- Alaska Statutes.
- Title 44. State Government
- Chapter 88. Alaska Industrial Development and Export Authority
- Section 502. Effect of Guarantee.
previous: Section 500
. Business and Export Assistance Guarantees.
next: Section 505
. Qualifications of Applicant For New Loan Guarantee.
AS 44.88.502. Effect of Guarantee.
- (a) A guarantee under AS 44.88.500
- 44.88.599 does not create a debt or liability of
- (b) A guarantee under AS 44.88.500
may not be terminated, canceled, or revoked except under its terms. A guarantee held by a participating financial
institution is presumed to be valid.
- (c) A guarantee or portion of a guarantee under AS 44.88.500
that relates to an export transaction must guarantee against commercial and political loss, in whole or in part, of
principal and interest. The authority may require the borrower to obtain insurance against some or all of the loss
guaranteed under AS 44.88.500
. In this subsection, "political loss" means a loss incurred as a result of
- (1) a political risk that would be insurable under an export credit insurance policy issued by the Export-Import Bank of
the United States; or
- (2) any other political risk that is actually insured under insurance the authority requires the borrower to obtain.
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