Page:United States Statutes at Large Volume 124.djvu/4054

 124 STAT. 4028 PUBLIC LAW 111–358—JAN. 4, 2011 ‘‘(2) SUBROGATION.— ‘‘(A) IN GENERAL.—If the Secretary makes a payment under paragraph (1), the Secretary shall be subrogated to the rights, as specified in the loan guarantee, of the recipient of the payment or related agreements including, if appropriate, the authority (notwithstanding any other provision of law)— ‘‘(i) to complete, maintain, operate, lease, or other- wise dispose of any property acquired pursuant to such loan guarantee or related agreement; or ‘‘(ii) to permit the borrower, pursuant to an agree- ment with the Secretary, to continue to pursue the purposes of the project if the Secretary determines that such an agreement is in the public interest. ‘‘(B) SUPERIORITY OF RIGHTS.—The rights of the Sec- retary, with respect to any property acquired pursuant to a loan guarantee or related agreements, shall be superior to the rights of any other person with respect to the prop- erty. ‘‘(3) NOTIFICATION.—If the borrower defaults on an obliga- tion, the Secretary shall notify the Attorney General of the default. ‘‘(g) TERMS AND CONDITIONS.—A loan guarantee under this section shall include such detailed terms and conditions as the Secretary determines appropriate— ‘‘(1) to protect the interests of the United States in the case of default; and ‘‘(2) to have available all the patents and technology nec- essary for any person selected, including the Secretary, to com- plete and operate the project. ‘‘(h) CONSULTATION.—In establishing the terms and conditions of a loan guarantee under this section, the Secretary shall consult with the Secretary of the Treasury. ‘‘(i) FEES.— ‘‘(1) IN GENERAL.—The Secretary shall charge and collect fees for loan guarantees in amounts the Secretary determines are sufficient to cover applicable administrative expenses. ‘‘(2) AVAILABILITY.—Fees collected under this subsection shall— ‘‘(A) be deposited by the Secretary into the Treasury of the United States; and ‘‘(B) remain available until expended, subject to such other conditions as are contained in annual appropriations Acts. ‘‘(3) LIMITATION.—In charging and collecting fees under paragraph (1), the Secretary shall take into consideration the amount of the obligation. ‘‘(j) RECORDS.— ‘‘(1) IN GENERAL.—With respect to a loan guarantee under this section, the borrower, the lender, and any other appropriate party shall keep such records and other pertinent documents as the Secretary shall prescribe by regulation, including such records as the Secretary may require to facilitate an effective audit. ‘‘(2) ACCESS.—The Secretary and the Comptroller General of the United States, or their duly authorized representatives, Regulations.