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The exercise of any contractual right of any
swap participant or
financial participant to cause the liquidation, termination,
or acceleration of one or more
swap agreements because of a condition of the kind specified
in section
365(e)(1) of this title or to offset or net out any
termination values or payment amounts arising under or in
connection with the termination, liquidation, or acceleration
of one or more
swap agreements 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. 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 evidenced in writing, arising under
common law, under law merchant, or by reason of normal business
practice.
(Added Pub. L. 101-311, title I, § 106(a), June 25, 1990,
104 Stat. 268; Pub. L.
109-8, Title IX, §
907(j),
(o)(10), April 20, 2005, 119 Stat. 178, 182.)
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