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of the counterparty on the licensed financial institution or licensed financial holding company.

(4)

For the purposes of this section: (a)

“eligible financial contracts” includes securities contracts, commodities contracts, swaps, repurchase agreements, and similar financial contracts, determined by the Central Bank, and may include a master agreement covering more than one type of contract; and (b) “net termination value” means the net amount obtained after setting off the mutual obligations between the parties to an eligible financial contract in accordance with its provisions.

Priorities in payment of claims 153. (1)

In any liquidation of a licensed financial institution’s or licensed financial holding company’s assets, allowed secured claims shall be paid to the extent of the realization of the security or the security shall be delivered to the secured creditor.

(2) Other allowed claims shall be paid in relation to all other debts, in the order described below:

(a) necessary and reasonable expenses of official administration and the receivership, including those paid by the Central Bank in accordance with section 136; (b) wages and salaries of employees of the licensed financial institution or licensed financial holding company in liquidation for the six-month period preceding the appointment of the receiver for the licensed financial institution or licensed financial holding company except for wages and salary earned by a director or officer; (c) the net amount due to any depositor of the licensed financial institution up to two hundred thousand dollars, except to a depositor identified in paragraph (e);

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