---
kind: "section"
citation: "22 C.F.R. § 238.11"
title: "22"
number: "238.11"
heading: "Subrogation of USAID."
url: "https://uscodex.org/cfr/22/238.11"
---

# §238.11. Subrogation of USAID.


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

### 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.