Page:United States Statutes at Large Volume 122.djvu/2774

 12 2 STA T . 2 75 1 PUBLIC LA W 11 0– 2 89—J UL Y3 0, 2008 inco nn e c t ion w it ha cont r act d e s cri b edins u ch sub p ara -g raph sha l lnota f fect the right of the conser v ator or receiver to repudiate such contract under this section at an y ti m e after such performance .‘ ‘ (8)CERTAINQU A L I F IE D FINAN C IAL C O NTRACT S . — ‘‘( A ) R I GH TS OF P ARTIES TO CONTRACTS.— S ub j ect to paragraphs ( 9 )and( 10 ) , and notwithstanding any other provision of this title (other than subsection (b)(9)( B )of this section), any other F ederal law, or the law of any State, no person shall be stayed or prohibited from e x er- cising— ‘‘(i) any right of that person to cause the termi- nation, li q uidation, or acceleration of any qualified financial contract with a regulated entity that arises upon the appointment of the Agency as receiver for such regulated entity at any time after such appoint- ment ‘‘(ii) any right under any security agreement or arrangement or other credit enhancement relating to one or more qualified financial contracts; 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) APPLICA B ILIT Y OF OTHER PRO V ISIONS.—Subsection (b)(10) shall apply in the case of any judicial action or proceeding brought against any receiver referred to under subparagraph (A), or the regulated entity for which such receiver was appointed, by any party to a contract or agree- ment described under subparagraph (A)(i) with such regu- lated entity. ‘‘(C) CERTAIN TRANSFERS NOT AVOIDABLE.— ‘‘(i) I N GENERAL.— N otwithstanding paragraph (11), or any other provision of Federal or State law relating to the avoidance of preferential or fraudulent transfers, the Agency, whether acting as such or as conservator or receiver of a regulated entity, may not avoid any transfer of money or other property in connection with any qualified financial contract with a regulated entity. ‘‘(ii) EX CEPTION FOR CERTAIN TRANSFERS.—Clause (i) shall not apply to any transfer of money or other property in connection with any qualified financial con- tract with a regulated entity if the Agency determines that the transferee had actual intent to hinder, delay, or defraud such regulated entity, the creditors of such regulated entity, or any conservator or receiver appointed for such regulated entity. ‘‘( D ) CERTAIN CONTRACTS AND AGREE M ENTS DEFINED.— In this subsection the following definitions shall apply

‘‘(i) Q UALIFIED FINANCIAL CONTRACT.— T he term ‘qualified financial contract ’ means any securities con- tract, commodity contract, forward contract, repurchase agreement, swap agreement, and any similar agree- ment that the Agency determines by regulation, resolu- tion, or order to be a qualified financial contract for purposes of this paragraph.

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