Page:United States Statutes at Large Volume 120.djvu/2726

 PUBLIC LAW 109–390—DEC. 12, 2006

120 STAT. 2695

(b) INSURED CREDIT UNIONS DEFINITION OF PERSON.—Section 207(c)(8)(D) of the Federal Credit Union Act (12 U.S.C. 1787(c)(8)(D)) is amended by adding at the end the following: ‘‘(ix) PERSON.—The term ‘person’ includes any governmental entity in addition to any entity included in the definition of such term in section 1 of title 1, United States Code.’’. SEC. 4. FEDERAL DEPOSIT INSURANCE CORPORATION IMPROVEMENT ACT OF 1991.

(a) ENFORCEABILITY OF BILATERAL NETTING CONTRACTS.—Section 403 of the Federal Deposit Insurance Corporation Improvement Act of 1991 (12 U.S.C. 4403) is amended— (1) in each of subsections (a) and (f), by striking ‘‘paragraphs (8)(E), (8)(F), and (10)(B) of’’ each place such term appears; and (2) in subsection (a), by inserting ‘‘terminated, liquidated, accelerated, and’’ after ‘‘institutions shall be’’. (b) ENFORCEABILITY OF CLEARING ORGANIZATION NETTING CONTRACTS.—Section 404 of the Federal Deposit Insurance Corporation Improvement Act of 1991 (12 U.S.C. 4404) is amended— (1) in each of subsections (a) and (h), by striking ‘‘paragraphs (8)(E), (8)(F), and (10)(B) of’’ each place such term appears; and (2) in subsection (a), by inserting ‘‘terminated, liquidated, accelerated, and’’ after ‘‘organization shall be’’. SEC. 5. CONFORMING AMENDMENTS.

(a) CLARIFYING DEFINITIONS.—Title 11, United States Code, is amended— (1) in section 101— (A) in paragraph (22)(A)— (i) by striking ‘‘(domestic or foreign)’’ after ‘‘an entity’’; and (ii) by inserting ‘‘(whether or not a ‘customer’, as defined in section 741)’’ after ‘‘custodian for a customer’’; (B) in paragraph (22A)— (i) by striking ‘‘on any day during the previous 15-month period’’ each place it appears and inserting ‘‘at such time or on any day during the 15-month period preceding the date of the filing of the petition’’; and (ii) by inserting ‘‘(aggregated across counterparties)’’ after ‘‘principal amount outstanding’’; (C) in paragraph (25)(A)— (i) by inserting ‘‘, as defined in section 761’’ after ‘‘commodity contract’’; and (ii) by striking ‘‘repurchase transaction, reverse repurchase transaction,’’ and inserting ‘‘repurchase or reverse repurchase transaction (whether or not such repurchase or reverse repurchase transaction is a ‘repurchase agreement’, as defined in this section)’’; (D) in paragraph (53B)(A)— (i) in clause (i)— (I) in subclause (II), by striking ‘‘or precious metals’’ and inserting ‘‘, precious metals, or other commodity’’;

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