....................................................................................................................................................................................... |
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ARTICLE XIII: MEETING OF BENEFICIARIES............................................................................................................................................................... |
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13.1 |
Purpose of Meetings.................................................................................................................................................................................................. |
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13.2 |
Meeting Called by Managing Trustee.......................................................................................................................................................................... |
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13.3 |
Meeting Called on Request of Beneficiaries................................................................................................................................................................. |
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13.4 |
Persons Entitled to Vote at Meeting of Beneficiaries.................................................................................................................................................... |
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13.5 |
Quorum..................................................................................................................................................................................................................... |
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13.6 |
Adjournment of Meeting............................................................................................................................................................................................. |
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13.7 |
Conduct of Meeting................................................................................................................................................................................................... |
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ARTICLE XIV: AMENDMENTS....................................................................................................................................................................................... |
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14.1 |
Consent of Beneficiaries............................................................................................................................................................................................ |
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14.2 |
Effect of Amendment................................................................................................................................................................................................ |
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14.3 |
Managing Trustee?s Declining to Execute Documents.................................................................................................................................................. |
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ARTICLE XV: MISCELLANEOUS PROVISIONS............................................................................................................................................................ |
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15.1 |
Filing Documents....................................................................................................................................................................................................... |
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15.2 |
Intention of Parties to Establish Trust.......................................................................................................................................................................... |
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15.3 |
Beneficiaries Have No Rights or Privileges as Holders of Partnership Units.................................................................................................................. |
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15.4 |
Laws as to Construction............................................................................................................................................................................................. |
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15.5 |
Severability............................................................................................................................................................................................................... |
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15.6 |
Notices..................................................................................................................................................................................................................... |
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15.7 |
Counterparts............................................................................................................................................................................................................. |
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EXHIBIT A: Bill of Sale, Assignment, Acceptance and Assumption Agreement..................................................................................................................... |
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End of Preview |
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