---
kind: "section"
citation: "22 C.F.R. § 232.11"
title: "22"
number: "232.11"
heading: "Subrogation of USAID."
url: "https://uscodex.org/cfr/22/232.11"
---

# §232.11. Subrogation of USAID.


In the event of payment by USAID to a Noteholder under this Guarantee, USAID shall be subrogated to the extent of such payment to all of the rights of such Noteholder against the Borrower under the related Note.


## Notes

### Authority

Authority: Title III of the Department of State, Foreign Operations, and Related Programs Appropriations Act, 2012, Division I, Pub. L. 112-74.

### Source

Source: 77 FR 40790, July 11, 2012, unless otherwise noted.