Page:United States Statutes at Large Volume 115 Part 1.djvu/254

 115 STAT. 232 PUBLIC LAW 107-42 —SEPT. 22, 2001 Deadline. Regulations. 49 USC 40101 note. form and on such terms and conditions and contain such covenants, representatives, warranties, and requirements (including requirements for audits) as the Board determines appropriate. (B) PROCEDURES.— Not later than 14 days after the date of enactment of this Act, the Director of the Office of Management and Budget shall issue regulations setting forth procedures for application and minimum requirements, which may be supplemented by the Board in its discretion, for the issuance of Federal credit instruments under section 101(a)(1). (d) FINANCIAL PROTECTION OF GOVERNMENT. — (1) IN GENERAL.—To the extent feasible and practicable, the Board shall ensure that the Government is compensated for the risk assumed in making guarantees under this title. (2) GOVERNMENT PARTICIPATION IN GAINS.— To the extent to which any participating corporation accepts financial assistance, in the form of accepting the proceeds of any loans guaranteed by the Government under this title, the Board is authorized to enter into contracts under which the Government, contingent on the financial success of the participating corporation, would participate in the gains of the participating corporation or its security holders through the use of such instruments as warrants, stock options, common or preferred stock, or other appropriate equity instruments. (3) DEPOSIT IN TREASURY. — Al l amounts collected by the Secretary of the Treasury under this subsection shall be deposited in the Treasury as miscellaneous receipts. SEC. 103. SPECIAL RULES FOR COMPENSATION. (a) DOCUMENTATION.— Subject to subsection (b), the amount of compensation payable to an air carrier under section 101(a)(2) may not exceed the amount of losses described in section 101(a)(2) that the air carrier demonstrates to the satisfaction of the President, using sworn financial statements or other appropriate data, that the air carrier incurred. The Secretary of Transportation and the Comptroller General of the United States may audit such statements and may request any information that the Secretary and the Comptroller General deems necessary to conduct such audit. (b) MAXIMUM AMOUNT OF COMPENSATION PAYABLE PER AIR CARRIER. — The maximum total amount of compensation payable to an air carrier under section 101(a)(2) may not exceed the lesser of— (1) the amount of such air carrier's direct and incremental losses described in section 101(a)(2); or (2) in the case of— (A) flights involving passenger-only or combined passenger and cargo transportation, the product of— (i) $4,500,000,000; and (ii) the ratio of— (I) the available seat miles of the air carrier for the month of August 2001 as reported to the Secretary; to (II) the total available seat miles of all such air carriers for such month as reported to the Secretary; and

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