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PSAD-78-66 1 (1978-01-18)

handle is hein.gao/gaobaawnz0001 and id is 1 raw text is: _:.--DCCUIJENT RESUME 04803 - [B01950861 Implementation of the Emergency Loan Guaractee Act. PSAD-78-66; B-169300. January 18p 1918. 2 pp. Report to the Congress; by Elmer B. Staats, Comptrc ler General. Contact: Procurement and Systems Acquisition Div. Budget Function: N:tionaj Defense: Department of Defense - Procurement & Contracts (058). Orqanizaticn concerned: Emergency Loan Guarantee Board; Lockheed Aircraft Corp., Burbank, CA. congressional Relevancer House Committee on Banking, Finance and Urban Affairs; Senate Committee on Banking, Housing and Urban Affairs; Coagr.ss. Authority: Emerqency Loaa Guarantee Act of 1971 (15 U.S.C. 1841) Lockheed AircAft Corporation was the only business to apply for a quaranteed luan under the Emergency Loan Guarantee Act of 1971. After the-06vernment's guarantee commitment was scheduled to terminate, Lockheed and ita lending banks voluntarily terminatbd i'nstead of renewing the commitment. On October 14, 1977, Lodki'eed and its 24 lsnding banks entseed into a cred~t agreement, pY'6viding for a $100 million revolving line of credit, to replace the Gover. ient-guarantee commitment; this was used to retire $60 million worth of notes. The Emergency Loan Guarantee Board approved ,he new credit agreement on October 14, 1977, hrZoul'h a termination ayreement which provides that: the obligation and rights of the Government under t.te quarantee agreement Unconditionally and finally terminate; the Government unconditionally release its interests in all- collateral; and Lockheed and each member of the banking consortium: (1) unconditionally release the Government from all liability and claims arising from the agreement and (2) agree to indemnify and hold the Government harmless agdinst all such liability and claiis. The Board ceased operation upon submission of its final report on administration of the act. Guarantee and commitment fees paid thA Board totaled $26,503,603; cumulative interest earned on funds invested in U.S. Governzent securities amounted to $4,906,14,3.;. and operating expenses amounted to $938,094. Net earnings'will be transferred to the Treasury. (Author/HTW) .

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