Title 12, Banks and BankingRelease 119-102
§635k Apportionment of Losses Incurred on Loans, Guarantees, and Insurance; Reimbursement; Contingent Obligations
Title 12 › CHAPTER 6A — EXPORT-IMPORT BANK OF THE UNITED STATES › SUBCHAPTER II — EXPORT FINANCING › § 635k
Summary
If the Bank's Board finds losses on loans, guarantees, or insurance, the Bank pays the first $100,000,000, the Treasury pays the next $100,000,000, and the Bank pays any remaining losses. The Treasury repays its share from funds set aside for the program. All Bank guarantees are contingent obligations backed by the U.S. government.
Full Legal Text
Title 12, §635k
Banks and Banking, Source: USLM XML via OLRC
In the event of any losses, as determined by the Board of Directors of the Bank, incurred on loans, guarantees, and insurance extended under this subchapter, the first $100,000,000 of such losses shall be borne by the Bank; the second $100,000,000 of such losses shall be borne by the Secretary of the Treasury; and any losses in excess thereof shall be borne by the Bank. Reimbursement of the Bank by the Secretary of the Treasury of the amount of losses which are to be borne by the Secretary of the Treasury as aforesaid shall be from funds made available pursuant to section 635l of this title. All guarantees and insurance issued by the Bank shall be considered contingent obligations backed by the full faith and credit of the Government of the United States of America.
Reference
Citations & Metadata
Citation
12 U.S.C. § 635k
Title 12, Banks and Banking
Last Updated
Aug 21, 2026
Release point: 119-102