Collapse to view only § 50301. Definitions
- § 50301. Definitions
- § 50302. Loan guarantees for production of commercial reusable in-space transportation
§ 50301. DefinitionsIn this chapter:
(1)Commercial provider.—The term “commercial provider” means any person or entity providing commercial reusable in-orbit space transportation services or systems, primary control of which is held by persons other than the Federal Government, a State or local government, or a foreign government.
(2)In-space transportation services.—The term “in-space transportation services” means operations and activities involved in the direct transportation or attempted transportation of a payload or object from one orbit to another by means of an in-space transportation vehicle.
(3)In-space transportation system.—The term “in-space transportation system” means the space and ground elements, including in-space transportation vehicles and support space systems, and ground administration and control facilities and associated equipment, necessary for the provision of in-space transportation services.
(4)In-space transportation vehicle.—The term “in-space transportation vehicle” means a vehicle designed—
(A) to be based and operated in space;
(B) to transport various payloads or objects from one orbit to another orbit; and
(C) to be reusable and refueled in space.
(5)Secretary.—The term “Secretary” means the Secretary of Defense.
(6)The term “United States commercial provider” means any commercial provider organized under the laws of the United States that is more than 50 percent owned by United States nationals.
(Pub. L. 111–314, § 3, Dec. 18, 2010, 124 Stat. 3401.)
§ 50302. Loan guarantees for production of commercial reusable in-space transportation
(a)Authority To Make Loan Guarantees.—The Secretary may guarantee loans made to eligible United States commercial providers for purposes of producing commercial reusable in-space transportation services or systems.
(b)Eligible United States Commercial Providers.—The Secretary shall prescribe requirements for the eligibility of United States commercial providers for loan guarantees under this section. Such requirements shall ensure that eligible providers are financially capable of undertaking a loan guaranteed under this section.
(c)Limitation on Loans Guaranteed.—The Secretary may not guarantee a loan for a United States commercial provider under this section unless the Secretary determines that credit would not otherwise be reasonably available at the time of the guarantee for the commercial reusable in-space transportation service or system to be produced utilizing the proceeds of the loan.
(d)Credit Subsidy.—
(1)Collection required.—The Secretary shall collect from each United States commercial provider receiving a loan guarantee under this section an amount equal to the amount, as determined by the Secretary, to cover the cost, as defined in section 502(5) of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a(5)), of the loan guarantee.
(2)Periodic disbursements.—In the case of a loan guarantee in which proceeds of the loan are disbursed over time, the Secretary shall collect the amount required under this subsection on a pro rata basis, as determined by the Secretary, at the time of each disbursement.
(e)Other Terms and Conditions.—
(1)Prohibition on subordination.—A loan guaranteed under this section may not be subordinated to another debt contracted by the United States commercial provider concerned, or to any other claims against such provider.
(2)Restriction on income.—A loan guaranteed under this section may not—
(A) provide income which is excluded from gross income for purposes of chapter 1 of the Internal Revenue Code of 1986 (26 U.S.C. 1 et seq.); or
(B) provide significant collateral or security, as determined by the Secretary, for other obligations the income from which is so excluded.
(3)Treatment of guarantee.—The guarantee of a loan under this section shall be conclusive evidence of the following:
(A) That the guarantee has been properly obtained.
(B) That the loan qualifies for the guarantee.
(C) That, but for fraud or material misrepresentation by the holder of the loan, the guarantee is valid, legal, and enforceable.
(4)Other terms and conditions.—The Secretary may establish any other terms and conditions for a guarantee of a loan under this section as the Secretary considers appropriate to protect the financial interests of the United States.
(f)Enforcement of Rights.—
(1)In general.—The Attorney General may take any action the Attorney General considers appropriate to enforce any right accruing to the United States under a loan guarantee under this section.
(2)Forbearance.—The Attorney General may, with the approval of the parties concerned, forbear from enforcing any right of the United States under a loan guaranteed under this section for the benefit of a United States commercial provider if such forbearance will not result in any cost, as defined in section 502(5) of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a(5)), to the United States.
(3)Utilization of property.—Notwithstanding any other provision of law and subject to the terms of a loan guaranteed under this section, upon the default of a United States commercial provider under the loan, the Secretary may, at the election of the Secretary—
(A) assume control of the physical asset financed by the loan; and
(B) complete, recondition, reconstruct, renovate, repair, maintain, operate, or sell the physical asset.
(g)Credit Instruments.—
(1)Authority to issue instruments.—Notwithstanding any other provision of law, the Secretary may, subject to such terms and conditions as the Secretary considers appropriate, issue credit instruments to United States commercial providers of in-space transportation services or systems, with the aggregate cost (as determined under the provisions of the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.)) of such instruments not to exceed $1,500,000,000, but only to the extent that new budget authority to cover such costs is provided in subsequent appropriations Acts or authority is otherwise provided in subsequent appropriations Acts.
(2)Credit subsidy.—The Secretary shall provide a credit subsidy for any credit instrument issued under this subsection in accordance with the provisions of the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.).
(3)Construction.—The eligibility of a United States commercial provider of in-space transportation services or systems for a credit instrument under this subsection is in addition to any eligibility of such provider for a loan guarantee under other provisions of this section.
(Pub. L. 111–314, § 3, Dec. 18, 2010, 124 Stat. 3402.)