Page 97

any entity to which the covered financial company was or became, on or after the date on which such transfer was made or such obligation was incurred, indebted; or (II) received less than a reasonably equivalent value in exchange for such transferor obligation; and (ii) the covered financial company voluntarily or involuntarily— (I) was insolvent on the date that such transfer was made or such obligation was incurred, or became insolvent as a result of such transfer or obligation; (II) was engaged in business or a transaction, or was about to engage in business or a trans- action, for which any property remaining with the covered financial company was an unreasonably small capital; (III) intended to incur, or believed that the covered financial company would incur, debts that would be beyond the ability of the covered financial company to pay as such debts matured; or (IV) made such transfer to or for the benefit of an insider, or incurred such obligation to or for the benefit of an insider, under an employment contract and not in the ordinary course of business. (B) PREFERENTIAL TRANSFERS.—The Corporation as receiver for any covered financial company may avoid a transfer of an interest of the covered financial company in property— (i) to or for the benefit of a creditor; (ii) for or on account of an antecedent debt that was owed by the covered financial company before the transfer was made; (iii) that was made while the covered financial company was insolvent; (iv) that was made— (I) 90 days or less before the date on which the Corporation was appointed receiver; or (II) more than 90 days, but less than 1 year before the date on which the Corporation was appointed receiver, if such creditor at the time of the transfer was an insider; and (v) that enables the creditor to receive more than the creditor would receive if— (I) the covered financial company had been liquidated under chapter 7 of the Bankruptcy Code; (II) the transfer had not been made; and (III) the creditor received payment of such debt to the extent provided by the provisions of chapter 7 of the Bankruptcy Code. (C) POST-RECEIVERSHIP TRANSACTIONS.—The Corpora- LAWS tion as receiver for any covered financial company may avoid a transfer of property of the receivership that occurred after the Corporation was appointed receiver thatPUBLIC with on anorris VerDate Nov 24 2008 00:54 Jul 29, 2010 Jkt 089139 PO 00203 Frm 00097 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203