§1738c. Reduction of certain debt — Inbound Citations
7 U.S.C. § 1738c
Cited by 7 provisions in release 119-102.
Citations to 7 U.S.C. § 1738c as a whole
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(a) The principal amount owed under each new obligation issued under section 1738c of this title shall be repaid in United States dollars.
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(b) Principal repayments on new obligations issued under section 1738c of this title shall be deposited in Commodity Credit Corporation accounts.
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(a) New obligations issued to an eligible country under section 1738c of this title shall bear interest at a concessional rate.
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(1) 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.
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(2) 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.
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(c) 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.
Citations to §1738c(a)(1)
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(1) The following additional terms and conditions shall apply to the reduction of debt under subsection (a)(1) in the same manner as such terms and conditions apply to the reduction of debt under section 604(a)(1) of the Food for Peace Act [7 U.S.C. 1738c(a)(1)]:(A) The provisions relating to repayment of principal under section 605 of such Act [7 U.S.C. 1738d].(B) The provisions relating to interest on new obligations under section 606 of such Act [7 U.S.C. 1738e].