50 CFR 600.1012 - Reduction loan.

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There is 1 rule appearing in the Federal Register for 50 CFR 600. View below or at eCFR (GPOAccess)
§ 600.1012 Reduction loan.
(a) Obligation. The borrower shall be obligated to repay a reduction loan. The borrower's obligation to repay a reduction loan shall be discharged by fish sellers paying a fee in accordance with § 600.1013. Fish buyers shall be obligated to collect the fee in accordance with § 600.1013 and to deposit and disburse the fee revenue in accordance with § 600.1014.
(b) Principal amount, interest rate, repayment term, and penalties for non-payment or non-collection. The reduction loan shall be:
(1) In a principal amount that shall be determined by subsequent program events under this subpart, but which shall not exceed the maximum principal amount in the fishing capacity reduction specifications;
(2) At an annual rate, that shall be determined by subsequent events, of simple interest on the reduction loan's principal balance that shall equal 2 percent plus the Treasury percentage;
(3) Repayable over the repayment term specified in the business plan or otherwise determined by subsequent events; and
(4) Subject to such provisions as implementation regulations shall specify for the payment of costs and penalties for non-payment, non-collection, non-deposit, and/or non-disbursement in accordance with § 600.1013 and § 600.1014.
(c) Effect of prospective interest rate. Any difference between a prospective interest rate projected, for the purpose of any aspect of reduction planning or processing under this subpart, before the U.S. Treasury determines the Treasury percentage and an interest rate first known after the U.S. Treasury determines the Treasury percentage shall not void, invalidate, or otherwise impair any reduction contract, any reduction loan repayment obligation, or any other aspect of the reduction process under this subpart. Should any such difference result in a reduction loan that cannot, at the maximum fee rate allowed by law, be repaid, as previously projected, within the maximum maturity, any amount of the reduction loan remaining unpaid at maturity shall be repaid after maturity by continuing fee payment and collection under this subpart at such maximum fee rate until the reduction loan's unpaid principal balance and accrued interest is fully repaid. The above notwithstanding, at the discretion of the Secretary, the reduction contract can be voided if a material adverse change affects the reduction contract, reduction loan obligation, or any other aspect of the reduction process under this subpart.

Title 50 published on 2014-10-01

The following are only the Rules published in the Federal Register after the published date of Title 50.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2014-10-28; vol. 79 # 208 - Tuesday, October 28, 2014
    1. 79 FR 64097 - Western Pacific Pelagic Fisheries; U.S. Territorial Catch and Fishing Effort Limits
      GPO FDSys XML | Text
      DEPARTMENT OF COMMERCE, National Oceanic and Atmospheric Administration
      Final rule; final specifications; effectiveness of collection- of-information requirements.
      This final rule and final specifications are effective October 24, 2014. The deadline to submit a specified fishing agreement for review pursuant to § 665.819(b)(3) is November 28, 2014.
      15 CFR Part 902

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United States Code
Statutes at Large
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Title 50 published on 2014-10-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 50 CFR 600 after this date.

  • 2014-11-13; vol. 79 # 219 - Thursday, November 13, 2014
    1. 79 FR 67411 - Fisheries of the Caribbean, Gulf, and South Atlantic; Aquaculture
      GPO FDSys XML | Text
      DEPARTMENT OF COMMERCE, National Oceanic and Atmospheric Administration
      Proposed rule; reopening of comment period.
      The comment period for the proposed rule that published on August 28, 2014 (79 FR 51424), and closed on October 27, 2014, will reopen on November 13, 2014 and remain open through November 28, 2014.
      50 CFR Parts 600 and 622