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United States Code (Last Updated: May 24, 2014) |
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Title 10. ARMED FORCES |
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SubTitle A. General Military Law |
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Part IV. SERVICE, SUPPLY, AND PROCUREMENT |
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Chapter 148. NATIONAL DEFENSE TECHNOLOGY AND INDUSTRIAL BASE, DEFENSE REINVESTMENT, AND DEFENSE CONVERSION |
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SubChapter VI. DEFENSE EXPORT LOAN GUARANTEES |
§ 2540b. Limitations
Latest version.
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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.