7 CFR 1434.21 - Loan deficiency payments.

§ 1434.21 Loan deficiency payments.
(a) Loan deficiency payments shall be available for 2008 through 2012 crop honey.
(b) In order to be eligible to receive loan deficiency payment for a crop of honey, the producer must:
(1) Comply with all of the program requirements to be eligible to obtain loan in accordance with this part;
(2) Agree to forego obtaining such loans;
(3) Submitted a request for a honey Loan deficiency payment on the form as CCC prescribes.
(4) Comply with §§ 1434.7 and 1434.8 or provide evidence of production as determined by CCC for such quantity; and
(5) Otherwise comply with all program requirements.
(c) The loan deficiency payment rate for a crop shall be the amount by which the marketing assistance loan rate exceeds the rate at which CCC has announced that producers may repay their marketing assistance loan in accordance with § 1434.18.
(d) The loan deficiency payment applicable to a crop of honey shall be computed by multiplying the loan deficiency payment rate, as determined in accordance with paragraph (e) of this section, by the quantity of honey the producer is eligible to pledge as collateral for a price support loan for which a loan deficiency payment is required.
(e) Notwithstanding any provisions in this section, loan deficiency payments may be based on 100 percent of the net quantity specified on acceptable evidence of disposition of the honey certified as eligible for a loan deficiency payment if CCC determines that such quantity represented the quantity for the number of containers of honey initially certified for the loan deficiency payment when the payment was made.
(f) When applying for an individual loan deficiency payment, each producer agrees:
(1) The producer will provide correct, accurate, and truthful certifications and representations of the loan quantity and all other matters of fact and interest when submitting a request for a honey loan deficiency payment; and
(2) That violation of the terms and conditions of this part will cause harm or damage to CCC in that funds may be disbursed to the producer for a LDP quantity that is not actually in existence or for a quantity for which the producer is not eligible.
(g) For the purposes of this section, violations include any failure to comply with this part or the loan agreement, including but not limited to any incorrect certification.
[66 FR 15177, Mar. 15, 2001, as amended at 67 FR 64481, Oct. 18, 2002; 74 FR 15657, Apr. 7, 2009]

Title 7 published on 2014-01-01

no entries appear in the Federal Register after this date.

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