Sec. 2606.
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/bill/117/hr/2471/eah/section-2606·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
During fiscal year 2022, direct loans under section 23 of the Arms Export Control Act may be made available for Ukraine and North Atlantic Treaty Organization
(NATO)allies, notwithstanding section 23(c)(1) of the Arms Export Control Act, gross obligations for the principal amounts of which shall not exceed $4,000,000,000: , That funds made available under the heading Provided Foreign Military Financing Program in this title and unobligated balances of funds made available under such heading in prior Acts making appropriations for the Department of State, foreign operations, and related programs may be made available for the costs, as defined in section 502 of the Congressional Budget Act of 1974, of such loans: , That such costs, including the cost of modifying such loans, shall be as defined in section 502 of the Congressional Budget Act of 1974 and may include the costs of selling, reducing, or cancelling any amounts owed to the United States or any agency of the United States: Provided further , That the Government of the United States may charge fees for such loans, which shall be collected from borrowers in accordance with section 502(7) of the Congressional Budget Act of 1974: Provided further , That no funds made available by this or any other appropriations Act for this fiscal year or prior fiscal years may be used for payment of any fees associated with such loans: Provided further , That such loans shall be repaid in not more than 12 years, including a grace period of up to one year on repayment of principal: Provided further , That notwithstanding section 23(c)(1) of the Arms Export Control Act, interest for such loans may be charged at a rate determined by the Secretary of State, except that such rate may not be less than the prevailing interest rate on marketable Treasury securities of similar maturity: Provided further , That amounts made available under this subsection for such costs shall not be considered assistance for the purposes of provisions of law limiting assistance to a country. Provided further Funds made available under the heading Foreign Military Financing Program in this title and unobligated balances of funds made available under such heading in prior Acts making appropriations for the Department of State, foreign operations, and related programs may be made available, notwithstanding the third proviso under such heading, for the costs of loan guarantees under section 24 of the Arms Export Control Act for Ukraine and NATO allies, which are authorized to be provided: , That such funds are available to subsidize gross obligations for the principal amount of commercial loans, and total loan principal, any part of which is to be guaranteed, not to exceed $4,000,000,000: Provided , That no loan guarantee with respect to any one borrower may exceed 80 percent of the loan principal: Provided further , That any loan guaranteed under this subsection may not be subordinated to another debt contracted by the borrower or to any other claims against the borrower in the case of default: Provided further , That repayment in United States dollars of any loan guaranteed under this subsection shall be required within a period not to exceed 12 years after the loan agreement is signed: Provided further , That the Government of the United States may charge fees for such loan guarantees, as may be determined, notwithstanding section 24 of the Arms Export Control Act, which shall be collected from borrowers or third parties on behalf of such borrowers in accordance with section 502(7) of the Congressional Budget Act of 1974: Provided further , That amounts made available under this subsection for the costs of such guarantees shall not be considered assistance for the purposes of provisions of law limiting assistance to a country. Provided further Funds made available pursuant to the authorities of this section shall be subject to prior consultation with the appropriate congressional committees, and the regular notification procedures of the Committees on Appropriations.