Common use of DISPOSITION OF INSTITUTION Clause in Contracts

DISPOSITION OF INSTITUTION. The trustee under this subchapter may, after notice and a hearing— (1) sell the clearing bank to a depository in- stitution or consortium of depository institu- tions (which consortium may agree on the al- location of the clearing bank among the con- sortium); (2) merge the clearing bank with a deposi- tory institution; (3) transfer contracts to the same extent as could a receiver for a depository institution under paragraphs (9) and (10) of section 11(e) of the Federal Deposit Insurance Act; (4) transfer assets or liabilities to a deposi- tory institution; and (5) transfer assets and liabilities to a bridge depository institution as provided in para- graphs (1), (3)(A), (5), and (6) of section 11(n) of the Federal Deposit Insurance Act, paragraphs (9) through (13) of such section, and subpara- graphs (A) through (H) and subparagraph (K) of paragraph (4) of such section 11(n), except that— (A) the bridge depository institution to which such assets or liabilities are trans- ferred shall be treated as a clearing bank for the purpose of this subsection; and (B) any references in any such provision of law to the Federal Deposit Insurance Cor- poration shall be construed to be references to the appointing agency and that references to deposit insurance shall be omitted.

DISPOSITION OF INSTITUTION. The trustee under this subchapter may, after notice and a hearing— (1) sell the clearing bank to a depository in- stitution or consortium of depository institu- tions (which consortium may agree on the al- location of the clearing bank among the con- sortium); (2) merge the clearing bank with a deposi- tory institution; (3) transfer contracts to the same extent as could a receiver for a depository institution under paragraphs (9) and (10) of section 11(e) of the Federal Deposit Insurance Act; (4) transfer assets or liabilities to a deposi- tory institution; and (5) transfer assets and liabilities to a bridge depository institution bank as provided in para- graphs paragraphs (1), (3)(A), (5), and (6) of section 11(n) of the Federal Deposit Insurance Act, paragraphs paragraphs (9) through (13) of such section, and subpara- graphs subparagraphs (A) through (H) and subparagraph (K) of paragraph (4) of such section 11(n), except that— (A) the bridge depository institution bank to which such assets or liabilities are trans- ferred transferred shall be treated as a clearing bank for the purpose of this subsectionsub- section; and (B) any references in any such provision of law to the Federal Deposit Insurance Cor- poration shall be construed to be references to the appointing agency and that references to deposit insurance shall be omitted.