Page:United States Statutes at Large Volume 106 Part 4.djvu/774

 106 STAT. 3510 PUBLIC LAW 102-532—OCT. 27, 1992 poration to carry out such sale. The Commodity Credit Corporation shall make an adjustment in its accounts to reflect the sale. "(£) DEPOSIT OF PROCEEDS. — The proceeds from a sale of qualified debt under this section shall be deposited in the account or accounts established by the Commodity Credit Corporation for the repayment of such debt by the eligible country. "(g) DEBTOR CONSULTATION. —Before any sale of qualified debt may occur under this section, the President should consult with the eligible country's government concerning such sale. The topics addressed in the consultation shall include the amount of qualified debt involved in the transaction and the uses to which funds made available as a result of the sale shall be applied. 7 USC 1738p. «SEC. 617. SALE, REDUCTION, OR CANCELLATION OF QUALIFIED DEBT TO FACILITATE CERTAIN DEBT SWAPS. "(a) AUTHORITY TO SELL, REDUCE, OR CANCEL QUALIFIED DEBT.— For the purpose offacilitating eligible debt swaps, the President, in accordance with this section— "(1) may sell to an eligible purchaser (as determined pursuant to subsection (c)(1)) any qualified debt of an eligible country; or "(2) may reduce or cancel eligible debt of an eligible country upon receipt of payment from an eligible payor (as determined under subsection (c)(2)). President. "(b) TERMS AND CONDITIONS. — The President shall establish the terms and conditions under which qualified debt may be sold, reduced, or canceled pursuant to this section. "(c) ELIGIBLE PURCHASERS AND ELIGIBLE PAYORS.— "(1) SALES OF DEBT.—Qualified debt may be sold pursuant to subsection (a)(1) only to a purchaser who presents plans satisfactory to the President for using the debt for the purpose of engaging in eligible debt swaps. "(2) REDUCTION OR CANCELLATION OF DEBT.— Qualified debt may be reduced or cancelled pursuant to subsection (a)(2) only if the payor presents plans satisfactory to the President for using such reduction or cancellation for the piirpose of facilitating eligible debt swaps. "(d) DEBTOR CONSULTATION AND RIGHT OF FIRST REFUSAL.— "(1) CONSULTATION. —Before selling, reducing, or canceling any qualified debt of an eligible countrv pursuant to this section, the President should consult with that country concerning, among other things, the amount of debt to be sold, reduced, or canceled and the uses of such debt for eligible debt swaps. "(2) RIGHT OF FIRST REFUSAL.— The qualified debt of an eligible country may be sold, reduced, or cancelled pursuant to this section only if that country has been offered the opportunity to purchase that debt pursuant to section 616 and has not accepted that offer. "(e) LIMITATION. —In the aggregate, not more than 40 percent of the qualified debt of an eligible country may be sold, reduced, or cancelled under this section or sold under section 616. "(0 ADMINISTRATION. — The Facility shall notify the Commodity Credit Corporation of purchasers and payors the President has determined to be eligiole under subsection (c), and shall direct the corporation to carry out the sale, reduction, or cancellation of a qualified debt pursuant to this section. The Commodity Credit

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