10 CFR 609.14 - Preservation of collateral.

§ 609.14 Preservation of collateral.

(a) If the Secretary exercises his right under the Loan Guarantee Agreement to require the holder of pledged collateral to take such actions as the Secretary (subject to any applicable Intercreditor Agreement) may reasonably require to provide for the care, preservation, protection, and maintenance of such collateral so as to enable the United States to achieve maximum recovery from the collateral, the Secretary shall, subject to compliance with the Antideficiency Act, 31 U.S.C. 1341et seq., reimburse the holder of such collateral for reasonable and appropriate expenses incurred in taking actions required by the Secretary (unless otherwise provided in applicable agreements). Except as provided in § 609.13, no party may waive or relinquish, without the consent of the Secretary, any such collateral to which the United States would be subrogated upon payment under the Loan Guarantee Agreement.

(b) In the event of a default, the Secretary may enter into such contracts as he determines are required or appropriate, taking into account the term of any applicable Intercreditor Agreement, to care for, preserve, protect or maintain collateral pledged in respect of Guaranteed Obligations. The cost of such contracts may be charged to the Borrower.

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

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United States Code

Title 10 published on 19-May-2018 04:00

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 10 CFR Part 609 after this date.

  • 2016-12-15; vol. 81 # 241 - Thursday, December 15, 2016
    1. 81 FR 90699 - Loan Guarantees for Projects That Employ Innovative Technologies
      GPO FDSys XML | Text
      DEPARTMENT OF ENERGY, Loan Programs Office
      Final rule.
      This rule is effective on January 17, 2017.
      10 CFR Part 609