Definitions

For purposes of this subchapter— The term “broker or dealer” means— The term “clearing organization” means a clearinghouse, clearing association, clearing corporation, or similar organization— that provides clearing, netting, or settlement services for its members and— The term “covered clearing obligation” means an obligation of a member of a clearing organization to make payment to another member of a clearing organization, subject to a netting contract. The term “covered contractual payment entitlement” means— The term “covered contractual payment obligation” means— The term “depository institution” means— The term “failed financial institution” means a financial institution that— The term “failed member” means any member that— The term “financial institution” means a broker or dealer, a depository institution, a futures commission merchant, or any other institution as determined by the Board of Governors of the Federal Reserve System. The term “futures commission merchant” means a company that is registered or licensed under Federal law to engage in the business of selling futures and options in commodities. The term “member” means a member of or participant in a clearing organization, and includes the clearing organization and any other clearing organization with which such clearing organization has a netting contract. The term “net entitlement” means the amount by which the covered contractual payment entitlements of a financial institution or member exceed the covered contractual payment obligations of the institution or member after netting under a netting contract. The term “net obligation” means the amount by which the covered contractual payment obligations of a financial institution or member exceed the covered contractual payment entitlements of the institution or member after netting under a netting contract. The term “netting contract”— The term “netting contract” does not include any contract or agreement that is invalid under or precluded by Federal law. The term “payment” means a payment of United States dollars, another currency, or a composite currency, and a noncash delivery, including a payment or delivery to liquidate an unmatured obligation.