§ 635a-4. — Guarantees for export accounts receivable and inventory.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC635a-4]
TITLE 12--BANKS AND BANKING
CHAPTER 6A--EXPORT-IMPORT BANK OF THE UNITED STATES
SUBCHAPTER I--GENERAL PROVISIONS
Sec. 635a-4. Guarantees for export accounts receivable and
inventory
The Export-Import Bank of the United States is authorized and
directed to establish a program to provide guarantees for loans extended
by financial institutions or other public or private creditors to export
trading companies as defined in section 1843(c)(14)(F)(i) of this title,
or to other exporters, when such loans are secured by export accounts
receivable, inventories of exportable goods, accounts receivable from
leases, performance contracts, grant commitments, participation fees,
member dues, revenue from publications, or such other collateral as the
Board of Directors may deem appropriate, and when in the judgment of the
Board of Directors--
(1) the private credit market is not providing adequate
financing to enable otherwise creditworthy export trading companies
or exporters to consummate export transactions; and
(2) such guarantees would facilitate expansion of exports which
would not otherwise occur.
The Board of Directors shall attempt to insure that a major share of any
loan guarantees ultimately serves to promote exports from small, medium-
size, and minority businesses or agricultural concerns. Guarantees
provided under the authority of this section shall be subject to
limitations contained in annual appropriations Acts.
(Pub. L. 97-290, title II, Sec. 206, Oct. 8, 1982, 96 Stat. 1239; Pub.
L. 98-181, title VI, Sec. 616(b), Nov. 30, 1983, 97 Stat. 1257.)
Codification
Section was enacted as part of the Bank Export Services Act, and not
as part of the Export-Import Bank Act of 1945 which comprises this
subchapter.
Amendments
1983--Pub. L. 98-181 substituted ``export accounts receivable,
inventories of exportable goods, accounts receivable from leases,
performance contracts, grant commitments, participation fees, member
dues, revenue from publications, or such other collateral as the Board
of Directors may deem appropriate,'' for ``export accounts receivable or
inventories of exportable goods''.
