Page:United States Statutes at Large Volume 108 Part 5.djvu/638

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108 STAT. 4128 PUBLIC LAW 103-394-OCT. 22, 1994 prior to the date of the hearing on confirmation of the plan; and "(3) a hearing on the disclosure statement may be combined with a hearing on confirmation of a plan.". SEC. 218. SINGLE ASSET REAL ESTATE. (a) DEFINITION.— Section 101 of title 11, United States Code, is amended by inserting after paragraph (51) the following: "(5IB) 'single asset real estate' means real properhr constituting a single property or project, other than residential real property with fewer than 4 residential units, which generates substantially all of the gross income of a debtor and on which no substantial business is being conducted by a debtor other than the business of operating the real property and activities incidental thereto naving aggregate noncontingent, Uquidated secured debts in an amount no more than $4,000,000;". (b) AUTOMATIC STAY.—Section 362(d) of title 11, United States Code, is amended— (1) in paragraph (1) by striking "or" at the end, (2) in paragraph (2) by striking the period at the end and inserting "; or", and (3) by adding at the end the following: "(3) with respect to a stay of an act against single asset real estate under subsection (a), by a creditor whose claim is secured by an interest in such real estate, unless, not later than the date that is 90 days after the entry of the order for relief (or such later date as the court may determine for cause by order entered witMn that 90-day period)— "(A) the debtor has filed a plan of reorgginization that has a resisonable possibility of being confirmed within a reasonable time; or "(B) the debtor has conmienced monthly payments to each creditor whose claim is secured by such real estate (other than a claim secured by a judgment Uen or by an unmatured statutory Uen), which payments are in an amount equal to interest at a current fair market rate on the value of the creditor's interest in the real estate.". SEC. 219. LEASES OF PERSONAL PROPERTY. (a) ASSUMPTION.— Section 365(b)(2) of title 11, United States Code, is amended— (1) in subparagraph (B) by striking "or" at the end, (2) in subparagraph (C) by striking the period and inserting ";or", (3) by addm^ at the end the following: "(D) the satisfaction of any penalty rate or provision relating to a default arising from any failure by the debtor to perform nonmonetary obligations under the executory contract or unexpired lease. ". (b) PERFORMANCE.—Section 365(d) of title 11, United States Code, is amended by adding at the end the following: "(10) The trustee shall timely perform all of the obligations of the debtor, except those specified in section 365(b)(2), first arising fix)m or after 60 days after the order for relief in a case under chapter 11 of this title under an unexpired lease of personal property (other than personal property leased to an individual primarily for personal, family, or household pur-