Page:United States Statutes at Large Volume 104 Part 1.djvu/301

 PUBLIC LAW 101-311—JUNE 25, 1990 104 STAT. 267 Public Law 101-311 101st Congress An Act To amend title 11 of the United States Code regarding swap agreements and forward June 25, 1990 contracts. [H.R. 4612] Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, TITLE I—SWAP AGREEMENTS SEC. 101. DEFINITION OF SWAP AGREEMENT AND SWAP PARTICIPANT. Section 101 of title 11, United States Code, is amended by— (1) redesignating paragraphs (49), (50), (51), (52), and (53) as paragraphs (51), (52), (53), (54), and (55), respectively; and (2) inserting after paragraph (48) the following: "(49) 'swap agreement' means— "(A) an agreement (including terms and conditions incorporated by reference therein) which is a rate swap agreement, basis swap, forward rate agreement, commodity swap, interest rate option, forward foreign exchange agreement, rate cap agreement, rate floor agreement, rate collar agreement, currency swap agreement, cross-currency rate swap agreement, currency option, any other similar agreement (including any option to enter into any of the foregoing); "(B) any combination of the foregoing; or "(C) a master agreement for any of the foregoing together with all supplements; "(50) 'swap participant' means an entity that, at any time before the filing of the petition, has an outstanding swap agreement with the debtor;". SEC. 102. AUTOMATIC STAY. Section 3620?) of title 11, United States Code, is amended— (1) in paragraph (12) by striking "or" at the end; (2) in paragraph (13) by striking the period and inserting "; or"; and (3) by adding at the end the following: "(14) under subsection (a) of this section, of the setoff by a Claims, swap participant, of any mutual debt and claim under or in connection with any swap agreement that constitutes the setoff of a claim against the debtor for any payment due from the debtor under or in connection with any swap agreement against any payment due to the debtor from the swap participant under or in connection with any swap agreement or against cash, securities, or other property of the debtor held by or due from such swap participant to guarantee, secure or settle any swap agreement.".

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