Page:United States Statutes at Large Volume 103 Part 1.djvu/265

 PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 237 the right of repudiation of such contract under this section— "(i) the other party shall be paid under the terms of the contract for the services performed; and "(ii) the amount of such payment shall be treated as an administrative expense of the conservatorship or receivership. "(C) ACCEPTANCE OF PERFORMANCE NO BAR TO SUBSEQUENT REPUDIATION.—The acceptance by any conservator or re- ceiver of services referred to in subparagraph (B) in connec- tion with a contract described in such subparagraph shall not affect the right of the conservator or receiver to repudi- ate such contract under this section at any time after such performance. "(A) RIGHTS OF PARTIES TO CONTRACTS.— Subject to para- graph (10) of this subsection and notwithstanding any other provision of this Act (other than subsections (d)(9) and (i)(4)(I) of this section and section 13(e)), any other Federal law, or the law of any State, no person shall be stayed or prohibited from exercising— "(i) any right to cause the termination or liquidation of any qualified financial contract with an insured depository institution which arises upon the appoint- ment of the Corporation as receiver for such institution at any time after such appointment; "(ii) any right under any security arrangement relat- ing to any contract or agreement described in clause (i); or "(iii) any right to offset or net out any termination value, payment amount, or other transfer obligation arising under or in connection with 1 or more contracts and agreements described in clause (i), including any master agreement for such contracts or agreements. "(B) APPLICABILITY OF OTHER PROVISIONS. —Subsection (d)(12) shall apply in the case of any judicial action or proceeding brought against any receiver referred to in subparagraph (A), or the insured depository institution for which such receiver was appointed, by any party to a contract or agreement described in subparagraph (A)(i) with such institution. "(C) CERTAIN TRANSFERS NOT AVOIDABLE.— " (i) IN GENERAL.— Notwithstanding paragraph (11), the Corporation, whether acting as such or as conserva- tor or receiver of an insured depository institution, may not avoid any transfer of money or other property in connection with any qualified financial contract with jin insured depository institution. "(ii) EXCEPTION FOR CERTAIN TRANSFERS. —Clause (i) 'Shall not apply to any transfer of money or other property in connection with any qualified financial contract with an insured depository institution if the Corporation determines that the transferee had actual intent to hinder, delay, or defraud such institution, the creditors of such institution, or any conservator or receiver appointed for such institution.
 * (8) CERTAIN QUALIFiED FINANCIAL CONTRACTS. —

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