Page:United States Statutes at Large Volume 93.djvu/1365

 PUBLIC LAW 9 6 - 1 8 5 - J A N. 7, 1980

93 STAT. 1333

(e) The remedies provided in this Act shall be cumulative and not in limitation of or substitution for any other remedy available to the Board or the United States. if) The Board may bring action in any United States district court Compliance, or any other appropriate court to enforce compliance with the court action. provisions of the Act or any agreement related thereto and such court shall have jurisdiction to enforce such compliance and enter such orders as may be appropriate. (g) A loan shall not be guaranteed under this Act if the income from such loan is excluded from gross income for purposes of chapter 1 of the Internal Revenue Code of 1954 or if the guarantee provides 26 USC l et seq. significant collateral or security to other obligations, the income from which is so excluded. (h) If any provision of this Act is held to be invalid or the Invalidity of application of such provision to any person or circumstance is held to provisions. be invalid by a court of competent jurisdiction, the remainder of this Act, or the application of such provision to persons or circumstances other than those as to which it is held invalid, shall not be affected thereby. (i)(l) Notwithstanding any other provision of law and subject to Debts due to paragraphs (2), (3), and (4), whenever any person is indebted to the United States. United States as a result of any loan guarantee issued under this Act and such person is insolvent or is a debtor in a case under title 11, United States Code, the debts due to the United States shall be satisfied first. (2) Subject to paragraphs (3) and (4), the Board may waive the Waivers. priority established in paragraph (1) if— (A) the Board determines that the waiver of such priority is necessary to facilitate the ability of the Corporation or any borrower to obtain financing; and (B) the Board determines that, despite such waiver, there is a reasonable prospect of repayment of the loans guaranteed under this Act. (3) Subject to paragraph (4), waivers under paragraph (2) may only be issued— (A) with respect to any State or local government; (B) with respect to a supplier of the Corporation, except that no supplier of the Corporation may receive waivers under paragraph (2) with respect to claims of such supplier in an amount of more than $100,000; and (C) with respect to loans made after October 17, 1979, by any creditor of the Corporation up to a total of $400,000,000. (4) A waiver under paragraph (2) with respect to a supplier of the Corporation or any creditor of the Corporation under paragraph (3)(C) may not by its terms subordinate the claims of the United States under this Act to those of any other creditor of the Corporation or of any borrower. (j) The Corporation may not pay any dividend on its common or Dividend preferred stock during the period beginning on the date of the payment. enactment of this Act and ending on the date on which loan guarantees issued under this Act are no longer outstanding. LONG-TERM PLANNING STUDY

SEC. 12. (a) The Secretary of Transportation, after consultation with the Secretary of Energy and the Secretary of Labor, shall submit to the Board and to the Congress as soon as practicable, but not later than six months after the date of enactment of this Act, an assess-

Submittal to Board and Congress. 15 USC 1871.

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