Page:United States Statutes at Large Volume 124.djvu/1519

 124 STAT. 1493 PUBLIC LAW 111–203—JULY 21, 2010 Corporation as receiver for the covered financial com- pany during the 90 day period beginning from the appointment of the Corporation as receiver. (ii) EXCEPTIONS.—No provision of this subpara- graph shall apply to a director or officer liability insur- ance contract or a financial institution bond, to the rights of parties to certain qualified financial contracts pursuant to paragraph (8), or to the rights of parties to netting contracts pursuant to subtitle A of title IV of the Federal Deposit Insurance Corporation Improvement Act of 1991 (12 U.S.C. 4401 et seq.), or shall be construed as permitting the Corporation as receiver to fail to comply with otherwise enforceable provisions of such contract. (D) CONTRACTS TO EXTEND CREDIT.—Notwithstanding any other provision in this title, if the Corporation as receiver enforces any contract to extend credit to the cov- ered financial company or bridge financial company, any valid and enforceable obligation to repay such debt shall be paid by the Corporation as receiver, as an administrative expense of the receivership. (14) EXCEPTION FOR FEDERAL RESERVE BANKS AND CORPORA- TION SECURITY INTEREST.—No provision of this subsection shall apply with respect to— (A) any extension of credit from any Federal reserve bank or the Corporation to any covered financial company; or (B) any security interest in the assets of the covered financial company securing any such extension of credit. (15) SAVINGS CLAUSE.—The meanings of terms used in this subsection are applicable for purposes of this subsection only, and shall not be construed or applied so as to challenge or affect the characterization, definition, or treatment of any similar terms under any other statute, regulation, or rule, including the Gramm-Leach-Bliley Act, the Legal Certainty for Bank Products Act of 2000, the securities laws (as that term is defined in section 3(a)(47) of the Securities Exchange Act of 1934), and the Commodity Exchange Act. (16) ENFORCEMENT OF CONTRACTS GUARANTEED BY THE COV- ERED FINANCIAL COMPANY.— (A) IN GENERAL.—The Corporation, as receiver for a covered financial company or as receiver for a subsidiary of a covered financial company (including an insured depository institution) shall have the power to enforce con- tracts of subsidiaries or affiliates of the covered financial company, the obligations under which are guaranteed or otherwise supported by or linked to the covered financial company, notwithstanding any contractual right to cause the termination, liquidation, or acceleration of such con- tracts based solely on the insolvency, financial condition, or receivership of the covered financial company, if— (i) such guaranty or other support and all related assets and liabilities are transferred to and assumed by a bridge financial company or a third party (other than a third party for which a conservator, receiver, trustee in bankruptcy, or other legal custodian has been appointed, or which is otherwise the subject of