Page:United States Statutes at Large Volume 114 Part 4.djvu/834

 114 STAT. 2762A-134 PUBLIC LAW 106-553—APPENDIX B accrue interest and such interest shall be retained by the account, subject to subparagraph (D). (D) DEDUCTIONS FROM ESCROW ACCOUNT. — If a default occurs with respect to any loan guaranteed under this Act and the default is not cured in accordance with the terms of the underlying loan or loan guarantee agreement, the Administrator, in accordance with subsections (i) and (j) of section 5, shall liquidate, or shall cause to be liquidated, all assets collateralizing such loan as to which it has a lien or security interest. Any shortfall between the proceeds of the liquidation net of costs and expenses relating to the liquidation, and the guarantee amount paid pursuant to this Act shall be deducted from funds in the Escrow Account and credited to the Administrator for pay- ment of such shortfall. At such time as determined under subsection (d)(2)(E) of this section when all loans guaranteed under this Act have been repaid or otherwise satisfied in accordance with this Act and the regulations promulgated hereunder, remaining funds in the Escrow Account, if any, shall ^ refunded, on a pro rata basis, to applicants whose loans ^aranteed under this Act were not in default, or where any default was cured in accordance with the terms of the underlying loan or loan guarantee agreement. (i) LIMITATIONS ON GUARANTEES FOR CERTAIN CABLE OPERA- TORS. —Notwithstanding any other provision of this Act, no loan guarantee under this Act may be granted or used to provide funds for a project that extends, upgrades, or enhances the services provided over any cable system to an area that, as of the date of the enactment of this Act, is covered by a cable franchise agreement that expressly obligates a cable system operator to serve such area. (j) JUDICIAL REVIEW. — The decision of the Board to approve or disapprove the making of a loan guarantee under this Act shall not be subject to judicial review. (k) APPLICABILITY OF APA.—Except as otherwise provided in subsection (j), the provisions of subchapter II of chapter 5 and chapter 7 of title 5, United States Code (commonly referred to as the Administrative Procedure Act), shall apply to actions taken under this Act. SEC. 1005. ADMINISTRATION OF LOAN GUARANTEES. (a) IN GENERAL. —The Administrator of the Rural Utilities Service (in this Act referred to as the "Administrator") shall issue and otherwise administer loan guarantees that have been approved by the Board in accordance with sections 3 and 4. (b) SECURITY FOR PROTECTION OF UNITED STATES FINANCIAL INTERESTS.— (1) TERMS AND CONDITIONS.— An applicant shall agree to such terms and conditions as are satisfactory, in the judgment of the Board, to ensure that, as long as any principal or interest is due and payable on a loan guaranteed under this Act, the applicant— (A) shall maintain assets, equipment, facilities, and operations on a continuing basis; (B) shall not make any discretionary dividend pay- ments that impair its ability to repay obligations guaranteed under this Act;

�