[USC02] 10 USC 2540b: Limitations
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TEXT OF PART V OF SUBTITLE A (3001 ET SEQ.), EFFECTIVE JANUARY 1, 2022, CURRENTLY SET OUT AS A PREVIEW

10 USC 2540b: Limitations Text contains those laws in effect on September 24, 2021
From Title 10-ARMED FORCESSubtitle A-General Military LawPART IV-SERVICE, SUPPLY, AND PROCUREMENTCHAPTER 148-NATIONAL DEFENSE TECHNOLOGY AND INDUSTRIAL BASE, DEFENSE REINVESTMENT, AND DEFENSE CONVERSIONSUBCHAPTER VI-DEFENSE EXPORT LOAN GUARANTEES

§2540b. Limitations

(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 .)

Renumbering of Section

Pub. L. 116–283, div. A, title XVIII, §§1801(d), 1873(b), (c), Jan. 1, 2021, 134 Stat. 4151 , 4290, provided that, effective Jan. 1, 2022, with additional provisions for delayed implementation and applicability of existing law, this section is renumbered section 4973 of this title. See Effective Date of 2021 Amendment note below.

Effective Date of 2021 Amendment

Amendment by Pub. L. 116–283 effective Jan. 1, 2022, with additional provisions for delayed implementation and applicability of existing law, see section 1801(d) of Pub. L. 116–283, set out as a note preceding section 3001 of this title.