Page:United States Statutes at Large Volume 108 Part 5.djvu/630

 108 STAT. 4120 PUBLIC LAW 103-394—OCT. 22, 1994 under such security agreement, lease, or conditional sale contract; and "(B) any default, other than a default of a kind specified in section 365(b)(2), under such security agreement, lease, or conditional sale contract— "(i) that occurs before the date of the order is cured before the expiration of such 60-day period; and "(ii) that occurs after the date of the order is cured before the later of— "(I) the date that is 30 days after the date of the default; or "(II) the expiration of such 60-day period. "(2) Equipment is described in this paragraph if it is— "(A) an aircraft, aircraft engine, propeller, appliance, or spare part (as defined in section 40102 of title 49) that is subject to a security interest granted by, leased to, or conditionally sold to a debtor that is a citizen of the United States (as defined in section 40102 of title 49) holding an air carrier operating certificate issued by the Secretary of Transportation pursuant to chapter 447 of title 49 for aircraft capable of carrying 10 or more individuals or 6,000 pounds or more of cargo; or "(B) a documented vessel (as defined in section 30101(1) of title 46) that is subject to a security interest granted by, leased to, or conditionally sold to a debtor that is a water carrier that holds a certificate of public convenience and necessity or permit issued by the Interstate Commerce Commission. "(3) Paragraph (1) applies to a secured party, lessor, or conditional vendor acting in its own behalf or acting as trustee or otherwise in behalf of another party. "(b) The trustee and the secured party, lessor, or conditional vendor whose right to take possession is protected under subsection (a) may agree, subject to the court's approval, to extend the 60-day period specified in subsection (a)(1). "(c) With respect to equipment first placed in service on or prior to the date of enactment of this subsection, for purposes of this section— "(1) the term 'lease' includes any written agreement with respect to which the lessor and the debtor, as lessee, have expressed in the agreement or in a substantially contemporaneous writing that the agreement is to be treated as a lease for Federal income tax purposes; and "(2) the term 'security interest' means a purchase-money equipment security interest.". (b) AMENDMENT OF SECTION 1168.—Section 1168 of title 11, United States Code, is amended to read as follows: '*§ 1168. Rolling stock equipment "(a)(1) The right of a secured party with a security interest in or of a lessor or conditional vendor of equipment described in paragraph (2) to take possession of such equipment in compliance with an equipment security agreement, lease, or conditional sale contract is not affected by section 362, 363, or 1129 or by any power of the court to enjoin the taking of possession, unless— "(A) before the date that is 60 days after the date of commencement of a case under this chapter, the trustee, subject to the court's approval, agrees to perform all obligations of

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