Page:United States Statutes at Large Volume 95.djvu/918

 95 STAT. 892

PUBLIC LAW 97-35—AUG. 13, 1981 a maturity in excess of 10 years, including extensions and renewals., (B) b3^ amending the second sentence by striking out "limitation" and inserting in lieu thereof "limitations, and (C) by amending p a r a ^ ^ h (2) by inserting "or servicing" immediately after 'liquidation"; (3) by amending subsection (d)— (A) by inserting "(1)" immediately after "(d)"; and (B) by adding at the end thereof the following: "(2) For any direct loan made, or any loan guaranteed, under the authority of this chapter, the Secretary may enter into arrangements for the servicing, including foreclosure, of such loans or evidences of indebtedness on terms which are reasonable and which protect the financial interests of the United States."; and (4) by amending subsection (e) to read as follows: "(e) The following conditions apply with respect to any loan guaranteed under this chapter: "(1) No guarantee may be made for an amount which exceeds 90 percent of the outstanding balance of the unpaid principal and interest on the loan. "(2) The loan may be evidenced by multiple obligations for the guaranteed and nonguaranteed portions of the loan. "(3) The guarantee agreement shall be conclusive evidence of the eligibility of any obligation guaranteed thereunder for such guarantee, and the validity of any guarantee agreement shall be incontestable, except for fraud or misrepresentation by the holder.". AUTHORIZATION OP APPROPRIATIONS

SEC. 2524. Section 256(b) of the Trade Act of 1974 (19 U.S.C. 2346(b)) is amended— (1) by striking out "firms," and inserting in lieu thereof "firms (including, but not limited to, the payment of principal, interest, and reasonable costs incident to default on loans guaranteed by the Secretary under the authority of this chapter),; and (2) by adding at the end thereof the following new sentence: "Direct loans and commitments to guarantee loans may be made under this chapter during any fiscal year only to such extent and in such amounts as are provided in advance in appropriation Acts.". ADMINISTRATION OF FINANCIAL ASSISTANCE

SEC. 2525. Section 257 of the Trade Act of 1974 (19 U.S.C. 2347) is amended by adding at the end thereof the following new subsections: "(d) To the extent the Secretary deems it appropriate, and consistent with the provisions of section 552(b)(4) and section 552b(c)(4) of title 5, United States Code, that portion of any record, material or data received by the Secretary in connection with any application for financial assistance under tms chapter which contams trade secrets or commercial or financial information regarding the operation or competitive jposition of any business shall be deemed to be privileged or confidential within the meaning of those provisions. "(e) Direct loans made, or loans guaranteed, under this chapter for the acquisition or development of real property or other capital assets shall ordinarily be secui^ by a first lien on the assets to be financed and shall be fully amortized. To the extent that the Secretary finds that exceptions to these standards are necessary to achieve the

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