§ 2185. Trade credit insurance program for Poland

1,022 words·~5 min read·/usc/title-22/section-2185

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(a)General authority

(1)Assurance to Export-Import Bank of repayment The President is authorized to provide guarantees to the Bank for liabilities described in paragraph

(2)in order to satisfy the requirement of section 2(b)(1)(B) of the Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(1)(B)) that the Bank have 1 reasonable assurance of repayment.

(2)Liabilities which may be guaranteed The liabilities that may be guaranteed under paragraph

(1)are liabilities incurred by the Bank in connection with guarantees or insurance provided under the Export-Import Bank Act of 1945 [12 U.S.C. 635 et seq.] for financing for transactions involving the export of goods and services for the use of the private sector in Poland.

(b)Guarantees available only for short-term guarantees and insurance Guarantees provided under subsection

(a)shall be for short-term guarantees and insurance extended by the Bank which shall be repayable within a period not to exceed one year from the date of arrival at the port of importation of the goods and services covered by such guarantees or insurance.

(c)Agreement on criteria and procedures Guarantees or insurance extended by the Bank and guaranteed pursuant to subsection

(a)shall be provided by the Bank in accordance with criteria and procedures agreed to by the Administrator and the Bank.

(d)Reserve fund The agreement referred to in subsection

(c)shall also provide for the establishment of a reserve fund by the administering agency, with such funds made available to the reserve as the Administrator deems necessary to discharge liabilities under guarantees provided under subsection (a).

(e)Discharge of liabilities

(1)Funds which may be used Such amounts of the funds made available to carry out part IV of subchapter II of this chapter (relating to the economic support fund) as the President determines are necessary may be made available to discharge liabilities under guarantees entered into under subsection (a).

(2)Crediting of subsequent payments To the extent that any of the funds made available pursuant to paragraph

(1)are paid out for a claim arising out of liabilities guaranteed under subsection (a), amounts received after the date of such payment, with respect to such claim, shall be credited to the reserve fund established pursuant to subsection (d), shall be merged with the funds in such reserve, and shall be available for the purpose of payments by the Administrator to the Bank for guarantees under subsection (a).

(f)Appropriations action required Commitments to guarantee under subsection

(a)are authorized only to the extent and in the amounts provided in advance in appropriations Acts.

(g)Limitation on outstanding commitments The aggregate amount of outstanding commitments under subsection

(a)may not exceed $200,000,000 of contingent liability for loan principal during any fiscal year.

(h)Omitted

(i)Administrative and technical assistance The Bank shall provide, without reimbursement, such administrative and technical assistance to the administering agency as the Bank and the Administrator determine appropriate to assist the administering agency in carrying out this section.

(j)Fees and premiums The Bank is authorized to charge fees and premiums, in connection with guarantees or insurance guaranteed by the administering agency under subsection (a), that are commensurate (in the judgment of the Bank) with the Bank’s administrative costs and the risks covered by the agency’s guarantees. Any amounts received by the Bank in excess of the estimated costs incurred by the Bank in administering such guarantees or insurance—

(1)shall be credited to the reserve fund established pursuant to subsection (d),

(2)shall be merged with the funds in such reserve, and

(3)shall be available for the purpose of payments by the administering agency to the Bank for guarantees under subsection (a).

(k)Restrictions not applicable Prohibitions on the use of foreign assistance funds for assistance for Poland shall not apply with respect to the funds made available to carry out this section.

(l)Expiration of authority The President may not enter into any commitments to guarantee under subsection

(a)after September 30, 1992.

(m)Definitions For purposes of this section—

(1)the term “administering agency” means the Agency for International Development;

(2)the term “Administrator” means the Administrator of the Agency for International Development; and

(3)the term “Bank” means the Export-Import Bank of the United States.

(Pub. L. 87–195, pt. I, § 225, as added Pub. L. 101–179, title III, § 304(a), Nov. 28, 1989, 103 Stat. 1312.)