(a) For any outstanding marketing assistance loan for the 2008 and 2009 crop years, a producer may purchase a commodity certificate and exchange that commodity certificate for the marketing assistance loan collateral.
(b) The exchange rate is the lesser of:
(1) The loan rate and charges, plus interest applicable to the loan;
(2) The prevailing world market price, as determined by CCC, for rice or the alternative repayment rate for all other commodities, as determined by CCC.
(c) Commodity certificate exchanges may not be used when locking in a repayment rate under§ 1421.10.
(d) Producers must request a commodity certificate exchange in personat the FSA county service center that disbursed the marketing assistance loan by:
(1) Completing a written request as CCC determines.
(2) Purchasing a commodity certificate for the exact amount required to exchange the marketing assistance loan collateral.
(3) Immediately exchanging the purchased commodity certificate for the outstanding loan collateral.
(e) The authority to make commodity certificates available to the producer will terminate effective the ending of the 2009 crop year.