Page:United States Statutes at Large Volume 122.djvu/2781

 12 2 STA T . 2 758PUBLIC LA W 11 0– 28 9—J UL Y3 0, 2008 claimsofgen e r al u nsecure d credi t ors of suc h regulated entit y);‘ ‘ ( iii) all claims of such regulated entity against such p erson (or any affiliate of such person) under any such contract; and ‘‘(i v ) all property securing, or any other credit enhancement for any contract descri b ed in clause (i), or 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 under subparagraph ( A )( w ith respect to such person and any affiliate of such person) . ‘‘( 10 ) NOTIF I CA TIO N OFT R AN S F E R. — ‘‘(A) I N G ENERA L .— T he conservator or receiver shall notify any person that is a party to a contract or transfer by 5: 00 p.m. ( E astern S tandard Time) on the business day following the date of the appointment of the receiver in the case of a receivership, or the business day following such transfer in the case of a conservatorship, if— ‘‘(i) the conservator or receiver for a regulated entity in default ma k es any transfer of the assets and liabilities of such regulated entity; and ‘‘(ii) such transfer includes any q ualified financial contract. ‘‘(B) C ERTAIN RIG H TS NOT ENFORCEA B LE.— ‘‘(i) R ECEI V ERSHI P .—A person who is a party to a qualified financial contract with a regulated entity may not e x ercise any right that such person has to terminate, liquidate, or net such contract under para - graph ( 8 )(A) of this subsection or under section 4 0 3 or 404 of the F ederal D eposit Insurance Corporation Improvement Act of 1 9 91, solely by reason of or inci- dental to the appointment of a receiver for the regu- lated entity (or the insolvency or financial condition of the regulated entity for which the receiver has been appointed)— ‘‘(I) until 5:00 p.m. (Eastern Standard Time) on the business day following the date of the appointment of the receiver; or ‘‘(II) after the person has received notice that the contract has been transferred pursuant to paragraph (9)(A). ‘‘(ii) CONSERVATORSHIP.—A person who is a party to a qualified financial contract with a regulated entity may not exercise any right that such person has to terminate, liquidate, or net such contract under para- graph (8)(E) of this subsection or under section 403 or 404 of the Federal Deposit Insurance Corporation Improvement Act of 1991, solely by reason of or inci- dental to the appointment of a conservator for the regulated entity (or the insolvency or financial condi- tion of the regulated entity for which the conservator has been appointed). ‘‘(iii) NOTICE.—For purposes of this paragraph, the conservator or receiver of a regulated entity shall be deemed to have notified a person who is a party to a qualified financial contract with such regulated Ef f ectiv e da te s.D ead l i n e. Co nt r acts.

�