[Code of Federal Regulations]
[Title 13, Volume 1]
[Revised as of January 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 13CFR302.3]

[Page 606]
 
                TITLE 13--BUSINESS CREDIT AND ASSISTANCE
 
CHAPTER III--ECONOMIC DEVELOPMENT ADMINISTRATION, DEPARTMENT OF COMMERCE
 
PART 302_GENERAL TERMS AND CONDITIONS FOR INVESTMENT ASSISTANCE--Table of 
 
Sec.  302.3  Project servicing for loans, loan guaranties and Investment Assistance.

    EDA will provide Project servicing to borrowers who received EDA 
loans or EDA-guaranteed loans and to lenders who received EDA loan 
guaranties under any EDA-administered program. Project servicing 
includes but is not limited to loans made under PWEDA prior to the 
effective date of the Economic Development Administration Reform Act of 
1998, the Trade Act and the Community Emergency Drought Relief Act of 
1977 (Pub. L. 95-31; 42 U.S.C. 5184 note).
    (a) EDA will continue to monitor such loans and loan guaranties in 
accordance with the applicable loans or loan guaranty program(s).
    (b) Borrowers and lenders shall submit to EDA any requests for 
modifications of their loan or loan guaranty agreements with EDA, as 
applicable. EDA shall consider and respond to such modification requests 
in accordance with applicable laws and policies, including the budgetary 
constraints imposed by the Federal Credit Reform Act of 1990, as amended 
(2 U.S.C. 661c(e)).
    (c) In the event that EDA determines it necessary or desirable to 
take actions to protect or further the interests of EDA in connection 
with loans, loan guaranties or evidence of purchased debt, EDA may:
    (1) Assign or sell at public or private sale or otherwise dispose of 
for cash or credit, in its discretion and upon such terms and conditions 
as it shall determine to be reasonable, any evidence of debt, contract, 
claim, personal or real property, or security assigned to or held by it 
in connection with any EDA loans, EDA-guaranteed loans or Investment 
Assistance extended under PWEDA;
    (2) Collect or compromise all obligations assigned to or held by it 
in connection with any EDA loans, EDA-guaranteed loans or Investment 
Assistance awarded under PWEDA until such time as such obligations may 
be referred to the Attorney General of the United States for suit or 
collection; and
    (3) Take any and all other actions determined to be necessary or 
desirable in purchasing, servicing, compromising, modifying, 
liquidating, or otherwise administratively processing or disposing of 
loans or loan guaranties made or evidence of purchased debt in 
connection with any EDA loans, EDA-guaranteed loans or Investment 
Assistance awarded under PWEDA.