Page:United States Statutes at Large Volume 122.djvu/2787

 12 2 STA T . 2 764PUBLIC LA W 11 0– 2 89—J UL Y3 0, 2008 ‘ ‘ (i ii )SAVINGSCL A U S E.—Notw it hs t and in g an ypr o v ision o fl aw , oth e r than c la u se (ii), the A gency shall not b ere q uired to sell the capital stoc k of an enterprise or a li m ited - life regulated entity established with respect to an enterprise. ‘‘(iv) A P PLICA B ILI TY .— T his subparagraph applies only with respect to a limited-life regulated entity that is established with respect to an enterprise. ‘‘( 7 )T R ANS F ER O F ASSETS AN D LIABILITIES.— ‘‘(A) I N GENERAL.— ‘‘(i) TRANSFER OF ASSETS AND LIABILITIES.—The Agency, as receiver, may transfer any assets and liabil- ities of a regulated entity in default, or in danger of default, to the limited-life regulated entity in accord- ance with and sub j ect to the restrictions of paragraph ( 1 ). ‘‘(ii) SUBSE Q UENT TRANSFERS.—At any time after the establishment of a limited-life regulated entity, the Agency, as receiver, may transfer any assets and liabilities of the regulated entity in default, or in danger of default, as the Agency may, in its discretion, determine to be appropriate in accordance with and subject to the restrictions of paragraph (1). ‘‘(iii) E FFECTIVE W IT H OUT APPROVAL.—The transfer of any assets or liabilities of a regulated entity in default or in danger of default to a limited-life regu- lated entity shall be effective without any further approval under F ederal or State law, assignment, or consent with respect thereto. ‘‘(iv) EQUITABLE TREAT M ENT OF SIMILARLY SITU- ATED CREDITORS.—The Agency shall treat all creditors of a regulated entity in default or in danger of default that are similarly situated under subsection (c)(1) in a similar manner in e x ercising the authority of the Agency under this subsection to transfer any assets or liabilities of the regulated entity to the limited- life regulated entity established with respect to such regulated entity, except that the Agency may take actions (including making payments) that do not comply with this clause, if— ‘‘(I) the D irector determines that such actions are necessary to maximi z e the value of the assets of the regulated entity, to maximize the present value return from the sale or other disposition of the assets of the regulated entity, or to minimize the amount of any loss realized upon the sale or other disposition of the assets of the regulated entity and ‘‘(II) all creditors that are similarly situated under subsection (c)(1) receive not less than the amount provided in subsection (e)( 2 ). ‘‘(v) L IMITATION ON TRANSFER OF LIABILITIES.—Not- withstanding any other provision of law, the aggregate amount of liabilities of a regulated entity that are transferred to, or assumed by, a limited-life regulated entity may not exceed the aggregate amount of assets

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