Page:United States Statutes at Large Volume 106 Part 5.djvu/473

 PUBLIC LAW 102-552 —OCT. 28, 1992 106 STAT. 4111 to the Financial Assistance Corporation under this subparagraph shall be recorded each year as an expense item, in accordance with generally accepted accounting principles, on the books of the bank. "(iii) PASS THROUGH.— A bank may (and, to the extent necessary to satisfy its obligations, shall) pass on (either directly, or indirectly through loan pricing or otherwise) all or part of the amount necessary to satisfy the payment requirement to its afialiated direct lender associations based on proportionate average accruing retail loan volimies for the preceding 15 years, except that the bank shall remain primarily Uable for the amount. "(iv) 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. A liability to the Financial Assistance Corporation in this amount (calculated as if the bank had left the System on the date it was placed in Uquidation) shall be recognized as a claim in favor of the Financial Assistance Corporation against the estate of any bank undergoing liquidation. The obligations of other banks shall not be reduced in anticipation of any such recoveries 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 payment obligation, shall refund the recoveries, when received, to the other banks in proportion to the other banks' payments. "(v) ASSOCIATIONS TERMINATING SYSTEM STATUS OR IN LIQUIDATION. — Any association leaving the Farm Credit System pursuant to section 7.10 shall be required, under regulations of the Farm Credit Administration, to pay to its supervising bank a share, based on the association's retail loan volume relative to the retail loan volume of the bank and its affiliated associations had the association remained in the System, of the present value of the future payment obligation of its supervising bank. A liability to the bank in this amount (calculated as if the association had left the System on the date it was placed in liquidation) shall be recognized as a claim in favor of the bank against the estate of any association undergoing liquidation.". SEC. 304. REPAYMENT OF TREASURY-PAID INTEREST. (a) IN GENERAL.— Paragraph (5) of section 6.26(c) (12 U.S.C. 2278b-6(c)(5)) is amended to read as follows: "(5) REPAYMENT OF TREASURY-PAID INTEREST.— "(A) IN GENERAL.—On the maturity date of the lastmaturing debt obligation issued under subsection (a), the

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