Page:United States Statutes at Large Volume 124.djvu/1505

 124 STAT. 1479 PUBLIC LAW 111–203—JULY 21, 2010 that such contingent claim would become fixed and the probable magnitude thereof. (4) LEASES UNDER WHICH THE COVERED FINANCIAL COMPANY IS THE LESSEE.— (A) IN GENERAL.—If the Corporation as receiver dis- affirms or repudiates a lease under which the covered financial company is the lessee, the receiver shall not be liable for any damages (other than damages determined pursuant to subparagraph (B)) for the disaffirmance or repudiation of such lease. (B) PAYMENTS OF RENT.—Notwithstanding subpara- graph (A), the lessor under a lease to which subparagraph (A) would otherwise apply shall— (i) be entitled to the contractual rent accruing before the later of the date on which— (I) the notice of disaffirmance or repudiation is mailed; or (II) the disaffirmance or repudiation becomes effective, unless the lessor is in default or breach of the terms of the lease; (ii) have no claim for damages under any accelera- tion clause or other penalty provision in the lease; and (iii) have a claim for any unpaid rent, subject to all appropriate offsets and defenses, due as of the date of the appointment which shall be paid in accord- ance with this paragraph and subsection (d). (5) LEASES UNDER WHICH THE COVERED FINANCIAL COMPANY IS THE LESSOR.— (A) IN GENERAL.—If the Corporation as receiver for a covered financial company repudiates an unexpired writ- ten lease of real property of the covered financial company under which the covered financial company is the lessor and the lessee is not, as of the date of such repudiation, in default, the lessee under such lease may either— (i) treat the lease as terminated by such repudi- ation; or (ii) remain in possession of the leasehold interest for the balance of the term of the lease, unless the lessee defaults under the terms of the lease after the date of such repudiation. (B) PROVISIONS APPLICABLE TO LESSEE REMAINING IN POSSESSION.—If any lessee under a lease described in subparagraph (A) remains in possession of a leasehold interest pursuant to clause (ii) of subparagraph (A)— (i) the lessee— (I) shall continue to pay the contractual rent pursuant to the terms of the lease after the date of the repudiation of such lease; and (II) may offset against any rent payment which accrues after the date of the repudiation of the lease, any damages which accrue after such date due to the nonperformance of any obligation of the covered financial company under the lease after such date; and (ii) the Corporation as receiver shall not be liable to the lessee for any damages arising after such date