Page:United States Statutes at Large Volume 122.djvu/2773

 12 2 STA T . 2 750PUBLIC LA W 110 – 2 89—J UL Y3 0, 2008 ‘ ‘ (I)shal l conti n ue to m a k e all p a y ments d ue unde r the contract a f ter the date of the repudiation of the contract and ‘‘(II) may offset a g ainst any such payments any damages w hich accrue after such date due to the nonperformance (after such date) of any o b ligation of the regulated entity under the con - tract; and ‘‘(ii) the conser v ator or receiver shall — ‘‘(I) not be liable to the purchaser for any damages arising after such date as a result of the repudiation , other than the amount of any offset allowed under clause (i)(II); ‘‘(II) deliver title to the purchaser in accord- ance with the provisions of the contract; and ‘‘(III) have no obligation under the contract other than the performance re q uired under sub- clause (II) . ‘‘( C ) AS S IGNME N TA N D SA L E ALL OW ED.— ‘‘(i) IN GENE R AL.— N o provision of this paragraph shall be construed as limiting the right of the conser- vator or receiver to assign the contract described under subparagraph (A), and sell the property sub j ect to the contract and the provisions of this paragraph. ‘‘(ii) NO LIA B ILIT Y A F TER ASSIGNMENT AND SALE.— If an assignment and sale described under clause (i) is consummated, the conservator or receiver shall have no further liability under the contract described under subparagraph (A), or with respect to the real property which was the subject of such contract. ‘‘( 7 ) S ER V I C E CONTRACTS.— ‘‘(A) SERVICES P ERFORMED BEFORE APPOINTMENT.—In the case of any contract for services between any person and any regulated entity for which the Agency has been appointed conservator or receiver, any claim of such person for services performed before the appointment of the conser- vator or receiver shall be— ‘‘(i) a claim to be paid in accordance with sub- sections (b) and (e); and ‘‘(ii) deemed to have arisen as of the date on which the conservator or receiver was appointed. ‘‘( B ) SERVICES PERFORMED AFTER APPOINTMENT AND PRIOR TO REP U DIATION.—If, in the case of any contract for services described under subparagraph (A), the conser- vator or receiver accepts performance by the other person before the conservator or receiver makes any determination toe x ercise 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 SUBSE- Q UENT REPUDIATION.— T he acceptance by the conservator or receiver of services referred to under subparagraph (B) Payments. Payments.

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