Looks like WMI is in agreement with JPM.
1.97 Effective Date: The first (1st) Business Day on which (i) all of the
conditions precedent to confirmation of the Plan specified in Section 36.1 of the Plan shall have
been satisfied or waived, as provided in Section 36.2 of the Plan, and (ii) all the conditions
precedent to the effectiveness of the Plan specified in Section 37.1 of the Plan shall have been
satisfied or waived as provided in Section 37.2 of the Plan.
37.2 Waiver of Conditions Precedent: To the extent practicable and legally
permissible, each of the conditions precedent in Section 37.1 hereof may be waived, in whole or
in part, by the Debtors, subject to the prior written approval of the Creditors’ Committee, the
Equity Committee, the JPMC Entities, the FDIC Receiver, FDIC Corporate, and AAOC. Any
such waiver of a condition precedent may be effected at any time by filing a notice thereof with
the Bankruptcy Court executed by the Debtors, the Creditors’ Committee, the Equity Committee,
the JPMC Entities, the FDIC Receiver, FDIC Corporate and AAOC.
37.1 Conditions Precedent to Effective Date of the Plan: The occurrence of
the Effective Date and the substantial consummation of the Plan are subject to satisfaction of the
following conditions precedent:
(a) Satisfaction of Certain Settlement Agreement Conditions. The
satisfaction of the “Conditions to Effective Date” set forth in Section 7.2 of the Global
Settlement Agreement.
(b) Entry of the Confirmation Order. The Clerk of the Bankruptcy
Court shall have entered the Confirmation Order in accordance with section 1129 of the
Bankruptcy Code, and the Confirmation Order shall have become a Final Order.
(c) Execution of Documents; Other Actions. All other actions and
documents necessary to implement the Plan shall have been effected or executed.
“Effective Date” shall mean the first (1st) Business Day after the date on
which all conditions to effectiveness set forth in Section 7.2 hereof shall have been
satisfied or, to the extent not satisfied, waived in writing, in whole or in part, by each of
the Parties.
Section 7.2. Conditions to Effective Date. Except with regard to the
covenants of the JPMC Entities set forth in Section 5.1 hereof, the covenants of the FDIC
Parties set forth in Section 5.2 hereof, the covenants of the WMI Entities set forth in
Section 5.3 hereof, and the covenants of the Creditors’ Committee set forth in Section 5.4
hereof, the terms and provisions of this Agreement are expressly subject to the following
conditions unless waived, in writing, by the Parties:
(a) the execution and delivery of this Agreement by each of the
entities identified on the signature pages of this Agreement;
(b) the entry of the Confirmation Order by the Bankruptcy
Court confirming the Plan in accordance with section 1129 of the Bankruptcy Code, and
such Confirmation Order shall have become a Final Order;
(c) the effective date of the Plan; and
(d) the disposition of the Texas Litigation in a manner provided herein
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JPM parece que va a tener que solucionar lo de Texas para que todo el mundo este contento y salgamos de BK
