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22 U.S.C. § 9624 — Payment of losses
Federal law — U.S. Code and appendices · legal_authorities
**(a) Payments for defaults on guaranteed loans**
(1) **In general** — If the Corporation determines that the holder of a loan guaranteed by the Corporation suffers a loss as a result of a default by a borrower on the loan, the Corporation shall pay to the holder the percent of the loss, as specified in the guaranty contract, after the holder of the loan has made such further collection efforts and instituted such enforcement proceedings as the Corporation may require.
(2) **Subrogation** — Upon making a payment described in paragraph (1), the Corporation shall ensure the Corporation will be subrogated to all the rights of the recipient of the payment.
(3) **Recovery efforts** — The Corporation shall pursue recovery from the borrower of the amount of any payment made under paragraph (1) with respect to the loan.
**(b) Limitation on payments**
(1) **In general** — Except as provided by paragraph (2), compensation for insurance, reinsurance, or a guaranty issued under this subchapter shall not exceed the dollar value of the tangible or intangible contributions or commitments made in the project, plus interest, earnings, or profits actually accrued on such contributions or commitments, to the extent provided by such insurance, reinsurance, or guaranty.
(2) **Exception**
(A) *In general* — The Corporation may provide that—
(i) appropriate adjustments in the insured dollar value be made to reflect the replacement cost of project assets; and
(ii) compensation for a claim of loss under insurance of an equity investment under [section 9621 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section9621&num=0&edition=prelim) may be computed on the basis of the net book value attributable to the equity investment on the date of l
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Source file: Laws/federal/codes/united-states-code/title-22/section-9624-payment-of-losses--46f02dd96a.md
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Source location: Title 22, Chapter 103, § 9624; chapter-103-better-utilization-of-investments-leading-to-development.md
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**(a) Payments for defaults on guaranteed loans**
(1) **In general** — If the Corporation determines that the holder of a loan guaranteed by the Corporation suffers a loss as a result of a default by a borrower on the loan, the Corporation shall pay to the holder the percent of the loss, as specified in the guaranty contract, after the holder of the loan has made such further collection efforts and instituted such enforcement proceedings as the Corporation may require.
(2) **Subrogation** — Upon making a payment described in paragraph (1), the Corporation shall ensure the Corporation will be subrogated to all the rights of the recipient of the payment.
(3) **Recovery efforts** — The Corporation shall pursue recovery from the borrower of the amount of any payment made under paragraph (1) with respect to the loan.
**(b) Limitation on payments**
(1) **In general** — Except as provided by paragraph (2), compensation for insurance, reinsurance, or a guaranty issued under this subchapter shall not exceed the dollar value of the tangible or intangible contributions or commitments made in the project, plus interest, earnings, or profits actually accrued on such contributions or commitments, to the extent provided by such insurance, reinsurance, or guaranty.
(2) **Exception**
(A) *In general* — The Corporation may provide that—
(i) appropriate adjustments in the insured dollar value be made to reflect the replacement cost of project assets; and
(ii) compensation for a claim of loss under insurance of an equity investment under [section 9621 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section9621&num=0&edition=prelim) may be computed on the basis of the net book value attributable to the equity investment on the date of loss.
(3) **Additional limitation**
(A) *In general* — Notwithstanding paragraph (2)(A)(ii) and except as provided in subparagraph (B), the Corporation shall limit the amount of direct insurance and reinsurance issued under [section 9621 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section9621&num=0&edition=prelim) with respect to a project so as to require that the insured and its affiliates bear the risk of loss for at least 10 percent of the amount of the Corporation’s exposure to that insured and its affiliates in the project.
(B) *Exception* — The limitation under subparagraph (A) shall not apply to direct insurance or reinsurance of loans provided by banks or other financial institutions to unrelated parties.
**(c) Actions by Attorney General** The Attorney General shall take such action as may be appropriate to enforce any right accruing to the United States as a result of the issuance of any loan or guaranty under this subchapter.
**(d) Rule of construction** Nothing in this section shall be construed to preclude any forbearance for the benefit of a borrower that may be agreed upon by the parties to a loan guaranteed by the Corporation if budget authority for any resulting costs to the United States Government (as defined in [section 661a of title 2](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title2-section661a&num=0&edition=prelim)) is available.
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Federal law — U.S. Code and appendices · legal_authorities
At the written request of a Senator, the Director shall, to the extent practicable, prepare an estimate of the direct costs of a Federal intergovernmental mandate contained in an amendment of such Senator.
Source: Supplied U.S. Code snapshot — release unconfirmed · 2 U.S.C. § 661a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Board shall establish a transparent and independent accountability mechanism.
**(b) Functions** The independent accountability mechanism established pursuant to subsection (a) shall—
(1) annually evaluate and report to the Board and Congress regarding compliance with environmental, social, labor, human rights, and transparency standards, consistent with Corporation statutory mandates;
(2) provide a forum for resolving concerns regarding the impacts of specific Corporation-supported projects with respect to such standards; and
(3) provide advice regarding Corporation projects, policies, and practices.
**(c) Consolidation of functions** Not later than 90 days after December 18, 2025, the Board shall submit a report to the appropriate congressional committees describing any efficiencies that may be gained through the consolidation of functions of the independent accountability mechanism under the authorities of the Office of the Inspector General of the Corporation under section 1414. 11 See References in Text note below. The report shall include an outline as to how the Inspector General of the Corporation would develop an internal environmental, social, and governance expertise to adequately replace the independent accountability mechanism’s environmental, social, and governance expertise.
Source: Supplied U.S. Code snapshot — release unconfirmed · 22 U.S.C. § 9621
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The authorities in this subchapter shall only be exercised to—
(1) carry out of 11 So in original. The word “of” probably should not appear. the policy of the United States in [section 9611 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section9611&num=0&edition=prelim) and the purpose of the Corporation in [section 9612 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section9612&num=0&edition=prelim);
(2) mitigate risks to United States taxpayers by sharing risks with the private sector and qualifying sovereign entities through co-financing and structuring of tools; and
(3) ensure that support provided under this subchapter is additional to private sector resources by mobilizing private capital that would otherwise not be deployed without such support.
**(b) Lending and guaranties**
(1) **In general** — The Corporation may make loans or guaranties upon such terms and conditions as the Corporation may determine.
(2) **Denomination** — Loans and guaranties issued under paragraph (1) may be denominated and repayable in United States dollars or foreign currencies. Foreign currency denominated loans and guaranties should only be provided if the Board determines there is a substantive policy rationale for such loans and guaranties.
(3) **Applicability of Federal Credit Reform Act of 1990** — Loans and guaranties issued under paragraph (1) shall be subject to the requirements of the Federal Credit Reform Act of 1990 ([2 U.S.C. 661](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title2-section661&num=0&edition=prelim) et seq.).
**(c) Equity investments**
(1) **In general** — The Corporation may, as a minority investor, support projects with funds or use other mech
Source: Supplied U.S. Code snapshot — release unconfirmed · 22 U.S.C. § 9622
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Except as provided in subsection (b), support provided by the Corporation under this subchapter shall be on such terms and conditions as the Corporation may prescribe.
**(b) Requirements** The following requirements apply to support provided by the Corporation under this subchapter:
(1) The Corporation shall provide support using authorities under this subchapter only if it is necessary—
(A) to alleviate a credit market imperfection; or
(B) to achieve specified development or foreign policy objectives of the United States Government by providing support in the most efficient way to meet those objectives on a case-by-case basis.
(2) The final maturity of a loan made or guaranteed by the Corporation shall not exceed the lesser of—
(A) 25 years; or
(B) debt servicing capabilities of the project to be financed by the loan (as determined by the Corporation).
(3) The Corporation shall, with respect to providing any loan guaranty to a project, require the parties to the project to bear a risk of loss on the project in an amount equal to at least 20 percent of the amount of such guaranty. The Corporation shall continue to work with the President to streamline the process for securing waivers that would enable the Corporation to guarantee up to 100 percent of the amount of a loan, provided that risk of loss in the project borne by the parties to the project is equal to at least 20 percent of the guaranty amount.
(4) The Corporation may not make or guarantee a loan unless the Corporation determines that the borrower or lender is responsible and that adequate provision is made for servicing the loan on reasonable terms and protecting the financial interest of the United States.
(5) The interest rate for direct loans and interest supplements on
Source: Supplied U.S. Code snapshot — release unconfirmed · 22 U.S.C. § 9623
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Federal law — U.S. Code and appendices · legal_authorities
Page 2279
TITLE 22—FOREIGN RELATIONS AND INTERCOURSE
§ 9631
an appropriations Act, as required by section
661c of title 2.
(11) The Corporation shall rely upon specific
standards to assess the developmental and
strategic value of projects for which it pro-
vides support and should only provide the min-
imum level of support necessary in order to
support such projects.
(12) Any loan or loan guaranty made by the
Corporation should be provided on a senior
basis or pari passu with other senior debt un-
less there is a substantive policy rationale to
provide such support otherwise.
(Pub. L. 115–254, div. F, title II, § 1422, Oct. 5,
2018, 132 Stat. 3497.)
TERMINATION OF SECTION
For termination of section 7 years after Oct. 5,
2018, see section 9624 of this title.
§ 9623. Payment of losses
(a) Payments for defaults on guaranteed loans
(1) In general
If the Corporation determines that the hold-
er of a loan guaranteed by the Corporation suf-
fers a loss as a result of a default by a bor-
rower on the loan, the Corporation shall pay
to the holder the percent of the loss, as speci-
fied in the guaranty contract, after the holder
of the loan has made such further collection
efforts and instituted such enforcement pro-
ceedings as the Corporation may require.
(2) Subrogation
Upon making a payment described in para-
graph (1), the Corporation shall ensure the
Corporation will be subrogated to all the
rights of the recipient of the payment.
(3) Recovery efforts
The Corporation shall pursue recovery from
the borrower of the amount of any payment
made under paragraph (1) with respect to the
loan.
(b) Limitation on payments
(1) In general
Except as provided by paragraph (2), com-
pensation for insurance, reinsurance, or a
guaranty issued under this sub
Source: Supplied 2024 U.S. Code historical extraction · 22 U.S.C. § 9624
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.