Rate of interest
section 2430c(b) of this titleNew obligations issued by a beneficiary country pursuant to shall bear interest at a concessional rate.
Currency of payment; deposits
Local currency
section 2430f(d) of this titleIf the beneficiary country has entered into an Americas Framework Agreement, interest shall be paid in the local currency of the beneficiary country and deposited in an Americas Fund. Such interest shall be the property of the beneficiary country, until such time as it is disbursed pursuant to . Such local currencies shall be used for the purposes specified in the Americas Framework Agreement.
United States dollars
If the beneficiary country has not entered into an Americas Framework Agreement, interest shall be paid in United States dollars and deposited in the United States Government account established for interest payments of the obligations for which the new obligations were exchanged.
Interest already paid
If a beneficiary country enters into an Americas Framework Agreement subsequent to the date on which interest first became due on the newly issued obligation, any interest already paid on such new obligation shall not be redeposited into the Americas Fund established for that country.
Pub. L. 87–195Pub. L. 102–549, title VI, § 602(a)106 Stat. 3666(, pt. IV, § 706, as added , , .)
Editorial Notes
Prior Provisions
section 706 of Pub. L. 87–19575 Stat. 463section 1945 of this titlePub. L. 87–56576 Stat. 263A prior , pt. IV, , , enacted , prior to repeal by , pt. IV, § 401, , , except insofar as section 706 affected section 1945.