Page:United States Statutes at Large Volume 122.djvu/1727

 12 2 STA T . 1 704PUBLIC LA W 110 – 24 6—J U NE 1 8, 2008 (b)LOANR A TE.—Exceptas p rovid edi n section 1 1 05, t h e l oan rate f ora m ar k etin g assistance loan for pean u ts under subsection (a) shall be e q ual to $3 55 per ton. (c) T E RM O F LOAN.— (1) I N G ENERA L .— A marketing assistance loan for peanuts under subsection (a) shall have a term of 9 months beginning on the first da y of the first month after the month in w hich the loan is made. ( 2 )E X TEN SI ONS P RO H I B ITE D .—The S ecretary may not extend the term of a marketing assistance loan for peanuts under subsection (a). (d) REPA Y MENT RATE.— (1) IN GENERAL.—The Secretary shall permit producers on a farm to repay a marketing assistance loan for peanuts under subsection (a) at a rate that is the lesser of— (A) the loan rate established for peanuts under sub - section (b), plus interest (determined in accordance with section 1 6 3of the F ederal Agriculture Improvement and Reform Act of 1996 ( 7U .S. C .72 8 3)) or ( B ) a rate that the Secretary determines will— (i) minimi z e potential loan forfeitures; (ii) minimize the accumulation of stocks of peanuts by the Federal G overnment; (iii) minimize the cost incurred by the Federal Government in storing peanuts; and (iv) allow peanuts produced in the United States to be marketed freely and competitively, both domesti- cally and internationally. (2) A U THORITY TO TEMPORARILY AD J UST REPAYMENT RATES.— (A) ADJUSTMENT AUTHORITY.—In the event of a severe disruption to marketing, transportation, or related infra- structure, the Secretary may modify the repayment rate otherwise applicable under this subsection for marketing assistance loans for peanuts under subsection (a). (B) D URATION.—An ad j ustment made under subpara- graph (A) in the repayment rate for marketing assistance loans for peanuts shall be in effect on a short-term and temporary basis, as determined by the Secretary. (e) LOAN DEFI C IENCY P AYMENTS.— (1) A V AILABILITY.—The Secretary may make loan deficiency payments 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 pro- ducers, 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

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