,,ii #aac? ,,congress #a/ ,session ,s4 #ahfa ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,decemb] #ai1 #bjac,mr4 ,cornyn 7= himself & ,mr4 ,toomey7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ! ,judici>y ,a ,,bill ,to save taxpay] money & end bail\ts ( f9ancial in/itutions by provid+ = a process to all[ f9ancial in/itutions to g bankrupt4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,taxpay] ,protection & ,responsible ,resolution ,act4 #b4 ,repeal ( title ,,ii ( ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7a7 ,9 g5]al ,title ,,ii ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7,public ,law #aaa-bjc7 is repeal$ & any ,f$]al law am5d$ by su* title %all1 on & aft] ! date ( enactm5t ( ?is ,act1 be effective z if title ,,ii ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act _h n be5 enact$4 7b7 ,con=m+ am5dm5ts 7#a7 ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act ,! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act is am5d$-- 7,a7 9 ! table ( cont5ts1 by /rik+ all items relat+ to title ,,ii2 7,b7 9 section #afe7;d77#f71 by /rik+ 1 a receiv] appo9t$ "u title ,,ii12 7,c7 9 section #gaf7;g71 by /rik+ or a cov]$ f9ancial company "u title ,,ii2 7,d7 9 section #aaje7;e77#e71 by /rik+ am\nt ( any securities issu$ "u t *apt] #ca = su* purpose %all be treat$ 9 ! same mann] z securities issu$ "u section #bjh7n77#e77;,e7 & ins]t+ issuances ( su* securities "u t *apt] #ca = su* purpose %all by treat$ z public debt transactions ( ! ,unit$ ,/ates1 & ! proce$s f ! sale ( any obligations acquir$ by ! ,secret>y "u ?is p>agraph %all be deposit$ into ! ,treasury ( ! ,unit$ ,/ates z miscellane\s receipts2 & 7,e7 9 section #aajf7;c77#b77;,a7-- 7i7 9 clause 7i71 by ins]t+ 1 o!r ?an a cov]$ f9ancial corporation 7z def9$ 9 section #aja7i;,a7 ( title #aa1 ,unit$ ,/ates ,code71 aft] company2 & 7ii7 9 clause 7ii71 by ins]t+ 1 o!r ?an a cov]$ f9ancial corporation 7z def9$ 9 section #aja7i;,a7 ( title #aa1 ,unit$ ,/ates ,code71 aft] company4 7#b7 ,f$]al ,deposit ,insurance ,act ,section #aj7;b77#c77;,a7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbj7;b77#c77;,a77 is am5d$ by /rik+ 1 or ( su* nonbank f9ancial company sup]vis$ by ! ,bo>d ( ,gov]nors or bank hold+ company describ$ 9 section #afe7;a7 ( ! ,f9ancial ,/ability ,act ( #bjaj1 = ! purpose ( implem5t+ its au?ority to provide = ord]ly liquidation ( any su* company "u title ,,ii ( t ,act4 7#c7 ,f$]al ,res]ve ,act ,section #ac7c7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #cdc7c77 is am5d$-- 7,a7 9 subp>agraph 7,b7-- 7i7 9 clause 7ii71 by /rik+ 1 resolution "u title ,,ii ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act1 or & ins]t+ or is subject to resolution "u2 & 7ii7 9 clause 7iii71 by /rik+ 1 resolution "u title ,,ii ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act1 or & ins]t+ or resolution "u2 & 7,b7 by /rik+ subp>agraph 7,e74 #c4 ,g5]al provisions relat+ to cov]$ f9ancial corporations 7a7 ,def9ition ,section #aja ( title #aa1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ ! foll[+ aft] p>agraph 7#i73 7#i;,a7 ,! t]m cov]$ f9ancial corporation means any corporation incorporat$ or organiz$ "u any ,f$]al or ,/ate law1 o!r ?an a /ockbrok]1 a commodity brok]1 or an entity ( ! k9d specifi$ 9 p>agraph 7#b7 or 7#c7 ( section #aji7;b71 t is-- 7,a7 a bank hold+ company1 z t t]m is def9$ 9 section #b7;a7 ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahda7;a772 or 7,b7 pr$om9antly engag$ 9 activities t ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em has det]m9$ are f9ancial 9 nature or incid5tal to su* f9ancial activity = purposes ( section #d7k7 ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahdc7k774 4 7b7 ,applicability ( *apt]s ,section #ajc ( title #aa1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 subsection 7a7-- 7,a7 by /rik+ section #aafa & ins]t+ sections #aafa & #adja2 & 7,b7 by /rik+ or #ac & ins]t+ #ac1 or #ad2 & 7#b7 by add+ at ! end ! foll[+3 7l7 ,*apt] #ad ( ?is title applies only 9 a case "u ?is title conc]n+ a cov]$ f9ancial corporation4 7m7 ,except z o!rwise provid$ 9 *apt] #ad ( ?is title1 *apt] #aa ( ?is title applies 9 a case "u *apt] #ad ( ?is title4 4 7c7 ,:o may be a debtor ,section #aji ( title #aa1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 subsection 7b7-- 7,a7 9 p>agraph 7#b71 by /rik+ or at ! end2 7,b7 9 p>agraph 7#c77;,b71 by /rik+ ! p]iod at ! end & ins]t+ 2 or2 & 7,c7 by add+ at ! end ! foll[+3 7#d7 a cov]$ f9ancial corporation4 2 & 7#b7 by add+ at ! end ! foll[+3 7i7 ,an entity may be a debtor "u *apt] #ad ( ?is title only if ! entity is a cov]$ f9ancial corporation4 4 #d4 ,liquidation1 reorganization1 or recapitalization ( a cov]$ f9ancial corporation 7a7 ,9 g5]al ,title #aa1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ be=e *apt] #ae ! foll[+3 #ad ,liquidation1 reorganization1 or recapitalization ( a cov]$ f9ancial corporation ,sec4 #adja4 ,inapplicability ( o!r sections4#adjb4 ,def9itions = ?is *apt]4#adjc4 ,comm5cem5t ( a case conc]n+ a cov]$ f9ancial corporation4#adjd4 ,regulators4#adje4 ,special tru/ee & bridge company4#adjf4 ,special transf] ( prop]ty ( ! e/ate4#adjg4 ,automatic /ay2 assum$ debt4#adjh4 ,treatm5t ( qualifi$ f9ancial contracts & affiliate contracts4#adji4 ,lic5ses1 p]mits1 & regi/rations4#adaj4 ,exemption f securities laws4#adaa4 ,inapplicability ( c]ta9 avoid+ p[]s4 #adja4 ,inapplicability ( o!r sections ,sections #cba7;c7 & #cbb7;b7 d n apply 9 a case "u ?is *apt]4 #adjb4 ,def9itions = ?is *apt] ,9 ?is *apt]1 ! foll[+ def9itions %all apply3 7#a7 ,! t]m ,bo>d means ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 7#b7 ,! t]m bridge company means a newly =m$ corporation ! equity securities ( :i* are transf]r$ to a special tru/ee "u section #adje7;a74 7#c7 ,! t]m capital /ructure debt means debt1 o!r ?an a qualifi$ f9ancial contract1 ( ! debtor = borr[$ money ) an orig9al maturity ( at lea/ #a ye>4 7#d7 ,! t]m contractual "r means a contractual "r z def9$ 9 section #eee1 #eef1 #eei1 or #efj4 7#e7 ,! t]m qualifi$ f9ancial contract means any contract ( a k9d specifi$ 9 p>agraph 7#be71 7#ch;,a71 7#dg71 or 7#ec;,b7 ( section #aja1 section #gda7g71 or p>agraph 7#d71 7#e71 7#aa71 or 7#ac7 ( section #gfa4 #adjc4 ,comm5cem5t ( a case conc]n+ a cov]$ f9ancial corporation 7a7 ,a case "u ?is *apt] may be comm5c$ by ! fil+ ( a petition ) ! bankruptcy c\rt-- 7#a7 "u section #cja2 or 7#b7 by ! ,bo>d1 only if-- 7,a7 ! ,bo>d c]tifies 9 ! petition t x has det]m9$ t-- 7i7 ! cov]$ f9ancial corporation-- 7,i7 has incurr$ losses t w deplete all or sub/antially all ( ! capital ( ! cov]$ f9ancial corporation1 & !re is no reasonable prospect = ! cov]$ f9ancial corporation to avoid su* depletion2 7,,ii7 is insolv5t2 7,,iii7 is n pay+ or is unable to pay ! debts ( ! cov]$ f9ancial corporation 7o!r ?an debts subject to a bona fide dispute z to liability or am\nt7 z !y become due2 or 7,,iv7 is likely to be 9 a f9ancial condition specifi$ 9 subclause 7,i71 7,,ii71 or 7,,iii7 suffici5tly soon su* t ! imm$iate comm5cem5t ( a case "u ?is *apt] conc]n+ ! cov]$ f9ancial corporation is necess>y to prev5t imm95t sub/antial h>m to f9ancial /ability 9 ! ,unit$ ,/ates2 & 7ii7 ! comm5cem5t ( a case "u ?is *apt] conc]n+ ! cov]$ f9ancial corporation & ! effect ( a transf] "u section #adjf is necess>y to prev5t imm95t sub/antial h>m to f9ancial /ability 9 ! ,unit$ ,/ates2 & 7,b7 ! bankruptcy c\rt det]m9es1 aft] a he>+ describ$ 9 subsection 7b71 t ! ,bo>d has %[n by a prepond]ance ( ! evid5ce t ! requirem5ts "u subp>agraph 7,a7 h be5 satisfi$4 7b7 7#a7 ,a he>+ describ$ 9 ?is subsection is a he>+ held n lat] ?an #ab h\rs aft] ! ,bo>d makes a c]tification "u subsection 7a77#b77;,a71 ) notice only to-- 7,a7 ! cov]$ f9ancial corporation2 7,b7 ! ,f$]al ,deposit ,insurance ,corporation2 & 7,c7 ! ,secret>y ( ! ,treasury4 7#b7 ,only ! ,bo>d & ! entities li/$ 9 p>agraph 7#a7 may att5d or p>ticipate 9 a he>+ describ$ 9 ?is subsection4 ,transcripts ( su* he>+ %all be seal$ until ! end ( ! case4 7c7 7#a7 ,! cov]$ f9ancial corporation may file an appeal 9 ! di/rict c\rt ( a det]m9ation made by ! bankruptcy c\rt "u subsection 7a77#b77;,b7 n lat] ?an #ab h\rs aft] ! bankruptcy c\rt makes su* det]m9ation1 ) notice only to ! entities li/$ 9 subsection 7b77#a7 & ! ,bo>d4 7#b7 ,! di/rict judge specifi$ "u section #bih7;c77#a7 ( title #bh = ! judicial circuit 9 :i* ! case is p5d+ %all he> ! appeal "u p>agraph 7#a7 & review )9 #ab h\rs ! det]m9ation ( ! bankruptcy c\rt "u subsection 7a77#b77;,b7 = abuse ( discretion4 7d7 7#a7 ,! comm5cem5t ( a case "u subsection 7a77#a7 con/itutes an ord] = relief "u ?is *apt]4 7#b7 ,9 a case comm5c$ "u subsection 7a77#b71 ! bankruptcy c\rt %all imm$iately ord] relief "u ?is *apt] if-- 7,a7 ! bankruptcy c\rt makes a det]m9ation "u subsection 7a77#b77;,b7 t ! requirem5ts ( subsection 7a77#b77;,a7 h be5 satisfi$2 & 7,b7 7i7 ! p]iod = appeal "u subsection 7c77#a7 has pass$ )\t an appeal hav+ be5 fil$2 or 7ii7 ! di/rict c\rt affirms ! det]m9ation ( ! bankruptcy c\rt "u subsection 7c77#b74 7#c7 ,not)/&+ p>agraph 7#b71 ! bankruptcy c\rt %all ord] relief 9 a case comm5c$ "u subsection 7a77#b7 if ! debtor cons5ts to ! ord]4 #adjd4 ,regulators 7a7 ,! ,bo>d may raise & may appe> & be he>d on any issue 9 any case or proce$+ "u ?is title relevant to ! regulation ( ! debtor by ! ,bo>d or to f9ancial /ability 9 ! ,unit$ ,/ates4 7b7 ,! ,f$]al ,deposit ,insurance ,corporation may raise & may appe> & be he>d on any issue 9 any case or proce$+ "u ?is title 9 connection ) a transf] "u section #adjf4 #adje4 ,special tru/ee & bridge company 7a7 ,on reque/ ( ! tru/ee or ! ,bo>d1 ! c\rt may ord] ! tru/ee to appo9t #a special tru/ee & transf] to ! special tru/ee all ( ! equity securities 9 a corporation to hold 9 tru/ = ! sole b5efit ( ! e/ate1 if-- 7#a7 ! corporation does n h any prop]ty1 executory contracts1 unexpir$ leases1 or debts1 o!r ?an any prop]ty acquir$ or executory contracts1 unexpir$ leases1 or debts assum$ :5 act+ z a transf]ee ( a transf] "u section #adjf2 7#b7 ! equity securities ( ! corporation are prop]ty ( ! e/ate2 & 7#c7 ! c\rt approves-- 7,a7 ! tru/ agreem5t gov]n+ ! special tru/ee2 7,b7 ! gov]n+ docum5ts ( ! corporation2 & 7,c7 ! id5tity (-- 7i7 ! special tru/ee2 & 7ii7 ! directors & s5ior (fic]s ( ! corporation4 7b7 ,! tru/ agreem5t gov]n+ ! special tru/ee %all provide-- 7#a7 = ! paym5t ( ! co/s & exp5ses ( ! special tru/ee f ! assets ( ! tru/ & n f ! prop]ty ( ! e/ate2 7#b7 t ! special tru/ee provide-- 7,a7 p]iodic report+ to ! e/ate2 & 7,b7 in=mation ab\t ! bridge company z reasonably reque/$ by a p>ty 9 int]e/ to prep>e a disclosure /atem5t = a plan provid+ = di/ribution ( any securities ( ! bridge company1 if su* in=mation is necess>y to prep>e su* disclosure /atem5t2 7#c7 t ! special tru/ee provide notice to & consult ) p>ties 9 int]e/ 9 ! case 9 connection )-- 7,a7 any *ange 9 a director or s5ior (fic] ( ! bridge company2 7,b7 any modification to ! gov]n+ docum5ts ( ! bridge company2 & 7,c7 any major corporate action ( ! bridge company1 includ+-- 7i7 recapitalization2 7ii7 a liquidity borr[+2 7iii7 t]m9ation ( an int]company debt or gu>antee2 7iv7 a transf] ( a sub/antial portion ( ! assets ( ! bridge company2 or 7v7 ! issuance or sale ( any securities ( ! bridge company2 7#d7 t ! proce$s ( ! sale ( any equity securities ( ! bridge company by ! special tru/ee be held 9 tru/ = ! b5efit ( or transf]r$ to ! e/ate2 & 7#e7 t ! prop]ty held 9 tru/ by ! special tru/ee is subject to di/ribution 9 accordance ) ! plan & subsection 7c74 7c7 ,! special tru/ee %all di/ribute ! assets held 9 tru/ 9 accordance ) ! plan on ! effective date ( ! plan1 aft] :i* "t ! (fice ( ! special tru/ee %all t]m9ate1 except z may be necess>y to w9d up & conclude ! bus9ess & f9ancial affairs ( ! tru/4 7d7 ,aft] a transf] "u section #adjf1 ! special tru/ee %all be subject only to applicable nonbankruptcy law1 & ! actions & conduct ( ! special tru/ee %all no long] be subject to approval by ! c\rt 9 ! case "u ?is *apt]4 #adjf4 ,special transf] ( prop]ty ( ! e/ate 7a7 ,on reque/ ( ! tru/ee or ! ,bo>d1 & aft] notice & he>+ & n less ?an #bd h\rs aft] ! comm5cem5t ( ! case1 ! c\rt may ord] a transf] "u ?is section ( prop]ty ( ! e/ate to a bridge company4 ,except z provid$ "u ?is section1 ! provisions ( section #cfc %all apply to a transf] "u ?is section4 7b7 ,unless ! c\rt ord]s o!rwise1 notice ( a reque/ = an ord] "u subsection 7a7 %all consi/ ( electronic or telephonic notice ( n less ?an #bd h\rs to-- 7#a7 ! debtor2 7#b7 ! tru/ee2 7#c7 ! hold]s ( ! #bj l>ge/ secur$ claims aga9/ ! debtor2 7#d7 ! hold]s ( ! #bj l>ge/ unsecur$ claims aga9/ ! debtor2 7#e7 ! ,bo>d2 7#f7 ! ,f$]al ,deposit ,insurance ,corporation2 7#g7 ! ,secret>y ( ! ,treasury2 7#h7 ! ,unit$ ,/ates tru/ee2 & 7#i7 ea* prim>y f9ancial regulatory ag5cy1 z def9$ 9 section #b7ab7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecja7ab771 ) respect to any affiliate t is propos$ to be transf]r$ "u ?is section4 7c7 ,! c\rt may n ord] a transf] "u ?is section unless ! c\rt det]m9es1 bas$ ^u a prepond]ance ( ! evid5ce1 t-- 7#a7 ! transf] "u ?is section is necess>y to prev5t imm95t sub/antial h>m to f9ancial /ability 9 ! ,unit$ ,/ates2 7#b7 ! propos$ transf] does n provide = ! assumption ( any capital /ructure debt by ! bridge company2 7#c7 ! propos$ transf] provides = ! transf] ( any acc\nts ( depositors ( ! debtor t are insur$ by ! ,f$]al ,deposit ,insurance ,company to ! bridge company2 & 7#d7 ! ,bo>d c]tifies to ! c\rt t ! ,bo>d has det]m9$ t ! bridge company provides adequate assurance ( future p]=mance ( any executory contract or unexpir$ leas$ assum$ & assign$ to ! bridge company1 & ( paym5t ( any debt assum$ by ! bridge company1 9 ! transf] "u ?is section4 #adjg4 ,automatic /ay2 assum$ debt 7a7 7#a7 ,a petition fil$ "u section #cja or #adjc op]ates z a /ay1 applicable to all entities1 ( ! t]m9ation or modification ( any debt1 contract1 lease1 or agreem5t describ$ 9 p>agraph 7#b71 or ( any "r or obligation "u any su* debt1 contract1 lease or agreem5t1 solely because (-- 7,a7 a default by ! debtor "u any su* debt1 contract1 lease1 or agreem5t2 or 7,b7 a provision 9 su* debt1 contract1 lease1 or agreem5t or 9 applicable nonbankruptcy law t is condition$ on-- 7i7 ! insolv5cy or f9ancial condition ( ! debtor at any "t be=e ! clos+ ( ! case2 7ii7 ! comm5cem5t ( a case "u ?is title conc]n+ ! debtor2 7iii7 ! appo9tm5t ( or tak+ possession by a tru/ee 9 a case "u ?is title conc]n+ ! debtor or by a cu/odian be=e ! comm5cem5t ( ! case2 or 7iv7 a cr$it rat+ ag5cy rat+1 or abs5ce or )drawal ( a cr$it rat+ ag5cy rat+-- 7,i7 ( ! debtor at any "t aft] ! comm5cem5t ( ! case2 7,,ii7 ( an affiliate dur+ ! #dh h\rs aft] ! comm5cem5t ( ! case2 or 7,,iii7 :ile ! special tru/ee is a direct or indirect b5eficial hold] ( m ?an #ej p]c5t ( ! equity securities ( ! bridge company-- 7aa7 ( ! bridge company2 or 7bb7 ( an affiliate1 if all ( ! direct or indirect int]e/s 9 ! affiliate t are prop]ty ( ! e/ate are transf]r$ "u section #adjf4 7#b7 ,a debt1 contract1 lease1 or agreem5t describ$ 9 ?is p>agraph is-- 7,a7 any debt 7o!r ?an capital /ructure debt71 executory contract 7o!r ?an a qualifi$ f9ancial contract71 or unexpir$ lease ( ! debtor2 7,b7 any agreem5t "u :i* ! debtor issu$ or is obligat$ = debt 7o!r ?an capital /ructure debt72 7,c7 any debt1 executory contract 7o!r ?an a qualifi$ f9ancial contract71 or unexpir$ lease ( an affiliate2 or 7,d7 any agreem5t "u :i* an affiliate issu$ or is obligat$ = debt4 7#c7 ,! /ay "u ?is subsection t]m9ates-- 7,a7 z to ! debtor1 ^u ! e>lie/ (-- 7i7 #dh h\rs aft] ! comm5cem5t ( ! case2 7ii7 assumption ( ! debt1 contract1 or lease "u an ord] au?oriz+ a transf] "u section #adjf2 or 7iii7 a det]m9ation by ! c\rt n to ord] a transf] "u section #adjf2 & 7,b7 z to an affiliate1 ^u ! e>lie/ (-- 7i7 entry ( an ord] au?oriz+ a transf] "u section #adjf 9 :i* ! direct or indirect int]e/s 9 ! affiliate t are prop]ty ( ! e/ate are n transf]r$ "u section #adjf2 7ii7 a det]m9ation by ! c\rt n to ord] a transf] "u section #adjf2 or 7iii7 #dh h\rs aft] ! comm5cem5t ( ! case1 if ! c\rt has n ord]$ a transf] "u section #adjf4 7#d7 ,sections #cfb7;d71 #cfb7;e71 #cfb7;f71 & #cfb7;g7 apply to a /ay "u ?is subsection4 7b7 ,a debt1 executory contract 7o!r ?an a qualifi$ f9ancial contract71 or unexpir$ lease ( ! debtor1 or an agreem5t "u :i* ! debtor has issu$ or is obligat$ = any debt1 may be assum$ by a bridge company 9 a transf] "u section #adjf not)/&+ any provision 9 an agreem5t or 9 applicable nonbankruptcy law t-- 7#a7 prohibits1 re/ricts1 or conditions ! assignm5t ( ! debt1 contract1 lease1 or agreem5t2 or 7#b7 t]m9ates or modifies1 or p]mits a p>ty o!r ?an ! debtor to t]m9ate or modify1 ! debt1 contract1 lease1 or agreem5t on acc\nt (-- 7,a7 ! assignm5t ( ! debt1 contract1 lease1 or agreem5t2 or 7,b7 a *ange 9 control ( any p>ty to ! debt1 contract1 lease1 or agreem5t4 7c7 7#a7 ,a debt1 contract1 lease1 or agreem5t ( ! k9d describ$ 9 subsection 7a77#b77;,a7 or 7a77#b77;,b7 may n be t]m9at$ or modifi$1 & any "r or obligation "u su* debt1 contract1 lease1 or agreem5t may n be t]m9at$ or modifi$1 z to ! bridge company solely because ( a provision 9 ! debt1 contract1 lease1 or agreem5t or 9 applicable nonbankruptcy law-- 7,a7 ( ! k9d describ$ 9 subsection 7a77#a77;,b7 z appli$ to ! debtor2 7,b7 t prohibits1 re/ricts1 or conditions ! assignm5t ( ! debt1 contract1 lease1 or agreem5t2 or 7,c7 t t]m9ates or modifies1 or p]mits a p>ty o!r ?an ! debtor to t]m9ate or modify1 ! debt1 contract1 lease or agreem5t1 on acc\nt (-- 7i7 ! assignm5t ( ! debt1 contract1 lease1 or agreem5t2 or 7ii7 a *ange 9 control ( any p>ty to ! debt1 contract1 lease1 or agreem5t4 7#b7 ,if !re has be5 a default by ! debtor ( a provision o!r ?an ! k9d describ$ 9 p>agraph 7#a7 9 a debt1 contract1 lease or agreem5t ( ! k9d describ$ 9 subsection 7a77#b77;,a7 or 7a77#b77;,b71 ! bridge company may assume su* debt1 contract1 lease1 or agreem5t only if ! bridge company-- 7,a7 cures1 or provides adequate assurance to ! c\rt 9 connection ) a transf] "u section #adjf t ! bridge company w promptly cure1 ! default2 7,b7 comp5sates1 or provides adequate assurance to ! c\rt 9 connection ) a transf] "u section #adjf t ! bridge company w promptly comp5sate1 a p>ty o!r ?an ! debtor to ! debt1 contract1 lease1 or agreem5t1 = any actual pecuni>y loss to ! p>ty result+ f ! default2 & 7,c7 provides adequate assurance to ! c\rt 9 connection ) a transf] "u section #adjf ( future p]=mance "u ! debt1 contract1 lease1 or agreem5t4 #adjh4 ,treatm5t ( qualifi$ f9ancial contracts & affiliate contracts 7a7 ,not)/&+ sections #cfb7;b77#f71 #cfb7;b77#g71 #cfb7;b77#ag71 #cfb7;b77#bg71 #eee1 #eef1 #eei1 #efj1 & #efa1 a petition fil$ "u section #cja or #adjc op]ates z a /ay1 dur+ ! p]iod specifi$ 9 section #adjg7;a77#c77;,a71 applicable to all entities1 ( ! ex]cise ( a contractual "r-- 7#a7 to cause ! liquidation or t]m9ation ( a qualifi$ f9ancial contract ( ! debtor or an affiliate2 or 7#b7 to (fset or net out any t]m9ation value1 paym5t am\nt1 or o!r transf] obligation aris+ "u or 9 connection ) a qualifi$ f9ancial contract ( ! debtor or an affiliate2 or 7#c7 "u any security agreem5t or arrangem5t or o!r cr$it enhancem5t =m+ a "p ( or relat$ to a qualifi$ f9ancial contract ( ! debtor or an affiliate4 7b7 7#a7 ,dur+ ! p]iod specifi$ 9 section #adjg7;a77#c77;,a71 ! tru/ee or ! affiliate %all p]=m all paym5t & deliv]y obligations "u a qualifi$ f9ancial contract ( ! debtor or ! affiliate1 respectively1 t become due aft] ! comm5cem5t ( ! case4 ,! /ay provid$ "u subsection 7a7 t]m9ates z to a qualifi$ f9ancial contract ( ! debtor or an affiliate imm$iately ^u ! failure ( ! tru/ee or ! affiliate1 respectively1 to p]=m any su* obligation dur+ su* p]iod4 7#b7 ,a c\nt]p>ty to any qualifi$ f9ancial contract ( ! debtor t is assum$ & assign$ 9 a transf] "u section #adjf may p]=m any unp]=m$ paym5t or deliv]y obligation "u ! qualifi$ f9ancial contract promptly aft] ! assumption & assignm5t ) ! same effect z if ! c\nt]p>ty _h timely p]=m$ su* obligations4 7c7 ,a qualifi$ f9ancial contract betwe5 an entity & ! debtor may n be assign$ to or assum$ by ! bridge company 9 a transf] "u section #adjf unless-- 7#a7 all qualifi$ f9ancial contracts betwe5 ! entity & ! debtor are assign$ to & assum$ by ! bridge company 9 ! transf] "u section #adjf2 7#b7 all claims ( ! entity aga9/ ! debtor "u any qualifi$ f9ancial contract betwe5 ! entity & ! debtor 7o!r ?an any claim t1 "u ! t]ms ( ! qualifi$ f9ancial contract1 is subord9at$ to ! claims ( g5]al unsecur$ cr$itors7 are assign$ to & assum$ by ! bridge company2 7#c7 all claims ( ! debtor aga9/ ! entity "u any qualifi$ f9ancial contract betwe5 ! entity & ! debtor are assign$ to & assum$ by ! bridge company2 & 7#d7 all prop]ty secur+ or any o!r cr$it enhancem5t furni%$ by ! debtor = any qualifi$ f9ancial contract describ$ 9 p>agraph 7#a7 or any claim describ$ 9 p>agraph 7#b7 or 7#c7 "u any qualifi$ f9ancial contract betwe5 ! entity & ! debtor is assign$ to & assum$ by ! bridge company4 7d7 ,section #cfe7;b77#a7 does n apply to a default "u a qualifi$ f9ancial contract ( ! debtor t is assum$ & assign$ 9 a transf] "u section #adjf if ! default-- 7#a7 is a brea* ( a provision ( ! k9d specifi$ 9 section #adjg7;a77#a77;,b77iv72 & 7#b7 9 ! case ( a brea* ( a provision ( ! k9d specifi$ 9 section #adjg7;a77#a77;,b77iv77,,iii71 occurs :ile ! bridge company is a direct or indirect b5eficial hold] ( m ?an #ej p]c5t ( ! equity securities ( ! affiliate4 7e7 ,not)/&+ any provision 9 a qualifi$ f9ancial contract or 9 applicable nonbankruptcy law1 a qualifi$ f9ancial contract ( ! debtor t is assum$ or assign$ 9 a transf] "u section #adjf may n be t]m9at$ or modifi$1 & any "r or obligation "u ! qualifi$ f9ancial contract may n be t]m9at$ or modifi$1 = a brea* ( a provision ( ! k9d specifi$ 9 section #adjg7;b7 at any "t aft] ! entry ( an ord] "u section #adjf until su* "t z ! special tru/ee is no long] ! direct or indirect b5eficial hold] ( m ?an #ej p]c5t ( ! equity securities ( ! bridge company4 7f7 ,not)/&+ any provision 9 any agreem5t or 9 applicable nonbankruptcy law1 an agreem5t ( an affiliate 7includ+ an executory contract1 unexpir$ lease1 or agreem5t "u :i* ! affiliate issu$ or is obligat$ = debt71 & any "r or obligation "u su* agreem5t1 may n be t]m9at$ or modifi$ at any "t aft] ! comm5cem5t ( ! case solely because ( a condition describ$ 9 section #adjg7;b7 if-- 7#a7 all direct or indirect int]e/s 9 ! affiliate t are prop]ty ( ! e/ate are transf]r$ "u section #adjf to ! bridge company )9 ! p]iod specifi$ 9 subsection 7a72 7#b7 ! bridge company assumes-- 7,a7 any gu>antee or o!r cr$it enhancem5t issu$ by ! debtor relat+ to ! agreem5t ( ! affiliate2 & 7,b7 any "r ( set(f1 nett+ arrangem5t1 or debt ( ! debtor t directly arises out ( or directly relates to ! gu>antee or cr$it enhancem5t2 & 7#c7 any prop]ty ( ! e/ate t directly s]ves z collat]al = ! gu>antee or cr$it enhancem5t is transf]r$ to ! bridge company4 #adji4 ,lic5ses1 p]mits1 & regi/rations 7a7 ,not)/&+ any o!rwise applicable nonbankruptcy law1 if a reque/ is made "u section #adjf = a transf] ( prop]ty ( ! e/ate1 any ,f$]al1 ,/ate1 or local lic5se1 p]mit1 or regi/ration t ! debtor or an affiliate _h imm$iately be=e ! comm5cem5t ( ! case & t is propos$ to be transf]r$ "u section #adjf may n be t]m9at$ or modifi$ at any "t aft] ! reque/ solely on acc\nt (-- 7#a7 ! insolv5cy or f9ancial condition ( ! debtor at any "t be=e ! clos+ ( ! case2 7#b7 ! comm5cem5t ( a case "u ?is title conc]n+ ! debtor2 7#c7 ! appo9tm5t ( or tak+ possession by a tru/ee 9 a case "u ?is title conc]n+ ! debtor or by a cu/odian be=e ! comm5cem5t ( ! case2 or 7#d7 a transf] "u section #adjf4 7b7 ,not)/&+ any o!rwise applicable nonbankruptcy law1 any ,f$]al1 ,/ate1 or local lic5se1 p]mit1 or regi/ration t ! debtor _h imm$iately be=e ! comm5cem5t ( ! case t is includ$ 9 a transf] "u section #adjf %all ve/ 9 ! bridge company4 #adaj4 ,exemption f securities laws ,= purposes ( section #aade1 a security ( ! bridge company %all be deem$ to be a security ( a successor to ! debtor "u a plan if ! c\rt approves ! disclosure /atem5t = ! plan z provid+ adequate in=mation 7z def9$ 9 section #aabe7;a77 ab\t ! bridge company & ! security4 #adaa4 ,inapplicability ( c]ta9 avoid+ p[]s ,except ) respect to a capital /ructure debt1 a transf] made or an obligation incurr$ by ! debtor1 includ+ any obligation releas$ by ! debtor or ! e/ate1 to or = ! b5efit ( an affiliate 9 a transf] "u section #adjf1 is n avoidable "u section #edd1 #edg1 #edh7;a77#a77;,b71 or #edi1 or "u any simil> nonbankruptcy law4 4 7b7 ,te*nical & con=m+ am5dm5t ,! table ( *apt]s = title #aa1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ aft] ! item relat+ to *apt] #ac ! foll[+3 #ad4,liquidation1 reorganization1 or recapitalization ( a cov]$ f9ancial corporation#adja 4 #e4 ,am5dm5ts to title #bh1 ,unit$ ,/ates ,code 7a7 ,am5dm5t to *apt] #ac ,*apt] #ac ( title #bh1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 #bih4 ,judge = a case "u *apt] #ad ( title #aa 7a7 ,not)/&+ section #bie1 ! ,*ief ,ju/ice ( ! ,unit$ ,/ates %all designate n less ?an #a di/rict judge f ea* circuit to be available to he> an appeal "u section #aeh7;a7 9 a case "u title #aa conc]n+ a cov]$ f9ancial corporation or "u section #adjc7;c7 ( title #aa4 7b7 7#a7 ,not)/&+ section #bie1 ! ,*ief ,ju/ice ( ! ,unit$ ,/ates %all designate a panel ( n less ?an #aj bankruptcy judges1 :o are exp]ts 9 cases "u title #aa 9 :i* a f9ancial in/itution is a debtor1 to be available to he> a case "u *apt] #ad ( title #aa4 7#b7 ,not)/&+ section #bie1 a case "u *apt] #ad ( title #aa %all be he>d "u section #aeg by a bankruptcy judge designat$ "u p>agraph 7#a71 :o %all be assign$ to he> su* case by ! *ief judge ( ! c\rt ( appeals = ! circuit embrac+ ! di/rict 9 :i* ! case is p5d+4 7#c7 ,if ! bankruptcy judge designat$ & assign$ to he> a case "u p>agraphs 7#a7 & 7#b7 is n assign$ to ! di/rict 9 :i* ! case is p5d+1 ! bankruptcy judge %all be tempor>ily assign$ to ! di/rict4 7c7 7#a7 ,not)/&+ section #bie1 an appeal "u section #aeh7;a7 9 a case "u title #aa conc]n+ a cov]$ f9ancial corporation or "u section #adjc7;c7 ( title #aa %all be he>d by a di/rict judge :o-- 7,a7 is ! di/rict judge designat$ "u subsection 7a7 f ! circuit 9 :i* ! case is p5d+2 7,b7 if m ?an #a di/rict judge has be5 designat$ "u subsection 7a7 f ! circuit 9 :i* ! case is p5d+1 is #a su* di/rict judge :o is designat$ by ! *ief judge ( t circuit to he> ! case2 or 7,c7 if none ( ! di/rict judges designat$ "u subsection 7a7 = ! circuit 9 :i* ! case is p5d+ are imm$iately available1 is designat$ "u subsection 7a7 f ano!r circuit & has be5 designat$ by ! ,*ief ,ju/ice ( ! ,unit$ ,/ates to he> ! case4 7#b7 ,if ! di/rict judge specifi$ 9 p>agraph 7#a7 is n assign$ to ! di/rict 9 :i* ! case is p5d+1 ! di/rict judge %all be tempor>ily assign$ to ! di/rict4 7d7 ,a case "u *apt] #ad ( title #aa1 & all proce$+s 9 ! case1 %all take place 9 ! di/rict 9 :i* ! case is p5d+4 7e7 ,9 ?is section1 ! t]ms cov]$ f9ancial corporation & f9ancial in/itution h ! mean+ giv5 su* t]ms 9 section #aja ( title #aa4 4 7b7 ,am5dm5t to section #accd ,section #accd ( title #bh1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 7f7 ,?is section does n grant jurisdiction to ! di/rict c\rts aft] a transf] pursuant to an ord] "u section #adjf ( title #aa-- 7#a7 ( any proce$+ relat$ to a special tru/ee appo9t$1 or to a bridge company =m$1 "u section #adje ( title #aa2 or 7#b7 ov] ! prop]ty held 9 tru/ by ! special tru/ee1 ! bridge company1 or ! prop]ty ( ! bridge company4 4 7c7 ,te*nical & con=m+ am5dm5t ,! table ( sections = *apt] #ac ( title #bh1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 #bih4 ,judge = a case "u *apt] #ad ( title #aa4 4 #f4 ,limitation on advances f a ,f$]al ,res]ve bank ,section #aj;,b7b7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #cdg;b7b77 is am5d$-- 7#a7 by r$esignat+ p>agraph 7#e7 z p>agraph 7#f72 7#b7 by ins]t+ aft] p>agraph 7#d7 ! foll[+3 7#e7 ,limitation on advances to cov]$ f9ancial corporations & bridge companies ,not)/&+ p>agraph 7#b71 a ,f$]al ,res]ve bank may n make advances to any cov]$ f9ancial corporation t is a debtor 9 a p5d+ case "u *apt] #ad ( title #aa1 ,unit$ ,/ates ,code1 or to a bridge company1 = ! purpose ( provid+ debtor-9-possession f9anc+ pursuant to section #cfd ( su* title4 2 & 7#c7 9 p>agraph 7#f71 z r$esignat$-- 7,a7 by r$esignat+ subp>agraphs 7,b7 ?r\gh 7,e7 z subp>agraphs 7,d7 ?r\gh 7,g71 respectively2 & 7,b7 by ins]t+ aft] subp>agraph 7,a7 ! foll[+3 7,b7 ,bridge company ,! t]m bridge company has ! same mean+ z 9 section #adjb7b7 ( title #aa1 ,unit$ ,/ates ,code4 7,c7 ,cov]$ f9ancial corporation ,! t]m cov]$ f9ancial corporation has ! same mean+ z 9 section #aja7i;,a7 ( title #aa1 ,unit$ ,/ates ,code4 4