cfr_sections
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24 rows where agency = "CCC" and part_number = 1488 sorted by section_id
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| section_id ▼ | title_number | title_name | chapter | subchapter | part_number | part_name | subpart | subpart_name | section_number | section_heading | agency | authority | source_citation | amendment_citations | full_text |
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| 7:7:10.1.2.3.40.1.349.1 | 7 | Agriculture | XIV | C | 1488 | PART 1488—FINANCING OF SALES OF AGRICULTURAL COMMODITIES | A | Subpart A—Financing of Export Sales of Agricultural Commodities From Private Stocks Under CCC Export Credit Sales Program (GSM-5) | § 1488.1 General statement. | CCC | (a) Except as otherwise provided in this paragraph (a), the regulations and the supplements thereto contained in this subpart A supersede the regulations and supplements revised April 1975, and set forth the terms and conditions governing the CCC Export Credit Sales Program (GSM-5). The maximum financing period shall be three years. The regulations and supplements as revised in April 1971 and April 1975, shall remain in effect for all transactions under financing approvals issued thereunder. (b) Subject to the terms and conditions set forth in this subpart A, CCC will purchase for cash, after delivery, the exporter's account receivable arising from the export sale. (c) The provisions of Pub. L. 83-664 are not applicable to shipments under this program. (d) The regulations contained in this subpart A may be supplemented by such additional terms and conditions, applicable to specified agricultural commodities, and, to the extent that they may be in conflict or inconsistent with any other provisions of this subpart A, such additional terms and conditions shall prevail. | ||||
| 7:7:10.1.2.3.40.1.349.2 | 7 | Agriculture | XIV | C | 1488 | PART 1488—FINANCING OF SALES OF AGRICULTURAL COMMODITIES | A | Subpart A—Financing of Export Sales of Agricultural Commodities From Private Stocks Under CCC Export Credit Sales Program (GSM-5) | § 1488.2 Definition of terms. | CCC | [42 FR 10999, Feb. 25, 1977, as amended at 42 FR 30833, June 17, 1977; Amdt. 5, 43 FR 25992, June 16, 1978; 86 FR, Dec. 6, 2021] | As used in this subpart A and in the forms and documents related thereto, the following terms shall have the meanings assigned to them in this section: (a) Account receivable means the contractual obligation of the foreign importer to the exporter for the port value of the commodity delivered for which the exporter is extending credit to the importer. The account receivable shall be evidenced by documents, in form and substance satisfactory to CCC, establishing the contractual obligation between the U.S. exporter and the foreign importer. The account receivable shall provide for (1) payment of principal and interest in U.S. dollars in the United States, (2) interest in accordance with § 1488.14, and (3) acceleration of payment thereunder in accordance with these regulations. (b) Agency or branch bank means an agency or branch of a foreign bank, supervised by New York State banking authorities or the banking authorities of any other State providing similar supervision, and approved by the Controller, CCC. (c) Assistant Sales Manager means the Assistant Sales Manager, Commercial Export Programs, Office of the General Sales Manager. (d) Bank obligation means an obligation, acceptable to CCC, of a U.S. bank, a foreign bank, an agency or branch bank, to pay to CCC in U.S. dollars the amount of the account receivable, plus interest in accordance with § 1488.14. The bank obligation shall be in the form of an irrevocable letter of credit issued by a U.S. bank or a branch bank, or confirmed or advised by a U.S. bank or any agency or branch bank in accordance with § 1488.12. The bank obligation shall provide for payment under the terms and conditions of the financing agreement and shall be payable not later than the date of expiration of the financing period or of the bank obligation, whichever occurs first, if payment is not received from other sources. (e) CCC means the Commodity Credit Corporation, U.S. Department of Agriculture. (f) Carrying charges means storage, insurance, and interest charges invol… | |||
| 7:7:10.1.2.3.40.1.350.3 | 7 | Agriculture | XIV | C | 1488 | PART 1488—FINANCING OF SALES OF AGRICULTURAL COMMODITIES | A | Subpart A—Financing of Export Sales of Agricultural Commodities From Private Stocks Under CCC Export Credit Sales Program (GSM-5) | § 1488.3 General. | CCC | When considering the extension of CCC credit for the purpose of financing agricultural commodities, CCC will take into account the extent to which CCC credit financing will: (a) Permit U.S. exporters to meet competition from other countries. (b) Prevent a decline in U.S. commercial export sales. (c) Substitute commercial dollar sales for sales made pursuant to Pub. L. 480 or other concessional programs. (d) Result in a new use of the agricultural commodity in the importing country. (e) Permit expanded consumption of agricultural commodities in the importing country and thereby increase total commercial sales of agricultural commodities to the importing country. | ||||
| 7:7:10.1.2.3.40.1.350.4 | 7 | Agriculture | XIV | C | 1488 | PART 1488—FINANCING OF SALES OF AGRICULTURAL COMMODITIES | A | Subpart A—Financing of Export Sales of Agricultural Commodities From Private Stocks Under CCC Export Credit Sales Program (GSM-5) | § 1488.4 Submission of requests for sale registrations. | CCC | [42 FR 10999, Feb. 25, 1977, as amended by Amdt. 5, 43 FR 25992, June 16, 1978] | (a) An eligible exporter shall submit a request for a sale registration for financing to the office specified in § 1488.22. (b) Requests for sale registrations shall be in writing. If such a request is made by telephone, it must be confirmed by letter or wire. (c) The total amount requested to be registered under a sale shall not exceed the sale contract value, including the upward tolerance, if any. (d) Requests for sale registration shall incorporate by reference all terms and conditions of GSM-5. The following information shall also be included in the exporter's request for a sale registration: (1) The name, class, grade, or quality, as applicable, and quantity of the commodity to be exported. (2) The country of destination. (3) The port value of the commodity to be exported and the sale contract tolerance, if applicable. (4) The date of sale and exporter's sale number. (5) The date of delivery or the period for delivery and the month in which application for payment will be submitted. (6) The financing period. (7) Whether the bank obligation assuring payment of the account receivable will be issued by a U.S. bank, branch bank, or foreign bank. If it will be issued by a foreign bank, its name and address, and the name of the confirming U.S. bank, branch bank, or agency bank (if approved as provided in § 1488.12b), and the percentage of confirmation. (8) The name and address of the foreign importer. (9) If delivery of the commodity to be exported is before export in a warehouse, the name and address of the warehouse to which delivery is to be made. (10) If the commodity will be sold through an intervening purchaser, the name and address of the intervening purchaser, and a statement that the sale of the commodity is or will be conditioned on its resale by the intervening purchaser and that the commodity will be shipped directly to the foreign importer in the destination country specified in paragraph (d)(2) of this section pursuant to a contract in which the foreign importer agrees to pay the U.S. e… | |||
| 7:7:10.1.2.3.40.1.350.5 | 7 | Agriculture | XIV | C | 1488 | PART 1488—FINANCING OF SALES OF AGRICULTURAL COMMODITIES | A | Subpart A—Financing of Export Sales of Agricultural Commodities From Private Stocks Under CCC Export Credit Sales Program (GSM-5) | § 1488.5 Acceptance of sale registrations. | CCC | [42 FR 10999, Feb. 25, 1977, as amended by Amdt. 6, 43 FR 29933, July 12, 1978] | (a) Upon receiving a request for a sale registration complying with the applicable provisions of this subpart, the Assistant Sales Manager may approve the registration of the sale. If approved, the exporter will be notified in writing of the financing agreement number which will constitute notice that the sale is registered and eligible for financing. (b) [Reserved] (c) CCC reserves the right to reject any and all requests for sale registration. (d) The registration of a sale shall create a financing agreement between the exporter and CCC which shall consist of the exporter's request for a sale registration, CCC's acceptance of the sale registration, the applicable terms and conditions of this subpart, including amendments and supplemental announcements hereunder which are in effect on the date of approval. (e) The financing agreement may contain such terms and conditions, not inconsistent with GSM-5, as are deemed necessary in the interest of CCC. (f) An exporter shall promptly notify the Assistant Sales Manager when he is unable to fulfill his obligations under any sale registered with CCC. | |||
| 7:7:10.1.2.3.40.1.350.6 | 7 | Agriculture | XIV | C | 1488 | PART 1488—FINANCING OF SALES OF AGRICULTURAL COMMODITIES | A | Subpart A—Financing of Export Sales of Agricultural Commodities From Private Stocks Under CCC Export Credit Sales Program (GSM-5) | § 1488.6 Amendments to financing agreement. | CCC | The financing agreement may be amended provided such amendment is in conformity with GSM-5 at the time of amendment and is determined to be in the interest of CCC. Amendments may include extension of the period for delivery or the period for export, and change in the interest rate. After the commodity has been delivered, CCC will consider requests to increase the amount of the sale registration value for any quantity within the tolerance in the sales contract and for carrying charges provided such requests relate to the same sale as originally registered with CCC. | ||||
| 7:7:10.1.2.3.40.1.350.7 | 7 | Agriculture | XIV | C | 1488 | PART 1488—FINANCING OF SALES OF AGRICULTURAL COMMODITIES | A | Subpart A—Financing of Export Sales of Agricultural Commodities From Private Stocks Under CCC Export Credit Sales Program (GSM-5) | § 1488.7 Expiration of period(s) for delivery and/or export. | CCC | (a) Unless delivery by the exporter to the importer is made within such period as may be provided in the financing agreement or any amendment thereof, or under paragraph (b) of this section, the financing agreement will no longer be valid. (b) If the Assistant Sales Manager determines that delay in delivery was due solely to causes without the fault or negligence of the exporter, the period for delivery may be extended by CCC by the period of such delay. (c) If delivery is made before export under the terms of the financing agreement, failure to export within the period specified therefor in the financing agreement shall constitute a breach of the financing agreement. In such case, if full payment under the bank obligation or account receivable has not been received, the account receivable and the bank obligation shall, at the option of the Assistant Sales Manager, become immediately due and payable, and liquidated damages shall be payable in accordance with § 1488.11. | ||||
| 7:7:10.1.2.3.40.1.351.10 | 7 | Agriculture | XIV | C | 1488 | PART 1488—FINANCING OF SALES OF AGRICULTURAL COMMODITIES | A | Subpart A—Financing of Export Sales of Agricultural Commodities From Private Stocks Under CCC Export Credit Sales Program (GSM-5) | § 1488.9a Evidence of export for commodities delivered before export. | CCC | [Amdt. 5, 43 FR 25992, June 16, 1978] | For commodities delivered before export under a financing agreement for which the financial period is 12 months or less, the exporter shall furnish a certification to the Treasurer, CCC, within 60 days from the date of delivery or such extension of time as may be granted by the Treasurer or Assistant Treasurer, CCC, certifying that the commodities have been exported. The certification must include the name of the ocean carrier, the date the commodities were loaded aboard the ocean carrier and the financing agreement number. | |||
| 7:7:10.1.2.3.40.1.351.8 | 7 | Agriculture | XIV | C | 1488 | PART 1488—FINANCING OF SALES OF AGRICULTURAL COMMODITIES | A | Subpart A—Financing of Export Sales of Agricultural Commodities From Private Stocks Under CCC Export Credit Sales Program (GSM-5) | § 1488.8 Documents required after delivery. | CCC | [42 FR 10999, Feb. 25, 1977, as amended at 42 FR 27569, May 31, 1977; Amdt. 5, 43 FR 25992, June 16, 1978] | (a) CCC will purchase an exporter's account receivable only if the Treasurer, Commodity Credit Corporation, United States Department of Agriculture, Washington, DC 20250, receives the documents specified in paragraphs (b) through (e) of this section and any documentation and certifications required by any supplements to these regulations within forty-five days, or any extension thereof by the Treasurer or Assistant Treasurer, CCC, after date of delivery of commodities exported or to be exported under the financing agreement. (b) The exporter shall submit a “Combined Application for Disbursement, Assignment of Account Receivable and Certification” which shall include: (1) A written application for disbursement, showing the financing agreement number and the port value of the commodity delivered. (2) An assignment of the account receivable arising from the export sale, in form and substance acceptable to CCC. (3) The exporter's certification (i) that he has entered into a contract to sell an eligible commodity; (ii) of the date of sale, the grade, quality, quantity, agreed upon price for the commodity and payment terms and interest in accordance with the financing agreement; (iii) that he has in his files documents evidencing the export sale contract and the obligation of the importer to him for the financed portion of the export sale and will retain and furnish them to CCC on demand until 3 years after the end of the financing period; (iv) that agricultural commodities of the grade, quality, and quantity called for in the exporter's sale as registered with CCC have been delivered to the foreign importer; and (v) that he knows of no defenses to the account receivable assigned to CCC. (c) A copy of the sales invoice to the foreign importer, or, if the commodity has been sold through an intervening purchaser, a copy of the exporter's sales invoice to the intervening purchaser and of the intervening purchaser's sales invoice to the foreign importer. (d) A copy of the document evidencing export provided for in § … | |||
| 7:7:10.1.2.3.40.1.351.9 | 7 | Agriculture | XIV | C | 1488 | PART 1488—FINANCING OF SALES OF AGRICULTURAL COMMODITIES | A | Subpart A—Financing of Export Sales of Agricultural Commodities From Private Stocks Under CCC Export Credit Sales Program (GSM-5) | § 1488.9 Evidence of export. | CCC | (a) If the commodity is exported by rail or truck, the exporter shall furnish to the Treasurer, CCC, one copy of the bill of lading covering the commodity exported, certified by the exporter as being a true copy, and an authenticated landing certificate or similar document issued by an official of the government of the country to which the commodity is exported, showing the quantity, the gross landed weight of the commodity, the place and date of entry, and the name and address of both the exporter and the importer. (b) If the commodity is exported by ocean carrier, the exporter shall furnish to the Treasurer, CCC, one non-negotiable copy or photo copy or other type of copy of either (1) an on-board ocean bill of lading or (2) an ocean bill of lading with an onboard endorsement, dated and signed or initialed on behalf of the carrier. The bill of lading must be certified by the exporter as being a true copy and must show the quantity, the date and place of loading the commodity, the name of the vessel, the destination of the commodity and the name and address of both the exporter and the importer. (c) If the commodity is exported by aircraft, the exporter shall furnish to the Treasurer, CCC, one non-negotiable copy of an airway bill, dated and signed or initialed on behalf of the carrier. The airway bill must be certified by the exporter as being a true copy and must show the date and place of loading the commodity, the name of the airline, the destination of the commodity, and the name and address of both the exporter and the importer. (d) If the exporter is unable to supply documentary evidence of export as specified in this section, he shall submit such other documentary evidence as may be acceptable to CCC. (e) For commodities transshipped through Canada via the Great Lakes or the St. Lawrence River, the exporter shall certify that the commodity transshipped was produced in the United States. | ||||
| 7:7:10.1.2.3.40.1.352.11 | 7 | Agriculture | XIV | C | 1488 | PART 1488—FINANCING OF SALES OF AGRICULTURAL COMMODITIES | A | Subpart A—Financing of Export Sales of Agricultural Commodities From Private Stocks Under CCC Export Credit Sales Program (GSM-5) | § 1488.10 Evidence of entry into country of destination. | CCC | (a) Commodities exported under a financing agreement must enter the destination country specified in the financing agreement. (b) For a financing agreement under which the financing period is in excess of 12 months, within 90 days, or such extension of time as may be granted in writing by the Assistant Sales Manager, following shipment from the United States of any agricultural commodity exported under the financing agreement, the exporter shall furnish to the office specified in § 1488.22, documentary evidence verifying entry of the commodity into the country of destination specified in the financing agreement. The documentary evidence must: (1) Identify the agricultural commodity (or permit identification through supplementary documents also furnished) as that exported under the financing agreement, (2) State the quantity and date of entry of the commodity into the destination country, and (3) Be signed by (i) a customs official of the destination country, or (ii) the importer, or (iii) a representative of an independent superintending or controlling firm. (c) When the commodity enters the country of destination in bond, a statement by the importer will be acceptable which: (1) Identifies the commodity as that exported under the financing agreement, (2) States the quantity of the commodity entered under bond and date of entry into the destination country, and (3) Certifies that the commodity will be withdrawn from bonded storage at a later date for consumption in the destination country. (d) If the evidence of entry is in other than the English language, the exporter shall also provide an English translation thereof. (e) Failure to furnish, within the time specified, evidence of entry of the commodity into the country of destination shall constitute prima facie evidence of failure to enter or to cause the entry of the commodity into such country as required. In such case, the financing agreement may be terminated by the Assistant Sales Manager, and if full payment under the bank obligation or account … | ||||
| 7:7:10.1.2.3.40.1.353.12 | 7 | Agriculture | XIV | C | 1488 | PART 1488—FINANCING OF SALES OF AGRICULTURAL COMMODITIES | A | Subpart A—Financing of Export Sales of Agricultural Commodities From Private Stocks Under CCC Export Credit Sales Program (GSM-5) | § 1488.11 Liquidated damages. | CCC | Failure of the exporter to export or cause to be exported, within the period provided therefor, any agricultural commodity financed, when delivery is made before export under the terms of the financing agreement, or failure of the exporter to enter or cause the entry of, such commodity into the country of destination, shall constitute a breach of the financing agreement which will result in serious and substantial damage to CCC and to its program. Since it will be difficult, if not impossible, to prove the exact amount of such damage, the exporter shall pay to CCC promptly on demand, as reasonable compensation and not as a penalty, liquidated damages in lieu of probable actual damages, as follows: (a) For each day of delay in exportation after the final date for exportation, when delivery is made before export under the terms of the financing agreement, .15 percent of the amount financed under the financing agreement for the commodity not exported; (b) for failure to export or cause exportation, when delivery is made before export under the terms of the financing agreement, 5 percent of the amount financed under the financing agreement for the commodity not exported; (c) for failure, after exportation, to enter or cause the entry of the commodity into the country of destination, at the rate of 5 percent a year of the amount financed under the financing agreement for such commodity from the start of the financing period until payment to CCC of the amount financed; Provided however, That the aggregate of all amounts assessed under this § 1488.11 with respect to the same commodity shall not exceed 5 percent of the amount financed for such commodity. Liquidated damages shall not be assessed: Under paragraph (a) of this section if the Assistant Sales manager determines that the delay was due to such causes as acts of God or government or public enemy, fires, floods, epidemics, quarantine restrictions, strikes, freight embargoes, or unusually severe weather; under paragraph (b) of this section if the Assistant Sales… | ||||
| 7:7:10.1.2.3.40.1.354.13 | 7 | Agriculture | XIV | C | 1488 | PART 1488—FINANCING OF SALES OF AGRICULTURAL COMMODITIES | A | Subpart A—Financing of Export Sales of Agricultural Commodities From Private Stocks Under CCC Export Credit Sales Program (GSM-5) | § 1488.12 Coverage of bank obligations. | CCC | [42 FR 10999, Feb. 25, 1977, as amended at 42 FR 27569, May 31, 1977; 42 FR 30833, June 17, 1977; 43 FR 45551, Oct. 3, 1978; 44 FR 51187, Aug. 31, 1979] | (a) U.S. banks and branch banks shall be liable without regard to risk (1) for payment of bank obligations issued by them or (2) for payment of bank obligations confirmed by them without regard to risk if a requirement for such confirmation is included in the financing agreement or (3) as provided in paragraphs (c) and (d) of this section. (b) An obligation issued by a foreign bank must be confirmed and advised, as provided in paragraphs (a), (c), (d), (e), and (f) of this section, by a U.S. bank or a branch bank, or may be confirmed by an agency bank when determined by the President or Vice President, CCC after consultation with the Controller, CCC, to be in the interest of CCC. (c) A U.S. bank must confirm the full amount of an obligation issued by its foreign branch. CCC will hold the U.S. bank liable for payment without regard to risks. (d) If a branch bank confirms an obligation issued by its home office, or by another branch of its home office, it must confirm the full amount thereof. CCC will hold the branch bank liable for payment without regard to risks. (e) If CCC accepts an agency bank confirmation of a foreign bank obligation, it must be for the full amount thereof without regard to risks and will be subject to such terms and conditions as may be contained in the financing agreement. CCC will not accept an agency bank confirmation of an obligation issued by its home office, or by a branch of its home office. (f) Except as provided in paragraphs (a), (c), and (d) of this section, if a U.S. bank or a branch bank confirms an obligation issued by a foreign bank, it must confirm at least 10 percent pro rata and must advise the remainder of the foreign bank obligation. The percentage of confirmation shall be the same for both the account receivable and the interest portions of the obligation. For the confirmed amount, except as provided in paragraph (a)(2) of this section, CCC will hold the U.S. bank or branch bank liable for commercial risks but not for non-commercial risks. For the advised amount, CC… | |||
| 7:7:10.1.2.3.40.1.354.14 | 7 | Agriculture | XIV | C | 1488 | PART 1488—FINANCING OF SALES OF AGRICULTURAL COMMODITIES | A | Subpart A—Financing of Export Sales of Agricultural Commodities From Private Stocks Under CCC Export Credit Sales Program (GSM-5) | § 1488.13 CCC drafts. | CCC | [42 FR 10999, Feb. 25, 1977, as amended at 42 FR 27569, May 21, 1977; 42 FR 30833, June 17, 1977] | CCC will draw one draft for each payment due under bank obligations. If any portion of a CCC draft is dishonored, the U.S. bank or branch bank shall return the dishonored draft together with its statement of the reason for nonpayment. If a draft which is drawn under a partially confirmed bank obligation is dishonored, CCC will replace the draft with separate drafts for the confirmed and unconfirmed portions at the request of the confirming bank. Such replacement shall not alter the confirming bank's obligation for timely payment to CCC of the confirmed portion of the credit. For confirmed amounts, except as provided in § 1488.12(a), (c) and (d), a U.S. or branch bank may request refund from CCC of the amount paid if it certifies to CCC that it is unable to recover funds from the foreign bank due to a stipulated non-commercial risk which existed on the date payment was made to CCC under the draft. If CCC finds that inability to recover funds was due to such a non-commercial risk, the refund shall be promptly made together with interest at the Federal Reserve Bank of New York discount rate from and including the date payment was originally made to CCC but not include the date of refund by CCC. For unconfirmed amounts, remittance to CCC shall be considered final, and the U.S. bank or branch bank shall not thereafter have recourse to CCC. | |||
| 7:7:10.1.2.3.40.1.354.15 | 7 | Agriculture | XIV | C | 1488 | PART 1488—FINANCING OF SALES OF AGRICULTURAL COMMODITIES | A | Subpart A—Financing of Export Sales of Agricultural Commodities From Private Stocks Under CCC Export Credit Sales Program (GSM-5) | § 1488.14 Interest charges. | CCC | [42 FR 10999, Feb. 25, 1977, as amended at 42 FR 27569, May 31, 1977] | The account receivable assigned to CCC and the related bank obligation(s) shall bear interest as specified in this section. Rates of interest applicable to financing agreements shall be published in USDA announcement. The interest rate applicable to that portion of an account receivable for which payment is assured by a bank obligation issued or confirmed for all risks according to § 1488.12(a)(ii) or pro rata confirmed by a U.S. bank shall be lower than the interest rate applicable for the remainder of the account receivable. The interest rate applicable to that portion of an account receivable the payment of which is assured by a bank obligation issued or pro rata confirmed by a branch bank shall, when determined by the President or Vice President, CCC after consultation with the Controller, CCC, to be in the interest of CCC, be lower than the interest rate applicable for the remainder of the account receivable. The interest rates applicable to accounts receivable the payment of which is assured by an agency bank confirmation may, when determined by the President or Vice President, CCC, after consultation with the Controller, CCC, to be in the interest of CCC, be lower than the interest rate applicable for the remainder of the account receivable. The interest rate applicable will be the rate in effect on the date CCC receives the sale registration request under § 1488.4. Interest shall accrue on the account receivable from the date of delivery or the weighted average delivery date of the agricultural commodities delivered under the financing agreement to the date of payment, or to the date of expiration of the financing period, or to the date of expiration of the bank obligation, whichever occurs first, and shall be payable as specified in the financing agreement. Thereafter, interest shall accrue on any unpaid part of both the principal and interest due as of such expiration date. | |||
| 7:7:10.1.2.3.40.1.354.16 | 7 | Agriculture | XIV | C | 1488 | PART 1488—FINANCING OF SALES OF AGRICULTURAL COMMODITIES | A | Subpart A—Financing of Export Sales of Agricultural Commodities From Private Stocks Under CCC Export Credit Sales Program (GSM-5) | § 1488.15 Advance payment. | CCC | If, before expiration of the financing period, the exporter or the U.S. bank or the agency or branch bank accepts payment from or on behalf of the foreign importer of any part of the account receivable, it shall be remitted promptly to CCC. Such prepayment shall be applied first to interest on the unpaid balance of the account receivable to the date CCC receives such prepayment and then to the principal. | ||||
| 7:7:10.1.2.3.40.1.354.17 | 7 | Agriculture | XIV | C | 1488 | PART 1488—FINANCING OF SALES OF AGRICULTURAL COMMODITIES | A | Subpart A—Financing of Export Sales of Agricultural Commodities From Private Stocks Under CCC Export Credit Sales Program (GSM-5) | § 1488.16 Liability for payment. | CCC | If delivery is made within the coverage of the bank obligation(s) submitted in accordance with § 1488.8, CCC will look to the obligating bank or banks and the foreign importer, rather than to the exporter or intervening purchaser, for payment of all amounts due at maturity of the account receivable and of the bank obligation(s), but the exporter and the intervening purchaser shall remain liable for any loss arising from breach of any contractual obligation, certification or warranty made by them pursuant to the financing agreement, and the exporter shall remain liable for any amounts not covered by the bank obligation which are owing to CCC, and any remittance or refund required by § 1488.15 and § 1488.18, together with interest thereon at the rate specified in the documents evidencing the account receivable, as well as for any liquidated damages provided for in § 1488.11. The liability of the bank and the importer under their respective obligations shall be several. | ||||
| 7:7:10.1.2.3.40.1.355.18 | 7 | Agriculture | XIV | C | 1488 | PART 1488—FINANCING OF SALES OF AGRICULTURAL COMMODITIES | A | Subpart A—Financing of Export Sales of Agricultural Commodities From Private Stocks Under CCC Export Credit Sales Program (GSM-5) | § 1488.17 Assignment. | CCC | The exporter shall not assign any claim or rights or any amounts payable under the financing agreement, in whole or in part, without written approval of the Vice President, CCC, or the Controller, CCC. | ||||
| 7:7:10.1.2.3.40.1.355.19 | 7 | Agriculture | XIV | C | 1488 | PART 1488—FINANCING OF SALES OF AGRICULTURAL COMMODITIES | A | Subpart A—Financing of Export Sales of Agricultural Commodities From Private Stocks Under CCC Export Credit Sales Program (GSM-5) | § 1488.18 Covenant against contingent fees. | CCC | The exporter warrants that no person or selling agency has been employed or retained to solicit or secure the financing agreement on an agreement or understanding for a commission, percentage, brokerage, or contingent fee, except bona fide employees or bona fide established commercial or selling agencies maintained by the exporter for the purpose of securing business. For breach or violation of this warranty, CCC shall have the right, without limitation on any other rights it may have, to annul the financing agreement without liability to CCC. Should the financing agreement be annulled, CCC will promptly consent to the reduction or cancellation or related bank obligations except for amounts outstanding under a financing agreement. Such amounts shall, on demand, be refunded to CCC by the exporter. | ||||
| 7:7:10.1.2.3.40.1.355.20 | 7 | Agriculture | XIV | C | 1488 | PART 1488—FINANCING OF SALES OF AGRICULTURAL COMMODITIES | A | Subpart A—Financing of Export Sales of Agricultural Commodities From Private Stocks Under CCC Export Credit Sales Program (GSM-5) | § 1488.19 [Reserved] | CCC | |||||
| 7:7:10.1.2.3.40.1.355.21 | 7 | Agriculture | XIV | C | 1488 | PART 1488—FINANCING OF SALES OF AGRICULTURAL COMMODITIES | A | Subpart A—Financing of Export Sales of Agricultural Commodities From Private Stocks Under CCC Export Credit Sales Program (GSM-5) | § 1488.20 Officials not to benefit. | CCC | No member of or delegate to Congress, or Resident Commissioner, shall be admitted to any share or part of the financing agreement or to any benefit that may arise therefrom, but this provision shall not be construed to extend to the financing agreement if made with a corporation for its general benefit. | ||||
| 7:7:10.1.2.3.40.1.355.22 | 7 | Agriculture | XIV | C | 1488 | PART 1488—FINANCING OF SALES OF AGRICULTURAL COMMODITIES | A | Subpart A—Financing of Export Sales of Agricultural Commodities From Private Stocks Under CCC Export Credit Sales Program (GSM-5) | § 1488.21 Exporter's records and accounts. | CCC | CCC shall have access to and the right to examine any directly pertinent books, documents, papers and records of the exporter involving transactions related to the financed export credit sale until the expiration of three years after the end of the financing period. | ||||
| 7:7:10.1.2.3.40.1.355.23 | 7 | Agriculture | XIV | C | 1488 | PART 1488—FINANCING OF SALES OF AGRICULTURAL COMMODITIES | A | Subpart A—Financing of Export Sales of Agricultural Commodities From Private Stocks Under CCC Export Credit Sales Program (GSM-5) | § 1488.22 Communications. | CCC | (a) Unless otherwise provided, written requests, notifications, or communications by the applicant pertaining to the financing agreement shall be addressed to the Assistant Sales Manager, Commercial Export Programs, Office of the General Sales Manager, U.S. Department of Agriculture, Washington, DC 20250. (b) [Reserved] | ||||
| 7:7:10.1.2.3.40.1.355.24 | 7 | Agriculture | XIV | C | 1488 | PART 1488—FINANCING OF SALES OF AGRICULTURAL COMMODITIES | A | Subpart A—Financing of Export Sales of Agricultural Commodities From Private Stocks Under CCC Export Credit Sales Program (GSM-5) | § 1488.23 OMB Control Numbers assigned pursuant to the Paperwork Reduction Act. | CCC | [Amdt. 8, 50 FR 13967, Apr. 9, 1985] | The information collection requirements contained in these regulations (7 CFR part 1488) have been approved by the Office of Management and Budget (OMB) in accordance with the provisions of 44 U.S.C. Chapter 35 and have been assigned OMB Control Number 0551-0021. |
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chapter TEXT,
subchapter TEXT,
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