Section 115

a qualified financial agreement;

a derivative that trades on—

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a derivatives exchange, derivatives board or other regulated market for derivatives;

an agreement to—

clear or settle securities, futures, options or derivatives transactions; or

a margin loan in so far as it is in respect of a securities account or futures account maintained by a financial intermediary.

(Deleted by Act A1505).

Where the Corporation or the appointed person assumes control of a member institution or a receiver is appointed pursuant to this Act, section 109 shall prevent the termination of a qualified financial agreement for such period following the commencement of the assumption of control or the appointment of the receiver as may be prescribed in regulations by the Corporation and if, during such period, the Corporation transfers, or declares by notice in writing that it will transfer, such an agreement to a bridge institution pursuant to paragraph 99(1)(g) or a qualified third party pursuant to this subsection or subsection (4) or (5), the agreement thereafter may only be terminated as against the bridge institution or the qualified third party in accordance with its terms, as if the agreement had always been with the bridge institution or the qualified third party and not the member institution.

If a person is a counterparty to two or more qualified financial transactions under a qualified financial agreement referred to in subsection (1) with the same member institution, the Corporation may

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only transfer to a bridge institution or qualified third party all or none of the qualified financial transactions between the member institution and that person.

If the Corporation transfers a qualified financial agreement relating to financial collateral that applies to any property of the member institution, it shall also transfer that property to the bridge institution or qualified third party.

The Corporation may transfer any agreement referred to in subsection (3) or any property referred to in subsection (5) to a bridge institution or a qualified third party by a transfer instrument issued in accordance with the Second Schedule and it shall have the effect set out in the Second Schedule and shall be binding on any person thereby affected.

Where the Corporation does not transfer, and does not declare that it will transfer, a qualified financial agreement and the person who is the counterparty is able to terminate the agreement in accordance with its terms but has not done so, the Corporation may declare by notice in writing that the agreement is terminated, in which case, and despite any term of the agreement to the contrary, the agreement shall be deemed to have been terminated by the counterparty.

Corporation, etc., not a successor employer