Page:United States Statutes at Large Volume 106 Part 5.djvu/470

 106 STAT. 4108 PUBLIC LAW 102-552—OCT. 28, 1992 (1) by striking subparagraph (C) and inserting the following new subparagraph: "(C) PAYMENT OF PRINCIPAL.— " (i) IN GENERAL. —After the end of the 15-year period beginning on the date of the issuance of any obligation issued to carry out this subsection, the banks operating under this Act shall pay to the Financial Assistance Corporation, on demand, an amount equal to the outstanding principal of the obligation. Each bank shall pay a proportion of the principal equal to— bank for the preceding 15 years; divided by "(II) the average accruing loan volume of all banks of the System for the same period. "(ii) BANKS LEAVING SYSTEM. —Any bank leaving the Farm Credit System pursuant to section 7.10 shall be required, under regulations of the Farm Credit Administration, to pay to the Financial Assistance Corporation the estimated present value of the payment required under this subparagraph had the bank remained in the System. "(iii) BANKS UNDERGOING UQUIDATION. —With respect to any bank undergoing liquidation under this Act, a liability to the Financial Assistance Corporation in the amount of the payment required under this subparagraph (calculated as if the bank had left the System on the date it was placed in liquidation) shall be recognized as a claim in favor of the Financial Assistance Corporation against the estete of the bank. "(iv) OBLIGATIONS OF OTHER BANKS. —The obligations of other banks shall not be reduced in anticipation of any recoveries under this subparagraph from banks leaving the System or in liquidation, but the Financial Assistance Corporation shall apply the recoveries, when received, and all earnings on the recoveries, to reduce the other banks' payment obligations, or, to the extent the recoveries are received after the other banks have met their entire pa3m(ient obligation, shall refund the recoveries, when received, to the other banks in proportion to the other banks' payments."; (2) by redesignating subparagraph (D) as subparagraph (E); (3) by inserting after subparagraph (C) the following new subparagraph: ^(D) ANNUAL PAYMENTS. — Contracts. «(i) IN GENERAL.—In order to provide for the orderly funding and discharge over time of the obligation of each System bank to the Financial Assistance Corporation under subparagraph (C), each System bank shall enter into or continue in effect an agreement with the Financial Assistance Corporation under which the bank will make annual annmty-type payments to the Financial Assistance Con>oration, beginning no later than December 31, 1992 (except for any bank that did not meet its interim capital requirement on December 31, 1990, in which case the bank shall begin
 * (I) the average accruing loan volume of the

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