§238.11. Subrogation of USAID.
22 C.F.R. § 238.11
In the event of payment by USAID to a Noteholder under the 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, amendments, and revision history
Authority
Authority: Sec. 7034(r) of the Department of State, Foreign Operations, and Related Programs Appropriations Act, 2015 (Div. J, Pub. L. 113-235).
Source
Source: 80 FR 36237, June 24, 2015, unless otherwise noted.