Page:United States Statutes at Large Volume 122.djvu/1001

 12 2 STA T .978PUBLIC LA W 11 0– 2 34—M A Y 22, 2008 ‘ ‘ (B)the e ndof the f iscaly ea r in w hich the loan is m ade . ‘‘( 2 ) SUP P LEM E NTA LL O AN S . —I n the case of a loan made u nder this section in the last 3 months of a fiscal year , the p rocessor may repled g e the sugar as collateral for a second loan in the su b se q uent fiscal year, e x cept that the second loan shall— ‘‘( A ) be made at the loan rate in effect at the time the first loan was made and ‘‘(B) mature in 9 months less the quantity of time that the first loan was in effect. ‘‘(d) L OAN TY PE; PR O C ESSOR ASSURANCES.— ‘‘( 1 ) N ONRECOURSE LOANS.—The Secretary shall carry out this section through the use of nonrecourse loans. ‘‘(2) PROCESSOR ASSURANCES.— ‘‘(A) IN G ENERAL.—The Secretary shall obtain from each processor that recei v es a loan under this section such assurances as the Secretary considers adequate to ensure that the processor will provide payments to producers that are proportional to the value of the loan received by the processor for the sugar beets and sugarcane delivered by producers to the processor. ‘‘(B) MI NIMUM PAYMENTS.— ‘‘(i) IN GENERAL.—Sub j ect to clause (ii), the Sec - retary may establish appropriate minimum payments for purposes of this paragraph. ‘‘(ii) LIMITATION.—In the case of sugar beets, the minimum payment established under clause (i) shall not exceed the rate of payment provided for under the applicable contract between a sugar beet producer and a sugar beet processor. ‘‘(3) A D MINISTRATION.—The Secretary may not impose or enforce any prenotification requirement, or similar administra- tive requirement not otherwise in effect on May 13, 2 0 02, that has the effect of preventing a processor from electing to forfeit the loan collateral (of an acceptable grade and quality) on the maturity of the loan. ‘‘(e) LOANS F OR IN-PROCESS SUGAR.— ‘‘(1) D EFINITION 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) A V AILA B ILITY.—The Secretary shall ma k e 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 8 0 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 ) F URT H ER 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

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