Mr Cooper Group Inc (COOP)

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Summary of the Agreement
The following is a summary of the material terms of the Agreement, as executed by the Debtors, and is not a complete description of the Agreement. Capitalized terms used but not defined herein have the meanings ascribed to them in the Debtors’ Seventh Amended Joint Plan of Affiliated Debtors Pursuant to Chapter 11 of the United States Bankruptcy Code (the “Plan”). The Agreement provides for the creation of a liquidating trust (the “WMI Liquidating Trust”) that will have an initial term of three years, subject to extension for up to an additional three years (subject to certain limited exceptions) with the approval of the United States Bankruptcy Court for the District of Delaware. On or shortly after the effective date of the Plan (the “Effective Date”), certain of the Debtors’ assets, as further described below (the “Liquidating Trust Assets”), will be transferred to the WMI Liquidating Trust pursuant to the Plan for the benefit of certain holders of claims against, or equity interests in, the Debtors. Such claim and equity interest holders (the “Liquidating Trust Beneficiaries”) will be issued beneficial interests in the WMI Liquidating Trust (each such interest, a “Liquidating Trust Interest”) in exchange for their claims against, or equity interests in, the Debtors. The Agreement provides that the Liquidating Trust Interests are not transferable except by will, intestate succession or operation of law. Pursuant to the Agreement, the Liquidating Trustee will be responsible for liquidating, converting to cash and distributing the Liquidating Trust Assets to the Liquidating Trust Beneficiaries in accordance with the terms of the Agreement. The WMI Liquidating Trust will not continue, nor engage in at any time, the conduct of any trade or business other than the liquidation and distribution of the Liquidating Trust Assets, and is intended to qualify as a “liquidating trust” for federal income tax purposes.
https://www.sec.gov/Archives/edgar/data/933136/000090951812000099/mm03-1212_8k.htm