7 U.S. Code § 5621 - Direct credit sales program
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(a) Short-term program
To promote the sale of agricultural commodities, the Commodity Credit Corporation may finance the commercial export sale of such commodities from privately owned stocks on credit terms for not to exceed a 3-year period.
(b) Intermediate-term program
Subject to subsection (c) of this section, to promote the sale of agricultural commodities the Commodity Credit Corporation may finance the commercial export sales of agricultural commodities from privately owned stocks on credit terms for a period of not less than 3 years nor in excess of 10 years in a manner that will directly benefit United States agricultural producers.
The Commodity Credit Corporation shall not finance an export sale under subsection (b) of this section unless the Secretary determines that such sale will—
(1) develop, expand, or maintain the importing country as a foreign market, on a long-term basis, for the commercial sale and export of United States agricultural commodities, without displacing normal commercial sales;
(2) improve the capability of the importing country to purchase and use, on a long-term basis, United States agricultural commodities; or
The reference in paragraphs (1) and (2) to “on a long-term basis” shall not apply in the case of determinations with respect to sales to the independent states of the former Soviet Union.
(d) Use of program
(1) General uses
The Commodity Credit Corporation may use export sales financing authorized under this section—
(C) to assist countries in meeting their food and fiber needs, particularly—
(ii) countries that are emerging markets that have committed to carry out, or are carrying out, policies that promote economic freedom, private domestic production of food commodities for domestic consumption, and the creation and expansion of efficient domestic markets for the purchase and sale of agricultural commodities; and
(e) Terms of credit assistance
Any contract for the financing of exports by the Commodity Credit Corporation under this section shall include—
(1) a requirement that repayment shall be made in dollars with interest accruing thereon as determined appropriate by the Secretary; and
Source(Pub. L. 95–501, title II, § 201, as added Pub. L. 101–624, title XV, § 1531,Nov. 28, 1990, 104 Stat. 3672; amended Pub. L. 102–511, title VII, § 707(a)–(c), Oct. 24, 1992, 106 Stat. 3350, 3351; Pub. L. 104–127, title II, § 277(c)(2),Apr. 4, 1996, 110 Stat. 979.)
A prior section 201 ofPub. L. 95–501enacted section 1707b of this title prior to the complete revision of Pub. L. 95–501by Pub. L. 101–624.
1996—Subsec. (d)(1)(C)(ii). Pub. L. 104–127substituted “emerging markets” for “emerging democracies”.
1992—Subsec. (c). Pub. L. 102–511, § 707(a), inserted sentence at end.
Subsec. (d)(1)(C). Pub. L. 102–511, § 707(b), amended subpar. (C) generally. Prior to amendment, subpar. (C) read as follows: “to assist countries, particularly developing countries, in meeting their food and fiber needs; and”.
Subsec. (f). Pub. L. 102–511, § 707(c), added subsec. (f).