Page:United States Statutes at Large Volume 110 Part 4.djvu/454

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110 STAT. 3009 -291 PUBLIC LAW 104-208—SEPT. 30, 1996 (c), the Student Loan Marketing Association may provide financial support or guarantees to the Corporation, if such support or guarantees are subject to terms and conditions that are no more advantageous to the Corporation than the terms and conditions the Student Loan Marketing Association provides to other entities, including, where applicable, other monoline financial guaranty corporations in which the Student Loan Marketing Association has no ownership interest. (4) No FEDERAL GUARANTEE.— (A) OBLIGATIONS INSURED BY THE CORPORATION. — (i) FULL FAITH AND CREDIT OF THE UNITED STATES. —No obligation that is insured, guaranteed, or otherwise backed by the Corporation shall be deemed to be an obligation that is guaranteed by the full faith and credit of the United States. (ii) STUDENT LOAN MARKETING ASSOCIATION. —No obligation that is insured, guaranteed, or otherwise backed by the Corporation shall be deemed to be an obligation that is guaranteed by the Student Loan Marketing Association. (iii) SPECIAL RULE.— This paragraph shall not affect the determination of whether such obligation is guaranteed for purposes of Federal income taxes. (B) SECURITIES OFFERED BY THE CORPORATION.— No debt or equity securities of the Corporation shall be deemed to be guaranteed by the full faith and credit of the United States. (5) DEFINITION. — The term "Corporation" as used in this section means the College Construction Loan Insurance Association as in existence on the day before the date of enactment of this Act, and any successor corporation. (b) RELATED PRIVATIZATION REQUIREMENTS.— (1) NOTICE REQUIREMENTS.— (A) IN GENERAL.—During the six-year period following the date of enactment of this Act, the Corporation shall include, in each of the Corporation's contracts for the insurance, guarantee, or reinsurance of obligations, and in each document offering debt or equity securities of the Corporation, a prominent statement providing notice that— (i) such obligations or such securities, as the case may be, are not obligations of the United States, nor are such obligations or such securities, as the case may be, guaranteed in any way by the full faith and credit of the United States; and (ii) the Corporation is not an instrumentality of the United States. (B) ADDITIONAL NOTICE. —During the five-year period following the sale of stock pursuant to subsection (c)(1), in addition to the notice requirements in subparagraph (A), the Corporation shall include, in each of the contracts and documents referred to in such subparagraph, a prominent statement providing notice that the United States is not an investor in the Corporation. (2) CORPORATE CHARTER. — The Corporation's charter shall be amended as necessary and without delay to conform to the requirements of this section.