cfr_sections
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63 rows where agency = "CCC" and part_number = 1493 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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| 7:7:10.1.2.3.44.1.356.1 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | A | Subpart A—Restrictions and Criteria for Export Credit Guarantee Programs | § 1493.1 General statement. | CCC | This subpart sets forth the restrictions that apply to the issuance and use of Payment Guarantees under the Commodity Credit Corporation (CCC) Export Credit Guarantee (GSM-102) Program and Facility Guarantee Program (FGP), the criteria considered by CCC in determining the annual allocations of Payment Guarantees to be made available with respect to each participating country and region, and the criteria considered by CCC in the review and approval of proposed allocation levels for specific U.S. Agricultural Commodities to these countries and regions. | ||||
| 7:7:10.1.2.3.44.1.356.2 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | A | Subpart A—Restrictions and Criteria for Export Credit Guarantee Programs | § 1493.2 Purposes of programs. | CCC | CCC is authorized to issue Payment Guarantees: (a) To increase exports of U.S. Agricultural Commodities and expand access to trade finance; (b) To assist countries, particularly developing countries and emerging markets, in meeting their food and fiber needs; (c) To establish or improve facilities and infrastructure in emerging markets to expand exports of U.S. Agricultural Commodities; or (d) For such other purposes as the Secretary of Agriculture determines appropriate. | ||||
| 7:7:10.1.2.3.44.1.356.3 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | A | Subpart A—Restrictions and Criteria for Export Credit Guarantee Programs | § 1493.3 Restrictions on programs and cargo preference statement. | CCC | (a) Restrictions on use of Payment Guarantees. (1) Payment Guarantees authorized under these regulations shall not be used for foreign aid, foreign policy, or debt rescheduling purposes. (2) CCC shall not make Payment Guarantees available in connection with sales of U.S. Agricultural Commodities to any country that the Secretary determines cannot adequately service the debt associated with such sale. (3) CCC shall not make Payment Guarantees available in connection with sales of U.S. Agricultural Commodities financed by any Foreign Financial Institution that CCC determines cannot adequately service the debt associated with such sale. (b) Cargo preference laws. The provisions of the cargo preference laws do not apply to export sales with respect to which Payment Guarantees are issued under these programs. | ||||
| 7:7:10.1.2.3.44.1.356.4 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | A | Subpart A—Restrictions and Criteria for Export Credit Guarantee Programs | § 1493.4 Criteria for country and regional allocations. | CCC | The criteria considered by CCC in reviewing proposals for country and regional allocations will include, but not be limited to, the following: (a) Potential benefits that the extension of Payment Guarantees would provide for the development, expansion, or maintenance of the market for particular U.S. Agricultural Commodities in the importing country; (b) Financial and economic ability and/or willingness of the country of obligation to adequately service CCC guaranteed debt (“country of obligation” is the country whose Foreign Financial Institution obligation is guaranteed by CCC); (c) Financial status of participating Foreign Financial Institutions in the country of obligation as it would affect their ability to adequately service CCC guaranteed debt; (d) Political stability of the country of obligation as it would affect its ability and/or willingness to adequately service CCC guaranteed debt; and (e) Current status of debt either owed by the country of obligation or by the participating Foreign Financial Institutions to CCC or to lenders protected by CCC's Payment Guarantees. | ||||
| 7:7:10.1.2.3.44.1.356.5 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | A | Subpart A—Restrictions and Criteria for Export Credit Guarantee Programs | § 1493.5 Criteria for agricultural commodity allocations. | CCC | The criteria considered by CCC in determining U.S. Agricultural Commodity allocations within a specific country or regional allocation will include, but not be limited to, the following: (a) Potential benefits that the extension of Payment Guarantees would provide for the development, expansion or maintenance of the market in the importing country for the particular U.S. Agricultural Commodity under consideration; (b) The best use to be made of the Payment Guarantees in assisting the importing country in meeting its particular needs for food and fiber, as may be determined through consultations with private buyers and/or representatives of the government of the importing country; and (c) Evaluation, in terms of program purposes, of the relative benefits of providing Payment Guarantee coverage for sales of the U.S. Agricultural Commodity under consideration compared to providing coverage for sales of other U.S. Agricultural Commodities. | ||||
| 7:7:10.1.2.3.44.2.356.1 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | B | Subpart B—CCC Export Credit Guarantee Program (GSM-102) Operations | § 1493.10 General statement. | CCC | (a) Overview. The Export Credit Guarantee (GSM-102) Program of the Commodity Credit Corporation (CCC) was developed to expand U.S. Agricultural Commodity exports by making available Payment Guarantees to encourage U.S. private sector financing of foreign purchases of U.S. Agricultural Commodities on credit terms. The Payment Guarantee issued under GSM-102 is an agreement by CCC to pay the Exporter, or the U.S. Financial Institution that may take assignment of the Payment Guarantee, specified amounts of principal and interest in case of default by the Foreign Financial Institution that issued the Letter of Credit for the export sale covered by the Payment Guarantee. Under the GSM-102 program, maximum repayment terms may vary based on risk of default, as determined by CCC. The program operates in a manner intended not to interfere with markets for cash sales and is targeted toward those countries that have sufficient financial strength so that foreign exchange will be available for scheduled payments. In providing this program, CCC seeks to expand and/or maintain market opportunities for U.S. agricultural exporters and assist long-term market development for U.S. Agricultural Commodities. (b) Program administration. The GSM-102 program is administered under the direction of the General Sales Manager and Vice President of CCC, pursuant to this subpart, subpart A, and any Program Announcements issued by CCC. From time to time, CCC may issue a notice to participants on the USDA Web site to remind participants of the requirements of the GSM-102 program or to clarify the program requirements contained in these regulations in a manner not inconsistent with this subpart and subpart A. Program information, such as eligible U.S. Agricultural Commodities and approved U.S. and Foreign Financial Institutions, is available on the USDA Web site. (c) Country and regional program announcements. From time to time, CCC will issue a Program Announcement on the USDA Web site to announce a GSM-102 program for a specific country… | ||||
| 7:7:10.1.2.3.44.2.356.10 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | B | Subpart B—CCC Export Credit Guarantee Program (GSM-102) Operations | § 1493.100 Terms and requirements of the Payment Guarantee. | CCC | (a) CCC's obligation. The Payment Guarantee will provide that CCC agrees to pay the Holder of the Payment Guarantee an amount not to exceed the Guaranteed Value, plus Eligible Interest, in the event that the Foreign Financial Institution fails to pay under the Foreign Financial Institution Letter of Credit and, if applicable, the Terms and Conditions Document. Payment by CCC will be in U.S. dollars. (b) Period of guarantee coverage. (1) The Holder of the Payment Guarantee may, with respect to a series of shipments made within a 30 calendar day period, elect to have the Payment Guarantee coverage being on the Weighted Average Export Date for such shipments. The first allowable 30 calendar day period for bundling of shipments to compute the Weighted Average Export Date for such shipments begins on the first Date of Export for transactions covered by the Payment Guarantee. Shipments within each subsequent 30 calendar day period may be bundled with other shipments made within the same 30 calendar period to determine the Weighted Average Export Date for such shipments. (2)(i) The period of coverage under the Payment Guarantee begins on the earlier of the following dates and will continue during the credit term specified on the Payment Guarantee or any amendments thereto: (A) The Date(s) of Export or the Weighted Average Export Date(s), as selected by the Holder of the Payment Guarantee consistent with paragraph (b)(1) of this section; or (B) The date when Ordinary Interest begins to accrue, or the weighted average date when interest begins to accrue. (ii) However, the Payment Guarantee becomes effective on the Date(s) of Export of the U.S. Agricultural Commodities specified in the Exporter's application for the Payment Guarantee. (c) Terms of the CCC Payment Guarantee. The terms of CCC's coverage will be set forth in the Payment Guarantee, as approved by CCC, and will include the provisions of this subpart, which may be supplemented by any Program Announcements and notices to participants in effect at the … | ||||
| 7:7:10.1.2.3.44.2.356.11 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | B | Subpart B—CCC Export Credit Guarantee Program (GSM-102) Operations | § 1493.110 Guarantee fees. | CCC | (a) Guarantee fee rates. Payment Guarantee fee rates charged may be one of the following two types: (1) Those that are announced on the USDA Web site and are based upon the length of the payment terms provided for in the Firm Export Sales Contract, the degree of risk that CCC assumes, as determined by CCC, and any other factors which CCC determines appropriate for consideration. (2) Those where Exporters are invited to submit a competitive bid for coverage. If CCC determines to offer coverage on a competitive fee bid basis, instructions for bidding, and minimum fee rates, if applicable, will be made available on the USDA Web site. (b) Calculation of fee. The guarantee fee will be computed by multiplying the Guaranteed Value by the guarantee fee rate. (c) Payment of fee. The Exporter shall remit, with his application, the full amount of the guarantee fee. Applications will not be accepted until the guarantee fee has been received by CCC. The Exporter's wire transfer or check for the guarantee fee shall be made payable to CCC and be submitted in the manner specified on the USDA Web site. (d) Refunds of fee. Guarantee fees paid in connection with applications that are accepted by CCC will ordinarily not be refundable. Once CCC notifies an Exporter of acceptance of an application, the fee for that application will not be refunded unless the Director determines that such refund will be in the best interest of CCC, even if the Exporter withdraws the application prior to CCC's issuance of the Payment Guarantee. If CCC does not accept an application for a Payment Guarantee or accepts only part of the guarantee coverage requested, a full or pro rata refund of the fee will be made. | ||||
| 7:7:10.1.2.3.44.2.356.12 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | B | Subpart B—CCC Export Credit Guarantee Program (GSM-102) Operations | § 1493.120 Assignment of the Payment Guarantee. | CCC | (a) Requirements for assignment. The Exporter may assign the Payment Guarantee only to a U.S. Financial Institution approved for participation by CCC. The assignment must cover all amounts payable under the Payment Guarantee not already paid, may not be made to more than one party, and may not, unless approved in advance by CCC, be: (1) Made to one party acting for two or more parties, or (2) Subject to further assignment. (b) CCC to receive notice of assignment of payment guarantee. A notice of assignment signed by the parties thereto must be filed with CCC by the Assignee in the manner specified on the USDA Web site. The name and address of the Assignee must be included on the written notice of assignment. The notice of assignment should be received by CCC within 30 calendar days of the date of assignment. (c) Required certifications. (1) The U.S. Financial Institution must include the following certification on the notice of assignment: “I certify that: (i) [Name of Assignee] has verified that the Foreign Financial Institution, at the time of submission of the notice of assignment, is not present as an excluded party on the SAM list; and (ii) To the best of my knowledge and belief, the information provided pursuant to § 1493.40 has not changed and [name of Assignee] still meets all of the qualification requirements of § 1493.40.” (2) If the Assignee makes a false certification with respect to a Payment Guarantee, CCC may, in its sole discretion, in addition to any other action available as a matter of law, rescind and cancel the Payment Guarantee, reject the assignment of the Payment Guarantee, and/or commence legal action and/or administrative proceedings against the Assignee. (d) Notice of eligibility to receive assignment. In cases where a U.S. Financial Institution is determined to be ineligible to receive an assignment, in accordance with paragraph (e) of this section, CCC will provide notice thereof to the U.S. Financial Institution and to the Exporter issued the Payment Guarantee. (e) … | ||||
| 7:7:10.1.2.3.44.2.356.13 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | B | Subpart B—CCC Export Credit Guarantee Program (GSM-102) Operations | § 1493.130 Evidence of export. | CCC | (a) Report of export. The Exporter is required to provide CCC an evidence of export report for each shipment made under the Payment Guarantee. This report must include the following information: (1) Payment Guarantee number; (2) Evidence of export report number (e.g., Report 1, Report 2) reflecting the report's chronological order of submission under the particular Payment Guarantee; (3) Date of Export; (4) Destination country or region. If the sale was registered under a regional program, the Exporter must indicate the specific country or countries within the region to which the goods were shipped; (5) Exporter's sale number; (6) Exported Value; (7) Quantity; (8) A full description of the commodity exported, including the applicable six-digit Harmonized System commodity classification code; (9) Unit sales price received for the commodity exported and the Incoterms 2010 basis (e.g., FOB, CFR, CIF). Where the unit sales price at export differs from the unit sales price indicated in the Exporter's application for a Payment Guarantee, the Exporter is also required to submit a statement explaining the reason for the difference; (10) Description and value of Discounts and Allowances, if any; (11) The Exporter's statement, “All certifications set forth in 7 CFR 1493.140 are hereby being made by the Exporter in this Evidence of Export.” which, when included in the evidence of export by the Exporter, will constitute a certification that it is in compliance with all the requirements set forth in § 1493.140; and (12) In addition to all of the above information, the final evidence of export report for the Payment Guarantee must include the following: (i) The statement “Exports under the Payment Guarantee have been completed.” (ii) A statement summarizing the total quantity and value of the commodity exported under the Payment Guarantee (i.e., the cumulative totals on all numbered evidence of export reports). (b) Time limit for submission of evidence of export. (1) The Exporter must provide a written repor… | ||||
| 7:7:10.1.2.3.44.2.356.14 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | B | Subpart B—CCC Export Credit Guarantee Program (GSM-102) Operations | § 1493.140 Certification requirements for the evidence of export. | CCC | By providing the statement contained in § 1493.130(a)(11), the Exporter is certifying that the information provided in the evidence of export report is true and correct and, further, that all requirements set forth in this section have been met. The Exporter will be required to provide further explanation or documentation with regard to reports that do not include this statement. If the Exporter makes false certifications with respect to a Payment Guarantee, CCC will have the right, in addition to any other rights provided under this subpart or otherwise as a matter of law, to annul guarantee coverage for any commodities not yet exported and/or to commence legal action and/or administrative proceedings against the Exporter. The Exporter, in submitting the evidence of export and providing the statement set forth in § 1493.130(a)(11), certifies that: (a) The agricultural commodity or product exported under the Payment Guarantee is a U.S. Agricultural Commodity; (b) The U.S. Agricultural Commodity was shipped directly to the country or region specified on the Payment Guarantee; (c) There have not been any corrupt payments or extra sales services or other items extraneous to the transaction provided, financed, or guaranteed in connection with the export sale, and that the export sale complies with applicable United States law, including the Foreign Corrupt Practices Act of 1977 and other anti-bribery measures; (d) If the Exporter has not assigned the Payment Guarantee to a U.S. Financial Institution, the Exporter has verified that the Foreign Financial Institution, at the time of submission of the evidence of export report, is not present as an excluded party on the SAM list; (e) The transaction is an Eligible Export Sale; and (f) The information provided pursuant to §§ 1493.30 and 1493.70 has not changed (except as agreed to and amended by CCC) and the Exporter still meets all of the qualification requirements of § 1493.30. | ||||
| 7:7:10.1.2.3.44.2.356.15 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | B | Subpart B—CCC Export Credit Guarantee Program (GSM-102) Operations | § 1493.150 Proof of entry. | CCC | (a) Diversion. The diversion of U.S. Agricultural Commodities covered by a Payment Guarantee to a country or region other than that shown on the Payment Guarantee is prohibited, unless expressly authorized in writing by the Director. (b) Records of proof of entry. (1) Exporters must obtain and maintain records of an official or customary commercial nature that demonstrate the arrival of the U.S. Agricultural Commodities exported in connection with the GSM-102 program in the country or region that was the intended country or region of destination of such commodities. At the Director's request, the Exporter must submit to CCC records demonstrating proof of entry. Records demonstrating proof of entry must be in English or be accompanied by a certified or other translation acceptable to CCC. Records acceptable to meet this requirement include an original certification of entry signed by a duly authorized customs or port official of the importing country, by an agent or representative of the vessel or shipline that delivered the U.S. Agricultural Commodity to the importing country, or by a private surveyor in the importing country, or other documentation deemed acceptable by the Director showing: (i) That the U.S. Agricultural Commodity entered the importing country or region; (ii) The identification of the export carrier; (iii) The quantity of the U.S. Agricultural Commodity; (iv) The kind, type, grade and/or class of the U.S. Agricultural Commodity; and (v) The date(s) and place(s) of unloading of the U.S. Agricultural Commodity in the importing country or region. (2) Where shipping documents (e.g., bills of lading) clearly demonstrate that the U.S. Agricultural Commodities were shipped to the destination country or region, proof of entry verification may be provided by the Importer. | ||||
| 7:7:10.1.2.3.44.2.356.16 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | B | Subpart B—CCC Export Credit Guarantee Program (GSM-102) Operations | § 1493.160 Notice of default. | CCC | (a) Notice of default. If the Foreign Financial Institution issuing the Letter of Credit fails to make payment pursuant to the terms of the Letter of Credit or the Terms and Conditions Document, the Holder of the Payment Guarantee must submit a notice of default to CCC as soon as possible, but not later than 5 Business Days after the date that payment was due from the Foreign Financial Institution (the due date). A notice of default must be submitted in writing to CCC in the manner specified on the USDA Web site and must include the following information: (1) Payment Guarantee number; (2) Name of the country or region as shown on the Payment Guarantee; (3) Name of the defaulting Foreign Financial Institution; (4) Payment due date; (5) Total amount of the defaulted payment due, indicating separately the amounts for principal and Ordinary Interest, and including a copy of the repayment schedule with due dates, principal amounts and Ordinary Interest rates for each installment; (6) Date of the Foreign Financial Institution's refusal to pay, if applicable; (7) Reason for the Foreign Financial Institution's refusal to pay, if known, and copies of any correspondence with the Foreign Financial Institution regarding the default. (b) Failure to comply with time limit for submission. If the Holder of the Payment Guarantee fails to notify CCC of a default within 5 Business Days, CCC may deny the claim for that default. (c) Impact of a default on other existing Payment Guarantees. (1) In the event that a Foreign Financial Institution defaults under a Repayment Obligation, CCC may declare that such Foreign Financial Institution is no longer eligible to provide additional Letters of Credit under the GSM-102 Program. If CCC determines that such defaulting Foreign Financial Institution is no longer eligible for the GSM-102 Program, CCC shall provide written notice of such ineligibility to all Exporters and Assignees, if any, having Payment Guarantees covering transactions with respect to which the defaulting Forei… | ||||
| 7:7:10.1.2.3.44.2.356.17 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | B | Subpart B—CCC Export Credit Guarantee Program (GSM-102) Operations | § 1493.170 Claims for default. | CCC | (a) Filing a claim. A claim by the Holder of the Payment Guarantee for a defaulted payment will not be paid if it is made later than 180 calendar days from the due date of the defaulted payment. A claim must be submitted in writing to CCC in the manner specified on the USDA Web site. The claim must include the following documents and information: (1) An original cover document signed by the Holder of the Payment Guarantee and containing the following information: (i) Payment Guarantee number; (ii) A description of: (A) Any payments from or on behalf of the defaulting party or otherwise related to the defaulted payment that were received by the Exporter or the Assignee prior to submission of the claim; and (B) Any security, insurance, or collateral arrangements, whether or not any payment has been realized from such security, insurance, or collateral arrangement as of the time of claim, from or on behalf of the defaulting party or otherwise related to the defaulted payment. (iii) The following certifications: (A) A certification that the scheduled payment has not been received, listing separately scheduled principal and Ordinary Interest; (B) A certification of the amount of the defaulted payment, indicating separately the amounts for defaulted principal and Ordinary Interest; (C) A certification that all documents submitted under paragraph (a)(3) of this section are true and correct copies; and (D) A certification that all documents conforming with the requirements for payment under the Foreign Financial Institution Letter of Credit have been submitted to the negotiating bank or directly to the Foreign Financial Institution under such Letter of Credit. (2) An original instrument, in form and substance satisfactory to CCC, subrogating to CCC the respective rights of the Holder of the Payment Guarantee to the amount of payment in default under the applicable export sale. The instrument must reference the applicable Foreign Financial Institution Letter of Credit and, if applicable, the Terms and Conditi… | ||||
| 7:7:10.1.2.3.44.2.356.18 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | B | Subpart B—CCC Export Credit Guarantee Program (GSM-102) Operations | § 1493.180 Payment for default. | CCC | (a) Determination of CCC's liability. Upon receipt in good order of the information and documents required under § 1493.170, CCC will determine whether or not a default has occurred for which CCC is liable under the applicable Payment Guarantee. Such determination shall include, but not be limited to, CCC's determination that all documentation conforms to the specific requirements contained in this subpart, and that all documents submitted for payment conform to the requirements of the Letter of Credit and, if applicable, the Terms and Conditions Document. If CCC determines that it is liable to the Holder of the Payment Guarantee, CCC will pay the Holder of the Payment Guarantee in accordance with paragraphs (b) and (c) of this section. (b) Amount of CCC's liability. CCC's maximum liability for any claims submitted with respect to any Payment Guarantee, not including any CCC Late Interest payments due in accordance with paragraph (c) of this section, will be limited to the lesser of: (1) The Guaranteed Value as stated in the Payment Guarantee, plus Eligible Interest, less any payments received or funds realized from insurance, security or collateral arrangements prior to claim by the Exporter or the Assignee from or on behalf of the defaulting party or otherwise related to the obligation in default (other than payments between CCC, the Exporter or the Assignee); or (2) The guaranteed percentage (as indicated in the Payment Guarantee) of the Exported Value indicated in the evidence of export, plus Eligible Interest, less any payments received or funds realized from insurance, security or collateral arrangements prior to claim by the Exporter or the Assignee from or on behalf of the defaulting party or otherwise related to the obligation in default (other than payments between CCC, the Exporter or the Assignee). (c) CCC Late Interest. If CCC does not pay a claim within 15 Business Days of receiving the claim in good order, CCC Late Interest will accrue in favor of the Holder of the Payment Guarantee begin… | ||||
| 7:7:10.1.2.3.44.2.356.19 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | B | Subpart B—CCC Export Credit Guarantee Program (GSM-102) Operations | § 1493.190 Recovery of defaulted payments. | CCC | (a) Notification. Upon claim payment to the Holder of the Payment Guarantee, CCC will notify the Foreign Financial Institution of CCC's rights under the subrogation agreement to recover all monies in default. (b) Receipt of monies. (1) In the event that monies related to the obligation in default are recovered by the Exporter or the Assignee from or on behalf of the defaulting party, the Importer, or any source whatsoever (excluding payments among CCC, the Exporter, and the Assignee), such monies shall be immediately paid to CCC. Any monies derived from insurance or through the liquidation of any security or collateral after the claim is filed with CCC shall be deemed recoveries that must be paid to CCC. If such monies are not received by CCC within 15 Business Days from the date of recovery by the Exporter or the Assignee, such party will owe to CCC interest from the date of recovery to the date of receipt by CCC. This interest will be calculated at a rate equal to the latest average investment rate of the most recent Treasury 91-day bill auction, as announced by the Department of Treasury, in effect on the date of recovery and will accrue from such date to the date of payment by the Exporter or the Assignee to CCC. Such interest will be charged only on CCC's share of the recovery. If there has been no 91-day auction within 90 calendar days of the date interest begins to accrue, CCC will apply an alternative rate in a manner to be described on the USDA Web site. (2) If CCC recovers monies that should be applied to a Payment Guarantee for which a claim has been paid by CCC, CCC will pay the Holder of the Payment Guarantee its pro rata share, if any, provided that the required information necessary for determining pro rata distribution has been furnished. If a required payment is not made by CCC within 15 Business Days from the date of recovery or 15 business days from receiving the required information for determining pro rata distribution, whichever is later, CCC will pay interest calculated at a rate equa… | ||||
| 7:7:10.1.2.3.44.2.356.2 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | B | Subpart B—CCC Export Credit Guarantee Program (GSM-102) Operations | § 1493.20 Definition of terms. | CCC | Terms set forth in this subpart, on the USDA Web site (including in Program Announcements and notices to participants), and in any CCC-originated documents pertaining to the GSM-102 Program will have the following meanings: Affiliate. Entities are affiliates of each other if, directly or indirectly, either one controls or has the power to control the other or a third person controls or has the power to control both. Control may include, but is not limited to: Interlocking management or ownership; identity of interests among family members; shared facilities and equipment; or common use of employees. Assignee. A U.S. Financial Institution that has obtained the legal right to make a claim and receive the payment of proceeds under the Payment Guarantee. Business Day. A day during which employees of the U.S. Department of Agriculture in the Washington, DC metropolitan area are on official duty during normal business hours. CCC. The Commodity Credit Corporation, an agency and instrumentality of the United States within the Department of Agriculture, authorized pursuant to the Commodity Credit Corporation Charter Act (15 U.S.C. 714 et seq). CCC Late Interest. Interest payable by CCC pursuant to § 1493.180(c). Cost and Freight (CFR). A customary trade term for sea and inland waterway transport only, as defined by the International Chamber of Commerce, Incoterms 2010 (or as superseded). Cost Insurance and Freight (CIF). A customary trade term for sea and inland waterway transport only, as defined by the International Chamber of Commerce, Incoterms 2010 (or as superseded). Date of Export. One of the following dates, depending upon the method of shipment: The on-board date of an ocean bill of lading or the on-board ocean carrier date of an intermodal bill of lading; the on-board date of an airway bill; or, if exported by rail or truck, the date of entry shown on an entry certificate or similar document issued and signed by an official of the government of the importing country. Date of Sale. The earliest … | ||||
| 7:7:10.1.2.3.44.2.356.20 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | B | Subpart B—CCC Export Credit Guarantee Program (GSM-102) Operations | § 1493.191 Additional obligations and requirements. | CCC | (a) Maintenance of records, access to premises, and responding to CCC inquiries. For a period of five years after the date of expiration of the coverage of a Payment Guarantee, the Exporter and the Assignee, if applicable, must maintain and make available all records and respond completely to all inquiries pertaining to sales and deliveries of and extension of credit for U.S. Agricultural Commodities exported in connection with a Payment Guarantee, including those records generated and maintained by agents, Intervening Purchasers, and related companies involved in special arrangements with the Exporter. The Secretary of Agriculture and the Comptroller General of the United States, through their authorized representatives, must be given full and complete access to the premises of the Exporter and the Assignee, as applicable, during regular business hours from the effective date of the Payment Guarantee until the expiration of such five-year period to inspect, examine, audit, and make copies of the Exporter's, Assignee's, agent's, Intervening Purchaser's or related company's books, records and accounts concerning transactions relating to the Payment Guarantee, including, but not limited to, financial records and accounts pertaining to sales, inventory, processing, and administrative and incidental costs, both normal and unforeseen. During such period, the Exporter and the Assignee may be required to make available to the Secretary of Agriculture or the Comptroller General of the United States, through their authorized representatives, records that pertain to transactions conducted outside the program, if, in the opinion of the Director, such records would pertain directly to the review of transactions undertaken by the Exporter in connection with the Payment Guarantee. (b) Responsibility of program participants. It is the responsibility of all Exporters and U.S. and Foreign Financial Institutions to review, and fully acquaint themselves with, all regulations, Program Announcements, and notices to participants … | ||||
| 7:7:10.1.2.3.44.2.356.21 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | B | Subpart B—CCC Export Credit Guarantee Program (GSM-102) Operations | § 1493.192 Dispute resolution and appeals. | CCC | (a) Dispute resolution. (1) The Director and the Exporter or the Assignee will attempt to resolve any disputes, including any adverse determinations made by CCC, arising under the GSM-102 program, this subpart, the applicable Program Announcements and notices to participants, or the Payment Guarantee. (2) The Exporter or the Assignee may seek reconsideration of a determination made by the Director by submitting a letter requesting reconsideration to the Director within 30 calendar days of the date of the determination. For the purposes of this section, the date of a determination will be the date of the letter or other means of notification to the Exporter or the Assignee of the determination. The Exporter or the Assignee may include with the letter requesting reconsideration any additional information that it wishes the Director to consider in reviewing its request. The Director will respond to the request for reconsideration within 30 calendar days of the date on which the request or the final documentary evidence submitted by the Exporter or the Assignee is received by the Director, whichever is later, unless the Director extends the time permitted for response. If the Exporter or the Assignee fails to request reconsideration of a determination by the Director, then the determination of the Director will be deemed final. (3) If the Exporter or the Assignee requests reconsideration of a determination by the Director pursuant to paragraph (a)(2) of this section, and the Director upholds the original determination, then the Exporter or the Assignee may appeal the Director's final determination to the GSM in accordance with the procedures set forth in paragraph (b) of this section. If the Exporter or the Assignee fails to appeal the Director's final determination within 30 calendar days as provided in paragraph (b)(1) of this section, then the Director's decision becomes the final determination of CCC. (b) Appeal procedures. (1) An Exporter or Assignee that has exhausted the procedures set forth in paragrap… | ||||
| 7:7:10.1.2.3.44.2.356.22 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | B | Subpart B—CCC Export Credit Guarantee Program (GSM-102) Operations | § 1493.195 Miscellaneous provisions. | CCC | (a) Officials not to benefit. No member of or delegate to Congress, or Resident Commissioner, shall be admitted to any share or part of the Payment Guarantee or to any benefit that may arise therefrom, but this provision shall not be construed to extend to the Payment Guarantee if made with a corporation for its general benefit. (b) OMB control number assigned pursuant to the Paperwork Reduction Act. The information collection requirements contained in this part (7 CFR part 1493) 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 0551-0004. | ||||
| 7:7:10.1.2.3.44.2.356.3 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | B | Subpart B—CCC Export Credit Guarantee Program (GSM-102) Operations | § 1493.30 Information required for Exporter participation. | CCC | Exporters must apply and be approved by CCC to be eligible to participate in the GSM-102 Program. (a) Qualification requirements. To qualify for participation in the GSM-102 program, an applicant must submit the following information to CCC in the manner specified on the USDA Web site: (1) For the applicant: (i) The name and full U.S. address (including the full 9-digit zip code) of the applicant's office, along with an indication of whether the address is a business or private residence. A post office box is not an acceptable address. If the applicant has multiple offices, the address included in the information should be that which is pertinent to the GSM-102 export sales contemplated by the applicant; (ii) Dun and Bradstreet (DUNS) number; (iii) Employer Identification Number (EIN—also known as a Federal Tax Identification Number); (iv) Telephone and fax numbers; (v) Email address (if applicable); (vi) Business Web site (if applicable); (vii) Contact name; (viii) Statement indicating whether the applicant is a U.S. domestic entity or a foreign entity domiciled in the United States; and (ix) The form of business entity of the applicant (e.g., sole proprietorship, partnership, corporation, etc.) and the U.S. jurisdiction under which such entity is organized and authorized to conduct business. Such jurisdictions are a U.S. State, the District of Columbia, Puerto Rico, and the territories and possessions of the United States. Upon request by CCC, the applicant must provide written evidence that such entity has been organized in a U.S. State, the District of Columbia, Puerto Rico, or a territory or possession of the United States. (2) For the applicant's headquarters office: (i) The name and full address of the applicant's headquarters office. A post office box is not an acceptable address; and (ii) Telephone and fax numbers. (3) For the applicant's agent for the service of process: (i) The name and full U.S. address of the applicant's agent's office, along with an indication of whether the addres… | ||||
| 7:7:10.1.2.3.44.2.356.4 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | B | Subpart B—CCC Export Credit Guarantee Program (GSM-102) Operations | § 1493.40 Information required for U.S. Financial Institution participation. | CCC | U.S. Financial Institutions must apply and be approved by CCC to be eligible to participate in the GSM-102 Program. (a) Qualification requirements. To qualify for participation in the GSM-102 Program, a U.S. Financial Institution must submit the following information to CCC in the manner specified on the USDA Web site: (1) Legal name and address of the applicant; (2) Dun and Bradstreet (DUNS) number; (3) Employer Identification Number (EIN—also known as a Federal Tax Identification Number); (4) Year-end audited financial statements for the applicant's most recent fiscal year; (5) Breakdown of the applicant's ownership as follows: (i) Ten largest individual shareholders and ownership percentages; (ii) Percentage of government ownership, if any; and (iii) Identity of the legal entity or person with ultimate control or decision making authority, if other than the majority shareholder. (6) Organizational structure (independent, or a subsidiary, Affiliate, or branch of another financial institution); (7) Documentation from the applicable United States Federal or State agency demonstrating that the applicant is either licensed or chartered to do business in the United States; (8) Name of the agency that regulates the applicant and the name and telephone number of the primary contact for such regulator; and (9) A statement that: “All certifications set forth in 7 CFR 1493.60 are hereby made in this application” which, when included in the application, will constitute a certification that the applicant is in compliance with all of the requirements set forth in § 1493.60. The applicant will be required to provide further explanation or documentation if not in compliance with these requirements or if the application does not include this statement. (b) Qualification notification. CCC will notify applicants that have submitted information required by this section whether they have qualified to participate in the program or whether further information is required by CCC. Any applicant failing to qualify wil… | ||||
| 7:7:10.1.2.3.44.2.356.5 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | B | Subpart B—CCC Export Credit Guarantee Program (GSM-102) Operations | § 1493.50 Information required for Foreign Financial Institution participation. | CCC | Foreign Financial Institutions must apply and be approved by CCC to be eligible to participate in the GSM-102 Program. (a) Qualification requirements. To qualify for participation in the GSM-102 program, a Foreign Financial Institution must submit the following information to CCC in the manner specified on the USDA Web site: (1) Legal name and address of the applicant; (2) Year end, audited financial statements in accordance with the accounting standards established by the applicant's regulators, in English, for the applicant's three most recent fiscal years. If the applicant is not subject to a banking or other financial regulatory authority, year-end, audited financial statements in accordance with prevailing accounting standards, in English, for the applicant's three most recent fiscal years; (3) Breakdown of applicant's ownership as follows: (i) Ten largest individual shareholders and ownership percentages; (ii) Percentage of government ownership, if any; and (iii) Identity of the legal entity or person with ultimate control or decision making authority, if other than the majority shareholder. (4) Organizational structure (independent, or a subsidiary, Affiliate, or branch of another legal entity); (5) Name of foreign government agency that regulates the applicant; and (6) A statement that: “All certifications set forth in 7 CFR 1493.60 are hereby made in this application” which, when included in the application, will constitute a certification that the applicant is in compliance with all of the requirements set forth in § 1493.60. The applicant will be required to provide further explanation or documentation if not in compliance with these requirements or if the application does not include this statement. (b) Qualification notification. CCC will notify applicants that have submitted information required by this section whether they have qualified to participate in the program or whether further information is required by CCC. Any applicant failing to qualify will be given an opportunity to pr… | ||||
| 7:7:10.1.2.3.44.2.356.6 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | B | Subpart B—CCC Export Credit Guarantee Program (GSM-102) Operations | § 1493.60 Certifications required for program participation. | CCC | [79 FR 68596, Nov. 18, 2014, as amended at 84 FR 28186, June 18, 2019] | (a) When making the statement required by §§ 1493.30(a)(7), 1493.40(a)(9), or 1493.50(a)(6), each Exporter, U.S. Financial Institution and Foreign Financial Institution applicant for program participation is certifying that, to the best of its knowledge and belief: (1) The applicant and any of its principals (as defined in 2 CFR 180.995) are not presently debarred, suspended, proposed for debarment, declared ineligible, or excluded from covered transactions by any U.S. Federal department or agency; (2) The applicant and any of its principals (as defined in 2 CFR 180.995) have not within a three-year period preceding this application been convicted of or had a civil judgment rendered against them for commission of fraud or a criminal offense in connection with obtaining, attempting to obtain, or performing a public (Federal, State, or local) transaction or contract under a public transaction; violation of Federal or State antitrust statues or commission of embezzlement, theft, forgery, bribery, falsification or destruction of records, making false statements, or receiving stolen property; (3) The applicant and any of its principals (as defined in 2 CFR 180.995) are not presently indicted for or otherwise criminally or civilly charged by a governmental entity (Federal, State or local) with commission of any of the offenses enumerated in paragraph (a)(2) of this section; (4) The applicant and any of its principals (as defined in 2 CFR 180.995) have not within a three-year period preceding this application had one or more public transactions (Federal, State or local) terminated for cause or default; (5) The applicant does not have any outstanding nontax debt to the United States that is in delinquent status as provided in 31 CFR 285.13; (6) The applicant is not controlled by a person owing an outstanding nontax debt to the United States that is in delinquent status as provided in 31 CFR 285.13 (e.g., a corporation is not controlled by an officer, director, or shareholder who owes a debt); and (7) The applicant… | |||
| 7:7:10.1.2.3.44.2.356.7 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | B | Subpart B—CCC Export Credit Guarantee Program (GSM-102) Operations | § 1493.70 Application for Payment Guarantee. | CCC | (a) A Firm Export Sales Contract for an Eligible Export Sale must exist before an Exporter may submit an application for a Payment Guarantee. Upon request by CCC, the Exporter must provide evidence of a Firm Export Sales Contract. An application for a Payment Guarantee must be submitted in writing to CCC in the manner specified on the USDA Web site. An application must identify the name and address of the Exporter and include the following information: (1) Name of the destination country or region. If the destination is a region, indicate the country or countries within the region to which the U.S. Agricultural Commodity will be exported. (2) Name and address of the Importer. If the Importer is not physically located in the country or region of destination, it must have an Importer's Representative in the country or region of destination. If applicable, provide the name and address of the Importer's Representative. (3) A statement that the U.S. Agricultural Commodity will be shipped to the destination country or region. (4) Name and address of the party on whose request the Letter of Credit is issued, if other than the Importer. (5) Name and address of the Intervening Purchaser, if any. (6) Date of Sale. (7) Exporter's sale number. (8) Delivery period as agreed between the Exporter and the Importer. (9) A full description of the U.S. Agricultural Commodity (including packaging, if any). The description must include the applicable six-digit Harmonized System commodity classification code. The commodity grade and quality specified in the Exporter's application for the Payment Guarantee must correspond with the commodity grade and quality specified in the Firm Export Sales Contract and the Foreign Financial Institution Letter of Credit. (10) Mean quantity, contract loading tolerance and, if necessary, a request for CCC to reserve coverage up to the maximum quantity permitted. (11) Unit sales price of the U.S. Agricultural Commodity, or a mechanism to establish the price, as agreed between the Exporter and… | ||||
| 7:7:10.1.2.3.44.2.356.8 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | B | Subpart B—CCC Export Credit Guarantee Program (GSM-102) Operations | § 1493.80 Certification requirements for obtaining Payment Guarantee. | CCC | By providing the statement in § 1493.70(a)(18), the Exporter is certifying that the information provided in the application is true and correct and, further, that all requirements set forth in this section have been met. The Exporter will be required to provide further explanation or documentation with regard to applications that do not include this statement. If the Exporter makes false certifications with respect to a Payment Guarantee, CCC will have the right, in addition to any other rights provided under this subpart or otherwise as a matter of law, to revoke guarantee coverage for any commodities not yet exported and/or to commence legal action and/or administrative proceedings against the Exporter. The Exporter, in submitting an application for a Payment Guarantee and providing the statement set forth in § 1493.70(a)(18), certifies that: (a) The commodity or product covered by the Payment Guarantee is a U.S. Agricultural Commodity; (b) There have not been any corrupt payments or extra sales services or other items extraneous to the transaction provided, financed, or guaranteed in connection with the transaction, and the transaction complies with applicable United States law, including the Foreign Corrupt Practices Act of 1977 and other anti-bribery measures; (c) If the U.S. Agricultural Commodity is vegetable oil or a vegetable oil product, that none of the agricultural commodity or product has been or will be used as a basis for a claim of a refund, as drawback, pursuant to section 313 of the Tariff Act of 1930, 19 U.S.C. 1313, of any duty, tax or fee imposed under Federal law on an imported commodity or product; (d) At the time of submission of the application for Payment Guarantee, neither the Importer nor the Intervening Purchaser, if applicable, is present as an excluded party on the SAM list; (e) The Exporter is fully in compliance with the requirements of § 1493.130(b) for all existing Payment Guarantees issued to the Exporter or has requested and been granted an extension per § 1493.130(b)(3);… | ||||
| 7:7:10.1.2.3.44.2.356.9 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | B | Subpart B—CCC Export Credit Guarantee Program (GSM-102) Operations | § 1493.90 Special requirements of the Foreign Financial Institution Letter of Credit and the Terms and Conditions Document, if applicable. | CCC | (a) Permitted mechanisms to document special requirements. (1) A Foreign Financial Institution Letter of Credit is required in connection with the export sale to which CCC's Payment Guarantee pertains. (i) The Letter of Credit must stipulate presentation of at least one original clean on board bill of lading as a required document, unless: (A) The Exporter, or a related company previously reported to CCC by the Exporter pursuant to § 1493.30(a)(5), is named as the shipper on the clean on board bill of lading. If the Exporter or a related company is named the shipper on the bill of lading, the Letter of Credit may stipulate a copy or photocopy of an original clean on board bill of lading; or (B) The Letter of Credit stipulates presentation of electronic documents per paragraph (a)(1)(ii) of this section. (ii) If the Letter of Credit will allow for presentation of electronic documents, the Letter of Credit must so stipulate. (2) The use of a Terms and Conditions Document is optional. The Terms and Conditions Document, if any, must be specifically identified and referred to in the Foreign Financial Institution Letter of Credit. (3) The special requirements in paragraph (b) of this section must be documented in one of the two following ways: (i) The special requirements may be set forth in the Foreign Financial Institution Letter of Credit as a special instruction from the Foreign Financial Institution; or (ii) The special requirements may be set forth in a separate Terms and Conditions Document. (b) Special requirements. The following provisions are required and must be documented in accordance with paragraph (a) of this section: (1) The terms of the Repayment Obligation, including a specific promise by the Foreign Financial Institution issuing the Letter of Credit to pay the Repayment Obligation; (2) The following language: “In the event that the Commodity Credit Corporation (“CCC”) is subrogated to the position of the obligee hereunder, this instrument shall be governed by and construed in accordanc… | ||||
| 7:7:10.1.2.3.44.3.356.1 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | C | Subpart C—CCC Facility Guarantee Program (FGP) Operations | § 1493.200 General statement. | CCC | (a) Overview. The FGP of the Commodity Credit Corporation (CCC) was developed to expand U.S. agricultural commodity exports by making available payment guarantees to encourage U.S. private sector financing to establish or improve facilities or provide services or goods in emerging markets to improve handling, marketing, processing, storage, or distribution of imported agricultural commodities and products. Such guarantees will primarily promote the export of U.S. agricultural commodities. CCC will give priority to transactions that encourage privatization of the agricultural sector or that benefit private farms and cooperatives in emerging markets, and for which nongovernmental persons agree to assume a relatively larger share of costs. The payment guarantee issued under FGP is an agreement by CCC to pay the seller, or the U.S. financial institution that may take assignment of the payment guarantee, specified amounts of principal and interest in case of default by the foreign financial institution that issued the letter of credit for the sale covered by the payment guarantee. The program is targeted toward those countries that have sufficient financial strength so that foreign exchange will be available for scheduled payments. In providing this program, CCC seeks to expand and/or maintain market opportunities for U.S. agricultural exporters and producers and assist long-term market development for U.S. agricultural commodities. (b) Program administration. The FGP is administered under the direction of the General Sales Manager and Vice President, CCC, pursuant to this subpart, subpart A of this part, any program announcements issued by CCC, and, as applicable, the Organisation for Economic Co-operation and Development's (OECD) Arrangement on Officially Supported Export Credits. From time to time, CCC may issue a notice to participants on the USDA Web site to remind participants of the requirements of the FGP or to clarify the program requirements contained in these regulations in a manner not inconsistent wi… | ||||
| 7:7:10.1.2.3.44.3.356.10 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | C | Subpart C—CCC Facility Guarantee Program (FGP) Operations | § 1493.290 Terms and requirements of the payment guarantee. | CCC | (a) CCC's obligation. The payment guarantee will provide that CCC agrees to pay the holder of the payment guarantee an amount not to exceed the guaranteed value, plus Eligible interest, in the event that the foreign financial institution fails to pay under the foreign financial institution letter of credit and, if applicable, the terms and conditions document. Payment by CCC will be in U.S. dollars. (b) Period of guarantee coverage. The payment guarantee becomes effective on the Date(s) of Performance. For goods, the period of coverage will apply from the date on which interest begins to accrue, if earlier than the date of performance. The payment guarantee will apply to the period beginning with the Date(s) of Performance and will continue during the credit term specified in the payment guarantee or amendments thereto. (c) Terms of the CCC payment guarantee. The terms of CCC's coverage will be set forth in the payment guarantee, as approved by CCC, and will include the provisions of this subpart, which may be supplemented by any program announcements and notices to participants in effect at the time the payment guarantee is approved by CCC. (d) Final date of performance. The final allowable date of performance will be specified on the payment guarantee. (e) U.S. content test. (1) Except as allowed under § 1493.290(f), CCC will issue a payment guarantee only if the following items collectively represent less than 50 percent of the sum of the net contract value and the value of approved local costs: (i) The value of eligible non-U.S. goods; and (ii) The value of imported components. (2) Imported raw materials and basic manufactured items (such as iron, steel, nuts, bolts, etc.) which are processed, assembled or manufactured in the United States are automatically included in CCC's coverage and are not counted as imported components for the purpose of determining U.S. content. (f) Coverage waiver. (1) The seller may request a coverage waiver for any of the following: (i) To allow for guarantee c… | ||||
| 7:7:10.1.2.3.44.3.356.11 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | C | Subpart C—CCC Facility Guarantee Program (FGP) Operations | § 1493.300 Fees. | CCC | (a) Letter of interest fee. A letter of interest fee, as specified on the USDA Web site, must be received by CCC before CCC will consider the seller's letter of interest. (b) Initial application fee. An initial application fee, as specified on the USDA Web site, must be received by CCC before CCC will consider the seller's initial application for a payment guarantee. (c) Guarantee fee rates. Guarantee fee rates will be based upon the length of the payment terms provided for in the firm sales contract, the degree of risk that CCC assumes, as determined by CCC, and any other factors that CCC determines appropriate for consideration. (d) Calculation of guarantee fee. The guarantee fee will be computed by multiplying the guaranteed value by the guarantee fee rate. (e) Payment of guarantee fee. The seller shall remit, with his final application, the full amount of the guarantee fee, less the previously paid letter of interest fee, if applicable, and the initial application fee. CCC will not issue a payment guarantee until the full amount of the guarantee fee has been received by CCC. The seller's wire transfer or check for the guarantee fee shall be made payable to CCC and be submitted in the manner specified on the USDA Web site. (f) Refunds of fees. Letter of interest fees, initial application fees, and guarantee fees will ordinarily not be refundable unless the Director determines that such refund will be in the best interest of CCC. | ||||
| 7:7:10.1.2.3.44.3.356.12 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | C | Subpart C—CCC Facility Guarantee Program (FGP) Operations | § 1493.310 Assignment of the payment guarantee. | CCC | (a) Requirements for assignment. The seller may assign the payment guarantee only to a U.S. financial institution approved for participation by CCC. The assignment must cover all amounts payable under the payment guarantee not already paid, may not be made to more than one party, and, unless approved in advance by CCC, may not be: (1) Made to one party acting for two or more parties; or (2) Subject to further assignment. (b) CCC to receive notice of assignment of payment guarantee. A notice of assignment signed by the parties thereto must be filed with CCC by the assignee in the manner specified on the USDA Web site. The name and address of the assignee must be included on the written notice of assignment. The notice of assignment should be received by CCC within 30 calendar days of the date of assignment. (c) Required certifications. (1) The U.S. financial institution must include the following certifications on the notice of assignment: “I certify, that: (i) [Name of Assignee] has verified that the foreign financial institution, at the time of submission of the notice of assignment, does not appear as an excluded party on the SAM list; and (ii) To the best of my knowledge and belief, the information provided pursuant to § 1493.230 has not changed and [name of Assignee] still meets all of the qualification requirements of § 1493.230.” (2) If the assignee makes a false certification with respect to a payment guarantee, CCC may, in its sole discretion, in addition to any other action available as a matter of law, rescind and cancel the payment guarantee, reject the assignment of the payment guarantee, and/or commence legal action and/or administrative proceedings against the assignee. (d) Notice of ineligibility to receive assignment. In cases where a U.S. financial institution is determined to be ineligible to receive an assignment, in accordance with paragraph (e) of this section, CCC will provide notice thereof to the U.S. financial institution and to the seller issued the payment guarantee. (e… | ||||
| 7:7:10.1.2.3.44.3.356.13 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | C | Subpart C—CCC Facility Guarantee Program (FGP) Operations | § 1493.320 Evidence of performance. | CCC | (a) Report of performance. The seller is required to provide CCC an evidence of performance report for each contractual event occurring under the payment guarantee. This report must include the following information: (1) Payment guarantee number; (2) Evidence of performance report number ( e.g., Report 1, Report 2) reflecting the report's chronological order of submission under the particular payment guarantee; (3) Date of performance; (4) Seller's firm sales contract number; (5) Detailed description of the contractual event. For goods, include the applicable 10-digit Harmonized System classification code and the quantity; (6) Net contract value of the contractual event covered by the payment guarantee; (7) Amount of initial payment corresponding to the contractual event; (8) Description and value of discounts and allowances, if any; (9) Value of approved local costs corresponding to the contractual event, if any; (10) Total FGP transaction value; (11) Guaranteed value of contractual event; (12) The seller's statement, “All certifications set forth in § 1493.330 are hereby made by the seller in this evidence of performance” which, when included in the evidence of performance by the seller, will constitute a certification that it is in compliance with all the requirements set forth in § 1493.330; and (13) In addition to all of the above information, the final evidence of performance report for the payment guarantee must include the following: (i) The statement “All contractual events under the payment guarantee have been completed.” (ii) A statement summarizing the total value of all contractual events covered under the payment guarantee ( i.e., the cumulative totals on all numbered reports). (b) Time limit for submission of evidence of performance. (1) The seller must provide a written report to CCC in the manner specified on the USDA Web site within 30 calendar days from the date of performance. (2) If at any time the seller determines that no contractual events are to occur under a paymen… | ||||
| 7:7:10.1.2.3.44.3.356.14 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | C | Subpart C—CCC Facility Guarantee Program (FGP) Operations | § 1493.330 Certification requirements for the evidence of performance. | CCC | By providing the statement contained in § 1493.320(a)(12), the seller is certifying that the information provided in the evidence of performance report is true and correct and, further, that all requirements set forth in this section have been met. The seller will be required to provide further explanation or documentation with regard to reports that do not include this statement. If the seller makes false certifications with respect to a payment guarantee, CCC will have the right, in addition to any other rights provided under this subpart or otherwise as a matter of law, to annul guarantee coverage for any contractual events that have not yet occurred and/or to commence legal action and/or administrative proceedings against the seller. The seller, in submitting the evidence of performance and providing the statement set forth in § 1493.320(a)(12), certifies that: (a) The specifications and/or quantity of the contractual event conform with the information contained in the seller's application for payment guarantee and firm sales contract, or if different, CCC has approved such changes; (b) A foreign financial institution letter of credit has been opened in favor of the seller by the foreign financial institution shown on the payment guarantee to cover the dollar amount of the contractual event covered by the payment guarantee, less the initial payment and less discounts and allowances; (c) There have not been any corrupt payments or extra sales services or other items extraneous to the transaction provided, financed, or guaranteed in connection with the transaction, and that the transaction complies with applicable United States law, including the Foreign Corrupt Practices Act of 1977 and other anti-bribery measures; (d) If the seller has not assigned the payment guarantee to a U.S. financial institution, the seller has verified that the foreign financial institution, at the time of submission of the evidence of performance report, does not appear as an excluded party on the SAM list; and (e) The informatio… | ||||
| 7:7:10.1.2.3.44.3.356.15 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | C | Subpart C—CCC Facility Guarantee Program (FGP) Operations | § 1493.340 Proof of entry. | CCC | (a) Diversion. The diversion of goods covered by an FGP payment guarantee to a destination country other than that shown on the payment guarantee is prohibited, unless expressly authorized in writing by the Director. (b) Records of proof of entry. (1) Sellers must obtain and maintain records of an official or customary commercial nature that demonstrate the arrival of the goods sold in connection with the FGP in the destination country. At the Director's request, the seller must submit to CCC records demonstrating proof of entry. Records demonstrating proof of entry must be in English or be accompanied by a certified or other translation acceptable to CCC. Records acceptable to meet this requirement include an original certification of entry signed by a duly authorized customs or port official of the destination country, by an agent or representative of the vessel or shipline that delivered the goods to the destination country, or by a private surveyor in the destination country, or other documentation deemed acceptable by the Director showing: (i) That the good(s) entered the destination country; (ii) The identification of the export carrier; (iii) The quantity of the good(s); (iv) A description of the good(s); and (v) The date(s) and place(s) of unloading of the good(s) in the destination country. (2) Where shipping documents ( e.g., bills of lading) clearly demonstrate that the goods were shipped to the destination country, proof of entry verification may be provided by the buyer. | ||||
| 7:7:10.1.2.3.44.3.356.16 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | C | Subpart C—CCC Facility Guarantee Program (FGP) Operations | § 1493.350 Notice of default. | CCC | (a) Notice of default. If the foreign financial institution issuing the letter of credit fails to make payment pursuant to the terms of the letter of credit or the terms and conditions document, the holder of the payment guarantee must submit a notice of default to CCC as soon as possible, but not later than 5 business days after the date that payment was due from the foreign financial institution (the due date). A notice of default must be submitted in writing to CCC in the manner specified on the USDA Web site and must include the following information: (1) Payment guarantee number; (2) Name of the destination country as shown on the payment guarantee; (3) Name of the defaulting foreign financial institution; (4) Payment due date; (5) Total amount of the defaulted payment due, indicating separately the amounts for principal and ordinary interest, and including a copy of the repayment schedule with due dates, principal amounts and ordinary interest rates for each installment; (6) Date of foreign financial institution's refusal to pay, if applicable; (7) Reason for foreign financial institution's refusal to pay, if known, and copies of any correspondence with the foreign financial institution regarding the default. (b) Failure to comply with time limit for submission. If the holder of the payment guarantee fails to notify CCC of a default within 5 business days, CCC may deny the claim for that default. (c) Impact of a default on other existing payment guarantees. (1) In the event that a foreign financial institution defaults under a repayment obligation under this subpart or under 7 CFR 1493, subpart B, CCC may declare that such foreign financial institution is no longer eligible to provide additional Letters of Credit under the FGP. If CCC determines that such defaulting foreign financial institution is no longer eligible for the FGP, CCC shall provide written notice of such ineligibility to all sellers and assignees, if any, having payment guarantees covering transactions with respect to which th… | ||||
| 7:7:10.1.2.3.44.3.356.17 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | C | Subpart C—CCC Facility Guarantee Program (FGP) Operations | § 1493.360 Claims for default. | CCC | (a) Filing a claim. A claim by the holder of the payment guarantee for a defaulted payment will not be paid if it is made later than 180 calendar days from the due date of the defaulted payment. A claim must be submitted in writing to CCC in the manner specified on the USDA Web site. The claim must include the following documents and information: (1) An original cover letter signed by the holder of the payment guarantee and containing the following information: (i) Payment guarantee number; (ii) A description of: (A) Any payments from or on behalf of the defaulting party or otherwise related to the defaulted payment that were received by the seller or the assignee prior to submission of the claim; and (B) Any security, insurance, or collateral arrangements, whether or not any payment has been realized from such security, insurance, or collateral arrangement as of the time of claim, from or on behalf of the defaulting party or otherwise related to the defaulted payment. (iii) The following certifications: (A) A certification that the defaulted payment has not been received (or, alternatively, specifying the portion of the scheduled payment that has not been received), listing separately scheduled principal and ordinary interest; (B) A certification of the amount of the defaulted payment, indicating separately the amounts for defaulted principal and ordinary interest; (C) A certification that all documents submitted under paragraph (a)(3) of this section are true and correct copies; and (D) A certification that all documents conforming with the requirements for payment under the foreign financial institution letter of credit have been submitted to the negotiating bank or directly to the foreign financial institution under such letter of credit. (2) An original instrument, in form and substance satisfactory to CCC, subrogating to CCC the respective rights of the holder of the payment guarantee to the amount of payment in default under the applicable sale. The instrument must reference the applicable for… | ||||
| 7:7:10.1.2.3.44.3.356.18 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | C | Subpart C—CCC Facility Guarantee Program (FGP) Operations | § 1493.370 Payment for default. | CCC | (a) Determination of CCC's liability. Upon receipt in good order of the information and documents required under § 1493.360, CCC will determine whether or not a default has occurred for which CCC is liable under the applicable payment guarantee. Such determination shall include, but not be limited to, CCC's determination that all documentation conforms to the specific requirements contained in this subpart, and that all documents submitted for payment conform to the requirements of the letter of credit and, if applicable, the terms and conditions document. If CCC determines that it is liable to the holder of the payment guarantee, CCC will pay the holder of the payment guarantee in accordance with paragraphs (b) and (c) of this section. (b) Amount of CCC's liability. CCC's maximum liability for any claims submitted with respect to any payment guarantee, not including any CCC late interest Payments due in accordance with paragraph (c) of this section, will be limited to the lesser of: (1) The guaranteed value as stated in the payment guarantee, plus Eligible interest, less any payments received or funds realized from insurance, security or collateral arrangements prior to claim by the seller or the assignee from or on behalf of the defaulting party or otherwise related to the obligation in default (other than payments between CCC, the seller or the assignee); or (2) The guaranteed percentage (as indicated in the payment guarantee) of the value of the contractual event indicated in the evidence of performance, plus eligible interest, less any payments received or funds realized from insurance, security or collateral arrangements prior to claim by the seller or the assignee from or on behalf of the defaulting party or otherwise related to the obligation in default (other than payments between CCC, the seller or the assignee). (c) CCC late interest. If CCC does not pay a claim within 15 business days of receiving the claim in good order, CCC late interest will accrue in favor of the holder of the payment gu… | ||||
| 7:7:10.1.2.3.44.3.356.19 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | C | Subpart C—CCC Facility Guarantee Program (FGP) Operations | § 1493.380 Recovery of defaulted payments. | CCC | (a) Notification. Upon claim payment to the holder of the payment guarantee, CCC will notify the foreign financial institution of CCC's rights under the subrogation agreement to recover all monies in default. (b) Receipt of monies. (1) In the event that monies related to the obligation in default are recovered by the seller or the assignee from or on behalf of the defaulting party, the buyer, or any source whatsoever (excluding payments between CCC, the seller and the assignee), such monies shall be immediately paid to CCC. Any monies derived from insurance or through the liquidation of any security or collateral after the claim is filed with CCC shall be deemed recoveries that must be paid by the seller and/or assignee to CCC. If such monies are not received by CCC within 15 business days from the date of recovery by the seller or the assignee, such party will also owe to CCC interest from the date of recovery of such funds to the date of CCC's receipt of such funds. This interest will be calculated at a rate equal to the latest average investment rate of the most recent Treasury 91-day bill auction, as announced by the Department of Treasury, in effect on the date of recovery and will accrue from such date to the date of payment by the seller or the assignee to CCC. Such interest will be charged only on CCC's share of the recovery. If there has been no 91-day auction within 90 calendar days of the date interest begins to accrue, CCC will apply an alternative rate in a manner to be described on the USDA Web site. (2) If CCC recovers monies that should be applied to a payment guarantee for which a claim has been paid by CCC, CCC will pay the holder of the payment guarantee its pro rata share if any, provided that the required information necessary for determining pro rata distribution has been furnished. If a required payment is not made by CCC within 15 business days from the date of recovery or 15 business days from receiving the required information for determining pro rata distribution, whichever is lat… | ||||
| 7:7:10.1.2.3.44.3.356.2 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | C | Subpart C—CCC Facility Guarantee Program (FGP) Operations | § 1493.210 Definition of terms. | CCC | Terms set forth in this part, on the USDA Web site (including in program announcements and notices to participants), and in any CCC-originated documents pertaining to the FGP will have the following meanings: Affiliate. Entities are affiliates of each other if, directly or indirectly, either one controls or has the power to control the other, or a third person controls or has the power to control both. Control may include, but is not limited to: Interlocking management or ownership; identity of interests among family members; shared facilities and equipment; or common use of employees. Assignee. A U.S. financial institution that has obtained the legal right to make a claim and receive the payment of proceeds under the payment guarantee. Business day. A day during which employees of the U.S. Department of Agriculture in the Washington, DC metropolitan area are on official duty during normal business hours. Buyer. A foreign purchaser that enters into a firm sales contract with a seller for the sale of goods to be shipped to the destination country and/or U.S. services to be provided in the destination country. Buyer's representative. An entity having a physical office that is either organized under the laws of or registered to do business in the destination country specified in the payment guarantee and that is authorized to act on the buyer's behalf with respect to the sale described in the firm sales contract. CCC. The Commodity Credit Corporation, an agency and instrumentality of the United States within the Department of Agriculture, authorized pursuant to the Commodity Credit Corporation Charter Act (15 U.S.C. 714 et seq. ). CCC late interest. Interest payable by CCC pursuant to § 1493.370(c). Contractual event. A specific deliverable (activity or milestone) measured by objective or quantifiable methods within the firm sales contract which, when met by the seller, results in an obligation to make payment in accordance with the agreed contractual terms without recourse, and triggers the start o… | ||||
| 7:7:10.1.2.3.44.3.356.20 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | C | Subpart C—CCC Facility Guarantee Program (FGP) Operations | § 1493.385 Additional obligations and requirements. | CCC | (a) Maintenance of records and access to premises, and responding to CCC inquiries. For a period of five years after the date of expiration of the coverage of a payment guarantee, the seller and the assignee, if applicable, must maintain and make available all records and respond completely to all inquiries pertaining to sales and deliveries of and extension of credit for goods and services sold in connection with a payment guarantee, including those records generated and maintained by agents and related companies involved in special arrangements with the seller. The Secretary of Agriculture and the Comptroller General of the United States, through their authorized representatives, must be given full and complete access to the premises of the seller and the assignee, as applicable, during regular business hours from the effective date of the payment guarantee until the expiration of such five-year period to inspect, examine, audit, and make copies of the seller's, assignee's, agent's, or related company's books, records and accounts concerning transactions relating to the payment guarantee, including, but not limited to, financial records and accounts pertaining to sales, inventory, processing, and administrative and incidental costs, both normal and unforeseen. During such period, the seller and the assignee may be required to make available to the Secretary of Agriculture or the Comptroller General of the United States, through their authorized representatives, records that pertain to transactions conducted outside the program, if, in the opinion of the Director, such records would pertain directly to the review of transactions undertaken by the seller in connection with the payment guarantee. (b) Responsibility of program participants. It is the responsibility of all sellers and U.S. and foreign financial institutions to review, and fully acquaint themselves with, all regulations, program announcements, and notices to participants relating to the FGP, as applicable. All sellers and U.S. and foreign financ… | ||||
| 7:7:10.1.2.3.44.3.356.21 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | C | Subpart C—CCC Facility Guarantee Program (FGP) Operations | § 1493.390 Dispute resolution and appeals. | CCC | (a) Dispute resolution. (1) The Director and the seller or the assignee will attempt to resolve any disputes, including any adverse determinations made by CCC, arising under the FGP, this subpart, the applicable program announcements and notices to participants, or the payment guarantee. (2) The seller or the assignee may seek reconsideration of a determination made by the Director by submitting a letter requesting reconsideration to the Director within 30 calendar days of the date of the determination. For the purposes of this section, the date of a determination will be the date of the letter or other means of notification to the seller or the assignee of the determination. The seller or the assignee may include with the letter requesting reconsideration any additional information that it wishes the Director to consider in reviewing its request. The Director will respond to the request for reconsideration within 30 calendar days of the date on which the request or the final documentary evidence submitted by the seller or the assignee is received by the Director, whichever is later, unless the Director extends the time permitted for response. If the seller or the assignee fails to request reconsideration of a determination by the Director within 30 calendar days of the date of the determination, then the determination of the Director will be deemed final. (3) If the seller or the assignee requests reconsideration of a determination by the Director pursuant to subparagraph (a)(2) of this section, and the Director upholds the original determination, then the seller or the assignee may appeal the Director's final determination to the GSM in accordance with the procedures set forth in paragraph (b) of this section. If the seller or the assignee fails to appeal the Director's final determination within 30 calendar days, as provided in § 1493.390(b)(1), then the Director's decision becomes the final determination of CCC. (b) Appeal procedures. (1) A seller or assignee that has exhausted the procedures set forth… | ||||
| 7:7:10.1.2.3.44.3.356.22 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | C | Subpart C—CCC Facility Guarantee Program (FGP) Operations | § 1493.395 Miscellaneous provisions. | CCC | (a) Officials not to benefit. No member of or delegate to Congress, or Resident Commissioner, shall be admitted to any share or part of the payment guarantee or to any benefit that may arise therefrom, but this provision shall not be construed to extend to the payment guarantee if made with a corporation for its general benefit. (b) OMB control number assigned pursuant to the Paperwork Reduction Act. The information collection requirements contained in this part (7 CFR part 1493) 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 0551-0032. | ||||
| 7:7:10.1.2.3.44.3.356.3 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | C | Subpart C—CCC Facility Guarantee Program (FGP) Operations | § 1493.220 Information required for seller participation. | CCC | (a) Qualification requirements. Sellers must apply and be approved by CCC to be eligible to participate in the FGP. To qualify for participation in the FGP, an applicant must submit the following information to CCC in the manner specified on the USDA Web site: (1) For the applicant: (i) The name and full U.S. address (including the full 9-digit zip code) of the applicant's office, along with an indication of whether the address is a business or private residence. A post office box is not an acceptable address. If the applicant has multiple offices, the address included in the information should be that which is pertinent to the FGP sales contemplated by the applicant; (ii) Dun and Bradstreet (DUNS) number; (iii) Employer Identification Number (EIN—also known as a Federal Tax Identification Number); (iv) Telephone and fax numbers; (v) Email address (if applicable); (vi) Business Web site (if applicable); (vii) Contact name; (viii) Statement indicating whether the applicant is a U.S. domestic entity or a foreign entity domiciled in the United States; and (ix) The form of business entity of the applicant, ( e.g., sole proprietorship, partnership, corporation, etc.) and the U.S. jurisdiction under which such entity is organized and authorized to conduct business. Such jurisdictions are a U.S. State, the District of Columbia, Puerto Rico, and the territories or possessions of the United States. Upon request by CCC, the applicant must provide written evidence that such entity has been organized in a U.S. State, the District of Columbia, Puerto Rico, or a territory or possession of the United States. (2) For the applicant's headquarters office: (i) The name and full address of the applicant's headquarters office (a post office box is not an acceptable address); and (ii) Telephone and fax numbers. (3) For the applicant's agent for the service of process: (i) The name and full U.S. address of the applicant's agent's office, along with an indication of whether the address is a business or private residenc… | ||||
| 7:7:10.1.2.3.44.3.356.4 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | C | Subpart C—CCC Facility Guarantee Program (FGP) Operations | § 1493.230 Information required for U.S. financial institution participation. | CCC | (a) Qualification requirements. U.S. financial institutions must apply and be approved by CCC to be eligible to participate in the FGP. To qualify for participation in the FGP, a U.S. financial institution must submit the following information to CCC in the manner specified on the USDA Web site: (1) Legal name and address of the applicant; (2) Dun and Bradstreet (DUNS) number; (3) Employer Identification Number (EIN—also known as a Federal Tax Identification Number); (4) Year-end audited financial statements for the applicant's most recent fiscal year; (5) Breakdown of the applicant's ownership as follows: (i) Ten largest individual shareholders and ownership percentages; (ii) Percentage of government ownership, if any; and (iii) Identity of the legal entity or person with ultimate control or decision making authority, if other than the majority shareholder. (6) Organizational structure (independent, or a subsidiary, affiliate, or branch of another financial institution); (7) Documentation from the applicable United States Federal or State agency demonstrating that the applicant is either licensed or chartered to do business in the United States; (8) Name of the agency that regulates the applicant and the name and telephone number of the primary contact for such regulator; and (9) A statement that: “All certifications set forth in 7 CFR 1493.250 are hereby made in this application” which, when included in the application, will constitute a certification that the applicant is in compliance with all of the requirements set forth in § 1493.250. The applicant will be required to provide further explanation or documentation if not in compliance with these requirements or if the application does not include this statement. (b) Qualification notification. CCC will notify applicants that have submitted information required by this section whether they have qualified to participate in the program or whether further information is required by CCC. Any applicant failing to qualify will be given an opportuni… | ||||
| 7:7:10.1.2.3.44.3.356.5 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | C | Subpart C—CCC Facility Guarantee Program (FGP) Operations | § 1493.240 Information required for foreign financial institution participation. | CCC | (a) Qualification requirements. Foreign financial institutions must apply and be approved by CCC to be eligible to participate in the FGP. To qualify for participation in the FGP, a foreign financial institution must submit the following information to CCC in the manner specified on the USDA Web site: (1) Legal name and address of the applicant; (2) Year-end, audited financial statements in accordance with the accounting standards established by the applicant's regulators, in English, for the applicant's three most recent fiscal years. If the applicant is not subject to a banking or other financial regulatory authority, year-end, audited financial statements in accordance with prevailing accounting standards, in English, for the applicant's three most recent fiscal years; (3) Breakdown of applicant's ownership as follows: (i) Ten largest individual shareholders and ownership percentages; (ii) Percentage of government ownership, if any; and (iii) Identity of the legal entity or person with ultimate control or decision making authority, if other than the majority shareholder. (4) Organizational structure (independent, or a subsidiary, affiliate, or branch of another legal entity); (5) Name of foreign government agency that regulates the applicant; and (6) A statement that: “All certifications set forth in 7 CFR 1493.250 are hereby made in this application” which, when included in the application, will constitute a certification that the applicant is in compliance with all of the requirements set forth in § 1493.250. The applicant will be required to provide further explanation or documentation if not in compliance with these requirements or if the application does not include this statement. (b) Qualification notification. CCC will notify applicants that have submitted information required by this section whether they have qualified to participate in the program or whether further information is required by CCC. Any applicant failing to qualify will be given an opportunity to provide additional inform… | ||||
| 7:7:10.1.2.3.44.3.356.6 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | C | Subpart C—CCC Facility Guarantee Program (FGP) Operations | § 1493.250 Certifications required for program participation. | CCC | [81 FR 65515, Sept. 22, 2016, as amended at 84 FR 28186, June 18, 2019] | (a) When making the statement required by §§ 1493.220(a)(7), 1493.230(a)(9), or 1493.240(a)(6), each seller, U.S. financial institution and foreign financial institution applicant for program participation is certifying that, to the best of its knowledge and belief: (1) The applicant and any of its principals (as defined in 2 CFR 180.995) are not presently debarred, suspended, proposed for debarment, declared ineligible, or excluded from covered transactions by any U.S. Federal department or agency; (2) The applicant and any of its principals (as defined in 2 CFR 180.995) have not within a three-year period preceding this application been convicted of or had a civil judgment rendered against them for commission of fraud or a criminal offense in connection with obtaining, attempting to obtain, or performing a public (Federal, State, or local) transaction or contract under a public transaction; violation of Federal or State antitrust statues or commission of embezzlement, theft, forgery, bribery, falsification or destruction of records, making false statements, or receiving stolen property; (3) The applicant and any of its principals (as defined in 2 CFR 180.995) are not presently indicted for or otherwise criminally or civilly charged by a governmental entity (Federal, State or local) with commission of any of the offenses enumerated in paragraph (a)(2) of this section; (4) The applicant and any of its principals (as defined in 2 CFR 180.995) have not within a three-year period preceding this application had one or more public transactions (Federal, State or local) terminated for cause or default; (5) The applicant does not have any outstanding nontax debt to the United States that is in delinquent status as provided in 31 CFR 285.13; (6) The applicant is not controlled by a person owing an outstanding nontax debt to the United States that is in delinquent status as provided in 31 CFR 285.13 ( e.g., a corporation is not controlled by an officer, director, or shareholder who owes such a debt); and (7) The a… | |||
| 7:7:10.1.2.3.44.3.356.7 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | C | Subpart C—CCC Facility Guarantee Program (FGP) Operations | § 1493.260 Application for payment guarantee. | CCC | (a) Letter of interest. Prior to submitting an initial application for a payment guarantee in accordance with paragraph (b) of this section, the seller may, solely at the seller's option, submit a letter of interest to CCC describing a transaction for which FGP coverage may be sought. The letter of interest must contain all of the information specified on the USDA Web site and must be accompanied by a completed preliminary environmental and social screening document. A letter of interest fee, which will be specified on the USDA Web site, must accompany the letter of interest. CCC will review the letter of interest and provide preliminary feedback to the seller on whether the transaction may be eligible for coverage under the FGP. However, CCC's determination whether to issue a payment guarantee will be based on the seller's applications submitted pursuant to paragraphs (b) and (d) of this section. (b) Initial application for payment guarantee. A firm sales contract must exist before a seller may submit an initial application for a payment guarantee. An initial application for a payment guarantee must be submitted in writing to CCC in the manner specified on the USDA Web site, and be accompanied by the application fee in accordance with § 1493.300(b). Each initial application for a payment guarantee must also include a completed Preliminary Environmental and Social Screening Document. If the seller previously submitted the screening document with a letter of interest, the seller is required to re-submit it with the initial application only if revisions are needed to the screening document. An initial application must identify the name and address of the seller and include the following information: (1) Destination country. (2) The name and address of the buyer. If the buyer is not physically located in the destination country, it must have a buyer's representative in the destination country taking receipt of the goods and services covered by the payment guarantee. If applicable, provide the name and address… | ||||
| 7:7:10.1.2.3.44.3.356.8 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | C | Subpart C—CCC Facility Guarantee Program (FGP) Operations | § 1493.270 Certification requirements for obtaining payment guarantee. | CCC | By providing the statement in § 1493.260(d)(12), the seller is certifying that the information provided in the initial and final applications is true and correct and, further, that all requirements set forth in this section have been met. The seller will be required to provide further explanation or documentation with regard to final applications that do not include this statement. If the seller makes false certifications with respect to a payment guarantee, CCC will have the right, in addition to any other rights provided under this subpart or otherwise as a matter of law, to revoke guarantee coverage for any goods not yet exported and services not yet performed and/or to commence legal action and/or administrative proceedings against the seller. The seller, in submitting an application for a payment guarantee and providing the statement set forth in § 1493.260(d)(12), certifies that: (a) There have not been any corrupt payments or extra sales services or other items extraneous to the transaction provided, financed, or guaranteed in connection with the transaction, and the transaction complies with applicable United States law, including the Foreign Corrupt Practices Act of 1977 and other anti-bribery measures; (b) At the time of submission of the final application for payment guarantee, the buyer does not appear as an excluded party on the SAM list; (c) The seller is fully in compliance with the requirements of § 1493.320(b) for all existing payment guarantees issued to the seller or has requested and been granted an extension per § 1493.320(b)(3); and (d) The information provided pursuant to § 1493.220 has not changed and the seller still meets all of the qualification requirements of § 1493.220. | ||||
| 7:7:10.1.2.3.44.3.356.9 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | C | Subpart C—CCC Facility Guarantee Program (FGP) Operations | § 1493.280 Special requirements of the foreign financial institution letter of credit and the terms and conditions document, if applicable. | CCC | (a) Permitted mechanisms to document special requirements. (1) A foreign financial institution letter of credit is required in connection with the sale to which CCC's payment guarantee pertains. (i) If the obligation to pay by the foreign financial institution is conditioned on shipment documentation, the letter of credit must stipulate presentation of at least one original clean on board bill of lading as a required document, unless: (A) The seller, or a related company previously reported to CCC by the seller pursuant to 1493.220(a)(5), is named as the shipper on the clean, on-board bill of lading. If the seller or a related company is named the shipper on the bill of lading, the letter of credit may stipulate a copy or photocopy of an original, clean, on-board bill of lading; or (B) The letter of credit stipulates presentation of electronic documents per paragraph (a)(1)(ii) of this section. (ii) If the letter of credit will allow for presentation of electronic documents, the letter of credit must so stipulate. (iii) If the obligation to pay by the foreign financial institution is conditioned on a contractual event requiring other than shipment documentation, the contractual event must be clearly stipulated in either the letter of credit or the terms and conditions document. (2) The use of a terms and conditions document is optional. The terms and conditions document, if any, must be specifically identified and referred to in the foreign financial institution letter of credit. (3) The special requirements in paragraph (b) of this section must be documented in one of the two following ways: (i) The special requirements may be set forth in the foreign financial institution letter of credit as a special instruction from the foreign financial institution; or (ii) The special requirements may be set forth in a separate terms and conditions document. (b) Special requirements. The following provisions are required and must be documented in accordance with paragraph (a) of this section: (1) The terms of… | ||||
| 7:7:10.1.2.3.44.4.356.1 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | D | Subpart D—CCC Supplier Credit Guarantee Program Operations | § 1493.400 General statement. | CCC | (a) Overview. (1) This subpart contains the regulations governing the operations of the Supplier Credit Guarantee Program (SCGP). The restrictions and criteria set forth at subpart A for the Commodity Credit Corporation (CCC) Export Credit Guarantee Program (GSM-102) and the Intermediate Credit Guarantee Program (GSM-103) will apply to this subpart. The SCGP was developed to expand U.S. agricultural exports by making available payment guarantees to encourage U.S. exporters to extend financing on credit terms of not more than 180 days to importers of U.S. agricultural commodities. (2) The SCGP operates in cases where credit is necessary to increase or maintain U.S. exports to a foreign market and where private U.S. exporters would be unwilling to provide financing without CCC's guarantee. The program is operated in a manner intended not to interfere with markets for cash sales. The program is targeted toward those countries where the guarantees are necessary to secure financing of the exports but which have sufficient financial strength so that foreign exchange will be available for scheduled payments. In providing this credit guarantee facility, CCC seeks to expand market opportunities for U.S. agricultural exporters and assist long-term market development for U.S. agricultural commodities. (3) The credit facility created by this program is the SCGP payment guarantee (payment guarantee). The payment guarantee is an agreement by CCC to pay the exporter, or the U.S. financial institution that may take assignment of the exporter's right to proceeds, specified amounts of principal and, where applicable, interest due from, but not paid by, the importer incurring the obligation in connection with the export sale to which CCC's guarantee coverage pertains. By approving an exporter's application for a payment guarantee, CCC encourages private sector, rather than government, financing and incurs a substantial portion of the risk of default by the importer. CCC assumes this risk, in order to be able to operate the prog… | ||||
| 7:7:10.1.2.3.44.4.356.10 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | D | Subpart D—CCC Supplier Credit Guarantee Program Operations | § 1493.490 Proof of entry. | CCC | (a) Diversion. The diversion of commodities covered by a SCGP payment guarantee to a country other than that shown on the payment guarantee is prohibited, unless expressly authorized by the GSM. (b) Records of proof of entry. Exporters must obtain and maintain records of an official or customary commercial nature and grant authorized USDA officials access to such documents or records as may be necessary to demonstrate the arrival of the agricultural commodities exported in connection with the SCGP in the country that was the intended country of destination of such commodities. Records demonstrating proof of entry must be in English or be accompanied by a certified or other translation acceptable to CCC. Records acceptable to meet this requirement include an original certification of entry signed by a duly authorized customs or port official of the importing country, by the importer, by an agent or representative of the vessel or shipline which delivered the agricultural commodity to the importing country, or by a private surveyor in the importing country, or other documentation deemed acceptable by the GSM showing: (1) That the agricultural commodity entered the importing country; (2) The identification of the export carrier; (3) The quantity of the agricultural commodity; (4) The kind, type, grade and/or class of the agricultural commodity; and (5) The date(s) and place(s) of unloading of the agricultural commodity in the importing country. (Records of proof of entry need not be submitted with a claim for loss, except as may be provided in § 1493.500(b)(4)(ii).) | ||||
| 7:7:10.1.2.3.44.4.356.11 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | D | Subpart D—CCC Supplier Credit Guarantee Program Operations | § 1493.500 Notice of default and claims for loss. | CCC | (a) Notice of default. If the importer fails to make payment pursuant to the terms of the importer obligation, the exporter or the exporter's assignee must submit a notice of default to CCC as soon as possible, but not later than 10 calendar days after the date that payment was due from the importer (the due date). A notice of default must be submitted in writing to the Treasurer, CCC, at the address specified in the Contacts P/R. If the exporter or the exporter's assignee fails to promptly notify CCC of defaults in accordance with this paragraph, CCC may make the payment guarantee null and void with respect to any payment(s) applicable to such default. This time limit may be extended only under extraordinary circumstances and if such extension is determined by the Controller, CCC, to be in the best interests of CCC. The notice of default must include: (1) Payment guarantee number; (2) Name of the country; (3) Name of the defaulting importer; (4) Due date; (5) Total amount of the defaulted payment due, indicating separately the amounts for principal and interest; (6) Date of importer's refusal to pay, if applicable; and (7) Reason for importer's refusal to pay, if known. (b) Filing a claim for loss. A claim for a loss by the exporter or the exporter's assignee will not be paid if it is made later than six months from the due date of the defaulted payment. A claim for loss must be submitted in writing to the Treasurer, CCC, at the address specified in the Contacts P/R. The claim for loss must include the following information and documents: (1) Payment guarantee number; (2) A certification that the scheduled payment has not been received; (3) A certification of the amount of accrued interest in default, the date interest began to accrue, and the interest rate on the importer obligation applicable to the claim; (4) A copy of each of the following documents, with a cover document containing a signed certification by the exporter or the exporter's assignee that each page of each document is a true and… | ||||
| 7:7:10.1.2.3.44.4.356.12 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | D | Subpart D—CCC Supplier Credit Guarantee Program Operations | § 1493.510 Payment for loss. | CCC | (a) Determination of CCC's liability. Upon receipt in good order of the information and documents required under § 1493.500, CCC will determine whether or not a loss has occurred for which CCC is liable under the applicable payment guarantee, this subpart and any applicable supplemental Program Announcements and Notices to Participants. If CCC determines that it is liable to the exporter and/or the exporter's assignee, CCC will pay the exporter or the exporter's assignee in accordance with paragraphs (b) and (c) of this section. (b) Amount of CCC's liability. Subject to a determination by CCC with respect to prevailing U.S. market value pursuant to § 1493.450(a) of this part, CCC's maximum liability for any claims for loss submitted with respect to any payment guarantee, not including any late interest payments due in accordance with paragraph (c) of this section, will be limited to the lesser of: (1) The guaranteed value as stated in the payment guarantee, plus eligible interest; or (2) The guaranteed percentage (as indicated in the payment guarantee) of the exported value indicated in the evidence of export, plus eligible interest. (c) Late interest payment. If a claim is not paid within one day of receipt of a claim which CCC has determined to be in good order, late interest will accrue in favor of the exporter or the exporter's assignee beginning with the first day after the day of receipt of a claim found by CCC to be in good order and continuing until and including the date that payment is made by CCC. Late interest will be paid on the guaranteed amount, as determined by paragraphs (b)(1) and (2) of this section, and will be calculated based on the average investment rate of the most recent Treasury 91-day bill auction as announced by the Department of Treasury as of the due date. (d) Accelerated payments. CCC will pay claims only for losses on amounts not paid as scheduled. CCC will not pay claims for amounts due under an accelerated payment clause in the export sales contract or the importer … | ||||
| 7:7:10.1.2.3.44.4.356.13 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | D | Subpart D—CCC Supplier Credit Guarantee Program Operations | § 1493.520 Recovery of losses. | CCC | (a) Notification. Upon payment of loss to the exporter or the exporter's assignee, CCC will notify the importer of CCC's rights under the subrogation agreement to recover all moneys in default. (b) Receipt of monies. (1) In the event that monies for a defaulted payment are recovered by the exporter or the exporter's assignee from the importer or any other source whatsoever, such monies shall be immediately paid to the Treasurer, CCC. If such monies are not received by CCC within 15 business days from the date of recovery by the exporter or the exporter's assignee, the exporter or the exporter's assignee will owe to CCC interest from the date of recovery to the date of receipt by CCC. This interest will be calculated based on the latest average investment rate of the most recent Treasury 91-day bill auction, as announced by the Department of Treasury, in effect on the date of recovery and will accrue from such date to the date of payment by the exporter or the exporter's assignee to CCC. Such interest will be charged only on CCC's share of the recovery. (2) If CCC recovers monies that should be applied to a payment guarantee for which a claim has been paid by CCC, CCC will pay the holder of the payment guarantee its pro rata share immediately, provided that the required information necessary for determining pro rata distribution has been furnished. If payment is not made by CCC within 15 business days from the date of recovery or 15 business days from receiving the required information for determining pro rata distribution, whichever is later, CCC will pay interest calculated on the latest average investment rate of the most recent Treasury 91-day bill auction, as announced by the Department of Treasury, in effect on the date of recovery and such interest will accrue from such date to the date of payment by CCC. The interest will apply only to the portion of the recovery payable to the holder of the payment guarantee. (c) Allocation of recoveries. Recoveries made by CCC from the importer, and recoveries r… | ||||
| 7:7:10.1.2.3.44.4.356.14 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | D | Subpart D—CCC Supplier Credit Guarantee Program Operations | § 1493.530 Miscellaneous provisions. | CCC | (a) Assignment. (1) The exporter may assign the proceeds which are, or may become, payable by CCC under a payment guarantee or the right to such proceeds only to a financial institution in the U.S. The assignment must cover all amounts payable under the payment guarantee not already paid, may not be made to more than one party, and may not, unless approved in advance by CCC, be: (i) Made to one party acting for two or more parties; or (ii) Subject to further assignment. (2) An original and two copies of the written notice of assignment signed by the parties thereto must be filed by the assignee with the Treasurer, CCC, at the address specified in the Contacts P/R. (3) Receipt of the notice of assignment will ordinarily be acknowledged to the exporter and its assignee in writing by an officer of CCC. In cases where a financial institution is determined to be ineligible to receive an assignment, in accordance with paragraph (b) of this section, CCC will provide notice thereof, to the financial institution and to the exporter issued the payment guarantee, in lieu of an acknowledgment of assignment. (4) The name and address of the assignee must be included on the written notice of assignment. (b) Ineligibility of financial institutions to receive an assignment. A financial institution will be ineligible to receive an assignment of proceeds which may become payable under a payment guarantee if, at the time of assignment, such financial institution: (1) Is not in sound financial condition, as determined by the Treasurer of CCC; (2) Owns or controls the entity issuing the importer obligation; or (3) Is owned or controlled by an entity that owns or controls the entity issuing the importer obligation. (c) Ineligibility of financial institutions to receive proceeds. A financial institution will be ineligible to receive proceeds payable under a payment guarantee approved by CCC if such financial institution: (1) At the time of assignment of a payment guarantee, is not in sound financial condition, as determ… | ||||
| 7:7:10.1.2.3.44.4.356.2 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | D | Subpart D—CCC Supplier Credit Guarantee Program Operations | § 1493.410 Definition of terms. | CCC | [61 FR 33831, July 1, 1996, as amended at 62 FR 24561, May 6, 1997] | Terms set forth in this subpart and in CCC Program Announcements, Notices to Participants, and any other CCC-originated documents pertaining to the SCGP will have the following meanings: (a) Assignee. A financial institution in the United States which, for adequate consideration given, has obtained the legal rights to receive the payment of proceeds under the payment guarantee. (b) CCC. The Commodity Credit Corporation, an agency and instrumentality of the United States within the Department of Agriculture, authorized pursuant to the Commodity Credit Corporation Charter Act of 1948 (15 U.S.C. 714 et seq. ), and subject to the general supervision and direction of the Secretary of Agriculture. (c) Contacts P/R. A notice issued by FAS/USDA by public press release which contains specific names, addresses, and telephone and facsimile numbers of contacts within FAS/USDA and CCC for use by persons interested in obtaining information concerning the operations of the SCGP. The Contacts P/R also contains details about where to submit information required to qualify for program participation, to apply for payment guarantees, to request amendments of payment guarantees, to submit evidence of export reports, and to give notices of default and file claims for loss. (d) Date of export. One of the following dates, depending upon the method of shipment: the on-board date of an ocean bill of lading or the on-board ocean carrier date of an intermodal bill of lading; the on-board date of an airway bill; or, if exported by rail or truck, the date of entry shown on an entry certificate or similar document issued and signed by an official of the Government of the importing country. (e) Date of sale. The earliest date on which a contractual obligation exists between the exporter, or an intervening purchaser, if applicable, and the importer under which a firm dollar-and-cent price for the sale of agricultural commodities to the importer has been established or a mechanism to establish such price has been agreed upon. (f)… | |||
| 7:7:10.1.2.3.44.4.356.3 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | D | Subpart D—CCC Supplier Credit Guarantee Program Operations | § 1493.420 Information required for program participation. | CCC | Before CCC will accept an application for a payment guarantee under the SCGP, the applicant must qualify for participation in this program. Based upon the information submitted by the applicant and other publicly available sources, CCC will determine whether the applicant is eligible for participation in the program. (a) Submission of documentation. In order to qualify for participation in the SCGP, an applicant must submit to CCC, at the address specified in the Contacts P/R, the following information: (1) The address of the applicant's headquarters office and the name and address of an agent in the U.S. for the service of process; (2) The legal form of doing business of the applicant, e.g., sole proprietorship, partnership, corporation, etc.; (3) The place of incorporation of the applicant, if the applicant is a corporation; (4) The name and U.S. address of the office(s) of the applicant, and statement indicating whether the applicant is a U.S. domestic corporation, a foreign corporation or another foreign entity. If the applicant has multiple offices, the address included in the information should be that which is pertinent to the particular export sale contemplated by the applicant under this subpart; (5) A certified statement describing the applicant's participation, if any, during the past three years in U.S. Government programs, contracts or agreements; and (6) A certification that: “I certify, to the best of my knowledge and belief, that neither [name of applicant] nor any of its principals has been debarred, suspended, or proposed for debarment from contracting with or participating in programs administered by any U.S. Government agency. [”Principals,” for the purpose of this certification, means officers; directors; owners of five percent or more of stock; partners; and persons having primary management or supervisory responsibility within a business entity (e.g., general manager, plant manager, head of a subsidiary division, or business segment, and similar positions).] I further agree that, s… | ||||
| 7:7:10.1.2.3.44.4.356.4 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | D | Subpart D—CCC Supplier Credit Guarantee Program Operations | § 1493.430 Application for a payment guarantee. | CCC | (a) A firm export sale must exist before an exporter may submit an application for a payment guarantee. An application for a payment guarantee may be submitted in writing or may be made by telephone, but, if made by telephone, it must be confirmed in writing to the office specified in the Contacts P/R. An application must identify the name and address of the exporter and include the following information: (1) Name of the destination country; (2) Name and address of the importer; (3) Name and address of the intervening purchaser, if any, and a statement that the commodity will be shipped directly to the importer in the destination country; (4) Date of sale; (5) Exporter's sale number; (6) Delivery period as agreed between the exporter and the importer; (7) A full description of the commodity (including packaging, if any); (8) Mean quantity, contract loading tolerance and, if the exporter chooses, a request for CCC to reserve coverage up to the maximum quantity permitted by the contract loading tolerance; (9) Unit sales price of the commodity, or a mechanism to establish the price, as agreed between the exporter and the importer. If the commodity was sold on the basis of CFR or CIF, the actual (if known at the time of application) or estimated value of freight and, in the case of sales made on a CIF basis, the actual (if known at the time of application) or estimated value of marine and war risk insurance, must be specified; (10) Description and value of discounts and allowances, if any; (11) Port value (includes upward loading tolerance, if any); (12) Guaranteed value; (13) Guarantee fee; (14) The term length for the credit being extended and the intervals between principal payments for each shipment to be made under the export sale; (15) A statement indicating whether any portion of the export sale for which the exporter is applying for a payment guarantee is also being used as the basis for an application for participation in any of the following CCC or USDA export programs: Export Enhancement Pro… | ||||
| 7:7:10.1.2.3.44.4.356.5 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | D | Subpart D—CCC Supplier Credit Guarantee Program Operations | § 1493.440 Certification requirements for payment guarantee. | CCC | [61 FR 33831, July 1, 1996, as amended at 62 FR 24561, May 6, 1997] | By providing the statement in § 1493.430(a)(17), the exporter is certifying that the information provided in the application is true and correct and, further, that all requirements set forth in this section have been or will be met. The exporter will be required to provide further explanation or documentation with regard to applications that do not include this statement. The exporter, in submitting an application for a payment guarantee and providing the statement set forth in § 1493.430(a)(17), certifies that: (a) The agricultural commodity or product to be exported under the payment guarantee is a U.S. agricultural commodity as defined by § 1493.410(x). (b) There have not been and will not be any corrupt payments or extra sales services or other items extraneous to the transaction provided, financed, or guaranteed in connection with the transaction, and that the transaction complies with applicable United States law; (c) If the agricultural commodity is vegetable oil or a vegetable oil product, that none of the agricultural commodity or product has been or will be used as a basis for a claim of a refund, as drawback, pursuant to section 313 of the Tariff Act of 1930, 19 U.S.C. 1313, of any duty, tax or fee imposed under Federal law on an imported commodity or product; (d) No person or selling agency has been employed or retained to solicit or secure the payment guarantee, and that there is no agreement or understanding for a commission, percentage, brokerage, or contingent fee, except in the case of bona fide employees or bona fide established commercial or selling agencies maintained by the exporter for the purpose of securing business; and (e) The information provided pursuant to § 1493.420 has not changed, the exporter still meets all of the qualification requirements of § 1493.420, and the exporter will immediately notify CCC if there is a change of circumstances which would cause it to fail to meet such requirements. If the exporter breaches or violates these certifications with respect to a SCGP pay… | |||
| 7:7:10.1.2.3.44.4.356.6 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | D | Subpart D—CCC Supplier Credit Guarantee Program Operations | § 1493.450 Payment guarantee. | CCC | (a) CCC's obligation. The payment guarantee will provide that CCC agrees to pay the exporter or the exporter's assignee an amount not to exceed the guaranteed value, plus eligible interest, in the event that the importer fails to pay under the importer obligation. unless CCC determines with respect to the particular transaction and claim that the guaranteed portion of the port value exceeded the prevailing U.S. market value for the same, or same type of agricultural commodity or product. In making this determination, CCC will adjust the prevailing U.S. market value for estimated freight and/or insurance costs if the export sale was made on a CFR or CIF basis. Payment by CCC will be in U.S. dollars. (b) Period of guarantee coverage. The payment guarantee will apply to a credit period not exceeding 180 days beginning either on the date(s) of export(s) or from the date when interest begins to accrue whichever is earlier, and will continue during the credit term specified in the payment guarantee or amendments thereto. However, the payment guarantee becomes effective on the date(s) of export(s) of the agricultural commodities or products thereof specified in the exporter's application for a payment guarantee. (c) Terms of the CCC payment guarantee. The terms of CCC's coverage will be set forth in the payment guarantee, as approved by CCC, and will include the provisions of this subpart, which may be supplemented by any Program Announcements and/or Notices to Participants in effect at the time the payment guarantee is approved by CCC. (d) Final date to export. The final date to export shown on the payment guarantee will be one month, as determined by CCC, after the contractual deadline for shipping. (e) Reserve coverage for loading tolerances. The exporter may apply for a payment guarantee and, if coverage is available, pay the guarantee fee, based at least on, the amount of the lower loading tolerance of the export sales contract; however, the exporter may also request that CCC reserve additional guaran… | ||||
| 7:7:10.1.2.3.44.4.356.7 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | D | Subpart D—CCC Supplier Credit Guarantee Program Operations | § 1493.460 Guarantee rates and fees. | CCC | (a) Guarantee fee rates. The current payment guarantee fee rate(s) will be available by Program Announcement. (b) Calculation of fee. The guarantee fee will be computed by multiplying the guaranteed value by the guarantee fee rate. (c) Payment of fee. The exporter shall remit, with his written application, the full amount of the guarantee fee. Applications will not be approved until the guarantee fee has been received by CCC. The exporter's check for the guarantee fee shall be made payable to CCC and mailed or delivered by courier to the office specified in the Contacts P/R. (d) Refunds of fee. Guarantee fees paid in connection with approved applications will ordinarily not be refundable. CCC's approval of the application will be final and refund of the guarantee fee will not be made after approval unless the GSM determines that such refund will be in the best interest of CCC. If the application for a payment guarantee is not approved or is approved only for a part of the guarantee coverage requested, a full or pro rata refund of the fee remittance will be made. | ||||
| 7:7:10.1.2.3.44.4.356.8 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | D | Subpart D—CCC Supplier Credit Guarantee Program Operations | § 1493.470 Evidence of export. | CCC | (a) Report of export. The exporter is required to provide CCC an evidence of export report for each shipment made under the payment guarantee. This report must include the following: (1) Payment guarantee number; (2) Date of export; (3) Exporter's sale number; (4) Exported value; (5) Quantity; (6) A full description of the commodity exported; (7) Unit sales price received for the commodity exported and the basis (e.g., FOB, CFR, CIF). Where the unit sales price at export differs from the unit sales price indicated in the exporter's application for a payment guarantee, the exporter is also required to submit a statement explaining the reason for the difference; (8) Description and value of discounts and allowances, if any; (9) Number of the Agreement assigned by USDA under any other program if any portion of the export sale was also approved for participation in any of the following CCC or USDA export program: Export Enhancement Program, Dairy Export Incentive Program, Sunflowerseed Oil Assistance Program, or Cottonseed Oil Assistance Program; and (10) The exporter's statement, “ALL SECTION 1493.480 CERTIFICATIONS ARE BEING MADE IN THIS EVIDENCE OF EXPORT” which, when included in the evidence of export by the exporter, will constitute a certification that it is in compliance with all the requirements set forth in § 1493.480. (b) Time limit for submission of evidence of export. The exporter must provide a written report to the office specified in the Contacts P/R within 60 calendar days if the export was by rail or truck; or 30 calendar days if the export was by any other carrier. The time period for filing a report of export will commence upon each date of export of the commodity covered under a payment guarantee. If the evidence of export report is not received by CCC within the time period for filing, the payment guarantee will become null and void only if and only to the extent that failure to make timely filing resulted, or would be likely to result, in: (1) Significant financial harm to CCC; … | ||||
| 7:7:10.1.2.3.44.4.356.9 | 7 | Agriculture | XIV | C | 1493 | PART 1493—CCC EXPORT CREDIT GUARANTEE PROGRAMS | D | Subpart D—CCC Supplier Credit Guarantee Program Operations | § 1493.480 Certification requirements for the evidence of export. | CCC | [61 FR 33831, July 1, 1996, as amended at 62 FR 24561, May 6, 1997] | By providing the statement contained in § 1493.470(a)(10), the exporter is certifying that the information provided in the evidence of export report is true and correct and, further, that all requirements set forth in this section have been or will be met. The exporter will be required to provide further explanation or documentation with regard to reports that do not include this statement. If the exporter breaches or violates these certifications with respect to a SCGP payment guarantee, CCC will have the right, notwithstanding any other rights provided under this subpart, to annul guarantee coverage for any commodities not yet exported and/or to proceed against the exporter. The exporter, in submitting the evidence of export and providing the statement set forth in § 1493.470(a)(10), certifies that: (a) The agricultural commodity or product exported under the payment guarantee is a U.S. agricultural commodity as defined by § 1493.410(x). (b) Agricultural commodities of the grade, quality and quantity called for in the exporter's sales contract with the importer have been exported to the country specified in the payment guarantee; (c) There is an importer obligation as defined in § 1493.410(n) to cover the exported value of the commodity exported; (d) There have not been and will not be any corrupt payments or extra sales services or other items extraneous to the transaction provided, financed, or guaranteed in connection with the transaction, and that the transaction complies with applicable United States law; and (e) The information provided pursuant to § 1493.420 has not changed, the exporter still meets all of the qualification requirements of § 1493.420 and the exporter will immediately notify CCC if there is a change of circumstances which would cause it to fail to meet such requirements. |
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CREATE TABLE cfr_sections (
section_id TEXT PRIMARY KEY,
title_number INTEGER,
title_name TEXT,
chapter TEXT,
subchapter TEXT,
part_number TEXT,
part_name TEXT,
subpart TEXT,
subpart_name TEXT,
section_number TEXT,
section_heading TEXT,
agency TEXT,
authority TEXT,
source_citation TEXT,
amendment_citations TEXT,
full_text TEXT
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CREATE INDEX idx_cfr_title ON cfr_sections(title_number);
CREATE INDEX idx_cfr_part ON cfr_sections(part_number);
CREATE INDEX idx_cfr_agency ON cfr_sections(agency);