Sec. 909. foreign loan evaluations
322 words·~1 min read·
/statute-compilations/comps-10447/sec-909A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
## Sec. 909 foreign loan evaluations **[**[12 U.S.C. 3908](/us/usc/t12/s3908)**]** ###
(a)####
(1)In any case in which one or more banking institutions extend credit, whether by loan, lease, guarantee, or otherwise, which individually or in the aggregate exceeds $20,000,000, to finance any project which has as a major objective the construction or operation of any mining operation, any metal or mineral primary processing operation, any fabricating facility or operation, or any metal-making operations (semi and finished) located outside the United States or its territories and possessions, a written economic feasibility evaluation of such foreign project shall be prepared and approved in writing by a senior official of the banking institution, or, if more than one banking institution is involved, the lead banking institution, prior to the extension of such credit. ####
(2)Such evaluation shall— #####
(A)take into account the profit potential of the project, the impact of the project on world markets, the inherent competitive advantages and disadvantages of the project over the entire life of the project, and the likely effect of the project upon the overall long-term economic development of the country in which the project is located; and #####
(B)consider whether the extension of credit can reasonably be expected to be repaid from revenues generated by such foreign project without regard to any subsidy, as defined in international agreements, provided by the government involved or any instrumentality of any country. ###
(b)Such economic feasibility evaluations shall be reviewed by representatives of the appropriate Federal banking agencies whenever an examination by such appropriate Federal banking agency is conducted. ###
(c)####
(1)The authorities of the Federal banking agencies contained in section 8 of the Federal Deposit Insurance Act and in section 910 of this Act, except those contained in section 910(d), shall be applicable to this section. ####
(2)No private right of action or claim for relief may be predicated upon this section.
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Sec. 909
foreign loan evaluations
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