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«{D0184775.1 }1 Table of Contents Page SECTION I Introduction 1.1. Purpose. 1.1(a) Treatment of CVA Asbestos Claims 1.2. Interpretation. SECTION II ...»

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{D0184775.1 }1

Table of Contents


SECTION I Introduction

1.1. Purpose.

1.1(a) Treatment of CVA Asbestos Claims

1.2. Interpretation.


2.1. U.S. Asbestos Trust Goals and Subfunds.

2.1(a) Goals.

2.1(b) U.S. Asbestos Trust Subfunds.

2.1(b)(1) T&N Subfund

2.1(b)(2) Insured U.S. Asbestos Trust Subfunds.

2.2. Claims Liquidation Procedures.

2.2(a) In General

2.2(b) U.S. TDP Valued Claims.

2.2(c) Fel-Pro and Vellumoid Claims.

2.3. Application of Payment Percentages.

2.4. Determination of the Maximum Annual Payment and Maximum Available Payment.

2.5. Claims Payment Ratio

2.6. Indemnity and Contribution Claims.

2.7 Payments on an Installment Basis

SECTION III U.S. TDP Administration

3.1. U.S. Asbestos Trust Advisory Committee and Future Claimants’ Representative....... 21

3.2. Consent and Consultation Procedures.

SECTION IV Payment Percentage; Periodic Estimates

4.1. Uncertainty of the T&N Entities’ and FMP’s Personal Injury Asbestos Liabilities...... 22

4.2. Computation of Payment Percentage.

4.3. Applicability of the Payment Percentages.

SECTION V Resolution of Asbestos Trust Claims

5.1. Ordering, Processing and Payment of Asbestos Trust Claims.

5.1(a) Ordering of Asbestos Trust Claims

5.1(a)(1) Establishment of FIFO Processing Queue.

5.1(a)(2) Effect of Statutes of Limitations and Repose.

5.1(b) Processing of Asbestos Trust Claims

5.1(c) Payment of Asbestos Trust Claims.

5.2. Resolution of Pre-Petition Liquidated Claims.

5.2(a) Processing and Payment - In General.

5.2(a)(1) Pre-Petition Liquidated T&N Subfund Claims and FMP Claims.

{D0184775.1 }2 5.2(a)(2) Insured Pre-Petition Liquidated Claims.

5.2(b) Marshalling of Security

5.3. Resolution of Unliquidated Asbestos Trust Claims.

5.3(a) U.S. TDP Valued Claims.

5.3(a)(1) Expedited Review Process.

5.3(a)(1)(A) In General

5.3(a)(1)(B) Claims Processing Under Expedited Review.

5.3(a)(1)(C) Disease Levels and Medical/Exposure Criteria.

5.3(a)(2) Individual Review Process

5.3(a)(2)(A) Review of Medical/Exposure Criteria...................40 5.3(a)(2)(B) Review of Liquidated Value.

5.3(a)(2)(C) Valuation Factors to Be Considered in Individual Review.

5.3(a)(2)(D) Processing and Payment Limitations for U.S. TDP Valued Claims Involving Disease Levels III and II.

5.3(a)(2)(D)(i) Disease Level III Claims.

5.3(a)(2)(D)(ii) Disease Level II Claims.

5.3(a)(3) Scheduled, Average and Maximum Values.

5.3(b) Handling, Litigation, and Payment of Fel-Pro and Vellumoid Claims.

5.3(c) Tender to CNA of Fel-Pro and Vellumoid Claims

5.4. Categorizing U.S. TDP Valued Claims as Extraordinary and/or Exigent

5.4(a) Extraordinary Claims.

5.4(b) Exigent Hardship Claims.

5.5. Secondary Exposure Claims.

5.6. Indirect Asbestos Trust Claims.

5.7. Evidentiary Requirements for U.S. TDP Valued Claims

5.7(a) Medical Evidence

5.7(a)(1) In General

5.7(a)(1)(A) Disease Levels I-IV

5.7(a)(1)(B) Disease Levels V - VIII.

5.7(a)(1)(C) Exception to the Exception for Certain Pre-Petition Claims.

5.7(a)(2) Credibility of Medical Evidence.

5.7(b) Exposure Evidence

5.7(b)(1) In General

5.7(b)(2) Significant Occupational Exposure

5.7(b)(3) Federal-Mogul Exposure.

5.8. Claims Audit Program.

5.9. Second Disease (Malignancy) Claims.

5.10. Arbitration of U.S. TDP Valued Claims.

5.10(a) Establishment of ADR Procedures.

5.10(b) U.S. TDP Valued Claims Eligible for Arbitration.

{D0184775.1 }3 5.10(c) Limitations on and Payment of Arbitration Awards.

5.11. Litigation.

5.11(a)Litigation of U.S. TDP Valued Claims.

SECTION VI Claims Materials

6.1. Claims Materials.

6.2. Content of Claims Materials for U.S. TDP Valued Claims.

6.3. Withdrawal or Deferral of Claims.

6.4. Filing Requirements and Fees

6.5. Confidentiality of Claimants’ Submissions.

SECTION VII General Guidelines for Liquidating and Paying U.S. TDP Valued Claims......... 69

7.1. Showing Required

7.2. Costs Considered.

7.3. Discretion to Vary the Order and Amounts of Payments in Event of Limited Liquidity.

7.4. Punitive Damages.

7.5. Sequencing Adjustments.

7.5(a) In General

7.5(b) Liquidated Pre-Petition Claims.

7.5(c) Unliquidated U.S. TDP Valued Claims.

7.6. Litigation in the Tort System.

7.6(a) Litigation Involving U.S. TDP Valued Claims.

7.7. Payment of Judgments for Money Damages.

7.7(a) Judgments Relating to U.S. TDP Valued Claims.

7.8. Releases

7.9. Third-Party Services.

7.10. U.S. Asbestos Trust Disclosure of Information.

SECTION VIII Miscellaneous

SECTION IX Debtor HPE Asbestos Claims

9.1. T&N Subfund Claims.

9.2. Selection of Debtor HPE Asbestos Claims.

9.3. Cooperation and Assistance.

9.4. Applicable Law.

–  –  –


The Federal-Mogul Asbestos Personal Injury Trust Distribution Procedures (“U.S. TDP”) contained herein provide for resolving in accordance with the terms of the Federal-Mogul Fourth Amended Joint Plan of Reorganization, as such Plan may be amended, modified or supplemented from time to time (“Plan”) and the Federal-Mogul Asbestos Personal Injury Trust Agreement (“U.S. Asbestos Trust Agreement”) all Asbestos Personal Injury Claims (as defined in the Plan and hereinafter for all purposes of this U.S. TDP referred to as “Asbestos Trust Claims”) caused by exposure to asbestos-containing products for which Federal-Mogul and/or its wholly owned direct or indirect subsidiaries (Turner & Newell (“T&N”) and its direct or indirect U.S. subsidiaries, Gasket Holdings Inc. (“Flexitallic”) and Ferodo America Inc. (“Ferodo”) (collectively the “T&N Entities”); Federal-Mogul Products Inc. (“FMP”); Felt Products Mfg. Co.

(“Fel-Pro”); and Federal-Mogul’s former division Vellumoid (“Vellumoid”); and their successors, and assigns (each a “Federal-Mogul Entity,” and collectively the “Federal-Mogul Entities”) have legal responsibility under applicable tort law, as provided in and by the Plan and the U.S. Asbestos Trust Agreement.

The Plan and U.S. Asbestos Trust Agreement establish the Federal-Mogul Asbestos Personal Injury Trust (the "U.S. Asbestos Trust"). The Trustees of the U.S. Asbestos Trust (“Trustees”) shall implement and administer this U.S. TDP in accordance with the U.S. Asbestos Trust Agreement. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Plan and the U.S. Asbestos Trust Agreement.

–  –  –

1.1. Purpose. This U.S. TDP has been adopted pursuant to the U.S. Asbestos Trust Agreement and the Plan. It is designed to provide fair, equitable, and substantially similar treatment for all Asbestos Trust Claims that may presently exist or may arise in the future;

provided, however, that the provisions of this U.S. TDP set forth below are in all respects subject to the following sections 1.1(a).

–  –  –

4.5 of the Plan, the U.S. Asbestos Trust shall assume liability for all Asbestos Personal Injury Claims, including, without limitation, CVA Asbestos Claims. The U.S. Asbestos Trust, however, shall direct all CVA Asbestos Claims to the U.K. Asbestos Trust for resolution in accordance with the Principal CVAs. The treatment of and payments to the holders of CVA Asbestos Claims by the U.K. Asbestos Trust in accordance with the Principal CVAs shall be the sole treatment and payments available to the holders of CVA Asbestos Claims. Such treatment and payments shall be deemed to be treatment and payments by the U.S. Asbestos Trust, and the holders of CVA Asbestos Claims shall have no other rights under this U.S. TDP or against the U.S. Asbestos Trust or entitlement to any direct payments from the U.S. Asbestos Trust in respect of such CVA Asbestos Claims.

1.2. Interpretation. Except as may otherwise be provided below, nothing in this U.S.

TDP shall be deemed to create a substantive right for any claimant. The rights and benefits, if any, provided herein to holders of Asbestos Trust Claims shall vest in such holders as of the Effective Date.

–  –  –

equitably. To achieve this goal, the U.S. Asbestos Trust creates four (4) separate subfunds (each a “U.S. Asbestos Trust Subfund” and collectively the “U.S. Asbestos Trust Subfunds” or “Subfunds”), which are described below. This U.S. TDP furthers the goal of the U.S. Asbestos Trust by setting forth procedures for processing and paying all Asbestos Trust Claims (other than CVA Asbestos Claims) from four (4) of the respective Subfunds on an impartial, first-in-first-out ("FIFO") basis, with the intention of paying all claimants over time as equivalent a share as possible of the value of their claims based on historical values for substantially similar claims in the relevant tort system.1 To this end, the TDP establishes for U.S. TDP Valued Claims, as defined below, a schedule of eight asbestos-related diseases ("Disease Levels"), seven of which have presumptive medical and exposure requirements ("Medical/Exposure Criteria"), specific liquidated values ("Scheduled Values"), anticipated average values ("Average Values") and caps on their liquidated values ("Maximum Values"). the Disease Levels, Medical/Exposure Criteria, Scheduled Values, Average Values, and Maximum Values, which are set forth in Section 5.3 below, have all been selected and derived with the intention of achieving a fair allocation of the U.S. Asbestos Trust's funds as among claimants suffering from different disease processed in light of the best available information considering the settlement history of the Federal-Mogul Entities and the rights claimants would have in the tort system absent the bankruptcy.

1 As used in this U.S. TDP, the phrase "in the tort system" shall not include claims asserted against a trust established for the benefit of asbestos personal injury claimants pursuant to section 524(g) and/or section 105 of the Bankruptcy Code or any other applicable law.

–  –  –

Trust shall establish four U.S. Asbestos Trust Subfunds pursuant to the Plan and the U.S.

Asbestos Trust Agreement to compensate holders of claims against the U.S. Asbestos Trust.

One such subfund shall be the T&N Subfund, which shall process, liquidate and make payments pursuant to this U.S. TDP to holders of T&N Claims, Flexitallic Claims and Ferodo Claims (defined below) as provided in Article IV of the Plan (collectively “T&N Subfund Claims”).

The other three U.S. Asbestos Trust Subfunds which are subject to the terms of this U.S. TDP shall be the FMP Subfund, the Fel-Pro Subfund and the Vellumoid Subfund. The FMP Subfund shall pay FMP Claims from proceeds of insurance available to pay FMP claims. Any payments in respect of Fel-Pro Claims and Vellumoid Claims shall be subject to the terms of the CIP Agreement.

A claimant may assert separate Asbestos Trust Claims against more than one U.S.

Asbestos Trust Subfund based on exposure to asbestos or asbestos-containing products manufactured or distributed by more than one of the Federal-Mogul Entities identified above (“Multiple Exposure Claims”). A claimant may also assert separate Multiple Exposure Claims against the T&N Subfund based on exposure to asbestos or asbestos-containing products produced or manufactured by more than one T&N Entity; provided, however, that Multiple Exposure Claims against the T&N Subfund must be based on separate and distinct exposure to asbestos or asbestos-containing products produced, manufactured, marketed, distributed, sold or utilized by each individual T&N Entity against which an Asbestos Trust Claim is filed. To the extent any U.S. Asbestos Trust Subfund or Subfunds have separate liabilities to a single claimant based on Multiple Exposure Claims, each such Subfund shall pay the claimant the liquidated

–  –  –

shall be liable for all T&N Subfund Claims, which are all Asbestos Trust Claims for which T&N and/or its subsidiaries or affiliates have legal responsibility, other than CVA Asbestos Claims.

For T&N Subfund Claims based on exposure to asbestos or asbestos-containing products within the U.S. or Canada, this U.S. TDP establishes an Expedited Review Process involving eight (8) separate asbestos-related Disease Levels as well as three (3) separate matrices of liquidated values for T&N Claims, Flexitallic Claims and Ferodo Claims, respectively, based on these Disease Levels. These matrices are set forth in Section 5.3(a)(1)(C) and Section 5.3(a)(3) below. T&N Subfund Claims based on exposure to asbestos or asbestos-containing products anywhere in the rest of the world (i.e., outside the U.S. or Canada) shall be treated as “Foreign Claims,” and shall be liquidated and paid solely pursuant to the Individual Review Process as provided in Section 5.3(a)(2).

The U.S. Asbestos Trust shall liquidate and pay claimants holding T&N Subfund Claims the liquidated value of their Asbestos Trust Claims solely from the assets of the T&N Subfund pursuant to the provisions in this U.S. TDP including the applicable Payment Percentages described in Section 4.2 below (hence, such claims, together with FMP Claims, are referred to as “U.S. TDP Valued Claims”).

–  –  –

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