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ROBERT L. EHRLICH, JR., Governor
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Ch. 568
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1. AN OPTION FOR THE REPURCHASE OR SALE OF A
SECURITY, CERTIFICATE OF DEPOSIT, OR GROUP OR INDEX OF SECURITIES,
INCLUDING AN INTEREST THEREIN OR BASED ON THE VALUE THEREOF;
2. AN OPTION ENTERED INTO ON A NATIONAL SECURITIES
EXCHANGE RELATING TO FOREIGN CURRENCIES; OR
3. THE GUARANTEE OF A SETTLEMENT OF CASH OR
SECURITIES BY OR TO A SECURITIES CLEARING AGENCY.
(II) IN SUBPARAGRAPH (I) OF THIS PARAGRAPH, "SECURITY'
INCLUDES A MORTGAGE LOAN, MORTGAGE-RELATED SECURITIES, AND AN
INTEREST IN ANY MORTGAGE LOAN OR MORTGAGE-RELATED SECURITY.
(9) "SWAP AGREEMENT" MEANS AN AGREEMENT, INCLUDING THE
TERMS AND CONDITIONS INCORPORATED BY REFERENCE IN THE AGREEMENT, THAT
IS A RATE SWAP AGREEMENT, BASIS SWAP, COMMODITY SWAP, FORWARD RATE
AGREEMENT, INTEREST RATE FUTURE, INTEREST RATE OPTION, FORWARD FOREIGN
EXCHANGE AGREEMENT, SPOT FOREIGN EXCHANGE AGREEMENT, RATE CAP
AGREEMENT, RATE FLOOR AGREEMENT, RATE COLLAR AGREEMENT, CURRENCY
SWAP AGREEMENT, CROSS-CURRENCY RATE SWAP AGREEMENT, CURRENCY
FUTURE, CURRENCY OPTION, OR ANY OTHER SIMILAR AGREEMENT, AND INCLUDES
ANY COMBINATION OF AGREEMENTS AND AN OPTION TO ENTER INTO AN
AGREEMENT.
(B) NOTWITHSTANDING ANY OTHER PROVISION OF STATE LAW, A PERSON
MAY NOT BE STAYED OR OTHERWISE PROHIBITED FROM EXERCISING:
(1) A CONTRACTUAL RIGHT TO TERMINATE, LIQUIDATE, OR CLOSE OUT
ANY NETTING AGREEMENT OR QUALIFIED FINANCIAL CONTRACT WITH AN INSURER
BECAUSE OF:
(I) THE INSOLVENCY, FINANCIAL CONDITION, OR DEFAULT OF
THE INSURER AT ANY TIME, PROVIDED THAT THE RIGHT IS ENFORCEABLE UNDER
APPLICABLE LAW OTHER THAN THIS SUBTITLE; OR
(II) THE COMMENCEMENT OF A DELINQUENCY PROCEEDING
UNDER THIS SUBTITLE;
(2) ANY RIGHT UNDER A PLEDGE, SECURITY, COLLATERAL, OR
GUARANTEE AGREEMENT OR ANY OTHER SIMILAR SECURITY ARRANGEMENT OR
CREDIT SUPPORT DOCUMENT RELATING TO A NETTING AGREEMENT OR QUALIFIED
FINANCIAL CONTRACT; OR
(3) SUBJECT TO ANY PROVISION OF § 9-229(B) OF THIS SUBTITLE, ANY
RIGHT TO OFFSET OR NET OUT ANY TERMINATION VALUE, PAYMENT AMOUNT, OR
OTHER TRANSFER OBLIGATION ARISING UNDER OR IN CONNECTION WITH A
NETTING AGREEMENT OR QUALIFIED FINANCIAL CONTRACT IF THE COUNTERPARTY
OR ITS GUARANTOR IS ORGANIZED UNDER THE LAWS OF THE UNITED STATES, A
STATE, OR A FOREIGN JURISDICTION APPROVED BY THE SECURITIES VALUATION
OFFICE OF THE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS AS
ELIGIBLE FOR NETTING.
- 3233 -
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