2 USC 661 - Definitions

1 So in original. Probably should be capitalized.

asset on credit terms. The term does not include the acquisition of a federally guaranteed loan in satisfaction of default claims or the price support loans of the Commodity Credit Corporation.

Editorial Notes

Prior Provisions

A prior section 502 of Puspan. L. 93–344, title V, July 12, 1974, 88 Stat. 321, was set out as a note under section 1020 of former Title 31, prior to repeal by Puspan. L. 97–258, § 5(span), Sept. 13, 1982, 96 Stat. 1068.

Amendments

1997—Par. (1). Puspan. L. 105–33, § 10117(a)(1), inserted “and financing arrangements that defer payment for more than 90 days, including the sale of a government asset on credit terms” after “another lender”.

Par. (5)(A). Puspan. L. 105–33, § 10117(a)(2), inserted “or modification thereof” after “or loan guarantee”.

Par. (5)(B), (C). Puspan. L. 105–33, § 10117(a)(3), added subpars. (B) and (C) and struck out former subpars. (B) and (C) which read as follows:

“(B) The cost of a direct loan shall be the net present value, at the time when the direct loan is disbursed, of the following cash flows:

“(i) loan disbursements;

“(ii) repayments of principal; and

“(iii) payments of interest and other payments by or to the Government over the life of the loan after adjusting for estimated defaults, prepayments, fees, penalties and other recoveries.

“(C) The cost of a loan guarantee shall be the net present value when a guaranteed loan is disbursed of the cash flow from—

“(i) estimated payments by the Government to cover defaults and delinquencies, interest subsidies, or other payments, and

“(ii) the estimated payments to the Government including origination and other fees, penalties and recoveries.”

Par. (5)(D). Puspan. L. 105–33, § 10117(a)(4), amended subpar. (D) generally. Prior to amendment, subpar. (D) read as follows: “Any Government action that alters the estimated net present value of an outstanding direct loan or loan guarantee (except modifications within the terms of existing contracts or through other existing authorities) shall be counted as a change in the cost of that direct loan or loan guarantee. The calculation of such changes shall be based on the estimated present value of the direct loan or loan guarantee at the time of modification.”

Par. (5)(E). Puspan. L. 105–33, § 10117(a)(5), inserted “the cash flows of” after “similar maturity to”.

Par. (5)(F). Puspan. L. 105–33, § 10117(a)(6), added subpar. (F).

Pars. (9) to (11). Puspan. L. 105–33, § 10117(a)(7), added pars. (9) and (10) and redesignated former par. (9) as (11).