Page:United States Statutes at Large Volume 103 Part 1.djvu/566

 103 STAT. 538 PUBLIC LAW 101-73—AUG. 9, 1989 "(2) TIMING OF REPUDIATION. — The conservator or liquidating agent appointed for any insured credit union shall determine whether or not to exercise the rights of repudiation under this subsection within a reasonable period following such appoint- ment. " (3) CLAIMS FOR DAMAGES FOR REPUDIATION. — "(A) IN GENERAL.—Except as otherwise provided in subparagraph (C) and paragraphs (4), (5), and (6), the liabil- ity of the conservator or liquidating agent for the disaffirmance or repudiation of any contract pursuant to paragraph (1) shall be— •y "(i) limited to actual direct compensatory damages; and "(ii) determined as of— "(I) the date of the appointment of the conserva- tor or liquidating agent; or "(II) in the case of any contract or agreement referred to in paragraph (8), the date of the disaffirmance or repudiation of such contract or agreement. "(B) No LIABILITY FOR OTHER DAMAGES. —For purposes of subparagraph (A), the term 'actual direct compensatory damages' does not include— "(i) punitive or exemplary damages; "(ii) damages for lost profits or opportunity; or "(iii) damages for pain and suffering. " (C) MEASURE OF DAMAGES FOR REPUDIATION OF FINANCIAL CONTRACTS.— In the case of any qualified financial contract or agreement to which paragraph (8) applies, compensatory damages shall be— "(i) deemed to include normal and reasonable costs of cover or other reasonable measures of damages utilized in the industries for such contract and agreement claims; and "(ii) paid in accordance with this subsection and subsection (f) except as otherwise specifically provided in this section. " (4) LEASES UNDER WHICH THE CREDIT UNION IS THE LESSEE.— "(A) IN GENERAL. —I f the conservator or liquidating agent disaffirms or repudiates a lease under which the credit union was the lessee, the conservator or liquidating agent shall not be liable for any damages (other than damages determined pursuant to subpargigraph (B)) for the disaffirmance or repudiation of such lease. "(B) PAYMENTS OF RENT. — Notwithstanding subparagraph (A), the lessor under a lease to which such subparagraph applies shall— "(i) be entitled to the contractual rent accruing before the later of the date— "(I) the notice of disaffirmance or repudiation is mailed; or "(II) the disaffirmance or repudiation becomes effective, unless the lessor is in default or breach of the terms of the lease; "(ii) have no claim for damages under any accelera- tion clause or other penalty provision in the lease; and

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