227
securities or mortgage loans, eligible
bankers’ acceptances, qualified foreign
government securities or securities
that are direct obligations of, or that
are fully guaranteed by, the United
States or any agency of the United
States against the transfer of funds
by the transferee of such certificates
of deposit, eligible bankers’ accept-
ances, securities, loans, or interests
with a simultaneous agreement by
such transferee to transfer to the
transferor thereof certificates of de-
posit, eligible bankers’ acceptances,
securities, loans, or interests as de-
scribed above, at a date certain not
later than 1 year after such transfers
or on demand, against the transfer of
funds, or any other similar agreement;
‘‘(II) does not include any repur-
chase obligation under a participation
in a commercial mortgage loan unless
the Corporation determines by regula-
tion, resolution, or order to include
228
any such participation within the
meaning of such term;
‘‘(III) means any combination of
agreements or transactions referred to
in subclauses (I) and (IV);
‘‘(IV) means any option to enter
into any agreement or transaction re-
ferred to in subclause (I) or (III);
‘‘(V) means a master agreement
that provides for an agreement or
transaction referred to in subclause
(I), (III), or (IV), together with all
supplements to any such master
agreement, without regard to whether
the master agreement provides for an
agreement or transaction that is not a
repurchase 
agreement 
under 
this
clause, except that the master agree-
ment shall be considered to be a re-
purchase agreement under this sub-
clause only with respect to each agree-
ment or transaction under the master
agreement that is referred to in sub-
clause (I), (III), or (IV); and
229
‘‘(VI) means a security agree-
ment or arrangement or other credit
enhancement related to any agree-
ment or transaction referred to in
subclause (I), (III), (IV), or (V).
For purposes of this clause, the term
‘qualified foreign government security’
means a security that is a direct obligation
of, or that is fully guaranteed by, the cen-
tral government of a member of the Orga-
nization for Economic Cooperation and
Development (as determined by regulation
or order adopted by the appropriate Fed-
eral banking authority).’’.
(f) DEFINITION OF SWAP AGREEMENT.—The Fed-
eral Deposit Insurance Act (12 U.S.C. 1821(e)(8)(D)(vi))
is amended to read as follows:
‘‘(vi) SWAP
AGREEMENT.—The term
‘swap agreement’ means—
‘‘(I) any agreement, including the
terms and conditions incorporated by
reference in any such agreement,
which is an interest rate swap, option,
future, or forward agreement, includ-
ing a rate floor, rate cap, rate collar,
230
cross-currency rate swap, and basis
swap; a spot, same day-tomorrow, to-
morrow-next, forward, or other for-
eign exchange or precious metals
agreement; a currency swap, option,
future, or forward agreement; an eq-
uity index or equity swap, option, fu-
ture, or forward agreement; a debt
index or debt swap, option, future, or
forward agreement; a credit spread or
credit swap, option, future, or forward
agreement; a commodity index or
commodity swap, option, future, or
forward agreement;
‘‘(II) any agreement or trans-
action similar to any other agreement
or transaction referred to in this
clause that is presently, or in the fu-
ture becomes, regularly entered into
in the swap market (including terms
and conditions incorporated by ref-
erence in such agreement) and that is
a forward, swap, future, or option on
1 or more rates, currencies, commod-
ities, equity securities or other equity
231
instruments, debt securities or other
debt instruments, or economic indices
or measures of economic risk or value;
‘‘(III) any combination of agree-
ments or transactions referred to in
this clause;
‘‘(IV) any option to enter into
any agreement or transaction referred
to in this clause;
‘‘(V) a master agreement that
provides for an agreement or trans-
action referred to in subclause (I),
(II), (III), or (IV), together with all
supplements to any such master
agreement, without regard to whether
the master agreement contains an
agreement or transaction that is not a
swap agreement under this clause, ex-
cept that the master agreement shall
be considered to be a swap agreement
under this clause only with respect to
each agreement or transaction under
the master agreement that is referred
to in subclause (I), (II), (III), or (IV);
and
232
‘‘(VI) any security agreement or
arrangement or other credit enhance-
ment related to any agreements or
transactions referred to in subpara-
graph (I), (II), (III), or (IV).
Such term is applicable for purposes of
this Act only and shall not be construed or
applied so as to challenge or affect the
characterization, definition, or treatment of
any swap agreement under any other stat-
ute, regulation, or rule, including the Secu-
rities Act of 1933, the Securities Exchange
Act of 1934, the Public Utility Holding
Company Act of 1935, the Trust Indenture
Act of 1939, the Investment Company Act
of 1940, the Investment Advisers Act of
1940, the Securities Investor Protection
Act of 1970, the Commodity Exchange
Act, and the regulations promulgated by
the Securities and Exchange Commission
or the Commodity Futures Trading Com-
mission.’’.
(g) 
DEFINITION
OF
TRANSFER.—Section
11(e)(8)(D)(viii) of the Federal Deposit Insurance Act (12
U.S.C. 1821(e)(8)(D)(viii)) is amended to read as follows:
233
‘‘(viii) TRANSFER.—The term ‘trans-
fer’ means every mode, direct or indirect,
absolute or conditional, voluntary or invol-
untary, of disposing of or parting with
property or with an interest in property,
including retention of title as a security in-
terest and foreclosure of the depository
institutions’s equity of redemption.’’.
(h) TREATMENT
OF QUALIFIED FINANCIAL CON-
TRACTS.—Section 11(e)(8) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1821(e)(8)) is amended—
(1) in subparagraph (A), by striking ‘‘para-
graph (10)’’ and inserting ‘‘paragraphs (9) and
(10)’’;
(2) in subparagraph (A)(i), by striking ‘‘to
cause the termination or liquidation’’ and inserting
‘‘such person has to cause the termination, liquida-
tion, or acceleration’’;
(3) by amending subparagraph (A)(ii) to read
as follows:
‘‘(ii) any right under any security
agreement or arrangement or other credit
enhancement related to 1 or more qualified
financial contracts described in clause
(i);’’; and
234
(4) by amending subparagraph (E)(ii) to read
as follows:
‘‘(ii) any right under any security
agreement or arrangement or other credit
enhancement related to 1 or more qualified
financial contracts described in clause
(i);’’.
(i) 
AVOIDANCE
OF
TRANSFERS.—Section
11(e)(8)(C)(i) of the Federal Deposit Insurance Act (12
U.S.C. 1821(e)(8)(C)(i)) is amended by inserting ‘‘section
5242 of the Revised Statutes (12 U.S.C. 91) or any other
Federal or State law relating to the avoidance of pref-
erential or fraudulent transfers,’’ before ‘‘the Corpora-
tion’’.
SEC. 1002. AUTHORITY OF THE CORPORATION WITH RE-
SPECT TO FAILED AND FAILING INSTITU-
TIONS.
(a) IN GENERAL.—Section 11(e)(8) of the Federal
Deposit Insurance Act (12 U.S.C. 1821(e)(8)) is
amended—
(1) in subparagraph (E), by striking ‘‘other
than paragraph (12) of this subsection, subsection
(d)(9)’’ and inserting ‘‘other than subsections (d)(9)
and (e)(10)’’; and
235
(2) by adding at the end the following new sub-
paragraphs:
‘‘(F) CLARIFICATION.—No provision of law
shall be construed as limiting the right or
power of the Corporation, or authorizing any
court or agency to limit or delay, in any man-
ner, the right or power of the Corporation to
transfer any qualified financial contract in ac-
cordance with paragraphs (9) and (10) of this
subsection or to disaffirm or repudiate any such
contract in accordance with subsection (e)(1) of
this section.
‘‘(G) WALKAWAY
CLAUSES
NOT
EFFEC-
TIVE.—
‘‘(i) IN
GENERAL.—Notwithstanding
the provisions of subparagraphs (A) and
(E), and sections 403 and 404 of the Fed-
eral Deposit Insurance Corporation Im-
provement Act of 1991, no walkaway
clause shall be enforceable in a qualified fi-
nancial contract of an insured depository
institution in default.
‘‘(ii) WALKAWAY CLAUSE DEFINED.—
For purposes of this subparagraph, the
term ‘walkaway clause’ means a provision
236
in a qualified financial contract that, after
calculation of a value of a party’s position
or an amount due to or from 1 of the par-
ties in accordance with its terms upon ter-
mination, liquidation, or acceleration of the
qualified financial contract, either does not
create a payment obligation of a party or
extinguishes a payment obligation of a
party in whole or in part solely because of
such party’s status as a nondefaulting
party.’’.
(b) TECHNICAL AND CONFORMING AMENDMENT.—
Section 11(e)(12)(A) of the Federal Deposit Insurance
Act (12 U.S.C. 1821(e)(12)(A)) is amended by inserting
‘‘or the exercise of rights or powers’’ after ‘‘the appoint-
ment’’.
SEC. 1003. AMENDMENTS RELATING TO TRANSFERS OF
QUALIFIED FINANCIAL CONTRACTS.
(a) TRANSFERS
OF QUALIFIED FINANCIAL CON-
TRACTS TO FINANCIAL INSTITUTIONS.—Section 11(e)(9)
of the Federal Deposit Insurance Act (12 U.S.C.
1821(e)(9)) is amended to read as follows:
‘‘(9) TRANSFER OF QUALIFIED FINANCIAL CON-
TRACTS.—
237
‘‘(A) IN GENERAL.—In making any trans-
fer of assets or liabilities of a depository institu-
tion in default which includes any qualified fi-
nancial contract, the conservator or receiver for
such depository institution shall either—
‘‘(i) transfer to 1 financial institution,
other than a financial institution for which
a conservator, receiver, trustee in bank-
ruptcy, or other legal custodian has been
appointed or which is otherwise the subject
of a bankruptcy or insolvency proceeding—
‘‘(I) all qualified financial con-
tracts between any person or any af-
filiate of such person and the deposi-
tory institution in default;
‘‘(II) all claims of such person or
any affiliate of such person against
such depository institution under any
such contract (other than any claim
which, under the terms of any such
contract, is subordinated to the claims
of general unsecured creditors of such
institution);
‘‘(III) all claims of such deposi-
tory institution against such person or
238
any affiliate of such person under any
such contract; and
‘‘(IV) all property securing or
any other credit enhancement for any
contract described in subclause (I) or
any claim described in subclause (II)
or (III) under any such contract; or
‘‘(ii) transfer none of the qualified fi-
nancial contracts, claims, property or other
credit enhancement referred to in clause (i)
(with respect to such person and any affili-
ate of such person).
‘‘(B) TRANSFER TO FOREIGN BANK, FOR-
EIGN FINANCIAL INSTITUTION, OR BRANCH OR
AGENCY OF A FOREIGN BANK OR FINANCIAL IN-
STITUTION.—In transferring any qualified fi-
nancial contracts and related claims and prop-
erty pursuant to subparagraph (A)(i), the con-
servator or receiver for such depository institu-
tion shall not make such transfer to a foreign
bank, financial institution organized under the
laws of a foreign country, or a branch or agency
of a foreign bank or financial institution unless,
under the law applicable to such bank, financial
institution, branch or agency, to the qualified
239
financial contracts, and to any netting contract,
any security agreement or arrangement or other
credit enhancement related to 1 or more quali-
fied financial contracts the contractual rights of
the parties to such qualified financial contracts,
netting contracts, security agreements or ar-
rangements, or other credit enhancements are
enforceable substantially to the same extent as
permitted under this section.
‘‘(C) TRANSFER OF CONTRACTS SUBJECT
TO
THE
RULES
OF
A
CLEARING
ORGANIZA-
TION.—In the event that a conservator or re-
ceiver transfers any qualified financial contract
and related claims, property and credit en-
hancements pursuant to subparagraph (A)(i)
and such contract is subject to the rules of a
clearing organization, the clearing organization
shall not be required to accept the transferee as
a member by virtue of the transfer.
‘‘(D) DEFINITION.—For purposes of this
section, the term ‘financial institution’ means a
broker or dealer, a depository institution, a fu-
tures commission merchant, or any other insti-
tution as determined by the Corporation by reg-
ulation to be a financial institution.’’.
240
(b) NOTICE TO QUALIFIED FINANCIAL CONTRACT
COUNTERPARTIES.—Section 11(e)(10)(A) of the Federal
Deposit Insurance Act (12 U.S.C. 1821(e)(10)(A)) is
amended by amending the flush material following clause
(ii) to read as follows: ‘‘the conservator or receiver shall
notify any person who is a party to any such contract of
such transfer by 5:00 p.m. (eastern time) on the business
day following the date of the appointment of the receiver,
in the case of a receivership, or the business day following
such transfer, in the case of a conservatorship.’’.
(c) RIGHTS AGAINST RECEIVER AND TREATMENT OF
BRIDGE BANKS.—Section 11(e)(10) of the Federal De-
posit Insurance Act (12 U.S.C. 1821(e)(10)) is further
amended—
(1) by redesignating subparagraph (B) as sub-
paragraph (D); and
(2) by inserting after subparagraph (A) the fol-
lowing new subparagraphs:
‘‘(B) CERTAIN
RIGHTS
NOT
ENFORCE-
ABLE.—
‘‘(i) RECEIVERSHIP.—A person who is
a party to a qualified financial contract
with an insured depository institution may
not exercise any right such person has to
terminate, liquidate, or net such contract
241
under paragraph (8)(A) or section 403 or
404 of the Federal Deposit Insurance Cor-
poration Improvement Act of 1991 solely
by reason of or incidental to the appoint-
ment of a receiver for the depository insti-
tution (or the insolvency or financial condi-
tion of the depository institution for which
the receiver has been appointed)—
‘‘(I) until 5:00 p.m. (eastern
time) on the business day following
the date of the appointment of the re-
ceiver; or
‘‘(II) after the person has re-
ceived notice that the contract has
been transferred pursuant to para-
graph (9)(A).
‘‘(ii) CONSERVATORSHIP.—A person
who is a party to a qualified financial con-
tract with an insured depository institution
may not exercise any right such person has
to terminate, liquidate, or net such con-
tract under paragraph (8)(E) or sections
403 or 404 of the Federal Deposit Insur-
ance Corporation Improvement Act of
1991, solely by reason of or incidental to
242
the appointment of a conservator for the
depository institution (or the insolvency or
financial condition of the depository insti-
tution for which the conservator has been
appointed).
‘‘(iii) NOTICE.—For purposes of this
subsection, the Corporation as receiver or
conservator of an insured depository insti-
tution shall be deemed to have notified a
person who is a party to a qualified finan-
cial contract with such depository institu-
tion if the Corporation has taken steps
reasonably calculated to provide notice to
such person by the time specified in sub-
paragraph (A) of this subsection.
‘‘(C) TREATMENT
OF
BRIDGE
BANKS.—
The following institutions shall not be consid-
ered a financial institution for which a con-
servator, receiver, trustee in bankruptcy, or
other legal custodian has been appointed or
which is otherwise the subject of a bankruptcy
or insolvency proceeding for purposes of sub-
section (e)(9)—
‘‘(i) a bridge bank; or
243
‘‘(ii) a depository institution organized
by the Corporation, for which a conserva-
tor is appointed either—
‘‘(I) immediately upon the orga-
nization of the institution; or
‘‘(II) at the time of a purchase
and assumption transaction between
such institution and the Corporation
as receiver for a depository institution
in default.’’.
SEC. 1004. AMENDMENTS RELATING TO DISAFFIRMANCE
OR REPUDIATION OF QUALIFIED FINANCIAL
CONTRACTS.
Section 11(e) of the Federal Deposit Insurance Act
(12 U.S.C. 1821(e)) is further amended—
(1) by redesignating paragraphs (11) through
(15) as paragraphs (12) through (16), respectively;
and
(2) by inserting after paragraph (10) the fol-
lowing new paragraph:
‘‘(11) DISAFFIRMANCE
OR
REPUDIATION
OF
QUALIFIED
FINANCIAL
CONTRACTS.—In exercising
the rights of disaffirmance or repudiation of a con-
servator or receiver with respect to any qualified fi-
nancial contract to which an insured depository in-
244
stitution is a party, the conservator or receiver for
such institution shall either—
‘‘(A) disaffirm or repudiate all qualified fi-
nancial contracts between—
‘‘(i) any person or any affiliate of
such person; and
‘‘(ii) the depository institution in de-
fault; or
‘‘(B) disaffirm or repudiate none of the
qualified financial contracts referred to in sub-
paragraph (A) (with respect to such person or
any affiliate of such person).’’.
SEC. 1005. CLARIFYING AMENDMENT RELATING TO MAS-
TER AGREEMENTS.
Section 11(e)(8)(D)(vii) of the Federal Deposit In-
surance Act (12 U.S.C. 1821(e)(8)(D)(vii)) is amended to
read as follows:
‘‘(vii) 
TREATMENT
OF
MASTER
AGREEMENT AS 1 AGREEMENT.—Any mas-
ter agreement for any contract or agree-
ment described in any preceding clause of
this subparagraph (or any master agree-
ment for such master agreement or agree-
ments), together with all supplements to
such master agreement, shall be treated as
245
a single agreement and a single qualified
financial contract. If a master agreement
contains provisions relating to agreements
or transactions that are not themselves
qualified financial contracts, the master
agreement shall be deemed to be a quali-
fied financial contract only with respect to
those transactions that are themselves
qualified financial contracts.’’.
SEC. 1006. FEDERAL DEPOSIT INSURANCE CORPORATION
IMPROVEMENT ACT OF 1991.
(a) DEFINITIONS.—Section 402 of the Federal De-
posit Insurance Corporation Improvement Act of 1991 (12
U.S.C. 4402) is amended—
(1) in paragraph (6)—
(A) by redesignating subparagraphs (B)
through (D) as subparagraphs (C) through (E),
respectively;
(B) by inserting after subparagraph (A)
the following new subparagraph:
‘‘(B) an uninsured national bank or an un-
insured State bank that is a member of the
Federal Reserve System if the national bank or
State member bank is not eligible to make ap-
plication to become an insured bank under sec-
246
tion 5 of the Federal Deposit Insurance Act;’’;
and
(C) by amending subparagraph (C) (as re-
designated) to read as follows:
‘‘(C) a branch or agency of a foreign bank,
a foreign bank and any branch or agency of the
foreign bank, or the foreign bank that estab-
lished the branch or agency, as those terms are
defined in section 1(b) of the International
Banking Act of 1978;’’;
(2) in paragraph (11), by adding before the pe-
riod ‘‘and any other clearing organization with which
such clearing organization has a netting contract’’;
(3) by amending paragraph (14)(A)(i) to read
as follows:
‘‘(i) means a contract or agreement
between 2 or more financial institutions,
clearing organizations, or members that
provides for netting present or future pay-
ment obligations or payment entitlements
(including liquidation or closeout values re-
lating to such obligations or entitlements)
among the parties to the agreement; and’’;
and
247
(4) by adding at the end the following new
paragraph:
‘‘(15) PAYMENT.—The term ‘payment’ means a
payment of United States dollars, another currency,
or a composite currency, and a noncash delivery, in-
cluding a payment or delivery to liquidate an
unmatured obligation.’’.
(b) ENFORCEABILITY OF BILATERAL NETTING CON-
TRACTS.—Section 403 of the Federal Deposit Insurance
Corporation Improvement Act of 1991 (12 U.S.C. 4403)
is amended—
(1) by amending subsection (a) to read as fol-
lows:
‘‘(a) GENERAL RULE.—Notwithstanding any other
provision of State or Federal law (other than paragraphs
(8)(E), (8)(F), and (10)(B) of section 11(e) of the Federal
Deposit Insurance Act or any order authorized under sec-
tion 5(b)(2) of the Securities Investor Protection Act of
1970, the covered contractual payment obligations and the
covered contractual payment entitlements between any 2
financial institutions shall be netted in accordance with,
and subject to the conditions of, the terms of any applica-
ble netting contract (except as provided in section
561(b)(2) of title 11).’’; and
248
(2) by adding at the end the following new sub-
section:
‘‘(f) 
ENFORCEABILITY
OF
SECURITY
AGREE-
MENTS.—The provisions of any security agreement or ar-
rangement or other credit enhancement related to 1 or
more netting contracts between any 2 financial institu-
tions shall be enforceable in accordance with their terms
(except as provided in section 561(b)(2) of title 11) and
shall not be stayed, avoided, or otherwise limited by any
State or Federal law (other than paragraphs (8)(E),
(8)(F), and (10)(B) of section 11(e) of the Federal De-
posit Insurance Act and section 5(b)(2) of the Securities
Investor Protection Act of 1970).’’.
(c) ENFORCEABILITY OF CLEARING ORGANIZATION
NETTING CONTRACTS.—Section 404 of the Federal De-
posit Insurance Corporation Improvement Act of 1991 (12
U.S.C. 4404) is amended—
(1) by amending subsection (a) to read as fol-
lows:
‘‘(a) GENERAL RULE.—Notwithstanding any other
provision of State or Federal law (other than paragraphs
(8)(E), (8)(F), and (10)(B) of section 11(e) of the Federal
Deposit Insurance Act and any order authorized under
section 5(b)(2) of the Securities Investor Protection Act
of 1970, the covered contractual payment obligations and
249
the covered contractual payment entitlements of a member
of a clearing organization to and from all other members
of a clearing organization shall be netted in accordance
with and subject to the conditions of any applicable net-
ting contract (except as provided in section 561(b)(2) of
title 11, United States Code).’’; and
(2) by adding at the end the following new sub-
section:
‘‘(h) 
ENFORCEABILITY
OF
SECURITY
AGREE-
MENTS.—The provisions of any security agreement or ar-
rangement or other credit enhancement related to 1 or
more netting contracts between any 2 members of a clear-
ing organization shall be enforceable in accordance with
their terms (except as provided in section 561(b)(2) of
title 11, United States Code) and shall not be stayed,
avoided, or otherwise limited by any State or Federal law
other than paragraphs (8)(E), (8)(F), and (10)(B) of sec-
tion 11(e) of the Federal Deposit Insurance Act and sec-
tion 5(b)(2) of the Securities Investor Protection Act of
1970.’’.
(d) ENFORCEABILITY OF CONTRACTS WITH UNIN-
SURED NATIONAL BANKS
AND UNINSURED FEDERAL
BRANCHES AND AGENCIES.—The Federal Deposit Insur-
ance Corporation Improvement Act of 1991 (12 U.S.C.
4401 et seq.) is amended—
250
(1) by redesignating section 407 as section 408;
and
(2) by adding after section 406 the following
new section:
‘‘SEC. 407. TREATMENT OF CONTRACTS WITH UNINSURED
NATIONAL BANKS AND UNINSURED FEDERAL
BRANCHES AND AGENCIES.
‘‘(a) IN GENERAL.—Notwithstanding any other pro-
vision of law, paragraphs (8), (9), (10), and (11) of section
11(e) of the Federal Deposit Insurance Act shall apply
to an uninsured national bank or uninsured Federal
branch or Federal agency except—
‘‘(1) any reference to the ‘Corporation as re-
ceiver’ or ‘the receiver or the Corporation’ shall refer
to the receiver of an uninsured national bank or un-
insured Federal branch or Federal agency appointed
by the Comptroller of the Currency;
‘‘(2) any reference to the ‘Corporation’ (other
than in section 11(e)(8)(D) of such Act), the ‘Cor-
poration, whether acting as such or as conservator
or receiver’, a ‘receiver’, or a ‘conservator’ shall refer
to the receiver or conservator of an uninsured na-
tional bank or uninsured Federal branch or Federal
agency appointed by the Comptroller of the Cur-
rency; and
251
‘‘(3) any reference to an ‘insured depository in-
stitution’ or ‘depository institution’ shall refer to an
uninsured national bank or an uninsured Federal
branch or Federal agency.
‘‘(b) LIABILITY.—The liability of a receiver or con-
servator of an uninsured national bank or uninsured Fed-
eral branch or agency shall be determined in the same
manner and subject to the same limitations that apply to
receivers and conservators of insured depository institu-
tions under section 11(e) of the Federal Deposit Insurance
Act.
‘‘(c) REGULATORY AUTHORITY.—
‘‘(1) IN
GENERAL.—The Comptroller of the
Currency, in consultation with the Federal Deposit
Insurance Corporation, may promulgate regulations
to implement this section.
‘‘(2) SPECIFIC REQUIREMENT.—In promulgat-
ing regulations to implement this section, the Comp-
troller of the Currency shall ensure that the regula-
tions generally are consistent with the regulations
and policies of the Federal Deposit Insurance Cor-
poration adopted pursuant to the Federal Deposit
Insurance Act.
‘‘(d) DEFINITIONS.—For purposes of this section, the
terms ‘Federal branch’, ‘Federal agency’, and ‘foreign
252
bank’ have the same meaning as in section 1(b) of the
International Banking Act.’’.
SEC. 1007. BANKRUPTCY CODE AMENDMENTS.
(a) DEFINITIONS OF FORWARD CONTRACT, REPUR-
CHASE AGREEMENT, SECURITIES CLEARING AGENCY,
SWAP AGREEMENT, COMMODITY CONTRACT, AND SECU-
RITIES CONTRACT.—Title 11, United States Code, is
amended—
(1) in section 101—
(A) in paragraph (25)—
(i) by striking ‘‘means a contract’’
and inserting ‘‘means—
‘‘(A) a contract’’;
(ii) by striking ‘‘, or any combination
thereof or option thereon;’’ and inserting
‘‘, or any other similar agreement;’’; and
(iii) by adding at the end the follow-
ing:
‘‘(B) a combination of agreements or
transactions referred to in subparagraphs (A)
and (C);
‘‘(C) an option to enter into an agreement
or transaction referred to in subparagraph (A)
or (B);
253
‘‘(D) a master netting agreement that pro-
vides for an agreement or transaction referred
to in subparagraph (A), (B), or (C), together
with all supplements to such master netting
agreement, without regard to whether such
master netting agreement provides for an
agreement or transaction that is not a forward
contract under this paragraph, except that such
master netting agreement shall be considered to
be a forward contract under this paragraph
only with respect to each agreement or trans-
action under such master netting agreement
that is referred to in subparagraph (A), (B) or
(C); or
‘‘(E) a security agreement or arrangement,
or other credit enhancement, directly pertaining
to a contract, option, agreement, or transaction
referred to in subparagraph (A), (B), (C), or
(D), but not to exceed the actual value of such
contract, option, agreement, or transaction on
the date of the filing of the petition;’’;
(B) by amending paragraph (47) to read
as follows:
‘‘(47) ‘repurchase agreement’ and ‘reverse re-
purchase agreement’—
254
‘‘(A) mean—
‘‘(i) an agreement, including related
terms, which provides for the transfer of—
‘‘(I) a certificate of deposit,
mortgage-related security (as defined
in the Securities Exchange Act of
1934), mortgage loan, interest in a
mortgage-related security or mortgage
loan, eligible bankers’ acceptance,
qualified foreign government security;
or
‘‘(II) security that is a direct ob-
ligation of, or that is fully guaranteed
by, the United States or an agency of
the United States against the transfer
of funds by the transferee of such cer-
tificate of deposit, eligible bankers’ ac-
ceptance, security, loan, or interest;
with a simultaneous agreement by such
transferee to transfer to the transferor
thereof a certificate of deposit, eligible
bankers’ acceptance, security, loan, or in-
terest of the kind described in subclause
(I) or (II), at a date certain not later than
255
1 year after the transferor’s transfer or on
demand, against the transfer of funds;
‘‘(ii) a combination of agreements or
transactions referred to in clauses (i) and
(iii);
‘‘(iii) an option to enter into an agree-
ment or transaction referred to in clause
(i) or (ii);
‘‘(iv) a master netting agreement that
provides for an agreement or transaction
referred to in clause (i), (ii), or (iii), to-
gether with all supplements to such master
netting agreement, without regard to
whether such master netting agreement
provides for an agreement or transaction
that is not a repurchase agreement under
this subparagraph, except that such master
netting agreement shall be considered to be
a repurchase agreement under this sub-
paragraph only with respect to each agree-
ment or transaction under such master
netting agreement that is referred to in
clause (i), (ii), or (iii); or
‘‘(v) a security agreement or arrange-
ment, or other credit enhancement, directly
256
pertaining to a contract referred to in
clause (i), (ii), (iii), or (iv), but not to ex-
ceed the actual value of such contract on
the date of the filing of the petition; and
‘‘(B) do not include a repurchase obliga-
tion under a participation in a commercial
mortgage loan;
and, for purposes of this paragraph, the term ‘quali-
fied foreign government security’ means a security
that is a direct obligation of, or that is fully guaran-
teed by, the central government of a member of the
Organization for Economic Cooperation and Devel-
opment;’’;
(C) in paragraph (48) by inserting ‘‘or ex-
empt from such registration under such section
pursuant to an order of the Securities and Ex-
change Commission’’ after ‘‘1934’’; and
(D) by amending paragraph (53B) to read
as follows:
‘‘(53B) ‘swap agreement’ means—
‘‘(A) an agreement, including the terms
and conditions incorporated by reference in
such agreement, that is—
‘‘(i) an interest rate swap, option, fu-
ture, or forward agreement, including a
257
rate floor, rate cap, rate collar, cross-cur-
rency rate swap, and basis swap;
‘‘(ii) a spot, same day-tomorrow, to-
morrow-next, forward, or other foreign ex-
change or precious metals agreement;
‘‘(iii) a currency swap, option, future,
or forward agreement;
‘‘(iv) an equity index or an equity
swap, option, future, or forward agree-
ment;
‘‘(v) a debt index or a debt swap, op-
tion, future, or forward agreement;
‘‘(vi) a credit spread or a credit swap,
option, future, or forward agreement; or
‘‘(vii) a commodity index or a com-
modity swap, option, future, or forward
agreement;
‘‘(B) an agreement or transaction similar
to an agreement or transaction referred to in
this paragraph that—
‘‘(i) is currently, or in the future be-
comes, regularly entered into in the swap
market (including terms and conditions in-
corporated by reference therein); and
258
‘‘(ii) is a forward, swap, future, or op-
tion on a rate, currency, commodity, equity
security, or other equity instrument, on a
debt security or other debt instrument, or
on an economic index or measure of eco-
nomic risk or value;
‘‘(C) a combination of agreements or
transactions referred to in this paragraph;
‘‘(D) an option to enter into an agreement
or transaction referred to in this paragraph;
‘‘(E) a master netting agreement that pro-
vides for an agreement or transaction referred
to in subparagraph (A), (B), (C), or (D), to-
gether with all supplements to such master net-
ting agreement and without regard to whether
such master netting agreement contains an
agreement or transaction described in any such
subparagraph, but only with respect to each
agreement or transaction referred to in any
such subparagraph that is under such master
netting agreement; or
‘‘(F) is applicable for purposes of this title
only and shall not be construed or applied so as
to challenge or affect the characterization, defi-
nition, or treatment of any swap agreement
259
under any other statute, regulation, or rule, in-
cluding the Securities Act of 1933, the Securi-
ties Exchange Act of 1934, the Public Utility
Holding Company Act of 1935, the Trust In-
denture Act of 1939, the Investment Company
Act of 1940, the Investment Advisers Act of
1940, the Securities Investor Protection Act of
1970, the Commodity Exchange Act, and the
regulations prescribed by the Securities and Ex-
change Commission or the Commodity Futures
Trading Commission.’’;
(2) by amending section 741(7) to read as fol-
lows:
‘‘(7) ‘securities contract’—
‘‘(A) means—
‘‘(i) a contract for the purchase, sale,
or loan of a security, a mortgage loan or
an interest in a mortgage loan, a group or
index of securities, or mortgage loans or
interests therein (including an interest
therein or based on the value thereof), or
option on any of the foregoing, including
an option to purchase or sell any of the
foregoing;
260
‘‘(ii) an option entered into on a na-
tional securities exchange relating to for-
eign currencies;
‘‘(iii) the guarantee by or to a securi-
ties clearing agency of a settlement of
cash, securities, mortgage loans or inter-
ests therein, group or index of securities,
or mortgage loans or interests therein (in-
cluding any interest therein or based on
the value thereof), or option on any of the
foregoing, including an option to purchase
or sell any of the foregoing;
‘‘(iv) a margin loan;
‘‘(v) any other agreement or trans-
action that is similar to an agreement or
transaction referred to in this subpara-
graph;
‘‘(vi) a combination of the agreements
or transactions referred to in this subpara-
graph;
‘‘(vii) an option to enter into an
agreement or transaction referred to in
this subparagraph;
‘‘(viii) a master netting agreement
that provides for an agreement or trans-
261
action referred to in clause (i), (ii), (iii),
(iv), (v), (vi), or (vii), together with all
supplements to such master netting agree-
ment, without regard to whether such mas-
ter netting agreement provides for an
agreement or transaction that is not a se-
curities contract under this subparagraph,
except that such master netting agreement
shall be considered to be a securities con-
tract under this subparagraph only with
respect to each agreement or transaction
under such master netting agreement that
is referred to in clause (i), (ii), (iii), (iv),
(v), (vi), or (vii); or
‘‘(ix) a security agreement or arrange-
ment, or other credit enhancement, directly
pertaining to a contract referred to in this
subparagraph, but not to exceed the actual
value of such contract on the date of the
filing of the petition; and
‘‘(B) does not include a purchase, sale, or
repurchase obligation under a participation in a
commercial mortgage loan;’’; and
(3) in section 761(4)—
262
(A) by striking ‘‘or’’ at the end of subpara-
graph (D); and
(B) by adding at the end the following:
‘‘(F) any other agreement or transaction
that is similar to an agreement or transaction
referred to in this paragraph;
‘‘(G) a combination of the agreements or
transactions referred to in this paragraph;
‘‘(H) an option to enter into an agreement
or transaction referred to in this paragraph;
‘‘(I) a master netting agreement that pro-
vides for an agreement or transaction referred
to in subparagraph (A), (B), (C), (D), (E), (F),
(G), or (H), together with all supplements to
such master netting agreement, without regard
to whether such master netting agreement pro-
vides for an agreement or transaction that is
not a commodity contract under this paragraph,
except that such master netting agreement shall
be considered to be a commodity contract under
this paragraph only with respect to each agree-
ment or transaction under such master netting
agreement that is referred to in subparagraph
(A), (B), (C), (D), (E), (F), (G), or (H); or
263
‘‘(J) a security agreement or arrangement,
or other credit enhancement, directly pertaining
to a contract referred to in this paragraph, but
not to exceed the actual value of such contract
on the date of the filing of the petition;’’.
(b) DEFINITIONS OF FINANCIAL INSTITUTION, FI-
NANCIAL PARTICIPANT, AND FORWARD CONTRACT MER-
CHANT.—Section 101 of title 11, United States Code, is
amended—
(1) by amending paragraph (22) to read as fol-
lows:
‘‘(22) ‘financial institution’ means—
‘‘(A) a Federal reserve bank, or an entity
that is a commercial or savings bank, industrial
savings bank, savings and loan association,
trust company, or receiver or conservator for
such entity and, when such Federal reserve
bank, receiver, or conservator or entity is acting
as agent or custodian for a customer in connec-
tion with a securities contract, as defined in
section 741 of this title, such customer; or
‘‘(B) in connection with a securities con-
tract, as defined in section 741 of this title, an
investment company registered under the In-
vestment Company Act of 1940;’’;
264
(2) by inserting after paragraph (22) the fol-
lowing:
‘‘(22A) ‘financial participant’ means an entity
that is a party to a securities contract, commodity
contract or forward contract, or on the date of the
filing of the petition, has a commodity contract (as
defined in section 761 of this title) with the debtor
or any other entity (other than an affiliate) of a
total gross dollar value of at least $1,000,000,000 in
notional or actual principal amount outstanding on
any day during the previous 15-month period, or has
gross 
mark-to-market 
positions 
of 
at 
least
$100,000,000 (aggregated across counterparties) in
any such agreement or transaction with the debtor
or any other entity (other than an affiliate) on any
day during the previous 15-month period;’’; and
(3) by amending paragraph (26) to read as fol-
lows:
‘‘(26) ‘forward contract merchant’ means a
Federal reserve bank, or an entity whose business
consists in whole or in part of entering into forward
contracts as or with merchants or in a commodity,
as defined or in section 761 of this title, or any simi-
lar good, article, service, right, or interest which is
265
presently or in the future becomes the subject of
dealing or in the forward contract trade;’’.
(c) DEFINITION OF MASTER NETTING AGREEMENT
AND MASTER NETTING AGREEMENT PARTICIPANT.—Sec-
tion 101 of title 11, United States Code, is amended by
inserting after paragraph (38) the following new para-
graphs:
‘‘(38A) the term ‘master netting agreement’
means an agreement providing for the exercise of
rights, including rights of netting, setoff, liquidation,
termination, acceleration, or closeout, under or in
connection with 1 or more contracts that are de-
scribed in any 1 or more of paragraphs (1) through
(5) of section 561(a), or any security agreement or
arrangement or other credit enhancement related to
1 or more of the foregoing. If a master netting
agreement contains provisions relating to agree-
ments or transactions that are not contracts de-
scribed in paragraphs (1) through (5) of section
561(a), the master netting agreement shall be
deemed to be a master netting agreement only with
respect to those agreements or transactions that are
described in any 1 or more of the paragraphs (1)
through (5) of section 561(a);
266
‘‘(38B) the term ‘master netting agreement
participant’ means an entity that, at any time before
the filing of the petition, is a party to an outstand-
ing master netting agreement with the debtor;’’.
(d) SWAP AGREEMENTS, SECURITIES CONTRACTS,
COMMODITY CONTRACTS, FORWARD CONTRACTS, REPUR-
CHASE AGREEMENTS, AND MASTER NETTING AGREE-
MENTS UNDER THE AUTOMATIC-STAY.—
(1) IN GENERAL.—Section 362(b) of title 11,
United States Code, as amended by sections 120,
134, 139, 203 and 818, is amended—
(A) in paragraph (6), by inserting ‘‘,
pledged to, and under the control of,’’ after
‘‘held by’’;
(B) in paragraph (7), by inserting ‘‘,
pledged to, and under the control of,’’ after
‘‘held by’’;
(C) by amending paragraph (17) to read
as follows:
‘‘(17) under subsection (a), of the setoff by a
swap participant of a mutual debt and claim under
or in connection with a swap agreement that con-
stitutes the setoff of a claim against the debtor for
a payment or transfer due from the debtor under or
in connection with a swap agreement against a pay-
267
ment due to the debtor from the swap participant
under or in connection with a swap agreement or
against cash, securities, or other property held by,
pledged to, and under the control of, or due from
such swap participant to guarantee, secure, or settle
a swap agreement;’’;
(D) in paragraph (27), by striking ‘‘or’’ at
the end;
(E) in paragraph (28) by striking the pe-
riod at the end and inserting ‘‘; and’’; and
(F) by inserting after paragraph (28) the
following new paragraph:
‘‘(29) under subsection (a), of the setoff by a
master netting agreement participant of a mutual
debt and claim under or in connection with 1 or
more master netting agreements or any contract or
agreement subject to such agreements that con-
stitutes the setoff of a claim against the debtor for
any payment or other transfer of property due from
the debtor under or in connection with such agree-
ments or any contract or agreement subject to such
agreements against any payment due to the debtor
from such master netting agreement participant
under or in connection with such agreements or any
contract or agreement subject to such agreements or
268
against cash, securities, or other property held by,
pledged or and under the control of, or due from
such master netting agreement participant to mar-
gin, guarantee, secure, or settle such agreements or
any contract or agreement subject to such agree-
ments, to the extent such participant is eligible to
exercise such offset rights under paragraph (6), (7),
or (17) for each individual contract covered by the
master netting agreement in issue.’’.
(2) LIMITATION.—Section 362 of title 11,
United States Code, is amended by adding at the
end the following:
‘‘(i) LIMITATION.—The exercise of rights not subject
to the stay arising under subsection (a) pursuant to para-
graph (6), (7), or (17) of subsection (b) shall not be stayed
by an order of a court or administrative agency in any
proceeding under this title.’’.
(e) LIMITATION
OF AVOIDANCE POWERS UNDER
MASTER NETTING AGREEMENT.—Section 546 of title 11,
United States Code, is amended—
(1) in subsection (g) (as added by section 103
of Public Law 101–311)—
(A) by striking ‘‘under a swap agreement’’;
269
(B) by striking ‘‘in connection with a swap
agreement’’ and inserting ‘‘under or in connec-
tion with any swap agreement’’;
(2) by redesignating subsection (g) (as added
by section 222(a) of Public Law 103–394) as sub-
section (i); and
(3) by inserting before subsection (i) (as redes-
ignated) the following new subsection:
‘‘(h) Notwithstanding sections 544, 545, 547,
548(a)(2)(B), and 548(b) of this title, the trustee may not
avoid a transfer made by or to a master netting agreement
participant under or in connection with any master netting
agreement or any individual contract covered thereby that
is made before the commencement of the case, and except
to the extent the trustee could otherwise avoid such a
transfer made under an individual contract covered by
such master netting agreement, except under section
548(a)(1)(A) of this title.’’.
(f) FRAUDULENT TRANSFERS OF MASTER NETTING
AGREEMENTS.—Section 548(d)(2) of title 11, United
States Code, is amended—
(1) in subparagraph (C), by striking ‘‘and’’;
(2) in subparagraph (D), by striking the period
and inserting ‘‘; and’’; and
270
(3) by adding at the end the following new sub-
paragraph:
‘‘(E) a master netting agreement partici-
pant that receives a transfer in connection with
a master netting agreement or any individual
contract covered thereby takes for value to the
extent of such transfer, except, with respect to
a transfer under any individual contract covered
thereby, to the extent such master netting
agreement participant otherwise did not take
(or is otherwise not deemed to have taken) such
transfer for value.’’.
(g) TERMINATION OR ACCELERATION OF SECURITIES
CONTRACTS.—Section 555 of title 11, United States Code,
is amended—
(1) by amending the section heading to read as
follows:
‘‘§ 555. Contractual right to liquidate, terminate, or
accelerate a securities contract’’; and
(2) in the first sentence, by striking ‘‘liquida-
tion’’ and inserting ‘‘liquidation, termination, or ac-
celeration’’.
(h) TERMINATION OR ACCELERATION OF COMMOD-
ITIES OR FORWARD CONTRACTS.—Section 556 of title 11,
United States Code, is amended—
271
(1) by amending the section heading to read as
follows:
‘‘§ 556. Contractual right to liquidate, terminate, or
accelerate a commodities contract or for-
ward contract’’; and
(2) in the first sentence, by striking ‘‘liquida-
tion’’ and inserting ‘‘liquidation, termination, or ac-
celeration’’.
(i) TERMINATION
OR ACCELERATION
OF REPUR-
CHASE AGREEMENTS.—Section 559 of title 11, United
States Code, is amended—
(1) by amending the section heading to read as
follows:
‘‘§ 559. Contractual right to liquidate, terminate, or
accelerate a repurchase agreement’’; and
(2) in the first sentence, by striking ‘‘liquida-
tion’’ and inserting ‘‘liquidation, termination, or ac-
celeration’’.
(j) LIQUIDATION, TERMINATION, OR ACCELERATION
OF SWAP AGREEMENTS.—Section 560 of title 11, United
States Code, is amended—
(1) by amending the section heading to read as
follows:
272
‘‘§ 560. Contractual right to liquidate, terminate, or
accelerate a swap agreement’’; and
(2) in the first sentence, by striking ‘‘termi-
nation of a swap agreement’’ and inserting ‘‘liquida-
tion, termination, or acceleration of a swap agree-
ment’’; and
(3) by striking ‘‘in connection with any swap
agreement’’ and inserting ‘‘in connection with the
termination, liquidation, or acceleration of a swap
agreement’’.
(k) LIQUIDATION, TERMINATION, ACCELERATION, OR
OFFSET UNDER A MASTER NETTING AGREEMENT AND
ACROSS CONTRACTS.—Title 11, United States Code, is
amended by inserting after section 560 the following new
section:
‘‘§ 561. Contractual right to terminate, liquidate, ac-
celerate, or offset under a master netting
agreement and across contracts
‘‘(a) IN GENERAL.—Subject to subsection (b), the ex-
ercise of any contractual right, because of a condition of
the kind specified in section 365(e)(1), to cause the termi-
nation, liquidation, or acceleration of or to offset or net
termination values, payment amounts or other transfer ob-
ligations arising under or in connection with 1 or more
(or the termination, liquidation, or acceleration of 1 or
more—
274
other instruments, contracts, or agreements
listed in subsection (a) except to the extent the
party has no positive net equity in the commod-
ity accounts at the debtor, as calculated under
subchapter IV;
‘‘(B) another commodity broker may not
net or offset an obligation to the debtor arising
under, or in connection with, a commodity con-
tract entered into or held on behalf of a cus-
tomer of the debtor against any claim arising
under, or in connection with, other instruments,
contracts, or agreements listed in subsection
(a).
‘‘(c) DEFINITION.—As used in this section, the term
‘contractual right’ includes a right set forth in a rule or
bylaw of a national securities exchange, a national securi-
ties association, or a securities clearing agency, a right
set forth in a bylaw of a clearing organization or contract
market or in a resolution of the governing board thereof,
and a right, whether or not evidenced in writing, arising
under common law, under law merchant, or by reason of
normal business practice.’’.
(l) MUNICIPAL BANKRUPTCIES.—Section 901 of title
11, United States Code, is amended—
(1) by inserting ‘‘, 555, 556’’ after ‘‘553’’; and
275
(2) by inserting ‘‘, 559, 560, 561,’’ after ‘‘557’’.
(m) ANCILLARY PROCEEDINGS.—Section 304 of title
11, United States Code, is amended by adding at the end
the following:
‘‘(d) Any provisions of this title relating to securities
contracts, commodity contracts, forward contracts, repur-
chase agreements, swap agreements, or master netting
agreements shall apply in a case ancillary to a foreign pro-
ceeding under this section or any other section of this title,
so that enforcement of contractual provisions of such con-
tracts and agreements in accordance with their terms will
not be stayed or otherwise limited by operation of any pro-
vision of this title or by order of a court in any case under
this title, and to limit avoidance powers to the same extent
as in a proceeding under chapter 7 or 11 of this title (such
enforcement not to be limited based on the presence or
absence of assets of the debtor in the United States).’’.
(n) COMMODITY BROKER LIQUIDATIONS.—Title 11,
United States Code, is amended by inserting after section
766 the following:
276
‘‘§ 767. Commodity broker liquidation and forward
contract merchants, commodity brokers,
stockbrokers, financial institutions, secu-
rities clearing agencies, swap partici-
pants, repo participants, and master net-
ting agreement participants
‘‘Notwithstanding any other provision of this title,
the exercise of rights by a forward contract merchant,
commodity broker, stockbroker, financial institution, secu-
rities clearing agency, swap participant, repo participant,
or master netting agreement participant under this title
shall not affect the priority of any unsecured claim it may
have after the exercise of such rights.’’.
(o) STOCKBROKER LIQUIDATIONS.—Title 11, United
States Code, is amended by inserting after section 752 the
following:
‘‘§ 753. Stockbroker liquidation and forward contract
merchants, commodity brokers, stock-
brokers, financial institutions, securities
clearing 
agencies, 
swap 
participants,
repo participants, and master netting
agreement participants
‘‘Notwithstanding any other provision of this title,
the exercise of rights by a forward contract merchant,
commodity broker, stockbroker, financial institution, secu-
rities clearing agency, swap participant, repo participant,
277
financial participant, or master netting agreement partici-
pant under this title shall not affect the priority of any
unsecured claim it may have after the exercise of such
rights.’’.
(p) SETOFF.—Section 553 of title 11, United States
Code, is amended—
(1) in subsection (a)(3)(C), by inserting ‘‘(ex-
cept for a setoff of a kind described in section
362(b)(6), 362(b)(7), 362(b)(17), 362(b)(19), 555,
556, 559, or 560 of this title)’’ before the period;
and
(2) 
in 
subsection 
(b)(1), 
by 
striking
‘‘362(b)(14),’’ 
and 
inserting 
‘‘362(b)(17),
362(b)(19), 555, 556, 559, 560,’’.
(q) SECURITIES
CONTRACTS, COMMODITY
CON-
TRACTS, AND FORWARD CONTRACTS.—Title 11, United
States Code, is amended—
(1) in section 362(b)(6), by striking ‘‘financial
institutions,’’ each place such term appears and in-
serting ‘‘financial institution, financial participant’’;
(2) in section 546(e), by inserting ‘‘financial
participant’’ after ‘‘financial institution,’’;
(3) in section 548(d)(2)(B), by inserting ‘‘fi-
nancial participant’’ after ‘‘financial institution,’’;
(4) in section 555—
278
(A) by inserting ‘‘financial participant’’
after ‘‘financial institution,’’; and
(B) by inserting before the period ‘‘, a
right set forth in a bylaw of a clearing organi-
zation or contract market or in a resolution of
the governing board thereof, and a right,
whether or not in writing, arising under com-
mon law, under law merchant, or by reason of
normal business practice’’; and
(5) in section 556, by inserting ‘‘, financial par-
ticipant’’ after ‘‘commodity broker’’.
(r) CONFORMING AMENDMENTS.—Title 11 of the
United States Code is amended—
(1) in the table of sections of chapter 5—
(A) by amending the items relating to sec-
tions 555 and 556 to read as follows:
‘‘555. Contractual right to liquidate, terminate, or accelerate a securities con-
tract.
‘‘556. Contractual right to liquidate, terminate, or accelerate a commodities con-
tract or forward contract.’’; and
(B) by amending the items relating to sec-
tions 555 and 556 to read as follows:
‘‘559. Contractual right to liquidate, terminate, or accelerate a repurchase
agreement.
‘‘560. Contractual right to liquidate, terminate, or accelerate a swap agree-
ment.’’; and
(2) in the table of sections of chapter 7—
(A) by inserting after the item relating to
section 766 the following:
279
‘‘767. Commodity broker liquidation and forward contract merchants, commod-
ity brokers, stockbrokers, financial institutions, securities clear-
ing agencies, swap participants, repo participants, and master
netting agreement participants.’’; and
(B) by inserting after the item relating to
section 752 the following:
‘‘753. Stockbroker liquidation and forward contract merchants, commodity bro-
kers, stockbrokers, financial institutions, securities clearing
agencies, swap participants, repo participants, and master net-
ting agreement participants.’’.
SEC. 1008. RECORDKEEPING REQUIREMENTS.
Section 11(e)(8) of the Federal Deposit Insurance
Act (12 U.S.C. 1821(e)(8)) is amended by adding at the
end the following new subparagraph:
‘‘(H) RECORDKEEPING REQUIREMENTS.—
The Corporation, in consultation with the ap-
propriate Federal banking agencies, may pre-
scribe regulations requiring more detailed rec-
ordkeeping with respect to qualified financial
contracts (including market valuations) by in-
sured depository institutions.’’.
SEC. 1009. EXEMPTIONS FROM CONTEMPORANEOUS EXE-
CUTION –––REQUIREMENT.
Section 13(e)(2) of the Federal Deposit Insurance
Act (12 U.S.C. 1823(e)(2)) is amended to read as follows:
‘‘(2) EXEMPTIONS
FROM
CONTEMPORANEOUS
EXECUTION REQUIREMENT.—An agreement to pro-
vide for the lawful collateralization of—
280
‘‘(A) deposits of, or other credit extension
by, a Federal, State, or local governmental en-
tity, or of any depositor referred to in section
11(a)(2), including an agreement to provide col-
lateral in lieu of a surety bond;
‘‘(B) bankruptcy estate funds pursuant to
section 345(b)(2) of title 11, United States
Code;
‘‘(C) extensions of credit, including any
overdraft, from a Federal reserve bank or Fed-
eral home loan bank; or
‘‘(D) 1 or more qualified financial con-
tracts, as defined in section 11(e)(8)(D),
shall not be deemed invalid pursuant to paragraph
(1)(B) solely because such agreement was not exe-
cuted contemporaneously with the acquisition of the
collateral or because of pledges, delivery, or substi-
tution of the collateral made in accordance with such
agreement.’’.
SEC. 1010. DAMAGE MEASURE.
(a) Title 11, United States Code, is amended—
(1) by inserting after section 561 the following:
282
(1) by designating the existing text as para-
graph (1); and
(2) by adding at the end the following:
‘‘(2) A claim for damages calculated in accordance
with section 561 of this title shall be allowed under sub-
section (a), (b), or (c), or disallowed under subsection (d)
or (e), as if such claim had arisen before the date of the
filing of the petition.’’.
SEC. 1011. SIPC STAY.
Section 5(b)(2) of the Securities Investor Protection
Act of 1970 (15 U.S.C. 78eee(b)(2)) is amended by adding
after subparagraph (B) the following new subparagraph:
‘‘(C) EXCEPTION FROM STAY.—
‘‘(i) Notwithstanding section 362 of
title 11, United States Code, neither the
filing of an application under subsection
(a)(3) nor any order or decree obtained by
Securities Investor Protection Corporation
from the court shall operate as a stay of
any contractual rights of a creditor to liq-
uidate, terminate, or accelerate a securities
contract, commodity contract, forward con-
tract, repurchase agreement, swap agree-
ment, or master netting agreement, each
as defined in title 11, to offset or net ter-
283
mination values, payment amounts, or
other transfer obligations arising under or
in connection with 1 or more of such con-
tracts or agreements, or to foreclose on
any cash collateral pledged by the debtor
whether or not with respect to 1 or more
of such contracts or agreements.
‘‘(ii) Notwithstanding clause (i), such
application, order, or decree may operate
as a stay of the foreclosure on securities
collateral pledged by the debtor, whether
or not with respect to 1 or more of such
contracts or agreements, securities sold by
the debtor under a repurchase agreement
or securities lent under a securities lending
agreement.
‘‘(iii) As used in this section, the term
‘contractual right’ includes a right set
forth in a rule or bylaw of a national secu-
rities exchange, a national securities asso-
ciation, or a securities clearing agency, a
right set forth in a bylaw of a clearing or-
ganization or contract market or in a reso-
lution of the governing board thereof, and
a right, whether or not in writing, arising
284
under common law, under law merchant,
or by reason of normal business practice.’’.
SEC. 1012. ASSET-BACKED SECURITIZATIONS.
Section 541 of title 11, United States Code, is
amended—
(1) in subsection (b), by striking ‘‘or’’ at the
end of paragraph (4);
(2) by redesignating paragraph (5) of sub-
section (b) as paragraph (6);
(3) by inserting after paragraph (4) of sub-
section (b) the following new paragraph:
‘‘(5) any eligible asset (or proceeds thereof), to
the extent that such eligible asset was transferred by
the debtor, before the date of commencement of the
case, to an eligible entity in connection with an
asset-backed securitization, except to the extent such
asset (or proceeds or value thereof) may be recov-
ered by the trustee under section 550 by virtue of
avoidance under section 548(a); or’’; and
(4) by adding at the end the following new sub-
section:
‘‘(e) DEFINITIONS.—For purposes of this section, the
following definitions shall apply:
‘‘(1) 
ASSET-BACKED
SECURITIZATION.—The
term ‘asset-backed securitization’ means a trans-
285
action in which eligible assets transferred to an eligi-
ble entity are used as the source of payment on se-
curities, the most senior of which are rated invest-
ment grade by 1 or more nationally recognized secu-
rities rating organizations, issued by an issuer;
‘‘(2) ELIGIBLE
ASSET.—The term ‘eligible
asset’ means—
‘‘(A) financial assets (including interests
therein and proceeds thereof), either fixed or re-
volving, including residential and commercial
mortgage loans, consumer receivables, trade re-
ceivables, and lease receivables, that, by their
terms, convert into cash within a finite time pe-
riod, plus any rights or other assets designed to
assure the servicing or timely distribution of
proceeds to security holders;
‘‘(B) cash; and
‘‘(C) securities.
‘‘(3) ELIGIBLE ENTITY.—The term ‘eligible en-
tity’ means—
‘‘(A) an issuer; or
‘‘(B) a trust, corporation, partnership, or
other entity engaged exclusively in the business
of acquiring and transferring eligible assets di-
286
rectly or indirectly to an issuer and taking ac-
tions ancillary thereto;
‘‘(4) ISSUER.—The term ‘issuer’ means a trust,
corporation, partnership, or other entity engaged ex-
clusively in the business of acquiring and holding eli-
gible assets, issuing securities backed by eligible as-
sets, and taking actions ancillary thereto.
‘‘(5) TRANSFERRED.—The term ‘transferred’
means the debtor, pursuant to a written agreement,
represented and warranted that eligible assets were
sold, contributed, or otherwise conveyed with the in-
tention of removing them from the estate of the
debtor pursuant to subsection (b)(5), irrespective,
without limitation of—
‘‘(A) whether the debtor directly or indi-
rectly obtained or held an interest in the issuer
or in any securities issued by the issuer;
‘‘(B) whether the debtor had an obligation
to repurchase or to service or supervise the
servicing of all or any portion of such eligible
assets; or
‘‘(C) the characterization of such sale, con-
tribution, or other conveyance for tax, account-
ing, regulatory reporting, or other purposes.’’.
287
SEC. 1013. FEDERAL RESERVE COLLATERAL REQUIRE-
MENTS.
The 2d sentence of the 2d undesignated paragraph
of section 16 of the Federal Reserve Act (12 U.S.C. 412)
is amended by striking ‘‘acceptances acquired under sec-
tion 13 of this Act’’ and inserting ‘‘acceptances acquired
under section 10A, 10B, 13, or 13A of this Act’’.
SEC. 1014. SEVERABILITY; EFFECTIVE DATE; APPLICATION
OF AMENDMENTS.
(a) SEVERABILITY.—If any provision of this Act or
any amendment made by this Act, or the application of
any such provision or amendment to any person or cir-
cumstance, is held to be unconstitutional, the remaining
provisions of and amendments made by this Act and the
application of such other provisions and amendments to
any person or circumstance shall not be affected thereby.
(b) EFFECTIVE DATE.—This Act shall take effect on
the date of the enactment of this Act.
(c) APPLICATION OF AMENDMENTS.—The amend-
ments made by this Act shall apply with respect to cases
commenced or appointments made under any Federal or
State law after the date of enactment of this Act, but shall
not apply with respect to cases commenced or appoint-
ments made under any Federal or State law before the
date of enactment of this Act.
288
TITLE XI—TECHNICAL
CORRECTIONS
SEC. 1101. DEFINITIONS.
Section 101 of title 11, United States Code, as
amended by section 317, is amended—
(1) by striking ‘‘In this title—’’ and inserting
‘‘In this title:’’;
(2) in each paragraph, by inserting ‘‘The term’’
after the paragraph designation;
(3) in paragraph (35)(B), by striking ‘‘para-
graphs (21B) and (33)(A)’’ and inserting ‘‘para-
graphs (23) and (35)’’;
(4) in each of paragraphs (35A) and (38), by
striking ‘‘; and’’ at the end and inserting a period;
(5) in paragraph (51B)—
(A) by inserting ‘‘who is not a family farm-
er’’ after ‘‘debtor’’ the first place it appears;
and
(B) by striking ‘‘thereto having aggregate’’
and all that follows through the end of the
paragraph;
(6) by amending paragraph (54) to read as fol-
lows:
‘‘(54) The term ‘transfer’ means—
‘‘(A) the creation of a lien;
289
‘‘(B) the retention of title as a security in-
terest;
‘‘(C) the foreclosure of a debtor’s equity of
redemption; or
‘‘(D) each mode, direct or indirect, abso-
lute or conditional, voluntary or involuntary, of
disposing of or parting with—
‘‘(i) property; or
‘‘(ii) an interest in property;’’;
(7) in each of paragraphs (1) through (35), in
each of paragraphs (36) and (37), and in each of
paragraphs (40) through (55) (including paragraph
(54), as amended by paragraph (6) of this section),
by striking the semicolon at the end and inserting a
period; and
(8) by redesignating paragraphs (4) through
(55), including paragraph (54), as amended by para-
graph (6) of this section, in entirely numerical se-
quence.
SEC. 1102. ADJUSTMENT OF DOLLAR AMOUNTS.
Section 104 of title 11, United States Code, is
amended by inserting ‘‘522(f)(3), 707(b)(5),’’ after
‘‘522(d),’’ each place it appears.
290
SEC. 1103. EXTENSION OF TIME.
Section 108(c)(2) of title 11, United States Code, is
amended by striking ‘‘922’’ and all that follows through
‘‘or’’, and inserting ‘‘922, 1201, or’’.
SEC. 1104. TECHNICAL AMENDMENTS.
Title 11 of the United States Code is amended—
(1) in section 109(b)(2) by striking ‘‘subsection
(c) or (d) of’’;
(2) in section 541(b)(4) by adding ‘‘or’’ at the
end; and
(3) in section 552(b)(1) by striking ‘‘product’’
each place it appears and inserting ‘‘products’’.
SEC. 1105. PENALTY FOR PERSONS WHO NEGLIGENTLY OR
FRAUDULENTLY PREPARE BANKRUPTCY PE-
TITIONS.
Section 110(j)(3) of title 11, United States Code, is
amended 
by 
striking 
‘‘attorney’s’’ 
and 
inserting
‘‘attorneys’ ’’.
SEC. 1106. LIMITATION ON COMPENSATION OF PROFES-
SIONAL PERSONS.
Section 328(a) of title 11, United States Code, is
amended by inserting ‘‘on a fixed or percentage fee basis,’’
after ‘‘hourly basis,’’.
291
SEC. 1107. SPECIAL TAX PROVISIONS.
Section 346(g)(1)(C) of title 11, United States Code,
is amended by striking ‘‘, except’’ and all that follows
through ‘‘1986’’.
SEC. 1108. EFFECT OF CONVERSION.
Section 348(f)(2) of title 11, United States Code, is
amended by inserting ‘‘of the estate’’ after ‘‘property’’ the
first place it appears.
SEC. 1109. AMENDMENT TO TABLE OF SECTIONS.
The table of sections for chapter 5 of title 11, United
States Code, is amended by striking the item relating to
section 556 and inserting the following:
‘‘556. Contractual right to liquidate a commodities contract or forward con-
tract.’’.
SEC. 1110. ALLOWANCE OF ADMINISTRATIVE EXPENSES.
Section 503(b)(4) of title 11, United States Code, is
amended by inserting ‘‘subparagraph (A), (B), (C), (D),
or (E) of’’ before ‘‘paragraph (3)’’.
SEC. 1111. PRIORITIES.
Section 507(a) of title 11, United States Code, as
amended by section 323, is amended—
(1) in paragraph (3)(B), by striking the semi-
colon at the end and inserting a period; and
(2) in paragraph (7), by inserting ‘‘unsecured’’
after ‘‘allowed’’.
292
SEC. 1112. EXEMPTIONS.
Section 522 of title 11, United States Code, as
amended by section 320, is amended—
(1) in subsection (f)(1)(A)(ii)(II)—
(A) by striking ‘‘includes a liability des-
ignated as’’ and inserting ‘‘is for a liability that
is designated as, and is actually in the nature
of,’’; and
(B) by striking ‘‘, unless’’ and all that fol-
lows through ‘‘support’’; and
(2) in subsection (g)(2), by striking ‘‘subsection
(f)(2)’’ and inserting ‘‘subsection (f)(1)(B)’’.
SEC. 1113. EXCEPTIONS TO DISCHARGE.
Section 523 of title 11, United States Code, is
amended—
(1) in subsection (a)(3), by striking ‘‘or (6)’’
each place it appears and inserting ‘‘(6), or (15)’’;
(2) as amended by section 304(e) of Public Law
103–394 (108 Stat. 4133), in paragraph (15), by
transferring such paragraph so as to insert it after
paragraph (14) of subsection (a);
(3) 
in 
subsection 
(a)(9), 
by 
inserting
‘‘, watercraft, or aircraft’’ after ‘‘motor vehicle’’;
(4) in subsection (a)(15), as so redesignated by
paragraph (2) of this subsection, by inserting ‘‘to a
293
spouse, former spouse, or child of the debtor and’’
after ‘‘(15)’’;
(5) in subsection (a)(17)—
(A) by striking ‘‘by a court’’ and inserting
‘‘on a prisoner by any court’’;
(B) by striking ‘‘section 1915 (b) or (f)’’
and inserting ‘‘subsection (b) or (f)(2) of sec-
tion 1915’’; and
(C) by inserting ‘‘(or a similar non-Federal
law)’’ after ‘‘title 28’’ each place it appears; and
(6) in subsection (e), by striking ‘‘a insured’’
and inserting ‘‘an insured’’.
SEC. 1114. EFFECT OF DISCHARGE.
Section 524(a)(3) of title 11, United States Code, is
amended by striking ‘‘section 523’’ and all that follows
through ‘‘or that’’ and inserting ‘‘section 523, 1228(a)(1),
or 1328(a)(1) of this title, or that’’.
SEC. 1115. PROTECTION AGAINST DISCRIMINATORY TREAT-
MENT.
Section 525(c) of title 11, United States Code, is
amended—
(1) in paragraph (1), by inserting ‘‘student’’ be-
fore ‘‘grant’’ the second place it appears; and
294
(2) in paragraph (2), by striking ‘‘the program
operated under part B, D, or E of’’ and inserting
‘‘any program operated under’’.
SEC. 1116. PROPERTY OF THE ESTATE.
Section 541(b)(4)(B)(ii) of title 11, United States
Code, is amended by inserting ‘‘365 or’’ before ‘‘542’’.
SEC. 1117. PREFERENCES.
Section 547 of title 11, United States Code, is
amended—
(1) in subsection (b), by striking ‘‘subsection
(c)’’ and inserting ‘‘subsections (c) and (h)’’; and
(2) by adding at the end the following:
‘‘(h) If the trustee avoids under subsection (b) a secu-
rity interest given between 90 days and 1 year before the
date of the filing of the petition, by the debtor to an entity
that is not an insider for the benefit of a creditor that
is an insider, such security interest shall be considered to
be avoided under this section only with respect to the cred-
itor that is an insider.’’.
SEC. 1118. POSTPETITION TRANSACTIONS.
Section 549(c) of title 11, United States Code, is
amended—
(1) by inserting ‘‘an interest in’’ after ‘‘transfer
of’’;
295
(2) by striking ‘‘such property’’ and inserting
‘‘such real property’’; and
(3) by striking ‘‘the interest’’ and inserting
‘‘such interest’’.
SEC. 1119. DISPOSITION OF PROPERTY OF THE ESTATE.
Section 726(b) of title 11, United States Code, is
amended by striking ‘‘1009,’’.
SEC. 1120. GENERAL PROVISIONS.
Section 901(a) of title 11, United States Code, as
amended by section 408, is amended by inserting
‘‘1123(d),’’ after ‘‘1123(b),’’.
SEC. 1121. APPOINTMENT OF ELECTED TRUSTEE.
Section 1104(b) of title 11, United States Code, is
amended—
(1) by inserting ‘‘(1)’’ after ‘‘(b)’’; and
(2) by adding at the end the following:
‘‘(2)(A) If an eligible, disinterested trustee is elected
at a meeting of creditors under paragraph (1), the United
States trustee shall file a report certifying that election.
Upon the filing of a report under the preceding sentence—
‘‘(i) the trustee elected under paragraph (1)
shall be considered to have been selected and ap-
pointed for purposes of this section; and
‘‘(ii) the service of any trustee appointed under
subsection (d) shall terminate.
296
‘‘(B) In the case of any dispute arising out of an elec-
tion under subparagraph (A), the court shall resolve the
dispute.’’.
SEC. 1122. ABANDONMENT OF RAILROAD LINE.
Section 1170(e)(1) of title 11, United States Code,
is amended by striking ‘‘section 11347’’ and inserting
‘‘section 11326(a)’’.
SEC. 1123. CONTENTS OF PLAN.
Section 1172(c)(1) of title 11, United States Code,
is amended by striking ‘‘section 11347’’ and inserting
‘‘section 11326(a)’’.
SEC. 1124. DISCHARGE UNDER CHAPTER 12.
Subsections (a) and (c) of section 1228 of title 11,
United 
States 
Code, 
are 
amended 
by 
striking
‘‘1222(b)(10)’’ each place it appears and inserting
‘‘1222(b)(9)’’.
SEC. 1125. BANKRUPTCY CASES AND PROCEEDINGS.
Section 1334(d) of title 28, United States Code, is
amended—
(1) by striking ‘‘made under this subsection’’
and inserting ‘‘made under subsection (c)’’; and
(2) by striking ‘‘This subsection’’ and inserting
‘‘Subsection (c) and this subsection’’.
297
SEC. 1126. KNOWING DISREGARD OF BANKRUPTCY LAW OR
RULE.
Section 156(a) of title 18, United States Code, is
amended—
(1) in the first undesignated paragraph—
(A) by inserting ‘‘(1) the term’’ before
‘‘ ‘bankruptcy’’; and
(B) by striking the period at the end and
inserting ‘‘; and’’; and
(2) in the second undesignated paragraph—
(A) by inserting ‘‘(2) the term’’ before
‘‘ ‘document’’; and
(B) by striking ‘‘this title’’ and inserting
‘‘title 11’’.
SEC. 1127. TRANSFERS MADE BY NONPROFIT CHARITABLE
CORPORATIONS.
(a) SALE OF PROPERTY OF ESTATE.—Section 363(d)
of title 11, United States Code, is amended—
(1) by striking ‘‘only’’ and all that follows
through the end of the subsection and inserting
‘‘only—
‘‘(1) in accordance with applicable nonbank-
ruptcy law that governs the transfer of property by
a corporation or trust that is not a moneyed, busi-
ness, or commercial corporation or trust; and
298
‘‘(2) to the extent not inconsistent with any re-
lief granted under subsection (c), (d), (e), or (f) of
section 362 of this title.’’.
(b) CONFIRMATION
OF PLAN
FOR REORGANIZA-
TION.—Section 1129(a) of title 11, United States Code,
as amended by section 143, is amended by adding at the
end the following:
‘‘(15) All transfers of property of the plan shall
be made in accordance with any applicable provi-
sions of nonbankruptcy law that govern the transfer
of property by a corporation or trust that is not a
moneyed, business, or commercial corporation or
trust.’’.
(c) TRANSFER OF PROPERTY.—Section 541 of title
11, United States Code, is amended by adding at the end
the following:
‘‘(e) Notwithstanding any other provision of this title,
property that is held by a debtor that is a corporation de-
scribed in section 501(c)(3) of the Internal Revenue Code
of 1986 and exempt from tax under section 501(a) of such
Code may be transferred to an entity that is not such a
corporation, but only under the same conditions as would
apply if the debtor had not filed a case under this title.’’.
(d) APPLICABILITY.—The amendments made by this
section shall apply to a case pending under title 11, United
299
States Code, on the date of enactment of this Act, except
that the court shall not confirm a plan under chapter 11
of this title without considering whether this section would
substantially affect the rights of a party in interest who
first acquired rights with respect to the debtor after the
date of the petition. The parties who may appear and be
heard in a proceeding under this section include the attor-
ney general of the State in which the debtor is incor-
porated, was formed, or does business.
(e) RULE OF CONSTRUCTION.—Nothing in this sec-
tion shall be deemed to require the court in which a case
under chapter 11 is pending to remand or refer any pro-
ceeding, issue, or controversy to any other court or to re-
quire the approval of any other court for the transfer of
property.
SEC. 1128. PROHIBITION ON CERTAIN ACTIONS FOR FAIL-
URE TO INCUR FINANCE CHARGES.
Section 127 of the Truth in Lending Act (15 U.S.C.
1637) is amended by adding at the end the following:
‘‘(h) PROHIBITION ON CERTAIN ACTIONS FOR FAIL-
URE TO INCUR FINANCE CHARGES.—A creditor of an ac-
count under an open end consumer credit plan may not
terminate an account prior to its expiration date solely be-
cause the consumer has not incurred finance charges on
the account. Nothing in this subsection shall prohibit a
300
creditor from terminating an account for inactivity in 3
or more consecutive months.’’.
SEC. 1129. PROTECTION OF VALID PURCHASE MONEY SE-
CURITY INTERESTS.
Section 547(c)(3)(B) of title 11, United States Code,
is amended by striking ‘‘20’’ and inserting ‘‘30’’.
SEC. 1130. TRUSTEES.
(a) SUSPENSION
AND
TERMINATION
OF
PANEL
TRUSTEES AND STANDING TRUSTEES.—Section 586(d) of
title 28, United States Code, is amended—
(1) by inserting ‘‘(1)’’ after ‘‘(d)’’; and
(2) by adding at the end the following:
‘‘(2) A trustee whose appointment under subsection
(a)(1) or under subsection (b) is terminated or who ceases
to be assigned to cases filed under title 11 of the United
States Code may obtain judicial review of the final agency
decision by commencing an action in the United States
district court for the district for which the panel to which
the trustee is appointed under subsection (a)(1), or in the
United States district court for the district in which the
trustee is appointed under subsection (b) resides, after
first exhausting all available administrative remedies,
which if the trustee so elects, shall also include an admin-
istrative hearing on the record. Unless the trustee elects
to have an administrative hearing on the record, the trust-
301
ee shall be deemed to have exhausted all administrative
remedies for purposes of this paragraph if the agency fails
to make a final agency decision within 90 days after the
trustee requests administrative remedies. The Attorney
General shall prescribe procedures to implement this para-
graph. The decision of the agency shall be affirmed by
the district court unless it is unreasonable and without
cause based on the administrative record before the agen-
cy.’’.
(b) EXPENSES OF STANDING TRUSTEES.—Section
586(e) of title 28, United States Code, is amended by add-
ing at the end the following:
‘‘(3) After first exhausting all available administra-
tive remedies, an individual appointed under subsection
(b) may obtain judicial review of final agency action to
deny a claim of actual, necessary expenses under this sub-
section by commencing an action in the United States dis-
trict court in the district where the individual resides. The
decision of the agency shall be affirmed by the district
court unless it is unreasonable or without cause based
upon the administrative record before the agency.
‘‘(4) The Attorney General shall prescribe procedures
to implement this subsection.’’.
302
TITLE XII—GENERAL EFFECTIVE
DATE; 
APPLICATION 
OF
AMENDMENTS
SEC. 1201. EFFECTIVE DATE; APPLICATION OF AMEND-
MENTS.
(a) EFFECTIVE DATE.—Except as provided otherwise
in this Act, this Act and the amendments made by this
Act shall take effect 180 days after the date of the enact-
ment of this Act.
(b) APPLICATION OF AMENDMENTS.—The amend-
ments made by this Act shall not apply with respect to
cases commenced under title 11 of the United States Code
before the effective date of this Act.
Æ