7 U.S.C. § 1738r: “Qualified debt” defined

Summary

Defines "qualified debt" as a country's bill for U.S. farm goods that the Commodity Credit Corporation (CCC) guaranteed, when two things are true. First, the CCC had a legal claim to that debt because it was given the creditor’s rights (for example, by assignment or subrogation) no later than September 1, 1992. Second, the debt’s payment had been rescheduled by that same date under the terms of a Paris Club Agreed Minute. It also covers any interest that was due or had built up by September 1, 1992 and that was still unpaid at the time the debt was sold, reduced, or canceled under the related laws.

Title 7, §1738r

Agriculture, Source: USLM XML via OLRC

As used in section 1738o, 1738p, and 1738q of this title, the term “qualified debt” means any obligation, or portion of such obligation, of an eligible country to pay for purchases of United States agricultural commodities guaranteed by the Commodity Credit Corporation under export credit guarantee programs authorized pursuant to section 714c(f) of title 15 or section 1707a(b) of this title—

(1)in which the Commodity Credit Corporation obtained a legal right or interest, as a result of assignment or subrogation, not later than September 1, 1992; and

(2)the payment of which obligation has been, not later than September 1, 1992, rescheduled in accordance with principles set forth in an Agreed Minute of the Paris Club.

Such term includes the obligation to pay any interest which was due or accrued not later than September 1, 1992, and unpaid as of the date of a debt sale pursuant to section 1738o of this title or a debt sale, reduction, or cancellation pursuant to section 1738p of this title (as the case may be).

Editorial Notes

References in Text

section 1707a of this title, referred to in text, was repealed by Pub. L. 101–624, title XV, § 1574, Nov. 28, 1990, 104 Stat. 3702. See section 5621 et seq. of this title.

§1738r “qualified Debt” Defined

Summary

Title 7, §1738r

Notes & Related Subsidiaries

Editorial Notes

References in Text

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