                        TITLE 19--CUSTOMS DUTIES
 
                      CHAPTER 12--TRADE ACT OF 1974
 
     SUBCHAPTER II--RELIEF FROM INJURY CAUSED BY IMPORT COMPETITION
 
                 Part 3--Adjustment Assistance for Firms
 
Sec. 2347. Administration of financial assistance


(a) Powers of Secretary

    In making and administering guarantees and loans under section 2344 
of this title, the Secretary may--
        (1) require security for any such guarantee or loan, and 
    enforce, waive, or subordinate such security;
        (2) assign or sell at public or private sale, or otherwise 
    dispose of, upon such terms and conditions and for such 
    consideration as he shall determine to be reasonable, any evidence 
    of debt, contract, claim, personal property, or security assigned to 
    or held by him in connection with such guarantees or loans, and 
    collect, compromise, and obtain deficiency judgments with respect to 
    all obligations assigned to or held by him in connection with such 
    guarantees or loans until such time as such obligations may be 
    referred to the Attorney General for suit or collection;
        (3) renovate, improve, modernize, complete, insure, rent, sell, 
    or otherwise deal with, upon such terms and conditions and for such 
    consideration as he shall determine to be reasonable, any real or 
    personal property conveyed to or otherwise acquired by him in 
    connection with such guarantees or loans;
        (4) acquire, hold, transfer, release, or convey any real or 
    personal property or any interest therein whenever deemed necessary 
    or appropriate, and execute all legal documents for such purposes; 
    and
        (5) exercise all such other powers and take all such other acts 
    as may be necessary or incidental to the carrying out of functions 
    pursuant to section 2344 of this title.

(b) Recordation of mortgages

    Any mortgage acquired as security under subsection (a) of this 
section shall be recorded under applicable State law.

(c) Availability of receipts for financing functions

    All repayments of loans, payments of interest, and other receipts 
arising out of transactions entered into by the Secretary pursuant to 
this part, shall be available for financing functions performed under 
this part, including administrative expenses in connection with such 
functions.

(d) Privileged or confidential information

    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, that portion of any record, material or data received by the 
Secretary in connection with any application for financial assistance 
under this part which contains trade secrets or commercial or financial 
information regarding the operation or competitive position of any 
business shall be deemed to be privileged or confidential within the 
meaning of those provisions.

(e) Capital assets secured by first lien; exceptions

    Direct loans made, or loans guaranteed, under this part for the 
acquisition of development of real property or other capital assets 
shall ordinarily be secured 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 
objectives of this part, he shall develop appropriate criteria for the 
protection of the interests of the United States.

(Pub. L. 93-618, title II, Sec. 257, Jan. 3, 1975, 88 Stat. 2033; Pub. 
L. 97-35, title XXV, Sec. 2525, Aug. 13, 1981, 95 Stat. 892.)


                               Amendments

    1981--Subsecs. (d), (e). Pub. L. 97-35 added subsecs. (d) and (e).


                    Effective Date of 1981 Amendment

    Amendment by Pub. L. 97-35 effective Aug. 13, 1981, except as 
otherwise provided with respect to applications for adjustment 
assistance, see section 2529 of Pub. L. 97-35, set out as as a note 
under section 2343 of this title.


                            Termination Date

    No technical assistance to be provided under this part after Sept. 
30, 2001, see section 285 of Pub. L. 93-618, as amended, set out as a 
note preceding section 2271 of this title.


  Deposit of Receipts From Transactions Under This Part Into Economic 
                       Development Revolving Fund

    Pub. L. 100-202, Sec. 101(a) [title I, Sec. 106], Dec. 22, 1987, 101 
Stat. 1329, 1329-7, provided that: ``Notwithstanding any other provision 
of law, including section 257(c) of the Trade Act of 1974, as amended 
[19 U.S.C. 2347(c)], and section 203 of the Public Works and Economic 
Development Act of 1965, as amended [42 U.S.C. 3143], principal and 
interest repayments from loans, proceeds from the sale of loan assets or 
collateral, and other receipts arising out of transactions entered into 
pursuant to title II, chapter 3 of the Trade Act of 1974 [19 U.S.C. 2341 
et seq.] shall be deposited into the economic development revolving fund 
established under section 203 of the Public Works and Economic 
Development Act of 1965 beginning October 1, 1987: Provided, That 
payments of obligations in connection with loans guaranteed under the 
authority of the Trade Act of 1974 [19 U.S.C. 2101 et seq.] or the 
Public Works and Economic Development Act of 1965 [42 U.S.C. 3121 et 
seq.], and any related expenses, shall be made from funds available in 
the economic development revolving fund: Provided further, That deposits 
to the economic development revolving fund of amounts appropriated for, 
or received in connection with, activities authorized under the Trade 
Act of 1974, made prior to October 1, 1987, shall be deemed valid 
deposits.''
