7-U.S.C.-1738E
§1738E – Interest of New Obligations
Pathway
Title 7 > Chapter 41 > Subchapter VI > Section 1738e
Details
- Reference: Section 1738e
- Legend: §1738E – Interest of New Obligations
- USCode Year: 2013
Provision Content
(a) Rate of interest
New obligations issued to an eligible country under section 1738c of this title shall bear interest at a concessional rate.
(b) Currency of payment, deposits
(1) United States dollars
An eligible country to which a new obligation has been issued under section 1738c of this title that has not entered into an agreement under section 1738f of this title, shall be required to pay interest on such obligation in United States dollars which shall be deposited in Commodity Credit Corporation accounts.
(2) Local currency
If an eligible country to which a new obligation has been issued under section 1738c of this title has entered into an agreement under section 1738f of this title, interest under such obligation may be paid in the local currency of the eligible country and deposited into an Environmental Fund as provided for in section 1738g of this title. Such interest shall be the property of the eligible country until such time as it is disbursed under section 1738g of this title. Such local currencies shall be used for the purposes specified in the agreement entered into under section 1738f of this title.
(c) Interest previously paid
If an eligible country to which a new obligation has been issued under section 1738c of this title enters into an agreement under section 1738f of this title subsequent to the date on which interest first becomes due on such new obligation, any interest paid on such new obligation prior to such agreement being entered into shall not be redeposited into the Fund established for the eligible country under section 1738g(a) of this title but shall be deposited into Commodity Credit Corporation accounts.
(July 10, 1954, ch. 469, title VI, §606, as added Pub. L. 101–624, title XV, §1512, Nov. 28, 1990, 104 Stat. 3659; amended Pub. L. 102–237, title III, §304, Dec. 13, 1991, 105 Stat. 1855.)
Amendments
1991—Subsec. (c). Pub. L. 102–237 inserted accounts” after Corporation”.
U.S. Encyclopedia of Law Coverage
Subchapter VI – Enterprise For The Americas Initiative in the Legal Encyclopedia: Agriculture
In this entry about Subchapter VI – Enterprise For The Americas Initiative, find legal reference material, bibliographies and premiere content related to agriculture in the American Encyclopedia of Law, presenting a comprehensive view of the United States agriculture-specific issues, written by authorities in the field.
7-U.S.C.-1736Z, in the Legal Encyclopedia: Peace
In this entry about 7-U.S.C.-1736Z,, find legal reference material, bibliographies and premiere content related to peace in the American Encyclopedia of Law, presenting a comprehensive view of the United States peace-specific issues, written by authorities in the field.
7-U.S.C.-1738B in the Legal Encyclopedia: Food for Peace
In this entry about 7-U.S.C.-1738B, find legal reference material, bibliographies and premiere content related to food for peace in the American Encyclopedia of Law, presenting a comprehensive view of the United States food for peace-specific issues, written by authorities in the field.
Leave a Reply