Page:United States Statutes at Large Volume 120.djvu/1648

 PUBLIC LAW 109–304—OCT. 6, 2006

120 STAT. 1617

‘‘(1) WHEN NOT SUBJECT TO FCRA.—The Secretary of Commerce shall account for payments and disbursements involving obligations guaranteed under this chapter and not subject to FCRA in a separate account in the Treasury established for this purpose. ‘‘(2) WHEN SUBJECT TO FCRA.—The Secretary of Commerce shall account for payments and disbursements involving obligations guaranteed under this chapter and subject to FCRA in a separate account in the Treasury established for this purpose. ‘‘(d) DIRECT LOANS BY SECRETARY OF COMMERCE.—The Secretary of Commerce shall account for payments and disbursements involving direct loans made under this chapter in a separate account in the Treasury established for this purpose. ‘‘§ 53718. Annual report to Congress ‘‘The Secretary of Transportation shall report to Congress annually on the loan guarantee program under this chapter. Each report shall include— ‘‘(1) the size, in dollars, of the portfolio of loans guaranteed; ‘‘(2) the size, in dollars, of projects in the portfolio facing financial difficulties; ‘‘(3) the number and type of projects covered; ‘‘(4) a profile of pending loan applications; ‘‘(5) the amount of appropriations available for new guarantees; ‘‘(6) a profile of each project approved since the last report; and ‘‘(7) a profile of any defaults since the last report. ‘‘SUBCHAPTER II—DEFAULT PROVISIONS ‘‘§ 53721. Rights of obligee ‘‘(a) DEMANDS BY OBLIGEES.—Except as provided in subsection (c), if an obligor has continued in default for 30 days in the payment of principal or interest on an obligation guaranteed under this chapter, the obligee or the obligee’s agent may demand that the Secretary pay the unpaid principal amount of the obligation and the unpaid interest on the obligation to the date of payment. The demand must be made within the earlier of— ‘‘(1) a period that may be specified in the guarantee or a related agreement; or ‘‘(2) 90 days from the date of the default. ‘‘(b) PAYMENTS BY SECRETARY.— ‘‘(1) IN GENERAL.—If a demand is made under subsection (a), the Secretary shall pay to the obligee or the obligee’s agent the unpaid principal amount of the obligation and the unpaid interest on the obligation to the date of payment. Payment shall be made within the earlier of— ‘‘(A) a period that may be specified in the guarantee or a related agreement; or ‘‘(B) 30 days from the date of the demand. ‘‘(2) IF NO EXISTING DEFAULT.—The Secretary is not required to make payment under this subsection if, within the appropriate period under paragraph (1), the Secretary finds that the obligor was not in default or that the default was remedied before the demand.

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