7. General rule about enforceability of Netting Agreements

A Netting Agreement is enforceable in accordance with its terms, including against an Insolvent Party, and, if applicable, against a guarantor or other Person (including a guarantor or other Person who is insolvent) providing security for a party to the agreement, and, subject to any conditions of the agreement, is not stayed, avoided or otherwise limited by:

• (a) the appointment of, or any application for the appointment of, a Liquidator, or any action of a Liquidator; or
• (b) any provision of law relating to bankruptcy, liquidation (including any compulsory winding up procedure or proceeding), reorganisation, composition with creditors, receivership, conservatorship or any other Insolvency Proceeding to which a party to the agreement may be subject; or
• (c) any other provision of law that may apply to an Insolvent Party. 
• (d) subject to section 16 any provision of law relating to Recovery and Resolution that may apply to a Person.