What do you guys make of this, re BOLI/COLI:
On and effective as of the Effective Date, and pursuant to
the 363 Sale and Settlement, (i) all assets in the Rabbi Trust set forth on Exhibit “Q”
hereto (the “WMI Rabbi Trust”), all BOLI/COLI policies and the proceeds thereof set
forth on Exhibit “R” hereto (the “WMI Policies”), shall be deemed to be and forever
determined to be the property of WMI, and the JPMC Entities will be deemed to have
sold, transferred and assigned any and all right, title and interest the JPMC Entities may
have in such assets, free and clear of all liens, Claims, interests and encumbrances, (ii)
the JPMC Entities shall take such action as may be reasonably requested by WMI to
cause third parties, including, without limitation, trustees of the WMI Rabbi Trust and the
issuers of the WMI Policies to recognize and reflect on their books and records that WMI is the owner of or the beneficiary of, as the case may be, the WMI Rabbi Trusts and the
WMI Policies and WMI shall be authorized and expressly permitted to exercise all
ownership rights related to the WMI Rabbi Trust and the WMI Policies, including,
without limitation, surrender or liquidation rights, and (iii) any liabilities to the thirdparty
beneficiaries of such assets or policies, including, without limitation, insureds, coinsureds
or beneficiaries of the WMI Rabbi Trust or the WMI Policies for deferred
compensation or other plans in the WMI Rabbi Trust and the WMI Policies which such
assets relate shall remain liabilities of WMI’s chapter 11 estate.
AI
