7 U.S.C. § 1738r — “Qualified debt” defined
submitted 72 years ago by Pub. L. 102-532 to r/title-7-AGRICULTURE · 180 words · no verdicts yet
This section defines “qualified debt” for sections 1738o, 1738p, and 1738q. The definition covers certain agricultural-commodity obligations guaranteed by the Commodity Credit Corporation and meeting specified assignment, subrogation, and rescheduling dates.
For sections 1738o, 1738p, and 1738q, “qualified debt” means an eligible country’s obligation, or part of one, to pay for United States agricultural commodities guaranteed by the Commodity Credit Corporation under export-credit guarantee programs authorized by section 714c(f) of title 15 or section 1707a(b) of this title—(1) in which the Corporation obtained a legal right or interest through assignment or subrogation no later than September 1, 1992; and (2) whose payment was rescheduled no later than that date under principles in a Paris Club Agreed Minute. It also includes interest that was due or accrued by that date and unpaid when the debt was sold under section 1738o or sold, reduced, or canceled under section 1738p.
As used in sections 1738o, 1738p, and 1738q of this title, the term “qualified debt” means any obligation, or portion of such obligation, of an eligible country to pay for purchases of United States agricultural commodities guaranteed by the Commodity Credit Corporation under export credit guarantee programs authorized pursuant to section 714c(f) of title 15 or section 1707a(b) 1 of this title—
in which the Commodity Credit Corporation obtained a legal right or interest, as a result of assignment or subrogation, not later than September 1, 1992; and
the payment of which obligation has been, not later than September 1, 1992, rescheduled in accordance with principles set forth in an Agreed Minute of the Paris Club.
Such term includes the obligation to pay any interest which was due or accrued not later than September 1, 1992, and unpaid as of the date of a debt sale pursuant to section 1738o of this title or a debt sale, reduction, or cancellation pursuant to section 1738p of this title (as the case may be).
Source credit: (July 10, 1954, ch. 469, title VI, § 619, as added Pub. L. 102–532, § 2, Oct. 27, 1992, 106 Stat. 3511.)
- 1954Enacted · Pub. L. 102-532 · 106 Stat. 3511
A history note hasn’t been published yet. The record shows enactment by Pub. L. 102-532 on 1954-07-10.
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