; and (C) with respect to a banking organization that is an insured credit union, has the meaning given the term total assets under section 702.2 of title 12, Code of Federal Regulations, as in effect on the date of the enactment of this Act. (6) Leverage ratio definitions (A) Average leverage ratio With respect to a banking organization, the term average leverage ratio means the average of the banking organization’s quarterly leverage ratios for each of the most recently completed four calendar quarters. (B) Quarterly leverage ratio With respect to a banking organization and a calendar quarter, the term quarterly leverage ratio means the organization’s tangible equity divided by the organization’s leverage exposure, expressed as a percentage, on the last day of such quarter. (7) NACR The term NACR means— (A) book equity less nonperforming assets plus loan loss reserves, divided by (B) total banking organization assets. (8) Nonperforming assets The term nonperforming assets means— (A) 20 percent of assets that are past due 30 to 89 days, plus (B) 50 percent of assets that are past due 90 days or more, plus (C) 100 percent of nonaccrual assets and other real estate owned. (9) Qualifying banking organization The term qualifying banking organization means a banking organization that has made an election under section 601 and with respect to which such election is in effect. (10) Security-based swap The term security-based swap has the meaning given that term under section 3 of the Securities Exchange Act of 1934. (11) Swap The term swap has the meaning given that term under section 1a of the Commodity Exchange Act. (12) Tangible equity The term tangible equity — (A) with respect to a banking organization other than a credit union, means the sum of— (i) common equity tier 1 capital; (ii) additional tier 1 capital consisting of instruments issued on or before the date of enactment of this Act