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124 STAT. 1492 PUBLIC LAW 111–203—JULY 21, 2010

New York Stock Exchange or the Federal Reserve Bank of New York is closed. (11) DISAFFIRMANCE OR REPUDIATION OF QUALIFIED FINAN- CIAL CONTRACTS.—In exercising the rights of disaffirmance or repudiation of the Corporation as receiver with respect to any qualified financial contract to which a covered financial com- pany is a party, the Corporation shall either— (A) disaffirm or repudiate all qualified financial con- tracts between— (i) any person or any affiliate of such person; and (ii) the covered financial company in default; or (B) disaffirm or repudiate none of the qualified finan- cial contracts referred to in subparagraph (A) (with respect to such person or any affiliate of such person). (12) CERTAIN SECURITY AND CUSTOMER INTERESTS NOT AVOIDABLE.—No provision of this subsection shall be construed as permitting the avoidance of any— (A) legally enforceable or perfected security interest in any of the assets of any covered financial company, except in accordance with subsection (a)(11); or (B) legally enforceable interest in customer property, security entitlements in respect of assets or property held by the covered financial company for any security entitle- ment holder. (13) AUTHORITY TO ENFORCE CONTRACTS.— (A) IN GENERAL.—The Corporation, as receiver for a covered financial company, may enforce any contract, other than a liability insurance contract of a director or officer, a financial institution bond entered into by the covered financial company, notwithstanding any provision of the contract providing for termination, default, acceleration, or exercise of rights upon, or solely by reason of, insolvency, the appointment of or the exercise of rights or powers by the Corporation as receiver, the filing of the petition pursuant to section 202(a)(1), or the issuance of the rec- ommendations or determination, or any actions or events occurring in connection therewith or as a result thereof, pursuant to section 203. (B) CERTAIN RIGHTS NOT AFFECTED.—No provision of this paragraph may be construed as impairing or affecting any right of the Corporation as receiver to enforce or recover under a liability insurance contract of a director or officer or financial institution bond under other applicable law. (C) CONSENT REQUIREMENT AND IPSO FACTO CLAUSES.— Time period. (i) IN GENERAL.—Except as otherwise provided by this section, no person may exercise any right or power to terminate, accelerate, or declare a default under any contract to which the covered financial company is a party (and no provision in any such contract pro- viding for such default, termination, or acceleration shall be enforceable), or to obtain possession of or LAWS exercise control over any property of the covered finan- cial company or affect any contractual rights of the covered financial company, without the consent of thePUBLIC with on anorris VerDate Nov 24 2008 21:17 Aug 02, 2010 Jkt 089139 PO 00203 Frm 00118 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 PUBL203