101 
(g) RELIEF TO PREVENT IRREPARABLE DAMAGE.— 
Upon request of a party in interest, the court, with or 
without a hearing, shall grant such relief from the stay 
provided under subsection (b) as is necessary to prevent 
irreparable damage to the interest of an entity in property, 
if such interest will suffer such damage before there is 
an opportunity for notice and a hearing under subsection 
(e) or (f). 
(h) ACT
IN VIOLATION
OF STAY IS VOID.—Any 
order, judgment, or decree entered in violation of this sec-
tion and any act taken in violation of this section is void, 
and shall have no force or effect, and any person found 
to violate this section may be liable for damages, costs, 
and attorneys’ fees incurred in defending any action taken 
in violation of this section, and the Oversight Board or 
the Government of Puerto Rico may seek an order from 
the court enforcing the provisions of this section. 
(i) GOVERNMENT OF PUERTO RICO.—For purposes 
of this section, the term ‘‘Government of Puerto Rico’’, 
in addition to the definition set forth in section 5(11) of 
this Act, shall include— 
(1) the individuals, including elected and ap-
pointed officials, directors, officers of and employees 
acting in their official capacity on behalf of the Gov-
ernment of Puerto Rico; and 
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(2) the Oversight Board, including the directors 
and officers of and employees acting in their official 
capacity on behalf of the Oversight Board. 
(j) NO DEFAULT UNDER EXISTING CONTRACTS.— 
(1) Notwithstanding any contractual provision 
or applicable law to the contrary and so long as a 
stay under this section is in effect, the holder of a 
Liability Claim or any other claim (as such term is 
defined in section 101 of title 11, United States 
Code) may not exercise or continue to exercise any 
remedy under a contract or applicable law in respect 
to the Government of Puerto Rico or any of its prop-
erty— 
(A) that is conditioned upon the financial 
condition of, or the commencement of a restruc-
turing, insolvency, bankruptcy, or other pro-
ceeding (or a similar or analogous process) by, 
the Government of Puerto Rico, including a de-
fault or an event of default thereunder; or 
(B) with respect to Liability Claims— 
(i) for the non-payment of principal or 
interest; or 
(ii) for the breach of any condition or 
covenant. 
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(2) The term ‘‘remedy’’ as used in paragraph 
(1) shall be interpreted broadly, and shall include 
any right existing in law or contract, including any 
right to— 
(A) setoff; 
(B) apply or appropriate funds; 
(C) seek the appointment of a custodian 
(as such term is defined in section 101(11) of 
title 11, United States Code); 
(D) seek to raise rates; or 
(E) exercise control over property of the 
Government of Puerto Rico. 
(3) Notwithstanding any contractual provision 
or applicable law to the contrary and so long as a 
stay under this section is in effect, a contract to 
which the Government of Puerto Rico is a party may 
not be terminated or modified, and any right or obli-
gation under such contract may not be terminated 
or modified, solely because of a provision in such 
contract is conditioned on— 
(A) the insolvency or financial condition of 
the Government of Puerto Rico at any time 
prior to the enactment of this Act; 
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104 
(B) the adoption of a resolution or estab-
lishment of an Oversight Board pursuant to 
section 101 of this Act; or 
(C) a default under a separate contract 
that is due to, triggered by, or a result of the 
occurrence of the events or matters in sub-
section (j)(1)(B). 
(4) Notwithstanding any contractual provision 
to the contrary and so long as a stay under this sec-
tion is in effect, a counterparty to a contract with 
the Government of Puerto Rico for the provision of 
goods and services shall, unless the Government of 
Puerto Rico agrees to the contrary in writing, con-
tinue to perform all obligations under, and comply 
with the terms of, such contract, provided that the 
Government of Puerto Rico is not in default under 
such contract other than as a result of a condition 
specified in paragraph (3). 
(k) EFFECT.—This section does not discharge an ob-
ligation of the Government of Puerto Rico or release, in-
validate, or impair any security interest or lien securing 
such obligation. This section does not impair or affect the 
implementation of any restructuring support agreement 
executed by the Government of Puerto Rico to be imple-
mented pursuant to Puerto Rico law specifically enacted 
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for that purpose prior to the enactment of this Act or the 
obligation of the Government of Puerto Rico to proceed 
in good faith as set forth in any such agreement. 
(l) INTEREST PAYMENTS.—To the extent the Over-
sight Board, in its sole discretion, determines it is feasible, 
the Government of Puerto Rico shall make interest pay-
ments on outstanding indebtedness when such payments 
become due during the length of the stay. 
(m) FINDINGS.—Congress finds the following: 
(1) A combination of severe economic decline, 
and, at times, accumulated operating deficits, lack of 
financial transparency, management inefficiencies, 
and excessive borrowing has created a fiscal emer-
gency in Puerto Rico. 
(2) As a result of its fiscal emergency, the Gov-
ernment of Puerto Rico has been unable to provide 
its citizens with effective services. 
(3) The current fiscal emergency has also af-
fected the long-term economic stability of Puerto 
Rico by contributing to the accelerated outmigration 
of residents and businesses. 
(4) A comprehensive approach to fiscal, man-
agement, and structural problems and adjustments 
that exempts no part of the Government of Puerto 
Rico is necessary, involving independent oversight 
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