Page:United States Statutes at Large Volume 93.djvu/1363

 PUBLIC LAW 96-185—JAN. 7, 1980

93 STAT. 1331

(A) will total not less than $162,500,000 before the close of the four-year period beginning not later than the one hundred and eightieth day after the date of the enactment of this Act; (B) are made in such amounts and at such times that no time during such four-year period will the amount of employer contributions to the trust be less than the amount such contributions would have been if made in installments of $40,625,000 made at the end of each year in such period; and (C) are made in the additional qualified common stock which the Chrysler Corporation issues by reason of subsection (a)(3). (2)(A) In the case of a qualified loan to the trust for the purchase of qualified common stock the amount of such stock purchased with the proceeds of such loan shall be treated for purposes of paragraph (1) as an employer contribution to the trust made on the date such stock is so purchased. (B) For purposes of subparagraph (A), the term "qualified loan" means any loan— (i) which may be repaid only in substantially equal installments; (ii) which has a term of not more than ten years; and (iii) the proceeds of which are used only to purchase an amount of the additional qualified common stock which the Chrysler Corporation issues by reason of subsection (a)(3). (e) For purposes of this section, the term "qualified common stock" means stock of the class of common stock of the Chrysler Corporation which is outstanding on October 17, 1979, and which is readily tradeable on an established securities market. (f) An amount equal to $162,500,000 of the additional qualified common stock issued by the Corporation by reason of subsection (a)(3) shall not be treated for purposes of this Act as assistance received by the Chrysler Corporation from other than the Federal Government pursuant to section 4(c).

"Qualified loan.'

"Qualified common stock;

LIMITATIONS ON GUARANTEE AUTHORITY

SEC. 8. (a) The authority of the Board to extend loan guarantees 15 USC 1867. under this Act shall not at any time exceed $1,500,000,000 in the aggregate principal amount outstanding. (b) Subject to subsection (a), the totel principal amount of loans which are guaranteed under this Act and which are outstanding at any time shall not exceed the amount of nonfederally guaranteed assistance under section 4(a) and the amount of concessions and contributions under section 6 which have accrued to the Corporation. TERMS AND CONDITIONS OF LOAN GUARANTEES

SEC. 9. (a) Loans guaranteed under this Act shall be payable in full 15 USC 1868. not later than December 31, 1990, and the terms and conditions of such loans shall provide that they cannot be amended, or any provision waived, without the Board's consent. (b)(1) Any commitment to issue guarantees entered into pursuant to this Act shall contain all the affirmative and negative covenants and other protective provisions that the Board determines are appropriate. The Board shall require security for the loans to be guaranteed under this Act at the time the commitment is made.

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