Page:United States Statutes at Large Volume 116 Part 1.djvu/203

 PUBLIC LAW 107-171—MAY 13, 2002 116 STAT. 177 (2) GOOD FAITH EXCEPTION TO BENEFICIAL INTEREST REQUIREMENT. — For the 2002 crop year only, in the case of the producers on a farm that marketed or otherwise lost beneficial interest in the peanuts for which a marketing assistance loan was made under this section before repaying the loan, the Secretary shall permit the producers to repay the loan at the applicable repayment rate that was in effect for peanuts under this subsection on the date that the producers lost beneficial interest, as determined by the Secretary, if the Secretary determines the producers acted in good faith. (e) LOAN DEFICIENCY PAYMENTS. — (1) AVAILABILITY. — The Secretary may make loan deficiency pa3anents available to producers on a farm that, although eligible to obtain a marketing assistance loan for peanuts under subsection (a), agree to forgo obtaining the loan for the peanuts in return for loan deficiency payments under this subsection. (2) COMPUTATION.— ^A loan deficiency payment under this subsection shall be computed by multiplying— (A) the payment rate determined under paragraph (3) for peanuts; by (B) the quantity of the peanuts produced by the producers, excluding any quantity for which the producers obtain a marketing assistance loan under subsection (a). (3) PAYMENT RATE. — For purposes of this subsection, the payment rate shall be the amount by which— (A) the loan rate established under subsection (b); exceeds (B) the rate at which a loan may be repaid under subsection (d). (4) EFFECTIVE DATE FOR PAYMENT RATE DETERMINATION. — (A) IN GENERAL. —The Secretary shall determine the amount of the loan deficiency pa5Tnent to be made under this subsection to the producers on a farm with respect to a quantity of peanuts using the payment rate in effect under paragraph (3) as of the date the producers request the payment. (B) SPECIAL RULE FOR 2002 CROP YEAR.—For the 2002 crop year only, the Secretary shall determine the amount of the loan deficiency payment to be made under this subsection to the producers on a farm with respect to a quantity of peanuts using the payment rate in effect under paragraph (3) as of the earlier of the following: (i) The date on which the producers marketed or otherwise lost beneficial interest in the crop, as determined by the Secretary. (ii) The date the producers request the payment. (f) CoMPLL^srcE WITH CONSERVATION AND WETLANDS REQUIRE- MENTS. —As a condition of the receipt of a marketing assistance loan under subsection (a), the producer shall comply with applicable conservation requirements under subtitle B of title XII of the Food Security Act of 1985 (16 U.S.C. 3811 et seq.) and applicable wetland protection requirements under subtitle C of title XII of that Act (16 U.S.C. 3821 et seq.) during the term of the loan. (g) REIMBURSABLE AGREEMENTS AND PAYMENT OF ADMINISTRA- TIVE EXPENSES. —The Secretary may implement any reimbursable agreements or provide for the payment of administrative expenses

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