FEDERAL · 12 U.S.C. · Chapter SUBCHAPTER II—EXPORT FINANCING
Apportionment of losses incurred on loans, guarantees, and insurance; reimbursement; contingent obligations
12 U.S.C. § 635k
Title12 — Banks and Banking
ChapterSUBCHAPTER II—EXPORT FINANCING
This text of 12 U.S.C. § 635k (Apportionment of losses incurred on loans, guarantees, and insurance; reimbursement; contingent obligations) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
12 U.S.C. § 635k.
Text
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.
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Related
Authority of the Federal Financing Bank to Provide Loans to the Resolution Trust Corporation
(Office of Legal Counsel, 1990)
Source Credit
History
(Pub. L. 90–390, §2, July 7, 1968, 82 Stat. 297.)
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12 U.S.C. § 635k, Counsel Stack Legal Research, https://law.counselstack.com/usc/12/635k.