Page:United States Statutes at Large Volume 119.djvu/195

 PUBLIC LAW 109–8—APR. 20, 2005

119 STAT. 177

due to the debtor from such master netting agreement participant under or in connection with such agreements or any contract or agreement subject to such agreements or against cash, securities, or other property held by, pledged to, under the control of, or due from such master netting agreement participant to margin, guarantee, secure, or settle such agreements or any contract or agreement subject to such agreements, to the extent that such participant is eligible to exercise such offset rights under paragraph (6), (7), or (17) for each individual contract covered by the master netting agreement in issue; and’’. (2) LIMITATION.—Section 362 of title 11, United States Code, as amended by sections 106, 305, 311, and 441, is amended by adding at the end the following: ‘‘(o) The exercise of rights not subject to the stay arising under subsection (a) pursuant to paragraph (6), (7), (17), or (27) of subsection (b) shall not be stayed by any order of a court or administrative agency in any proceeding under this title.’’. (e) LIMITATION OF AVOIDANCE POWERS UNDER MASTER NETTING AGREEMENT.—Section 546 of title 11, United States Code, is amended— (1) in subsection (g) (as added by section 103 of Public Law 101–311)— (A) by striking ‘‘under a swap agreement’’; (B) by striking ‘‘in connection with a swap agreement’’ and inserting ‘‘under or in connection with any swap agreement’’; and (C) by inserting ‘‘or financial participant’’ after ‘‘swap participant’’; and (2) by adding at the end the following: ‘‘(j) Notwithstanding sections 544, 545, 547, 548(a)(1)(B), and 548(b) the trustee may not avoid a transfer made by or to a master netting agreement participant under or in connection with any master netting agreement or any individual contract covered thereby that is made before the commencement of the case, except under section 548(a)(1)(A) and except to the extent that the trustee could otherwise avoid such a transfer made under an individual contract covered by such master netting agreement.’’. (f) FRAUDULENT TRANSFERS OF MASTER NETTING AGREEMENTS.—Section 548(d)(2) of title 11, United States Code, is amended— (1) in subparagraph (C), by striking ‘‘and’’ at the end; (2) in subparagraph (D), by striking the period and inserting ‘‘; and’’; and (3) by adding at the end the following new subparagraph: ‘‘(E) a master netting agreement participant that receives a transfer in connection with a master netting agreement or any individual contract covered thereby takes for value to the extent of such transfer, except that, with respect to a transfer under any individual contract covered thereby, to the extent that such master netting agreement participant otherwise did not take (or is otherwise not deemed to have taken) such transfer for value.’’. (g) TERMINATION OR ACCELERATION OF SECURITIES CONTRACTS.—Section 555 of title 11, United States Code, is amended— (1) by amending the section heading to read as follows:

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