Review of the U.S. Department of Agriculture's Change in Procedure Concerning Sales of Commodities Through the Export Credit Guarantee Program and the Intermediate Export Credit Guarantee Program: Hearing Before the Subcommittee on Tobacco and Peanuts of the Committee on Agriculture, House of Representatives, One Hundredth Congress, Second Session, October 6, 1988

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Page 12 - Commodity Credit Corporation Charter Act, 15 USC 714, as an agency and instrumentality of the United States within the Department of Agriculture for the purpose of stabilizing, supporting and protecting farm income and prices, assisting in the maintenance of balanced and adequate supplies of agricultural commodities and facilitating the orderly distribution thereof.
Page 12 - In the Corporation's purchasing and selling operations with respect to agricultural commodities (except sales to other Government agencies) , and in the warehousing, transporting, processing, or handling of agricultural commodities, the Corporation shall, to the maximum extent practicable consistent with the f ulfillment of the Corporation 's purposes and the effective and efficient conduct of its business, utilize the usual and customary channels, facilities, and arrangements of trade and commerce.
Page 13 - Export sales of agricultural commodities out of Commodity Credit Corporation and private stocks on credit terms in excess of three years, but not more than ten years, may be financed by the Commodity Credit Corporation.
Page 12 - Export or cause to be exported, or aid in the development of foreign markets for, agricultural commodities.
Page 90 - Statement that the agricultural commodities of the grade, quality, and quantity called for in the exporter's sales contract with the foreign importer have been exported to the country specified in the payment guarantee.
Page 12 - In the fulfillment of its purposes and in carrying out its annual budget programs submitted to and approved by the Congress pursuant to the Government Corporation Control Act (31 USC, 1940 edition, Supp.
Page 12 - ... procure agricultural commodities for sale to other Government agencies, foreign governments, and domestic, foreign, or international relief or rehabilitation agencies, and to meet domestic requirements; (4) remove and dispose of or aid in the removal or disposition of surplus agricultural commodities...
Page 13 - ... guaranteed under Supplier Credit Guarantees than under regular GSM-102 guarantees where CCC is guaranteeing foreign bank obligations. A portion of the GSM-102 guarantees is also made available as Facilities Guarantees. Under this activity, CCC guarantees export financing for capital goods and services to improve handling, marketing, processing, storage, or distribution of imported agricultural commodities and products. The subsidy estimates for the GSM-102 and GSM-103 programs are determined...
Page 15 - ... contract or under the foreign bank's obligation owed to the exporter or the exporter's assignee related to the foreign bank's letter of credit issued in favor of the US exporter. (o) "Port value...
Page 91 - DEFAULTS 1487.8 Notice of default (a) If the foreign bank issuing the letter of credit fails to make a remittance pursuant to the terms of the letter of credit or a related obligation arising under the letter of credit and such default appears to be attributable to the occurrence of a noncommercial risk, the exporter or the assignee shall promptly furnish a written notice of default to the Treasurer, CCC at the address indicated in 1487.1Kb).

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