Page:United States Statutes at Large Volume 108 Part 5.djvu/634

 108 STAT. 4124 PUBLIC LAW 103-394—OCT. 22, 1994 "(3) Third, allowed unsecured clsiims, but only to the extent of $4,000 for each individual or corporation, as the case may be, earned within 90 days before the date of the filing of the petition or the date of the cessation of the debtor's business, whichever occurs first, for— "(A) wages, salaries, or commissions, including vacation, severance, and sick leave pay esimed by an individual; or "(B) sales commissions earned by an individual or by a corporation with only 1 employee, acting as an independent contractor in the sale of goods or services for the debtor in the ordinary course of the debtor's business if, and only if, during the 12 months preceding that date, at least 75 percent of the amount that the individual or corporation earned by acting as an independent contractor in the sale of goods or services was earned fix>m the debtor;". SEC. 208. EXCLUSION FROM THE ESTATE OF INTERESTS IN LIQUID AND GASEOUS HYDROCARBONS TRANSFERRED BY THE DEBTOR PURSUANT TO PRODUCTION PAYMENT AGREE- MENTS. (a) DEFINITION.— Section 101 of title 11, United States Code, is amended— (1) by inserting after paragraph (42) the following: "(42A) ^production payment* means a term overriding roy- alty satisfiable in cash or in kind— "(A) contingent on the production of a Uquid or gaseous hydrocarbon from particular real property; and "(B) from a specified volume, or a specified value, from the liquid or gaseous hydrocarbon producedfix>msuch property, and determined without regard to production costs;", and (2) by inserting after the first paragraph (56) the following: "(56A) 'term overriding royalty means an interest in liquid or gaseous hydrocarbons in place or to be produced from particular real property that entities the owner thereof to a share of production, or the value thereof, for a term limited by time, quantity, or value reaHzed;". (b) PROPERTY OF THE ESTATE.— Section 541(b)(4) of title 11, United States Code, is amended— (1) in subparagraph (A) by striking "(A)" and inserting "(A)(i)", (2) in subparagraph (B)— (A) by striking "(B)" and inserting 'Xii)", (B) by striking "such interesr' and inserting "the interest referred to in clause (i)", and (C) by striking the period at the end and inserting "; oi'', and (3) by adding at the end the following: "(B)(i) the debtor has transferred such interest pursuant to a written conveyance of a production payment to an entity that does not participate in the operation of the property from which such production payment is transferred; and

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