Page:United States Statutes at Large Volume 122.djvu/2771

 12 2 STA T . 2 748PUBLIC LA W 11 0– 28 9—J UL Y3 0, 2008 ‘ ‘ (C)thedisaf fi rm a nc e o rre pu diation of w hich the con - ser v ator or receiver determines , in its so l e discretion, will promote the orderl y administration of the affairs of the re g ulated entity . ‘‘( 2 ) TIM I NGOFREPUD I AT ION. — The conservator or receiver shall determine whether or not to e x ercise the rights of repudi- ation under this su b section within a reasonable period following such appointment. ‘‘( 3 )C L AIM S FOR DAMAGES FOR REPUDIATION.— ‘‘( A ) I N GENERAL.— E xcept as otherwise provided under subparagraph (C) and paragraphs ( 4 ),( 5 ),and( 6 ), the liability of the conservator or receiver for the disaffirmance or repudiation of any contract pursuant to paragraph ( 1 ) shall be— ‘‘(i) limited to actual direct compensatory damages and ‘‘(ii) determined as of— ‘‘(I) the date of the appointment of the conser- vator or receiver; 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 ) N O LIA B ILIT Y FOR OT H ER DAMAGES.— F or purposes of subparagraph (A), the term ‘actual direct compensatory damages ’ shall not include— ‘‘(i) punitive or exemplary damages; ‘‘(ii) damages for lost profits or opportunity; or ‘‘(iii) damages for pain and suffering. ‘‘(C) M EASURE OF DAMAGES FOR REPUDIATION OF FINAN- C IAL CONTRACTS.—In the case of any q ualified 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 uti- li z ed in the industries for such contract and agreement claims; and ‘‘(ii) paid in accordance with this subsection and subsection (e), except as otherwise specifically provided in this section. ‘‘(4) L EASES UNDER W HICH THE REGULATED ENTITY IS THE LESSEE.— ‘‘(A) IN GENERAL.—If the conservator or receiver dis- affirms or repudiates a lease under which the regulated entity was the lessee, the conservator or receiver shall not be liable for any damages (other than damages deter- mined under subparagraph (B)) for the disaffirmance or repudiation of such lease. ‘‘(B) P AYMENTS OF RENT.—Notwithstanding subpara- graph (A), the lessor under a lease to which that subpara- graph applies shall— ‘‘(i) be entitled to the contractual rent accruing before the later of the date on which— ‘‘(I) the notice of disaffirmance or repudiation is mailed; or

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