Washington Mutual Preferred fka WAMPQ

[marayatano]

ARTICLE XXIII
PROVISION FOR TREATMENT OF PREFERRED EQUITY INTEREST (CLASS 19)
23.1 Treatment of Preferred Equity Interests: Commencing on the
Effective Date, and subject to the execution and delivery of a release in accordance with the
provisions of Section 41.6 of the Plan, each holder of a Preferred Equity Interest, including,
without limitation, each holder of a REIT Series, shall be entitled to receive such holder’s Pro
Rata Share of seventy percent (70%) of (a) subject to the right of election provided in Sections
6.2(b), 7.2(b), 16.1(b)(ii), 18.2(b), 19.2(b) and 20.2(b) of the Plan, the Reorganized Common
Stock, and (b) in the event that all Allowed Claims and Postpetition Interest Claims in respect of
Allowed Claims are paid in full (including with respect to Allowed Subordinated Claims), any
Liquidating Trust Interests to be redistributed; provided, however, that, in the event that, at the
Confirmation Hearing and in the Confirmation Order, the Bankruptcy Court determines that a
different percentage should apply, the foregoing percentage shall be adjusted in accordance with
the determination of the Bankruptcy Court and be binding upon each holder of a Preferred
Equity Interest. In addition, and separate and distinct from the distribution to be provided to
holders of the Preferred Equity Interests from the Debtors, pursuant to the Global Settlement
Agreement, and in exchange for the releases set forth in the Global Settlement Agreement and in
Article XLI herein, on the Effective Date, JPMC shall pay, or transfer to the Disbursing Agent,
for payment to each Releasing REIT Trust Holder its pro rata share of Fifty Million Dollars
($50,000,000.00), determined by multiplying (a) Fifty Million Dollars ($50,000,000.00) times
(b) an amount equal to (i) the principal amount of REIT Series held by such Releasing REIT
Trust Holder on the voting record date with respect to the Sixth Amended Plan divided by (ii) the outstanding principal amount of all REIT Series (which is Four Billion Dollars
($4,000,000,000.00)); provided, however, that the release of claims against the “Releasees”
delivered in connection with the solicitation of acceptances and rejections to the Sixth Amended
Plan shall be deemed binding and effective for each Releasing REIT Trust Holder; and,
provided, further, that, at the election of JPMC, the amount payable to Releasing REIT Trust
Holders pursuant to this Section 23.1 and Section 2.24 of the Global Settlement Agreement may
be paid in shares of common stock of JPMC, having an aggregate value equal to the amount of
cash to be paid pursuant to this Section 23.1 and Section 2.24 of the Global Settlement
Agreement, valued at the average trading price during the thirty (30) day period immediately
preceding the Effective Date. While JPMC’s maximum liability pursuant to this Section 23.1
and Section 2.24 of the Global Settlement Agreement is Fifty Million Dollars ($50,000,000.00),
JPMC’s liability shall be reduced to the extent the Releasing REIT Trust Holders comprise less
than all of the outstanding REIT Series holders.
23.2 Cancellation of REIT Series: Notwithstanding the provisions of Section
23.1 hereof, on the Effective Date, all REIT Series shall be deemed extinguished and the
certificates and all other documents representing such Equity Interests shall be deemed cancelled
and of no force and effect. For the avoidance of doubt, this Section 23.2 shall have no effect on,
and shall not result in the extinguishment or cancellation of, the Trust Preferred Securities and, in
accordance with the Global Settlement Agreement, JPMC or its designee is the sole legal,
equitable and beneficial owner of the Trust Preferred Securities for all purposes.
23.3 Cancellation of Preferred Equity Interests: Notwithstanding the
provisions of Section 23.1 hereof, on the Effective Date, all non-REIT Series Preferred Equity
Interests shall be deemed extinguished and the certificates and all other documents representing
such Equity Interests shall be deemed cancelled and of no force and effect.

Same verbiage for Dimeq and commons.


Also evidenced by EC's Q&A.

imo