Page:United States Statutes at Large Volume 110 Part 1.djvu/990

 110 STAT. 966 PUBLIC LAW 104-127—APR. 4, 1996 repayment of credit made available for a period of not more than 180 days by a United States exporter to a buyer in a foreign country."; (2) in subsection (f)— (A) by striking "(0 RESTRICTIONS. — The" and inserting the following: "(f) RESTRICTIONS.— " (1) IN GENERAL.—The"; and (B) by adding at the end the following: "(2) CRITERIA FOR DETERMINATION. —In making the determination required under paragraph (1) with respect to credit guarantees under subsection (b) for a country, the Secretary may consider, in addition to financial, macroeconomic, and monetary indicators— "(A) whether an International Monetary Fund standby agreement, Paris Club rescheduling plan, or other economic restructuring plan is in place with respect to the country; "(B) whether the country is addressing issues such as— "(i) the convertibility of the currency of the country; "(ii) adequate legal protection for foreign investments; "(iii) the viability of the financial markets of the country; and "(iv) adequate legal protection for the private property rights of citizens of the country; or "(C) any other factors that are relevant to the ability of the country to service the debt of the country."; (3) by striking subsection (h) and inserting the following: " (h) UNITED STATES AGRICULTURAL COMMODITIES.—The Commodity Credit Corporation shall finance or guarantee under this section only United States agricultural commodities."; (4) in subsection (i)— (A) by striking paragraph (1); (B) by striking "INSTITUTIONS.— ^A financial" and inserting the following: "INSTITUTIONS. — "(1) IN GENERAL.—^A financial"; (C) by striking "(2) is" and inserting the following: "(A) is"; (D) by striking "(3) is" and inserting the following: "(B) is"; and (E) by adding at the end the following: "(2) THIRD COUNTRY BANKS. —The Commodity Credit Corporation may guarantee under subsections (a) and (b) the repay- ment of credit made available to finance an export sale irrespective of whether the obligor is located in the country to which the export sale is destined."; and (5) by striking subsection (k) and inserting the following: " (k) PROCESSED AND HIGH-VALUE PRODUCTS.— "(1) IN GENERAL.—In issuing export credit guarantees under this section, the Commodity Credit Corporation shall, subject to paragraph (2), ensure that not less than 25 percent for each of fiscal years 1996 and 1997, 30 percent for each of fiscal years 1998 and 1999, and 35 percent for each of fiscal years 2000, 2001, and 2002, of the total amount of credit guarantees issued for a fiscal year is issued to promote the export of processed or high-value agricultural products and

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