Page:United States Statutes at Large Volume 116 Part 1.djvu/211

 PUBLIC LAW 107-171—MAY 13, 2002 116 STAT. 185 " (1) DEFINITION OF IN-PROCESS SUGARS AND SYRUPS. —In this subsection, the term 'in-process sugars and syrups' does not include raw sugar, liquid sugar, invert sugar, invert syrup, or other finished product that is otherwise eligible for a loan under subsection (a) or (b). "(2) AVAILABILITY. —The Secretary shall make nonrecourse loans available to processors of a crop of domestically grown sugarcane and sugar beets for in-process sugars and syrups derived from the crop. "(3) LOAN RATE.— The loan rate shall be equal to 80 percent of the loan rate applicable to raw cane sugar or refined beet sugar, as determined by the Secretary on the basis of the source material for the in-process sugars and syrups. " (4) FURTHER PROCESSING ON FORFEITURE.— "(A) IN GENERAL.— As a condition of the forfeiture of in-process sugars and syrups serving as collateral for a loan under paragraph (2), the processor shall, within such reasonable time period as the Secretary may prescribe and at no cost to the Commodity Credit Corporation, convert the in-process sugars and syrups into raw cane sugar or refined beet sugar of acceptable grade and quality for sugars eligible for loans under subsection (a) or (b). "(B) TRANSFER TO CORPORATION. —Once the in-process sugars and syrups are fully processed into raw cane sugar or refined beet sugar, the processor shall transfer the sugar to the Commodity Credit Corporation. " (C) PAYMENT TO PROCESSOR.—On transfer of the sugar, the Secretary shall make a payment to the processor in an amount equal to the amount obtained by multiplying— "(i) the difference between— "(I) the loan rate for raw cane sugar or refined beet sugar, as appropriate; and "(II) the loan rate the processor received under paragraph (3); by "(ii) the quantity of sugar transferred to the Secretary. "(5) LOAN CONVERSION. — If the processor does not forfeit the collateral as described in paragraph (4), but instead further processes the in-process sugars and syrups into raw cane sugar or refined beet sugar and repays the loan on the in-process sugars and syrups, the processor may obtain a loan under subsection (a) or (b) for the raw cane sugar or refined beet sugar, as appropriate. "(6) TERM OF LOAN.— The term of a loan made under this subsection for a quantity of in-process sugars and syrups, when combined with the term of a loan made with respect to the raw cane sugar or refined beet sugar derived from the inprocess sugars and syrups, may not exceed 9 months, consistent with subsection (d). " (g) AVOIDING FORFEITURES; CORPORATION INVENTORY DISPOSI- TION. — "(1) IN GENERAL.— Subject to subsection (e)(3), to the maximum extent practicable, the Secretary shall operate the program established under this section at no cost to the Federal Government by avoiding the forfeiture of sugar to the Commodity Credit Corporation.

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