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The exercise of a contractual right
of a
stockbroker,
financial institution,
financial participant, or
securities clearing agency to cause the liquidation,
termination, or acceleration of a
securities contract, as defined in section
741 of this title, because of a condition of the kind
specified in section
365(e)(1) of this title shall not be stayed, avoided,
or otherwise limited by operation of any provision of this
title or by order of a court or administrative agency in
any proceeding under this title unless such order is authorized
under the provisions of the Securities Investor Protection
Act of 1970
or any statute administered by the Securities and Exchange
Commission.
As used in this section, the term "contractual
right"
includes a right set forth in a rule or bylaw of a derivatives
clearing organization (as defined in the Commodity Exchange
Act), a multilateral clearing organization (as defined in
the Federal Deposit Insurance Corporation Improvement Act
of 1991),
a national
securities exchange, a national
securities association, a
securities clearing agency, a contract market designated
under the Commodity Exchange Act,
a derivatives transaction execution facility registered
under the Commodity Exchange Act,
or a board of trade (as defined in the Commodity Exchange
Act),
or in a resolution of the governing board thereof, and a
right, whether or not in writing, arising under common law,
under law merchant, or by reason of normal business practice.
(Added Pub. L. 97-222, § 6(a), July 27, 1982, 96
Stat. 236; amended Pub. L. 98-353, title III, § 469, July
10, 1984, 98 Stat. 380; Pub. L.
103-394, title V, § 501(b)(6), (d)(20), Oct. 22,
1994, 108 Stat. 4143, 4146; Pub. L.
109-8, Title IX, §
907(g),
(o)(7), April 20, 2005, 119 Stat. 177, 182.)
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