Page:United States Statutes at Large Volume 124.djvu/3428

 124 STAT. 3402 PUBLIC LAW 111–314—DEC. 18, 2010 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) UNITED STATES COMMERCIAL PROVIDER.—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. § 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 pro- viders for purposes of producing commercial reusable in-space transportation services or systems. (b) ELIGIBLE UNITED STATES COMMERCIAL PROVIDERS.—The Sec- retary 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 finan- cially 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 guar- antee 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 guar- antee 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