Rate of interest
section 1738c of this titleNew obligations issued to an eligible country under shall bear interest at a concessional rate.
Currency of payment, deposits
United States dollars
section 1738c of this titlesection 1738f of this titleAn eligible country to which a new obligation has been issued under that has not entered into an agreement under , shall be required to pay interest on such obligation in United States dollars which shall be deposited in Commodity Credit Corporation accounts.
Local currency
section 1738c of this titlesection 1738f of this titlesection 1738g of this titlesection 1738g of this titlesection 1738f of this titleIf an eligible country to which a new obligation has been issued under has entered into an agreement under , 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 . Such interest shall be the property of the eligible country until such time as it is disbursed under . Such local currencies shall be used for the purposes specified in the agreement entered into under .
Interest previously paid
section 1738c of this titlesection 1738f of this titlesection 1738g(a) of this titleIf an eligible country to which a new obligation has been issued under enters into an agreement under 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 but shall be deposited into Commodity Credit Corporation accounts.
July 10, 1954, ch. 469Pub. L. 101–624, title XV, § 1512104 Stat. 3659Pub. L. 102–237, title III, § 304105 Stat. 1855(, title VI, § 606, as added , , ; amended , , .)
Editorial Notes
Amendments
Pub. L. 102–2371991—Subsec. (c). inserted “accounts” after “Corporation”.