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PUBLIC LAW 103-66—AUG. 10, 1993 107 STAT. 369 (1) in subparagraph (A), by striking T h e Secretary" and inserting "For a fiscal year prior to fiscal year 1994, the Sec- retary"; and (2) in subparagraph (B), by inserting "prior to fiscal year 1994" after "any fiscal year". (c) EFFECTIVE DATE.—The amendments made by this section 20 use 1078 shall take effect on October 1,1993. "o^ SEC. 4108. RISK SHARING. (a) GUARANTY AGENCY REINSURANCE PERCENTAGE.—Section 428(cXl) of the Act (20 U.S.C. 1078(c)(1)) is amended— (1) in the fourth sentence of subparagraph (A), by striking "100 percent" and inserting "98 percent"; (2) in subparagraph (BXi), by striking "90 percent" and inserting "88 percent"; (3) m subparagraph (BXii), by striking "80 percent" and inserting "78 percent"; and (4) by adding at the end the following new subparagrai)hs: "(E) Notwithstanding any other provisions of this section, in the case of a loan made pursuant to a lender-of-last-resort program, the Secretary shall apply the provisions of— "(i) the fourth sentence of subparagraph (A) by substituting *100 percent' for *98 percent; "(ii) subparagraph (BXi) by substituting '100 percent* for *88 percent'; and "(iii) subparagraph (BXii) by substituting '100 percent' for *78 percent'. "(F) Notwithstanding any other provisions of this section, in the case of an outstanding loan transferred to a guaranty agency from another guaranty agency pursuant to a plan approved by the Secretary in response to the insolvency of the latter such guarantee agency, the Secretary shall apply the provision of— "(i) the fourth sentence of subparagraph (A) by substituting '100 percent' for '98 percent; "(ii) subparagraph (B)(i) by substituting '90 percent' for '88 percent'; and "(iii) subparagraph (B)(ii) by substituting *80 percent' for '78 percent'.". (b) RISK SHARING BY THE LOAN HOLDERS.—Section 428(bXlXG) of the Act (20 U.S.C. 1078(bXlXG)) is amended— (1) by striking "100 percent" and inserting "98 percent"; and (2) by adding before the semicolon at the end the following: ", except that such program shall insure 100 percent of the unpaid principal of loans made with funds advanced pursuant to section 428(j) or 439(q)". (c) EFFECTIVE DATE.—^The amendments made by this section 20 use 1078 shall apply to any loan for which the first disbursement is made on or after October 1,1993. SEC. 4109. PLUS LOAN DISBURSEMENTS. (a) MULTIPLE DISBURSEMENT REQUIRED.—The matter preceding paragraph (1) of section 428B(c) of the Act (20 U.S.C. 1078-2(c)) is amended by inserting "shall be disbursed in accordance with the requirements of section 428G and" after "imder this section". (b) CONFORMING AMENDMENTS.—Section 428G(e) of the Act (20 U.S.C. 1078-7(e) is amended— note.