Page:United States Statutes at Large Volume 106 Part 3.djvu/398

 106 STAT. 2192 PUBLIC LAW 102-429—OCT. 21, 1992 "(D) if appropriate, have agreed with its commercial bank lenders on a satisfactory financing program, including, as appropriate, debt or debt service reduction. President. " (2) ELIGIBILITY DETERMINATIONS. — The President shall determine whether a country is an eligible country for purposes of paragraph (1). " (c) LOANS ELIGIBLE FOR SALE, REDUCTION, OR CANCELLA- TION. — "(1) AUTHORITY TO SELL, REDUCE, OR CANCEL CERTAIN LOANS. —Notwithstanding any other provision of law, the President may, in accordance with this section, sell to any eligible purchaser any loan or portion thereof made before January 1, 1992, to any eligible country or any agency thereof pursuant to this Act, or, on receipt of payment from an eligible purchaser, reduce or cancel such loan or portion thereof, only for the purpose of facilitating— "(A) debt-ior-equity swaps, debt-for-development swaps, or debt-for-nature swaps; or "(B) a debt buy-back by an eligible country of its own qualified debt, only if the eligible country uses an additional amount of the local currency of the eligible countnr, equal to not less than 40 percent of the price paid ror such debt by such eligible country, or the difference between the price paid for such debt and the face value of such debt, to support activities that link conservation and sustainable use of natural resources with local community development, and child survival and other child development, activities, in a manner consistent with sections 607 through 612 of the Agricultural Trade Development and Assistance Act of 1954, if the sale, reduction, or cancellation would not contravene any term or condition of any prior agreement relating to such loan. President. "(2) TERMS AND CONDITIONS. —Notwithstanding any other provision of law, the President shall, in accordance with this section, establish the terms and conditions under which loans may be sold, reduced, or canceled pursuant to this section. "(3) TREATMENT UNDER SECURITIES LAWS.—The filing of a registration statement under the Securities Act of 1933 shall not be required with respect to the sale or offer for sale by the Bank of a loan or any interest therein pursuant to this section. For purposes of the Securities Act of 1933, the Bank shall not be deemed to be an issuer or underwriter with respect to any subsequent sale or other disposition of such loan (or any interest therein) or any security received by an eligible purchaser pursuant to any debt-for-equity swap, debt-for-development swap, or debt-for-nature swap. "(4) ADMINISTRATION.—The Facility shall notify the Bank of purchasers that the President has determined to be eligible, and shall direct the Bank to carry out the sale, reduction, or cancellation of a loan pursuant to this section. The Bank shall make an adjustment in its accounts to reflect the sale, reduction, or cancellation. "(5) LIMITATIONS. —The authorities of this subsection may be exercised only to such extent as provided for in advance in appropriations Acts, as necessary to implement the Federal Credit Reform Act of 1990.

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