{"identifier":"/us/usc/t15/s9063","title":15,"num":"\u00a7\u202f9063.","heading":"Termination of authority","text":"\u00a7\u202f9063.\nTermination of authority\n(a)\nIn general\nExcept as provided in subsection (b), on\nDecember 31, 2020\n(b)\nOutstanding\n(1)\nIn general\nExcept as provided in paragraph (2), any loan or loan guarantee made under paragraph (1), (2), or (3) of\n(A) may be modified, restructured, or otherwise amended; and\n(B) may not be forgiven.\n(2)\nDuration\nThe duration of any loan or loan guarantee made under\nsection 9042(b)(1) of this title\n(c)\nFederal Reserve programs or facilities\n(1)\nIn general\nAfter\nDecember 31, 2020\nsection 343(3) of title 12\nsection 9042(b)(4) of this title\nDecember 14, 2020\nJanuary 8, 2021\n(2)\nNo modification\nAfter\n(A) shall not modify the terms and conditions of any program or facility established under\nsection 343(3) of title 12\nsection 9042(b)(4) of this title\nsection 343(3) of title 12\n(B) may modify or restructure a loan, obligation, asset, security, other interest, or extension of credit made or purchased through any such program or facility provided that\u2014\n(i) the loan, obligation, asset, security, other interest, or extension of credit is an eligible asset or for an eligible business, including an eligible nonprofit organization, each as defined by such program or facility; and\n(ii) the modification or restructuring relates to an eligible asset or single and specific eligible business, including an eligible nonprofit organization, each as defined by such program or facility; and\n(iii) the modification or restructuring is necessary to minimize costs to taxpayers that could arise from a default on the loan, obligation, asset, security, other interest, or extension of credit.\n(3)\nUse of funds\n(A)\nIn general\nExcept as provided in subparagraph (B), the Secretary is permitted to use the fund established under\nsection 5302 of title 31\n(B)\nException\nThe fund established under\nsection 5302 of title 31\nsection 343(3) of title 12\nsection 9042(b)(4) of this title","url":"https://projectusc.org/usc/t15/s9063.html","content":[{"t":"sec","id":"/us/usc/t15/s9063","children":[{"t":"num","text":"\u00a7\u202f9063."},{"t":"heading","text":"Termination of authority"},{"t":"subsec","id":"/us/usc/t15/s9063/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"In general"},{"t":"content","children":[{"t":"p","text":"Except as provided in subsection (b), on ","children":[{"t":"text","text":"December 31, 2020","tail":", the authority provided under this part to make loans, loan guarantees, or other investments shall terminate."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t15/s9063/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Outstanding"},{"t":"para","id":"/us/usc/t15/s9063/b/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"In general"},{"t":"chapeau","text":"Except as provided in paragraph (2), any loan or loan guarantee made under paragraph (1), (2), or (3) of ","children":[{"t":"ref","text":"section 9042(b) of this title","href":"/us/usc/t15/s9042/b","tail":" outstanding on the date described in subsection (a)\u2014"}]},{"t":"subpara","id":"/us/usc/t15/s9063/b/1/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" may be modified, restructured, or otherwise amended; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t15/s9063/b/1/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" may not be forgiven.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t15/s9063/b/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Duration"},{"t":"content","children":[{"t":"p","text":"The duration of any loan or loan guarantee made under ","children":[{"t":"ref","text":"section 9042(b)(1) of this title","href":"/us/usc/t15/s9042/b/1","tail":" that is modified, restructured, or otherwise amended under paragraph (1) shall not be extended beyond 5 years from the initial origination date of the loan or loan guarantee."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t15/s9063/c","children":[{"t":"num","text":"(c)"},{"t":"heading","text":"Federal Reserve programs or facilities"},{"t":"para","id":"/us/usc/t15/s9063/c/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"In general"},{"t":"content","children":[{"t":"p","text":"After ","children":[{"t":"text","text":"December 31, 2020","tail":", the Board of Governors of the Federal Reserve System and the Federal Reserve banks shall not make any loan, purchase any obligation, asset, security, or other interest, or make any extension of credit through any program or facility established under "},{"t":"ref","text":"section 343(3) of title 12","href":"/us/usc/t12/s343/3","tail":" in which the Secretary made a loan, loan guarantee, or other investment pursuant to "},{"t":"ref","text":"section 9042(b)(4) of this title","href":"/us/usc/t15/s9042/b/4","tail":", other than a loan submitted, on or before "},{"t":"text","text":"December 14, 2020","tail":", to the Main Street Lending Program\u2019s lender portal for the sale of a participation interest in such loan, provided that the Main Street Lending Program purchases a participation interest in such loan on or before "},{"t":"text","text":"January 8, 2021","tail":" and under the terms and conditions of the Main Street Lending Program as in effect on the date the loan was submitted to the Main Street Lending Program\u2019s lender portal for the sale of a participation interest in such loan."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t15/s9063/c/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"No modification"},{"t":"chapeau","text":"After ","children":[{"t":"text","text":"December 31, 2020","tail":", the Board of Governors of the Federal Reserve System and the Federal Reserve banks\u2014"}]},{"t":"subpara","id":"/us/usc/t15/s9063/c/2/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" shall not modify the terms and conditions of any program or facility established under ","children":[{"t":"ref","text":"section 343(3) of title 12","href":"/us/usc/t12/s343/3","tail":" in which the Secretary made a loan, loan guarantee, or other investment pursuant to "},{"t":"ref","text":"section 9042(b)(4) of this title","href":"/us/usc/t15/s9042/b/4","tail":", including by authorizing transfer of such funds to a new program or facility established under "},{"t":"ref","text":"section 343(3) of title 12","href":"/us/usc/t12/s343/3","tail":"; and"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t15/s9063/c/2/B","children":[{"t":"num","text":"(B)"},{"t":"chapeau","text":" may modify or restructure a loan, obligation, asset, security, other interest, or extension of credit made or purchased through any such program or facility provided that\u2014"},{"t":"clause","id":"/us/usc/t15/s9063/c/2/B/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" the loan, obligation, asset, security, other interest, or extension of credit is an eligible asset or for an eligible business, including an eligible nonprofit organization, each as defined by such program or facility; and","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t15/s9063/c/2/B/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" the modification or restructuring relates to an eligible asset or single and specific eligible business, including an eligible nonprofit organization, each as defined by such program or facility; and","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t15/s9063/c/2/B/iii","children":[{"t":"num","text":"(iii)"},{"t":"content","text":" the modification or restructuring is necessary to minimize costs to taxpayers that could arise from a default on the loan, obligation, asset, security, other interest, or extension of credit.","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t15/s9063/c/3","children":[{"t":"num","text":"(3)"},{"t":"heading","text":"Use of funds"},{"t":"subpara","id":"/us/usc/t15/s9063/c/3/A","children":[{"t":"num","text":"(A)"},{"t":"heading","text":"In general"},{"t":"content","children":[{"t":"p","text":"Except as provided in subparagraph (B), the Secretary is permitted to use the fund established under ","children":[{"t":"ref","text":"section 5302 of title 31","href":"/us/usc/t31/s5302","tail":" for any purpose permitted under that section."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t15/s9063/c/3/B","children":[{"t":"num","text":"(B)"},{"t":"heading","text":"Exception"},{"t":"content","children":[{"t":"p","text":"The fund established under ","children":[{"t":"ref","text":"section 5302 of title 31","href":"/us/usc/t31/s5302","tail":" shall not be available for any program or facility established under "},{"t":"ref","text":"section 343(3) of title 12","href":"/us/usc/t12/s343/3","tail":" that is the same as any such program or facility in which the Secretary made an investment pursuant to "},{"t":"ref","text":"section 9042(b)(4) of this title","href":"/us/usc/t15/s9042/b/4","tail":", except the Term Asset-Backed Securities Loan Facility."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}