SEC. 10. AUTOMATIC STAY.
Section 362(b) of title 11, United States Code, is
amended—
(1) in paragraph (17) by striking ‘‘or’’ at the
end,
(2) in paragraph (18) by striking the period at
the end and inserting ‘‘; or’’, and
(3) by adding at the end the following:
‘‘(19) under subsection (a) of this section, of
any transfer that is not avoidable under section 544
and not avoidable under section 549.’’.
SEC. 11. DEFAULTS BASED ON NONMONETARY OBLIGA-
TIONS.
(a) EXECUTORY
CONTRACTS
AND
UNEXPIRED
LEASES.—Section 365 of title 11, United States Code, is
amended—
(1) in subsection (b)—
(A) in paragraph (1)(A) by striking the
semicolon at the end and inserting the follow-
ing:
‘‘other than a default that is a breach of a provision
relating to—
‘‘(i) the satisfaction of any provision (other
than a penalty rate or penalty provision) relat-
ing to a default arising from any failure to per-
form 
nonmonetary 
obligations 
under 
an
unexpired lease of real property, if it is impos-
sible for the trustee to cure such default by per-
forming nonmonetary acts at and after the time
of assumption; or
‘‘(ii) the satisfaction of any provision
(other than a penalty rate or penalty provision)
relating to a default arising from any failure to
perform nonmonetary obligations under an ex-
ecutory contract, if it is impossible for the
trustee to cure such default by performing non-
monetary acts at and after the time of assump-
tion and if the court determines, based on the
equities of the case, that this subparagraph
should not apply with respect to such default;’’,
and
(B) by amending paragraph (2)(D) to read
as follows:
‘‘(D) the satisfaction of any penalty rate or
penalty provision relating to a default arising from
a failure to perform nonmonetary obligations under
an executory contract or under an unexpired lease of
real or personal property.’’,
(2) in subsection (c)—
(A) in paragraph (2) by adding ‘‘or’’ at the
end,
(B) in paragraph (3) by striking ‘‘; or’’ at
the end and inserting a period, and
(C) by striking paragraph (4),
(3) in subsection (d)—
(A) by striking paragraphs (5) through
(9), and
(B) by redesignating paragraph (10) as
paragraph(5).
(4) in subsection (f)(1) by striking ‘‘; except
that’’ and all that follows through the end of the
paragraph and inserting a period.
(b) IMPAIRMENT OF CLAIMS OR INTERESTS.—Sec-
tion 1124(2) of title 11, United States Code, is amend-
ed—
(1) in subparagraph (A) by inserting ‘‘or of a
kind that section 365(b)(1)(A) of this title expressly
does not require to be cured’’ before the semicolon
at the end,
(2) in subparagraph (C) by striking ‘‘and’’ at
the end,
(3) by redesignating subparagraph (D) as sub-
paragraph (E), and
(4) by inserting after subparagraph (C) the fol-
lowing:
‘‘(D) if such claim or such interest arises
from any failure to perform a nonmonetary ob-
ligation, compensates the holder of such claim
or such interest (other than the debtor or an in-
sider) for any actual pecuniary loss incurred by
such holder as a result of such failure; and’’.
SEC. 12. 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. 13. 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. 14. PRIORITIES.
Section 507(a) of title 11, United States Code, 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’’.
SEC. 15. EXEMPTIONS.
Section 522 of title 11, United States Code, is
amended—