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140 11 U.S.C. § 1110(a)(3)(A)(i). Similarly, qualifying watercraft must be: a vessel documented under chapter 121 of title 46 that is subject to a security interest granted by, leased to, or conditionally sold to a debtor that is a water carrier that, at the time such transaction is entered into, holds a certificate of public convenience and necessity or permit issued by the Department of Transportation. Id; 11 U.S.C. § 1110(a)(3)(A)(ii). In both cases, "all records and documents [(e.g., log books and service records)] relating to such equipment that are required, under the terms of the security agreement, lease, or conditional sale contract, to be surrendered or returned by the debtor in connection with the surrender or return of such equipment" must also be turned over to the creditor. 11 U.S.C. § 1110(a)(3)(B). The option of the trustee to perform and cure (sometimes referred to as the "Section 1110(a) election") is subject to certain limitations, however. First, the trustee only has sixty days from the date of the order for relief under Chapter 11 (the "Sixty-Day Period") in which to make the Section 1110(a) election unless the contracting parties agree, subject to approval of the court, to an extension of the Sixty-Day Period. 11 U.S.C. § 1110(a)(2)(A)– (B). See In re Pan Am Corp., 124 B.R. 960, 974 (Bankr. S.D.N.Y. 1991). During the Sixty-Day Period (and any agreed-upon extensions thereof), the automatic stay remains in effect with respect to the aircraft equipment or watercraft unless otherwise ordered by the court. Additionally, the trustee's agreement to perform is subject to the court's approval. This decision by the trustee is protected by the business judgment rule (discussed below at Chapter VI.C.2). Second, the trustee must cure any defaults within specified timeframes: (i) any prepetition defaults must be cured within the Sixty-Day Period; (ii) any defaults occurring after entry of the

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