§ 635k. — Apportionment of losses incurred on loans, guarantees, and insurance; reimbursement; contingent obligations.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC635k]
TITLE 12--BANKS AND BANKING
CHAPTER 6A--EXPORT-IMPORT BANK OF THE UNITED STATES
SUBCHAPTER II--EXPORT FINANCING
Sec. 635k. Apportionment of losses incurred on loans,
guarantees, and insurance; reimbursement; contingent obligations
In the event of any losses, as determined by the Board of Directors
of the Bank, incurred on loans, guarantees, and insurance extended under
this subchapter, the first $100,000,000 of such losses shall be borne by
the Bank; the second $100,000,000 of such losses shall be borne by the
Secretary of the Treasury; and any losses in excess thereof shall be
borne by the Bank. Reimbursement of the Bank by the Secretary of the
Treasury of the amount of losses which are to be borne by the Secretary
of the Treasury as aforesaid shall be from funds made available pursuant
to section 635l of this title. All guarantees and insurance issued by
the Bank shall be considered contingent obligations backed by the full
faith and credit of the Government of the United States of America.
(Pub. L. 90-390, Sec. 2, July 7, 1968, 82 Stat. 297.)
Section Referred to in Other Sections
This section is referred to in section 635l of this title.
