; (II) the Director does not approve such a capital restoration plan required under clause (v); (III) the Director determines that the parent company has failed to comply with such a capital restoration plan; or (IV) with respect to a parent company that the Director has determined no longer meets the mission alignment standards described under subparagraph (A)(i), the parent company has not returned to compliance with such standards before the end of the 1-year period described under clause (iii). (vii) Reapplication A captive insurance company whose membership in a Federal Home Loan Bank is terminated under clause (vi) may not reapply for membership in a Federal Home Loan Bank until the end of the 5-year period beginning on the date of such termination. (C) Parent company support (i) In general The Director shall require the parent company of the captive insurance company, in the event that the captive insurance company defaults on any amounts owed to a Federal Home Loan Bank, to pay the Bank the amount of any such default. (ii) Enforcement powers For purposes of enforcing this subparagraph, a parent company shall be deemed a regulated entity under sections 1371, 1372, and 1376 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4631 , 4632, and 4636). (D) Clarification of priority of secured interests Any security interest granted to a Federal Home Loan Bank by any captive insurance company, or by its parent company or any affiliate company on its behalf, shall be entitled to priority over the claims and rights of any party (including any receiver, conservator, trustee, or similar party having rights of a lien creditor) other than claims and rights that— (i) would be entitled to priority under otherwise applicable law