(ix)The term “person” includes any governmental entity in addition to any entity included in the definition of such term in. (E)Notwithstanding any other provision of this chapter (other than subsections (b)(9) and (c)(10) of this section, and), any other Federal law, or the law of any State, no person shall be stayed or prohibited from exercising— (i)any right such person has to cause the termination, liquidation, or acceleration of any qualified financial contract with a credit union in a conservatorship based upon a default under such financial contract which is enforceable under applicable noninsolvency law; (ii)any right under any security agreement or arrangement or other credit enhancement related to 1 or more qualified financial contracts described in clause (i);  (iii)any right to offset or net out any termination values, payment amounts, or other transfer obligations arising under or in connection with such qualified financial contracts. (F)No provision of law shall be construed as limiting the right or power of the Board, or authorizing any court or agency to limit or delay, in any manner, the right or power of the Board to transfer any qualified financial contract in accordance with paragraphs (9) and (10) of this subsection or to disaffirm or repudiate any such contract in accordance with subsection (c)(1) of this section. (G) (i)Notwithstanding the provisions of subparagraphs (A) and (E), and, no walkaway clause shall be enforceable in a qualified financial contract of an insured credit union in default. (ii)In the case of a qualified financial contract referred to in clause (i), any payment or delivery obligations otherwise due from a party pursuant to the qualified financial contract shall be suspended from the time the liquidating agent is appointed until the earlier of— (I)the time such party receives notice that such contract has been transferred pursuant to subparagraph (A); or (II)5:00 p.m. (eastern time) on the business day following the date of the appointment of the liquidating agent.


12 USC § 1787(c)(8)(D)(ix)

Scoping language

None: Default is title Scope
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