49G.(1) Subject to section 49H and any exclusion of obligations and liabilities set out in a relevant acquisition schedule —

(a) the Agency and a subsidiary of the Agency shall each have and may exercise, in relation to a NAMA bank asset, all the rights and powers and, subject to this Part, be bound by all of the obligations, of the participating institution from which the NAMA bank asset was acquired by NAMA or a NAMA group entity, as the case may be, under the Act of 2009, in relation to —

(i) the NAMA bank asset,

(ii) the debtor concerned and any guarantor, surety or other person concerned,

(iii) any receiver, liquidator or examiner concerned, and

(iv) the Official Assignee in Bankruptcy,

and

(b) the participating institution concerned shall cease to have those rights and obligations except to any extent to which this Part provides otherwise.

(2) The reference in subsection (1) to the rights, powers or obligations of a participating institution in relation to a NAMA bank asset is a reference to, as the case may be—

(a) the rights, powers and obligations derived from the NAMA bank asset, and

(b) the rights, powers and obligations arising under any law or in equity or by way of contract,

and includes any duty of confidentiality to which the participating institution is subject in relation to the NAMA bank asset concerned by virtue of paragraph (a) or (b).

(3) In particular, the Agency and a subsidiary of the Agency may each—

(a) take any action, including court action, that the participating institution concerned could have taken to protect, perfect or enforce any security, right, interest, obligation or liability,

(b) realise any security that the participating institution concerned could have realised,

(c) call up any guarantee that the participating institution concerned could have called up,

(d) participate to the same extent as the participating institution concerned could have participated in any resolution, workout, restructuring, arrangement, reorganisation, scheme or insolvency proceeding in relation to the relevant bank asset, and

(e) exercise any powers conferred by any document that forms part of the NAMA bank asset concerned of reviewing or amending any term or condition of any part of that NAMA bank asset.]