---
kind: "section"
citation: "12 U.S.C. § 635k"
title: "12"
title_heading: "Banks and Banking"
number: "635k"
heading: "Apportionment of losses incurred on loans, guarantees, and insurance; reimbursement; contingent obligations"
release: "119-102"
url: "https://uscodex.org/usc/12/635k"
units:
  - "Chapter 6A — Export-Import Bank of the United States"
  - "Subchapter II — Export Financing"
---

# §635k. Apportionment of losses incurred on loans, guarantees, and insurance; reimbursement; contingent obligations


In the event of any losses, as determined by the [Board](/usc/12/221a.md?p=a) of [Directors](/usc/12/2279bb.md?p=3) of the [Bank](/usc/12/1426a.md?p=g-1), incurred on loans, guarantees, and insurance extended under this subchapter, the first $100,000,000 of such losses shall be borne by the [Bank](/usc/12/1426a.md?p=g-1); 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](/usc/12/1426a.md?p=g-1). Reimbursement of the [Bank](/usc/12/1426a.md?p=g-1) 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](/usc/12/4702.md?p=10) made available pursuant to [section 635l](/usc/12/635l.md) of this title. All guarantees and insurance issued by the [Bank](/usc/12/1426a.md?p=g-1) shall be considered contingent obligations backed by the full faith and [credit](/usc/12/5481.md?p=7) of the Government of the United States of America.


## Source credit

(Pub. L. 90–390, § 2, July 7, 1968, 82 Stat. 297.)