2015 US Code
Title 10 - Armed Forces (Sections 101 - 18506)
Subtitle A - General Military Law (Sections 101 - 2926)
Part IV - Service, Supply, and Procurement (Sections 2201 - 2926)
Chapter 148 - National Defense Technology and Industrial Base, Defense Reinvestment, and Defense Conversion (Sections 2500 - 2541d)
Subchapter VI - Defense Export Loan Guarantees (Sections 2540 - 2540d)
Sec. 2540b - Limitations
Publication Title | United States Code, 2012 Edition, Supplement 3, Title 10 - ARMED FORCES |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 10 - ARMED FORCES Subtitle A - General Military Law PART IV - SERVICE, SUPPLY, AND PROCUREMENT CHAPTER 148 - NATIONAL DEFENSE TECHNOLOGY AND INDUSTRIAL BASE, DEFENSE REINVESTMENT, AND DEFENSE CONVERSION SUBCHAPTER VI - DEFENSE EXPORT LOAN GUARANTEES Sec. 2540b - Limitations |
Contains | section 2540b |
Date | 2015 |
Laws In Effect As Of Date | January 3, 2016 |
Positive Law | Yes |
Disposition | standard |
Source Credit | Added Pub. L. 104-106, div. A, title XIII, §1321(a)(1), Feb. 10, 1996, 110 Stat. 476. |
Statutes at Large Reference | 110 Stat. 476 |
Public and Private Law | Public Law 104-106 |
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(a) Terms and Conditions of Loan Guarantees.—In issuing a guarantee under this subchapter for a medium-term or long-term loan, the Secretary may not offer terms and conditions more beneficial than those that would be provided to the recipient by the Export-Import Bank of the United States under similar circumstances in conjunction with the provision of guarantees for nondefense articles and services.
(b) Losses Arising From Fraud or Misrepresentation.—No payment may be made under a guarantee issued under this subchapter for a loss arising out of fraud or misrepresentation for which the party seeking payment is responsible.
(c) No Right of Acceleration.—The Secretary of Defense may not accelerate any guaranteed loan or increment, and may not pay any amount, in respect of a guarantee issued under this subchapter, other than in accordance with the original payment terms of the loan.
(Added Pub. L. 104–106, div. A, title XIII, §1321(a)(1), Feb. 10, 1996, 110 Stat. 476.)
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