Contents
- (a) Authority of Secretary; prerequisites; procedures; waiver3 changes
- (b) Conditions to guarantee1 change
- (c) Certificate as administrative expense; priority of certificate2 changes
- (d) Interest rate; date of maturity; other terms and conditions
- (e) Maximum aggregate principal amount outstanding1 change
- (f) Rules and regulations
(c)The Secretary shall not guarantee any certificate under this section unless such certificate is treated as an expense of administration and receives the highest lien on the railroad’s property and priority in payment under the Bankruptcy Act, except that this subsection shall not apply to certificates guaranteed for a railroad that is actively engaged in restructuring, as defined by the Secretary. For purposes of this subsection, the term “restructuring” includes an employee ownership plan or an employee-shipper ownership plan.
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