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Current as of January 01, 2024 | Updated by Findlaw Staff
(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.
Cite this article: FindLaw.com - 10 U.S.C. § 4973 - U.S. Code - Unannotated Title 10. Armed Forces § 4973. Limitations - last updated January 01, 2024 | https://codes.findlaw.com/us/title-10-armed-forces/10-usc-sect-4973/
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