Page:United States Statutes at Large Volume 124.djvu/1514

 124 STAT. 1488 PUBLIC LAW 111–203—JULY 21, 2010 shall be deemed to be a qualified financial contract only with respect to those transactions that are them- selves qualified financial contracts. (ix) TRANSFER.—The term ‘‘transfer’’ means every mode, direct or indirect, absolute or conditional, vol- untary or involuntary, of disposing of or parting with property or with an interest in property, including retention of title as a security interest and foreclosure of the equity of redemption of the covered financial company. (x) PERSON.—The term ‘‘person’’ includes any governmental entity in addition to any entity included in the definition of such term in section 1, title 1, United States Code. (E) CLARIFICATION.—No provision of law shall be con- strued as limiting the right or power of the Corporation, or authorizing any court or agency to limit or delay, in any manner, the right or power of the Corporation to transfer any qualified financial contract or to disaffirm or repudiate any such contract in accordance with this subsection. (F) WALKAWAY CLAUSES NOT EFFECTIVE.— (i) IN GENERAL.—Notwithstanding the provisions of subparagraph (A) of this paragraph and sections 403 and 404 of the Federal Deposit Insurance Corpora- tion Improvement Act of 1991, no walkaway clause shall be enforceable in a qualified financial contract of a covered financial company in default. (ii) LIMITED SUSPENSION OF CERTAIN OBLIGA- TIONS.—In the case of a qualified financial contract referred to in clause (i), any payment or delivery obliga- tions otherwise due from a party pursuant to the quali- fied financial contract shall be suspended from the time at which the Corporation is appointed as receiver until the earlier of— (I) the time at which such party receives notice that such contract has been transferred pursuant to paragraph (10)(A); or (II) 5:00 p.m. (eastern time) on the business day following the date of the appointment of the Corporation as receiver. (iii) WALKAWAY CLAUSE DEFINED.—For purposes of this subparagraph, the term ‘‘walkaway clause’’ means any provision in a qualified financial contract that suspends, conditions, or extinguishes a payment obligation of a party, in whole or in part, or does not create a payment obligation of a party that would otherwise exist, solely because of the status of such party as a nondefaulting party in connection with the insolvency of a covered financial company that is a party to the contract or the appointment of or the exercise of rights or powers by the Corporation as receiver for such covered financial company, and not as a result of the exercise by a party of any right to offset, setoff, or net obligations that exist under the contract, any other contract between those parties, or applicable law. Time period.