; dissolution. Sec. 303. Reports. Sec. 304. Duties. Sec. 305. Authority of the Commission. Sec. 306. Membership. Sec. 307. Powers and responsibilities. Sec. 308. Provision of requested information. Sec. 309. Access to information. Sec. 310. Funding. TITLE IV—Severability Sec. 401. Severability. 2. Definitions In this Act: (1) Attachment The term attachment means the time at which a security interest becomes enforceable against a debtor with respect to collateral. (2) Collateral The term collateral means property subject to a security interest. (3) Financial guaranty insurance The term financial guaranty insurance means a surety bond, an insurance policy, an indemnity contract, or any similar guaranty, under which loss is payable on proof of a financial loss to an insured claimant, an obligee, or an indemnitee as a result of the failure of any obligor on or issuer of any debt instrument or other monetary obligation to pay, when due, principal, interest, or any other amount due or payable with respect to that instrument or obligation, if that failure to pay is the result of a financial default, a financial insolvency, or a discharge in bankruptcy. (4) Financial guaranty insurer The term financial guaranty insurer means a party that is obligated as a surety, insurer, or indemnitor under a financial guaranty insurance contract. (5) Financial obligation The term financial obligation — (A) means an obligation validly owed as of the effective date of this Act by a qualifying territory or an instrumentality of a qualifying territory thereof that arises from any— (i) security issued by a qualifying territory or instrumentality of a qualifying territory; (ii) loan taken out by a qualifying territory or instrumentality of a qualifying territory; (iii) repurchase or swap or other derivative contract entered into by a qualifying territory or instrumentality of a qualifying territory