§201.26. Expenditure of marine insurance loss payments.
22 C.F.R. § 201.26
Unless otherwise authorized by USAID, any marine insurance loss payment under a marine insurance policy financed pursuant to this part 201 received by the importer, either directly or indirectly, shall be used by the importer as follows:
To procure from a source specified in the implementing document which originally provided the USAID funds, commodities which have been designated by USAID to the borrower/grantee as eligible for USAID financing; or
To cover the cost of repairs to commodities damaged during shipment.
Notes, amendments, and revision history
Authority
Authority: 22 U.S.C. 2381.
Source
Source: 55 FR 34232, Aug. 22, 1990, unless otherwise noted.