Page:United States Statutes at Large Volume 107 Part 1.djvu/385

 PUBLIC LAW 103-66 —AUG. 10, 1993 107 STAT. 359 SEC. 4045. TERAHNATION OF GUARANTY AGENCY AGREEMENTS; ASSUMPTION OF GUARANTY AGENCY FUNCTIONS BY THE SECRETARY. Section 428(c)(10) of the Act is amended— 20 USC 1078. (1) in subparagraph (C), by inserting **, as appropriate," after "the Secretary shall require"; (2) in subparagraph (D)— (A) by inserting the clause designation "(i)" before " Each"; (B) by striking ''Each" and inserting "If the Secretary is not seeking to terminate the guaranty agency's agreement under subparagraph (E), or assuming the guaranty agency's functions under subparagraph (F), a"; (C) by adding at the end the following new clause: "(ii) If the Secretary is seeking to terminate the guaranty agency's agreement under subparagraph (E), or assuming the guaranty agency's fimctions under subparagraph (F), a management plan described in subparagraph (C) shall include the means by which the Secretary and the guaranty agency shall work together to ensure the orderly termination of the operations, and liquidation of the assets, of the guaranty agency."; (3) in subparagraph (E)— (A) in clause (ii), by striking "or" after the semicolon; (B) in clause (iii), by striking the period and inserting a semicolon; and (C) by adding at the end the following new clauses: "(iv) the Secretary determines that such action is necessary to protect the Federal fiscal interest; "(v) the Secretary determines that such action is necessary to ensure the continued availability of loans to student or parent borrowers; or "(vi) the Secretary determines that such action is necessary to ensure an orderly transition from the loan programs under this part to the direct student loan programs under part D of this title."; (4) in subparagraph (F)— (A) in the matter preceding clause (i), by striking "Except as provided in subparagraph (G), if" and inserting "ir; (B) by amending clause (v) to read as follows: "(v) provide the guaranty agency with additional advance funds in accordance with section 422(c)(7), with such restrictions on the use of such funds as is determined appropriate by the Secretary, in order to— "(I) meet the immediate cash needs of the guaranty agency; "(II) ensure the iminterrupted payment of claims; or "(III) ensure that the guaranty agency will make loans as the lender-of-last-resort, in accordance with subsection (j);"; (C) in clause (vi)— (i) by striking "and to avoid" and inserting "to avoid"; (ii) by striking the period and inserting a comma and "and to ensure an orderly transition from the 69-194O-94-13:QL.3Part1

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