Page:United States Statutes at Large Volume 118.djvu/1100

 118 STAT. 1070 PUBLIC LAW 108–293—AUG. 9, 2004 ‘‘(I) seizure or otherwise in connection with law enforcement activity; ‘‘(II) bankruptcy; ‘‘(III) tax delinquency; ‘‘(IV) abandonment; or ‘‘(V) other circumstances in which the govern ment involuntarily acquires title by virtue of its function as sovereign; ‘‘(vi) notwithstanding subparagraph (B)(ii), a per son that is a lender and that holds indicia of ownership primarily to protect a security interest in a vessel or facility if, while the borrower is still in possession of the vessel or facility encumbered by the security interest, the person— ‘‘(I) exercises decision making control over the environmental compliance related to the vessel or facility, such that the person has undertaken responsibility for oil handling or disposal practices related to the vessel or facility; or ‘‘(II) exercises control at a level comparable to that of a manager of the vessel or facility, such that the person has assumed or manifested responsibility— ‘‘(aa) for the overall management of the vessel or facility encompassing day to day decision making with respect to environmental compliance; or ‘‘(bb) over all or substantially all of the operational functions (as distinguished from financial or administrative functions) of the vessel or facility other than the function of environmental compliance; and ‘‘(B) does not include— ‘‘(i) A unit of state or local government that acquired ownership or control of a vessel or facility involuntarily through— ‘‘(I) seizure or otherwise in connection with law enforcement activity; ‘‘(II) bankruptcy; ‘‘(III) tax delinquency; ‘‘(IV) abandonment; or ‘‘(V) other circumstances in which the govern ment involuntarily acquires title by virtue of its function as sovereign; ‘‘(ii) a person that is a lender that does not partici pate in management of a vessel or facility, but holds indicia of ownership primarily to protect the security interest of the person in the vessel or facility; or ‘‘(iii) a person that is a lender that did not partici pate in management of a vessel or facility prior to foreclosure, notwithstanding that the person— ‘‘(I) forecloses on the vessel or facility; and ‘‘(II) after foreclosure, sells, re leases (in the case of a lease finance transaction), or liquidates the vessel or facility, maintains business activities, winds up operations, undertakes a removal action under section 311(c) of the Federal Water Pollution

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