Page:United States Statutes at Large Volume 92 Part 2.djvu/406

 92 STAT. 1686

PUBLIC LAW 95-501—OCT. 21, 1978

Terms of credit.

"^5) The terms of credit for export sales financed under this subsection shall include the following terms: " (A) Repayment shall be in dollars with interest at a rate equal, as nearly as practicable, to the rate charged by the Commodity i. Credit Corporation for financing under the Corporation's shortterm export credit sales program. "(B) The Secretary may, if the Secretary deems such action appropriate to protect the interests of the United States, require ,,;,. an initial payment from the purchaser at the time of sale or ship•.ji ment of the agricultural commodity. "(6) The Secretary shall, wherever feasible, obtain commitments K ". '< from purchasers that will prevent resale or transshipment to other nations of agricultural commodities purchased with financing provided under this subsection. Review. "(7)(A) Agreements to finance export sales of agricultural commodities entered into under this subsection, except agreements to finance export sales for the establishment of reserve stocks, shall be subject to such other terms and conditions as the Secretary may deem necessary or appropriate and shall be subject only to review by the National Advisory Council on International Monetary and Financial Policies. "(B) Agreements to finance export sales of agricultural commodities under this subsection for the establishment of reserve stocks shall be subject to such other terms and conditions as the Secretary may deem necessary and appropriate. No such agreement may become effective Presidential or be carried out until the expiration of thirty days following the determination. Transmittal to date on which a detailed summary of such proposed agreement, congressional together with a determination by the President that such financing is committees. not adverse to the interests of United States producers of agricultural commodities, is transmitted by the Secretary to the Committee on Agriculture, Nutrition, and Forestry of the Senate and the Committee on Agriculture of the House of Representatives, if transmitted while Congress is in session, or sixty days following the date of transmittal if transmitted while Congress is not in session. "(8) The provisions of the cargo preference laws shall not apply to export sales financed under this subsection. "(9) The authority provided under this subsection shall be in addition to, and not in place of, any authority granted to the Secretary or the Commodity Credit Corporation under any other provision of law. "Agricultural "(c) The term 'agricultural commodity' as used in this section commodity." includes any agricultural commodity or product thereof.". TITLE II—COMMODITY CREDIT CORPORATION FINANCING OF D E F E R R E D PAYMENT SALES; CREDIT SALES TO THE P E O P L E ' S REPUBLIC OF CHINA COMMODITY CREDIT CORPORATION FINANCING OF DEFERRED PAYMENT SALES

7 USC 1707b.

SEC 201. (a) To develop new market opportunities for the sale of United States agricultural commodities and to maintain and expand existing foreign markets for such commodities, the Secretary of Agriculture may provide Commodity Credit Corporation financing to exporters of such commodities who wish to provide deferred payment terms to buyers in other nations in order to meet sales competition from other nations or to make additional export sales. Except as otherwise provided in section 202 of this title, financing under this section shall be available only with respect to sales to those nations that are

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