Page:United States Statutes at Large Volume 104 Part 5.djvu/351

 PUBLIC LAW 101-624—NOV. 28, 1990 104 STAT. 3673 "(3) otherwise promote the export of United States agricultural commodities. "(d) USE OF PROGRAM.— "(1) GENERAL USES.— The Commodity Credit Corporation may use export sales financing authorized under this section— "(A) to increase exports of agricultural commodities; "(B) to compete against foreign agricultural exports; "(C) to assist countries, particularly developing countries, in meeting their food and fiber needs; and "(D) for such other purposes as the Secretary determines appropriate consistent with the provisions of subsection (c). "(2) GENERAL RESTRICTIONS. —Export sales financing authorized under this section shall not be used for foreign aid, foreign policy, or debt rescheduling purposes. The provisions of the cargo preference laws shall not apply to export sales financed under this section. "(e) TERMS OF CREDIT ASSISTANCE. —Any contract for the financing of exports by the (Commodity Credit (llorporation 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 "(2) a requirement, if the Secretary determines such requirement appropriate to protect the interests of the United States, that an initial pa3anent be made by the purchaser at the time of sale or shipment of the agricultural commodity that is subject to the contract. "SEC. 202. EXPORT CREDIT GUARANTEE PROGRAM. 7 USC 5622. "(a) SHORT-TERM CREDIT GUARANTEES.—The Commodity Credit (Dorporation may guarantee the repayment of credit made available to finance commercial export sales of agricultural commodities from privately owned stocks on credit terms that do not exceed a 3-year period. " (b) INTERMEDIATE-TERM CREDIT GUARANTEES. — Subject to the provisions of subsection (c), the Commodity Credit Corporation may guarantee the repayment of credit made available by financial institutions in the United States to finance commercial export sales of agricultural commodities from privately owned stocks on credit terms that are for not less than a 3-year period nor for more than a 10-year period in a manner that will directly benefit United States agricultural producers. "(c) REQUIRED DETERMINATIONS. — The Commodity Credit Corporation shall not guarantee under subsection (b) the repayment of credit made available to finance an export sale 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 "(3) otherwise promote the export of United States agricultural commodities. "(d) PURPOSE OF PROGRAM. —The Commodity Credit Corporation may use export credit guarantees authorized under this section—

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