Page:United States Statutes at Large Volume 122.djvu/2782

 12 2 STA T . 2 759PUBLIC LA W 11 0– 2 8 9 —J UL Y3 0, 2008 enti t y, i f t h e co n s e rva tor or receiver has ta k en ste p s reasona bl y calc u late d to provide notice to such person by the ti m e specified in subpara g raph (A).‘ ‘( C ) BUSINE SS DAY DE F INED. —F or purposes of this paragraph, the term ‘business day ’ means any day other than any S aturday, Sunday, or any day on w hich either the N ew Y ork Stock Ex change or the Federal R eserve Bank of New York is closed. ‘‘( 1 1) D ISAFFI RM AN C E O RRE P UDIA T ION OF Q UA L IFIED FINAN - CIAL CONTRACTS.— I n exercising the rights of disaffirmance or repudiation of a conservator or receiver with respect to any q ualified financial contract to which a regulated entity is a party, the conservator or receiver for such institution shall either— ‘‘(A) disaffirm or repudiate all qualified financial con- tracts between— ‘‘(i) any person or any affiliate of such person and ‘‘(ii) the regulated entity in default; or ‘‘(B) disaffirm or repudiate none of the qualified finan- cial contracts referred to in subparagraph (A) (with respect to such person or any affiliate of such person). ‘‘(1 2 ) CERTAIN SECURITY INTERESTS NOT A V OIDA B LE.—No provision of this subsection shall be construed as permitting the avoidance of any legally enforceable or perfected security interest in any of the assets of any regulated entity, except where such an interest is taken in contemplation of the insol- vency of the regulated entity, or with the intent to hinder, delay, or defraud the regulated entity or the creditors of such regulated entity. ‘‘(1 3 ) AUT H ORITY TO ENFORCE CONTRACTS.— ‘‘(A) IN G ENERAL.—Notwithstanding any provision of a contract providing for termination, default, acceleration, or exercise of rights upon, or solely by reason of, insolvency or the appointment of, or the exercise of rights or powers by, a conservator or receiver, the conservator or receiver may enforce any contract, other than a contract for liability insurance for a director or officer, or a contract or a regu- lated entity bond, entered into by the regulated entity. ‘‘(B) CERTAIN RIGHTS NOT AFFECTED.—No provision of this paragraph may be construed as impairing or affecting any right of the conservator or receiver to enforce or recover under a liability insurance contract for an officer or director, or regulated entity bond under other applicable law. ‘‘(C) CONSENT REQUIREMENT.— ‘‘(i) IN GENERAL.—Except as otherwise provided under this section, no person may exercise any right or power to terminate, accelerate, or declare a default under any contract to which a regulated entity is a party, or to obtain possession of or exercise control over any property of the regulated entity, or affect any contractual rights of the regulated entity, without the consent of the conservator or receiver, as appro- priate, for a period of— ‘‘(I) 45 days after the date of appointment of a conservator; or Ef f ectiv e da te s.

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