Mr Cooper Group Inc fka COOP

[WithCatz]

dmc, the wording is vague-ish, and I would think the FDIC would be consulted, but they SIGNED the GSA with the extension provision (known as 7.3) and it states that to extend the GSA it does not require the FDIC.

I suspect this is because the reaction time of the FDIC to get an aggreement signed out of the FDIC's BoD takes forever -- as we have seen in the past.

So when they signed the GSA, which included the 7.3, they effectively gave their approval to the 7.3 provisions.

Section 7.3.
Termination of Agreement.
This Agreement may be terminated by any Party, at their sole option and discretion, in the event that (a) either the FDIC Board or the Board of Directors of WMI (or the Operations Committee thereof, if applicable) shall have failed to approve this Agreement by October 19, 2010, (b) any other Party hereto materially breaches any of the covenants set forth in Article V hereof or any of its other undertakings in this Agreement, or (c) the Confirmation Order is not entered by the Bankruptcy Court and the effective date of the Plan does not occur on or prior to December 31, 2010; provided, however, that, upon the joint instruction and notice provided by WMI and JPMC, and the consent of the Creditors’ Committee, the date set forth in subsection (c) above shall be extended up to and including January 31, 2011.


PDF Page #380
http://www.kccllc.net/documents/0812229/0812229101006000000000005.pdf  (WARNING! 1612 pages -- HUGE)

...Catz

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