Page:United States Statutes at Large Volume 124.djvu/1529

 124 STAT. 1503 PUBLIC LAW 111–203—JULY 21, 2010 all or substantially all of the assets of the bridge financial company, as provided in paragraph (13)(D), at the election of the Corporation, the bridge financial company may retain its status as such for the period provided in paragraph (12) or may be dissolved at the election of the Corporation. (E) AMENDMENTS TO CHARTER.—Following the con- summation of a transaction described in subparagraph (A), (B), (C), or (D) of paragraph (13), the charter of the resulting company shall be amended to reflect the termi- nation of bridge financial company status, if appropriate. (15) DISSOLUTION OF BRIDGE FINANCIAL COMPANY.— (A) IN GENERAL.—Notwithstanding any other provision of Federal or State law, if the status of a bridge financial company as such has not previously been terminated by the occurrence of an event specified in subparagraph (A), (B), (C), or (D) of paragraph (13)— (i) the Corporation may, in its discretion, dissolve the bridge financial company in accordance with this paragraph at any time; and (ii) the Corporation shall promptly commence dis- solution proceedings in accordance with this paragraph upon the expiration of the 2-year period following the date on which the bridge financial company was char- tered, or any extension thereof, as provided in para- graph (12). (B) PROCEDURES.—The Corporation shall remain the receiver for a bridge financial company for the purpose of dissolving the bridge financial company. The Corporation as receiver for a bridge financial company shall wind up the affairs of the bridge financial company in conformity with the provisions of law relating to the liquidation of covered financial companies under this title. With respect to any such bridge financial company, the Corporation as receiver shall have all the rights, powers, and privileges and shall perform the duties related to the exercise of such rights, powers, or privileges granted by law to the Corporation as receiver for a covered financial company under this title and, notwithstanding any other provision of law, in the exercise of such rights, powers, and privileges, the Corporation shall not be subject to the direction or supervision of any State agency or other Federal agency. (16) AUTHORITY TO OBTAIN CREDIT.— (A) IN GENERAL.—A bridge financial company may obtain unsecured credit and issue unsecured debt. (B) INABILITY TO OBTAIN CREDIT.—If a bridge financial company is unable to obtain unsecured credit or issue unsecured debt, the Corporation may authorize the obtaining of credit or the issuance of debt by the bridge financial company— (i) with priority over any or all of the obligations of the bridge financial company; (ii) secured by a lien on property of the bridge financial company that is not otherwise subject to a lien; or (iii) secured by a junior lien on property of the bridge financial company that is subject to a lien. (C) LIMITATIONS.— Time period.