Page:United States Statutes at Large Volume 120.djvu/1647

 120 STAT. 1616

PUBLIC LAW 109–304—OCT. 6, 2006

‘‘(g) TERMS TO PROTECT GOVERNMENT.—The escrow agreement shall contain other terms the Secretary considers necessary to protect fully the interests of the Government. ‘‘§ 53716. Deposit fund ‘‘(a) IN GENERAL.—There is a deposit fund in the Treasury for purposes of this section. The Secretary, in accordance with an agreement under subsection (b), may deposit into and hold in the fund cash belonging to an obligor to serve as collateral for a guarantee made under this chapter with respect to the obligor. ‘‘(b) AGREEMENT.—The Secretary and an obligor shall make a reserve fund or other collateral account agreement to govern the deposit, withdrawal, retention, use, and reinvestment of cash of the obligor held in the fund. The agreement shall contain— ‘‘(1) terms and conditions required by this section; ‘‘(2) terms that grant to the United States Government a security interest in all amounts deposited into the fund; and ‘‘(3) any additional terms considered by the Secretary to be necessary to protect fully the interests of the Government. ‘‘(c) INVESTMENT.—The Secretary may invest and reinvest any part of the amounts in the fund in obligations of the Government with maturities such that amounts in the fund will be available as required for purposes of the agreement under subsection (b). Cash balances in the fund in excess of current requirements shall be maintained in a form of uninvested funds, and the Secretary of the Treasury shall pay interest on these funds. ‘‘(d) WITHDRAWALS.— ‘‘(1) IN GENERAL.—Cash deposited into the fund may not be withdrawn without the consent of the Secretary. ‘‘(2) USE OF INCOME.—Subject to paragraph (3), the Secretary may pay any income earned on cash of an obligor deposited into the fund in accordance with the agreement with the obligor under subsection (b). ‘‘(3) RETENTION AGAINST DEFAULT.—The Secretary may retain and offset any or all of the cash of an obligor in the fund, and any income realized thereon, as part of the Secretary’s recovery against the obligor in case of a default by the obligor on an obligation. ‘‘§ 53717. Management of funds in the Treasury ‘‘(a) DEFINITION.—In this section, the term ‘FCRA’ means the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.). ‘‘(b) LOAN GUARANTEES BY SECRETARY OF TRANSPORTATION.— ‘‘(1) WHEN NOT SUBJECT TO FCRA.—The Secretary of Transportation shall account for payments and disbursements involving obligations guaranteed under this chapter and not subject to FCRA in an account in the Treasury entitled the Federal Ship Financing Fund Liquidating Account (a liquidating account as defined in FCRA). ‘‘(2) WHEN SUBJECT TO FCRA.—The Secretary of Transportation shall account for payments and disbursements involving obligations guaranteed under this chapter and subject to FCRA in a separate account in the Treasury entitled the Federal Ship Financing Guaranteed Loan Financing Account (a financing account as defined in FCRA). ‘‘(c) LOAN GUARANTEES BY SECRETARY OF COMMERCE.—

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