Sec. 121. General provisions relating to covered financial corporations
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Section 101 of title 11, United States Code, is amended by inserting the following after paragraph (9): The term covered financial corporation means any corporation incorporated or organized under any Federal or State law, other than a stockbroker, a commodity broker, or an entity of the kind specified in paragraph
(2)or
(3)of section 109(b), that is— a bank holding company, as defined in section 2(a) of the Bank Holding Company Act of 1956; or a corporation that exists for the primary purpose of owning, controlling and financing its subsidiaries, that has total consolidated assets of $50,000,000,000 or greater, and for which, in its most recently completed fiscal year— annual gross revenues derived by the corporation and all of its subsidiaries from activities that are financial in nature (as defined in section 4(k) of the Bank Holding Company Act of 1956) and, if applicable, from the ownership or control of one or more insured depository institutions, represents 85 percent or more of the consolidated annual gross revenues of the corporation; or the consolidated assets of the corporation and all of its subsidiaries related to activities that are financial in nature (as defined in section 4(k) of the Bank Holding Company Act of 1956) and, if applicable, related to the ownership or control of one or more insured depository institutions, represents 85 percent or more of the consolidated assets of the corporation. . Section 103 of title 11, United States Code, is amended by adding at the end the following: Subchapter V of chapter 11 of this title applies only in a case under chapter 11 concerning a covered financial corporation. . Section 109 of title 11, United States Code, is amended— in subsection (b)— in paragraph (2), by striking or at the end; in paragraph (3)(B), by striking the period at the end and inserting ; or ; and by adding at the end the following: a covered financial corporation. ; and in subsection (d)— by striking and before an uninsured State member bank ; by striking or before a corporation ; and by inserting , or a covered financial corporation after Federal Deposit Insurance Corporation Improvement Act of 1991 . Section 1112 of title 11, United States Code, is amended by adding at the end the following: Notwithstanding section 109(b), the court may convert a case under subchapter V to a case under chapter 7 if— a transfer approved under section 1185 has been consummated; the court has ordered the appointment of a special trustee under section 1186; and the court finds, after notice and a hearing, that conversion is in the best interest of the creditors and the estate. . Section 726(a)(1) of title 11, United States Code, is amended by inserting after first, the following: in payment of any unpaid fees, costs, and expenses of a special trustee appointed under section 1186, and then . Section 1129(a) of title 11, United States Code, is amended by inserting after paragraph
(16)the following: In a case under subchapter V, all payable fees, costs, and expenses of the special trustee have been paid or the plan provides for the payment of all such fees, costs, and expenses on the effective date of the plan. In a case under subchapter V, confirmation of the plan is not likely to cause serious adverse effects on financial stability in the United States. . Section 322(b)(2) of title 11, United States Code, is amended by striking The and inserting In cases under subchapter V, the United States trustee shall recommend to the court, and in all other cases, the .