Page:United States Statutes at Large Volume 103 Part 1.djvu/267

 PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 239 currency option purchased or any other similar agreement, and "(II) includes any combination of such agree- ments and any option to enter into any such agree- ment, "(vii) TREATMENT OF MASTER AGREEMENT AS i SWAP AGREEMENT. —Any master agreement for any agree- ments described in clause (viXD together with all supplements to such master agreement shall be treated as 1 swap agreement. "(viii) TRANSFER.— The term 'transfer' has the mean- ing given to such term in section 101(50) of title 11, United States Code. " (E) CERTAIN PROTECTIONS IN EVENT OF APPOINTMENT OF CONSERVATOR.— Notwithstanding any other provision of this Act (other than paragraph (12) of this subsection, subsec- •\. tions (d)(9) and (i)(4)(I) of this section, and section 13(e) of this Act), any other Federal law, or the law of any State, no person shall be stayed or prohibited from exercising— "(i) any right such person has to cause the termi- nation, liquidation, or acceleration of any qualified financial contract with a depository institution in a conservatorship based upon a default under such finan- cial contract which is enforceable under applicable noninsolvency law; "(ii) any right under any security arrangement relat- ing to such qualified financial contracts; or values, payment amounts, or other transfer obligations j. arising under or in connection with such qualified financial contracts. " (9) TRANSFER OF QUALIFIED FINANCIAL CONTRACTS. —In making any transfer of assets or liabilities of a depository institution in default which includes any qualified financial ^^ contract, the conservator or receiver for such depository institu- tion shall either— "(A) transfer to 1 depository institution (other than a Claims, depository institution in default)— "(i) all qualified financial contracts between— "(I) any person or any affiliate of such person; and "(II) the depository institution in default; "(ii) all claims of such person or any affiliate of such person against such depository institution under any such contract (other than any claim which, under the terms of any such contract, is subordinated to the claims of general unsecured creditors of such institu- tion); "(iii) all claims of such depository institution against such person or any affiliate of such person under any such contract; and "(iv) all property securing any claim described in clause (ii) or (iii) under any such contract; or "(B) transfer none of the financial contracts, claims, or property referred to in subparagraph (A) (with respect to such person and any affiliate of such person). " (10) NOTIFICATION OF TRANSFER. —
 * (iii) any right to offset or net out any termination

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