; and (B) not later than 30 days after the date of enactment of this Act for air carriers to submit requests for loans and loan guarantees under section 101(a)(2). (2) Issuance of grants The President shall award initial grants under section 101(a)(1) not later than 10 days after the date of enactment of this Act. (3) Discretionary grants For any funds made available under paragraph (1) of section 101(a) that remain available after the issuance of grants pursuant to paragraph (2) of such section, the President shall determine an appropriate method for the timely distribution of the remaining funds in an equitable manner to air carriers for the payment of employee wages, salaries, and benefits. (c) Interest rates A loan issued under section 101(a)(2) shall provide for repayment with no interest for a period of at least 1 year after the loan is issued. The President may otherwise provide for repayment at an interest rate commensurate with the level of risk associated with the loan. (d) Priority of government claim In any proceeding initiated by or against an air carrier under chapter 7 or 11 of title 11, United States Code, with outstanding debt on a loan provided under section 101(a)(2), any claim by the Government with respect to such debt shall assume the highest status of any other claim against such air carrier, whether secured or unsecured. (e) Audits The inspector general of the Department of Transportation may audit certifications under subsection (a)(2). 103. Terms and conditions (a) Share repurchases (1) In general Notwithstanding any other provision of law, an air carrier receiving assistance under section 101 may not purchase an equity interest of such air carrier on a national securities exchange. (2) Definitions In this subsection: (A) Exchange The term exchange has the meaning given the terms in section 3 of the Securities Exchange Act of 1934 1( 15 U.S.C. 78c ). (B) National securities exchange The term national securities exchange means an exchange registered under section 6 of the Securities