Page:United States Statutes at Large Volume 119.djvu/1137

 PUBLIC LAW 109–58—AUG. 8, 2005

119 STAT. 1119

(i) complete, maintain, operate, lease, or otherwise dispose of any property acquired pursuant to such guarantee or related agreements; or (ii) permit the borrower, pursuant to an agreement with the Secretary, to continue to pursue the purposes of the project if the Secretary determines this to be in the public interest. (B) SUPERIORITY OF RIGHTS.—The rights of the Secretary, with respect to any property acquired pursuant to a guarantee or related agreements, shall be superior to the rights of any other person with respect to the property. (C) TERMS AND CONDITIONS.—A guarantee agreement shall include such detailed terms and conditions as the Secretary determines appropriate to— (i) protect the interests of the United States in the case of default; and (ii) have available all the patents and technology necessary for any person selected, including the Secretary, to complete and operate the project. (3) PAYMENT OF PRINCIPAL AND INTEREST BY SECRETARY.— With respect to any obligation guaranteed under this section, the Secretary may enter into a contract to pay, and pay, holders of the obligation, for and on behalf of the borrower, from funds appropriated for that purpose, the principal and interest payments which become due and payable on the unpaid balance of the obligation if the Secretary finds that— (A)(i) the borrower is unable to meet the payments and is not in default; (ii) it is in the public interest to permit the borrower to continue to pursue the purposes of the project; and (iii) the probable net benefit to the Federal Government in paying the principal and interest will be greater than that which would result in the event of a default; (B) the amount of the payment that the Secretary is authorized to pay shall be no greater than the amount of principal and interest that the borrower is obligated to pay under the agreement being guaranteed; and (C) the borrower agrees to reimburse the Secretary for the payment (including interest) on terms and conditions that are satisfactory to the Secretary. (4) ACTION BY ATTORNEY GENERAL.— (A) NOTIFICATION.—If the borrower defaults on an obligation, the Secretary shall notify the Attorney General of the default. (B) RECOVERY.—On notification, the Attorney General shall take such action as is appropriate to recover the unpaid principal and interest due from— (i) such assets of the defaulting borrower as are associated with the obligation; or (ii) any other security pledged to secure the obligation. (h) FEES.— (1) IN GENERAL.—The Secretary shall charge and collect fees for guarantees in amounts the Secretary determines are sufficient to cover applicable administrative expenses.

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