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U.S. Code as of:
01/19/04
Section 635a-3. Export-Import Bank financing to match foreign financing
(a) Noncompetitive financing; inquiry by Secretary; notification of
foreign country and prospective parties to transaction
(1) Upon receipt of information that foreign sales to the United
States are being offered involving foreign official export credits
which exceed limits under existing standstills, minutes, or
practices to which the United States and other major exporting
countries have agreed, irrespective of whether these credits are
being offered by governments which are signatories to such
standstills, minutes, or practices, the Secretary of the Treasury
shall immediately conduct an inquiry to determine whether
"noncompetitive financing" is being offered. The inquiry, and where
appropriate, the determination and authorization to the
Export-Import Bank of the United States referred to in this section
shall be completed and made within 60 days of the receipt of such
information.
(2) If the Secretary determines that such foreign
"noncompetitive" financing is being offered, the Secretary shall
request the immediate withdrawal of such financing by the foreign
official export credit agency involved.
(3) If the offer is not withdrawn or if there is no immediate
response to the withdrawal request, the Secretary of the Treasury
shall notify the country offering such financing and all parties to
the proposed transaction that the Eximbank may be authorized to
provide competing United States sellers with financing to match
that available through the foreign official export financing
entity.
(b) Issuance of authorization to Bank to provide guarantees,
insurance, and credits to competing United States sellers
The Secretary of the Treasury shall issue such authorization to
the Bank to provide guarantees, insurance, and credits to competing
United States sellers, unless the Secretary determines that -
(1) the availability of foreign official noncompetitive
financing is not likely to be a significant factor in the sale;
or
(2) the foreign noncompetitive financing has been withdrawn.
(c) Provision of financing by Bank pursuant to authorization
Upon receipt of authorization by the Secretary of the Treasury,
the Export-Import Bank may provide financing to match that offered
by the foreign official export credit entity: Provided, however,
That loans, guarantees and insurance provided under this authority
shall conform to all provisions of the Export-Import Bank Act of
1945, as amended [12 U.S.C. 635 et seq.].
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