§ 1738e. — Interest of new obligations.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC1738e]
TITLE 7--AGRICULTURE
CHAPTER 41--AGRICULTURAL TRADE DEVELOPMENT AND ASSISTANCE
SUBCHAPTER VI--ENTERPRISE FOR THE AMERICAS INITIATIVE
Sec. 1738e. Interest of new obligations
(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, Sec. 606, as added Pub. L. 101-624,
title XV, Sec. 1512, Nov. 28, 1990, 104 Stat. 3659; amended Pub. L. 102-
237, title III, Sec. 304, Dec. 13, 1991, 105 Stat. 1855.)
Amendments
1991--Subsec. (c). Pub. L. 102-237 inserted ``accounts'' after
``Corporation''.
Section Referred to in Other Sections
This section is referred to in title 22 section 2431e.
