Page:United States Statutes at Large Volume 124.djvu/1488

 124 STAT. 1462 PUBLIC LAW 111–203—JULY 21, 2010 clause (i)(I) that requires approval by a Federal agency— (I) the transaction may not be consummated before the 5th calendar day after the date of approval by the Federal agency responsible for such approval; (II) if, in connection with any such approval, a report on competitive factors is required, the Federal agency responsible for such approval shall promptly notify the Attorney General of the United States of the proposed transaction, and the Attorney General shall provide the required report not later than 10 days after the date of the request; and (III) if notification under section 7A of the Clayton Act is required with respect to such trans- action, then the required waiting period shall end on the 15th day after the date on which the Attorney General and the Federal Trade Commis- sion receive such notification, unless the waiting period is terminated earlier under subsection (b)(2) of such section 7A, or is extended pursuant to subsection (e)(2) of such section 7A. (iii) SETOFF.—Subject to the other provisions of this title, any transferee of assets from a receiver, including a bridge financial company, shall be subject to such claims or rights as would prevail over the rights of such transferee in such assets under applicable noninsolvency law. (H) PAYMENT OF VALID OBLIGATIONS.—The Corporation, as receiver for a covered financial company, shall, to the extent that funds are available, pay all valid obligations of the covered financial company that are due and payable at the time of the appointment of the Corporation as receiver, in accordance with the prescriptions and limita- tions of this title. (I) APPLICABLE NONINSOLVENCY LAW.—Except as may otherwise be provided in this title, the applicable noninsol- vency law shall be determined by the noninsolvency choice of law rules otherwise applicable to the claims, rights, titles, persons, or entities at issue. (J) SUBPOENA AUTHORITY.— (i) IN GENERAL.—The Corporation, as receiver for a covered financial company, may, for purposes of car- rying out any power, authority, or duty with respect to the covered financial company (including deter- mining any claim against the covered financial com- pany and determining and realizing upon any asset of any person in the course of collecting money due the covered financial company), exercise any power established under section 8(n) of the Federal Deposit Insurance Act, as if the Corporation were the appro- priate Federal banking agency for the covered financial company, and the covered financial company were an insured depository institution. (ii) RULE OF CONSTRUCTION.—This subparagraph may not be construed as limiting any rights that the Termination date. Reports. Notification. Deadline.