Source: https://www.law.cornell.edu/uscode/text/45/823
Timestamp: 2019-04-20 02:33:20+00:00

Document:
The Secretary shall prescribe the form and contents required of applications for assistance under section 822 of this title, to enable the Secretary to determine the eligibility of the applicant’s proposal, and shall establish terms and conditions for direct loans and loan guarantees made under that section, including a program guide, a standard term sheet, and specific timetables.
All guarantees entered into by the Secretary under section 822 of this title shall constitute general obligations of the United States of America backed by the full faith and credit of the United States of America.
The holder of a loan guarantee made under section 822 of this title may assign the loan guarantee in whole or in part, subject to such requirements as the Secretary may prescribe.
the modification cost has been covered under section 822(f) of this title.
The Secretary shall assure compliance, by an applicant, any other party to the loan, and any railroad or railroad partner for whose benefit assistance is intended, with the provisions of this subchapter, regulations issued hereunder, and the terms and conditions of the direct loan or loan guarantee, including through regular periodic inspections.
For purposes of claims by any party other than the Secretary, a loan guarantee or loan guarantee commitment shall be conclusive evidence that the underlying obligation is in compliance with the provisions of this subchapter, and that such obligation has been approved and is legal as to principal, interest, and other terms. Such a guarantee or commitment shall be valid and incontestable in the hands of a holder thereof, including the original lender or any other holder, as of the date when the Secretary granted the application therefor, except as to fraud or material misrepresentation by such holder.
the holder of the obligation shall not receive payment or be entitled to retain payment in a total amount which, together with all other recoveries (including any recovery based upon a security interest in equipment or facilities) exceeds the actual loss of such holder.
If the Secretary makes payment to a holder, or a holder’s agent, under subsection (g) in connection with a loan guarantee made under section 822 of this title, the Secretary shall be subrogated to all of the rights of the holder with respect to the obligor under the loan.
The Secretary may complete, recondition, reconstruct, renovate, repair, maintain, operate, charter, rent, sell, or otherwise dispose of any property or other interests obtained pursuant to this section. The Secretary shall not be subject to any Federal or State regulatory requirements when carrying out this paragraph.
the Secretary shall pay such excess to the obligor.
The Attorney General shall commence a civil action in an appropriate Federal court to enjoin any activity which the Secretary finds is in violation of this subchapter, regulations issued hereunder, or any conditions which were duly agreed to, and to secure any other appropriate relief.
No attachment or execution may be issued against the Secretary, or any property in the control of the Secretary, prior to the entry of final judgment to such effect in any State, Federal, or other court.
the cost of all other expenses incurred as a result of a breach of any term or condition or any event of default on a direct loan or loan guarantee.
The Secretary may charge different amounts under this subsection based on the different costs incurred under paragraph (1).
The Secretary may appoint a financial entity to assist the Secretary in servicing a direct loan or loan guarantee under this subchapter.
A servicer appointed under subparagraph (A) shall act as the agent of the Secretary in serving a direct loan or loan guarantee under this subchapter.
A servicer appointed under subparagraph (A) shall receive a servicing fee from the obligor or other loan party, subject to approval by the Secretary.
remain available until expended to pay for the costs described in this subsection.
Except as provided in this subchapter, the Secretary may not assess any fees, including user fees, or charges in connection with a direct loan or loan guarantee provided under section 822 of this title.
The text of section 831(c) of this title, which was transferred to subsec. (b) of this section, relating to full faith and credit backing of guarantees entered into by Secretary, by Pub. L. 105–178, title VII, § 7203(a)(4), June 9, 1998, 112 Stat. 477, was based on Pub. L. 94–210, title V, § 511, Feb. 5, 1976, 90 Stat. 76; Pub. L. 94–555, title II, § 215(a), Oct. 19, 1976, 90 Stat. 2625; Pub. L. 105–178, title VII, § 7203(a)(2), (3), June 9, 1998, 112 Stat. 477.
A prior section 823, Pub. L. 94–210, title V, § 503, Feb. 5, 1976, 90 Stat. 69; Pub. L. 94–555, title II, § 216(b), Oct. 19, 1976, 90 Stat. 2627, related to classification and designation of rail lines, prior to repeal by Pub. L. 105–178, title VII, § 7203(a)(1), June 9, 1998, 112 Stat. 471.
2018—Subsec. (l)(4). Pub. L. 115–123, § 20101(2), substituted “National Surface Transportation and Innovative Finance Bureau account” for “Safety and operations account” in heading.
Subsec. (l)(4)(A). Pub. L. 115–123, § 20101(2), substituted “National Surface Transportation and Innovative Finance Bureau account” for “Safety and Operations account of the Federal Railroad Administration”.
2015—Subsec. (a). Pub. L. 114–94, § 11605(b)(1), inserted “, including a program guide, a standard term sheet, and specific timetables” before period at end.
Subsecs. (b), (c). Pub. L. 114–94, § 11605(b)(3), redesignated subsec. (b), relating to assignment of loan guarantees, as (c). Former subsec. (c) redesignated (d).
Subsec. (d). Pub. L. 114–94, § 11605(b)(2), redesignated subsec. (c) as (d). Former subsec. (d) redesignated (e).
Subsec. (d)(3). Pub. L. 114–94, § 11605(b)(4), added par. (3).
Subsecs. (e) to (k). Pub. L. 114–94, § 11605(b)(2), redesignated subsecs. (d) to (j) as (e) to (k), respectively. Former subsec. (k) redesignated (l).
Pub. L. 114–94, § 11605(b)(2), redesignated subsec. (k) as (l). Former subsec. (l) redesignated (m).
Subsec. (m). Pub. L. 114–94, § 11605(b)(2), redesignated subsec. (l) as (m).
Subsec. (l). Pub. L. 109–59, § 9003(i), added subsec. (l).
1998—Subsec. (b). Pub. L. 105–178, § 7203(a)(4), redesignated subsec. (c) of section 831 of this title as subsec. (b) of this section, relating to full faith and credit backing of guarantees entered into by Secretary. See Codification note above.

References: § 7203
 § 511
 § 215
 § 7203
 § 503
 § 216
 § 7203
 § 20101
 § 20101
 § 11605
 § 11605
 § 11605
 § 11605
 § 11605
 § 11605
 § 11605
 § 9003
 § 7203