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Washington Mutual Bank Purchase and Assumption Agreement

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Washington Mutual Bank Purchase and Assumption Agreement PURCHASE AND ASSUMPTION AGREEMENT WHOLE BANK AMONG FEDERAL DEPOSIT INSURACE CORPORATION, RECEIVER OF WASHINGTON MUTUAL BANK, HENDERSON, NEVADA FEDERAL DEPOSIT INSURANCE CORPORATION and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION DATED AS OF SEPTEMBER 25, 2008 T ABLE OF CONTENTS ARTICLE I DEFINITIONS ...........................................................................................2 ARTICLE II ASSUMPTION OF LIABILITIES...........................................................8 2.1 Liabilities Assumed by Assuming Ban ......................................................8 2.2 Interest on Deposit Liabilities ......................................................................8 2.3 Unclaimed Deposits ........ ........ ........ ............... ............... .......... .... ............. ....8 2.4 Omitted ........................................................................................................9 2.5 Borrower Claims..........................................................................................9 ARTICLE III PURCHASE OF ASSETS .........................................................................9 3.1 Assets Purchased by Assuming Ban ..........................................................9 3.2 Asset Purchase Price ....................................................................................9 3.3 Maner of Conveyance; Limited Waranty; Nonrecourse; Etc............... ........... ..... ............. .............. ..................1 0 3.4 Puts of Assets to the Receiver....................................................................10 3.5 Assets Not Purchased by Assuming Ban .................................... ............ .11 3.6 Assets Essential to Receiver.. ............ .......... ....... ................. ......................11 ARTICLE IV ASSUMPTION OF CERTAIN DUTIES AND OBLIGATIONS........13 4.1 Continuation of Baning Business........... ....... ........... ...................... ..........13 4.2 Agreement with Respect to Credit Card Business ....... ........................ ......13 4.3 Agreement with Respect to Safe Deposit Business ...................................13 4.4 Agreement with Respect to Safekeeping Business ...... ....... .................... ...13 4.5 Agreement with Respect to Trust Business ...............................................13 4.6 Agreement with Respect to Ban Premises ...............................................14 4.7 Agreement with Respect to Leased Data Processing Equipment................................................................... .16 4.8 Agreement with Respect to Certain Existing Agreements.................................................................... ..16 4.9 Informational Tax Reporting.... ................... ........ ........... .................. .........17 4.10 Insurance. ..... .. ........... .. .. .. ....... .. ........ ........ .......... ......... .......... ...................1 7 4.11 Office Space for Receiver and Corporation ........ ........ .......... .....................17 4.12 Omitted ......................................................................................................18 4.13 Omitted .....................................................................................................18 ii Washington Mutual Bank Execution Copy Henderon. Nevada Whole Bank P&A ARTICLE V DUTIES WITH RESPECT TO DEPOSITORS OF THE FAILED BANK........................................................................18 5.1 Payment of Checks, Drafts and Orders ." .......................... ................ .........18 5.2 Certain Agreements Related to Deposits ............................................... ....18 5.3 Notice to Depositors. ........... ........ .............. ..................... .......................... .18 ARTICLE VI RECORDS ................................................................................................19 ..........19 6.1 Transfer of Records.......................................................................... 6.2 Delivery of Assigned Records ........... ............ ................ ......... .............. .....20 6.3 Preservation of Records .............................................................................20 6.4 Access to Records; Copies.........................................................................20 ARTICLE VII BID; INITIAL PAYMENT .....................................................................20 ARTICLE VIII PRO FO RMA ............................................................................................20 ARTICLE IX CONTINUING COOPERATION..........................................................21 9.1 General Matters..........................................................................................21 9.2 Additional Title Documents.......................................................................21 9.3 Claims and Suits.... ......... ............................ ..... ........ ......... ....................... ..21 9.4 Payment of Deposits .................. .................. .............................. ............ ....22 9.5 Withheld Payments ....................................................................................22 9.6 Proceedings with Respect to Certain Assets and Liabilities.................................................................................22 9.7 Information.... ......... ........ ..... ......................... .... .... ......................... ......... ....23 ARTICLE X CONDITION PRECEDENT ..................................................................23 ARTICLE XI REPRESENTATIONS AND WARTIES OF THE ASSUMING BANK .................................................................................23 ARTICLE XII INDEMNIFICATION .............................................................................24 12.1 Indemnification of Indemnitees .................................................................25 12.2 Conditions Precedent to Indemnification...................................................27 12.3 No Additional Waranty.............................................................................28 12.4 Indemnification of Corporation and Receiver............................................29 12.5 Obligations Supplemental..........................................................................29 12.6 Criminal Claims.............................................................. ....................... ....29 12.7 Limited Guaranty of the Corporation.........................................................29 12.8 Subrogation .. ........................... ....................... .... ....... .................................30 11 Washington Mutual Bank Execution Copy Henderson. Nevada Whole Bank P&A ARTICLE XIII MISCELLANEOUS ................................................................................30 13.1 Entire Agreement .................................. ..... ............ ........ ..... ...... .......... .......30 13.2 Headings .... ............................................................... ..... ........ .................. ..30 13.3 Counterpars.............................................................................................. .30 13.4 Governing Law......................................................... ........ ........ .......... .......30 13.5 Successors.. ...... ...... ...................... .................. .... ............ ..... ............. ...... ....30 13.6 Modification; Assignent .................. ................... ......... ........... ...... ..........31 13.7 Notice ........................................................................................................31 13.8 Maner of Payment.............................................. ......... .......... .............. .....31 13.9 Costs, Fees and Expenses ..........................................................................32 13.10 Waiver........................................................................................................32 13.11 Severability...... ... ...... .... .......... ............ ...... ..... .... ... ...... ...... ....... ..................32 13.12 Term of Agreement....................................................................................32 13.13 Survival of Covenants, Etc. .......................................................................32 SCHEDULES 2.1 Certain Liabilities Not Assumed................................................................34 3.2 Purchase Price of Assets or Assets .... ........... ................... ...... ...... ......... .....35 3.5 Certain Assets Not Purchased....................................................................37 EXHIBIT 3.2(c) Valuation of Certain Qualified Financial Contracts....... ..... ........... ......... ..38 iv Washington Mutual Bank Execution Copy Hendern. Nevada Whle Bank P&A PURCHASE AND ASSUMPTION AGREEMENT WHOLE BANK THIS AGREEMENT, made and entered into as of the 25th day of September, 2008, by and among the FEDERAL DEPOSIT INSURANCE CORPORATION, RECEIVER of WASHINGTON MUTUAL BANK, HENDERSON, NEVADA (the "Receiver"), JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, organized under the laws of the United States of America, and having its principal place of business in Seattle, Washington (the "Assuming Ban"), and the FEDERAL DEPOSIT INSURANCE CORPORATION, organized under the laws of the United States of America and having its principal offce in Washington, D.C., acting in its corporate capacity (the "Corporation"). WITNESSETH: WHEREAS, on Ban Closing, the Charering Authority closed
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