Republic of Tunisia Loan Guarantees Issued Under the Department of State, Foreign Operations, and Related Programs Appropriations Act of 2012, 40790-40793 [2012-16638]
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40790
Federal Register / Vol. 77, No. 133 / Wednesday, July 11, 2012 / Rules and Regulations
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 117
[Docket No. FAA–2009–1093; Amdt. No.
117–1A]
RIN 2120–AJ58
Flightcrew Member Duty and Rest
Requirements; OMB Approval of
Information Collection
Federal Aviation
Administration, DOT.
ACTION: Final rule; OMB approval of
information collection.
AGENCY:
This document notifies the
public of the Office of Management and
Budget’s (OMB’s) approval of the
information collection requirement
contained in the FAA’s final rule,
‘‘Flightcrew Member Duty and Rest
Requirements,’’ which was published
on January 4, 2012.
DATES: The rule published January 4,
2012 (77 FR 330), including the
information collection requirement in
§§ 117.7, 117.9, 117.11, 117.19, and
117.29, will become effective on January
4, 2014. This document announces that
OMB approval was received on May 4,
2012.
FOR FURTHER INFORMATION CONTACT: For
technical questions concerning this
document, contact Dale E. Roberts, Air
Transportation Division (AFS–200),
Flight Standards Service, Federal
Aviation Administration, 800
Independence Avenue SW.,
Washington, DC 20591; telephone (202)
267–5749; email: dale.e.roberts@faa.gov.
For legal questions concerning this
document, contact Rebecca
MacPherson, Office of the Chief
Counsel, Regulations Division (AGC–
200), 800 Independence Avenue SW.,
Washington, DC 20591; telephone (202)
267–3073; email:
rebecca.macpherson@faa.gov.
SUPPLEMENTARY INFORMATION: On
January 4, 2012, the final rule,
‘‘Flightcrew Member Duty and Rest
Requirements’’ was published in the
Federal Register (77 FR 330). In that
rule, the FAA amended the FAA’s
existing flight, duty and rest regulations
applicable to certain certificate holders
and their flightcrew members operating
under the domestic, flag, and
supplemental operations rules.
The paperwork burden is comprised
of five areas: fatigue risk management
system, § 117.7; fatigue training, § 117.9;
flight time limitation, § 117.11; flight
duty period extension reporting,
§ 117.19; and emergency and
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SUMMARY:
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government sponsored operations,
§ 117.29. The information collection
requirements had not been approved by
OMB at the time of publication.
In accordance with the Paperwork
Reduction Act, the FAA submitted a
copy of the new information collection
requirements to OMB for its review.
OMB approved the collection on May 4,
2012, and assigned the information
collection OMB Control Number 2120–
0751, which expires on May 31, 2015.
This document is being published to
inform affected parties of the approval,
and to announce that as of January 4,
2014, affected parties are required to
comply with the new information
collection requirements in §§ 117.7,
117.9, 117.11, 117.19, and 117.29.
Issued in Washington, DC, on June 21,
2012.
Brenda D. Courtney,
Acting Director, Office of Rulemaking.
[FR Doc. 2012–16021 Filed 7–10–12; 8:45 am]
BILLING CODE 4910–13–P
AGENCY FOR INTERNATIONAL
DEVELOPMENT
22 CFR Part 232
Republic of Tunisia Loan Guarantees
Issued Under the Department of State,
Foreign Operations, and Related
Programs Appropriations Act of 2012
Agency for International
Development (USAID).
ACTION: Final rule.
AGENCY:
This regulation prescribes the
procedures and standard terms and
conditions applicable to loan guarantees
issued for the benefit of the Republic of
Tunisia pursuant to the State, Foreign
Operations, and Related Programs
Appropriations Act of 2012.
DATES: Effective Date: July 11, 2012.
FOR FURTHER INFORMATION CONTACT:
Haven Cruz-Hubbard, Office of General
Counsel, U.S. Agency for International
Development, Washington, DC 20523–
6601; tel. 202–712–4774, fax 202–216–
3055.
SUPPLEMENTARY INFORMATION: Pursuant
to the State, Foreign Operations, and
Related Programs Appropriations Act of
2012 (Pub. L. 112–74), the United States
of America, acting through the U.S.
Agency for International Development,
may issue certain loan guarantees
applicable to sums borrowed by Banque
Centrale de Tunisie, acting on behalf of
the Republic of Tunisia (the
‘‘Borrower’’). The loan guarantees shall
insure the Borrower’s repayment of
100% of principal and interest due
SUMMARY:
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under such loans. The full faith and
credit of the United States of America is
pledged for the full payment and
performance of such guarantee
obligations.
This rulemaking document is not
subject to rulemaking under 5 U.S.C.
553 or to regulatory review under
Executive Order 12866 because it
involves a foreign affairs function of the
United States. The provisions of the
Paperwork Reduction Act (44 U.S.C.
3501 et seq.) do not apply.
List of Subjects in 22 CFR Part 232
Foreign relations, Foreign aid, Loan
programs—foreign relations.
Authority and Issuance
Accordingly, a new Part 232 is added
to Title 22, Chapter II, of the Code of
Federal Regulations, as follows:
■
PART 232—REPUBLIC OF TUNISIA
LOAN GUARANTEES ISSUED UNDER
THE DEPARTMENT OF STATE,
FOREIGN OPERATIONS, AND
RELATED PROGRAMS
APPROPRIATIONS ACT, 2012, DIV. I,
PUB. L. 112–74—STANDARD TERMS
AND CONDITIONS
Sec.
232.01 Purpose.
232.02 Definitions.
232.03 The Guarantee.
232.04 Guarantee eligibility.
232.05 Non-impairment of the Guarantee.
232.06 Transferability of Guarantee; Note
Register.
232.07 Fiscal agent obligations.
232.08 Event of Default; Application for
Compensation; payment.
232.09 No Acceleration of Eligible Notes.
232.10 Payment to USAID of excess
amounts received by a Noteholder.
232.11 Subrogation of USAID.
232.12 Prosecution of claims.
232.13 Change in agreements.
232.14 Arbitration.
232.15 Notice.
232.16 Governing law.
Appendix A to Part 232—Application for
Compensation
Authority: Title III of the Department of
State, Foreign Operations, and Related
Programs Appropriations Act, 2012, Division
I, Pub. L. 112–74.
§ 232.01
Purpose.
The purpose of the regulations in this
part is to prescribe the procedures and
standard terms and conditions
applicable to loan guarantees issued for
the benefit of the Borrower, pursuant to
Title Ill of the Department of State,
Foreign Operations, and Related
Programs Appropriations Act, 2012,
Division I, Public Law 112–74. The loan
guarantees will be issued as provided
herein pursuant to the Loan Guarantee
Agreement, dated June 8, 2012, between
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Federal Register / Vol. 77, No. 133 / Wednesday, July 11, 2012 / Rules and Regulations
the Republic of Tunisia and the United
States of America (the ‘‘Loan Guarantee
Agreement’’) and will apply to sums
borrowed during a period beginning on
the date that the Loan Guarantee
Agreement enters into force and ending
one year after such date, in such amount
and on such terms as may be
determined by USAID, such
determination to be conclusive. The
loan guarantees shall insure the
Borrower’s repayment of 100% of
principal and interest due under such
loans. The full faith and credit of the
United States of America is pledged for
the full payment and performance of
such guarantee obligations.
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§ 232.02
Definitions.
Wherever used in the standard terms
and conditions set out in this part:
Applicant means a Noteholder who
files an Application for Compensation
with USAID, either directly or through
the Fiscal Agent acting on behalf of a
Noteholder.
Application for Compensation means
an executed application in the form of
Appendix A to this part which a
Noteholder, or the Fiscal Agent on
behalf of a Noteholder, files with USAID
pursuant to § 232.08.
Borrower means Banque Centrale de
Tunisie, acting on behalf of the Republic
of Tunisia.
Business Day means any day other
than a day on which banks in New
York, NY are closed or authorized to be
closed or a day which is observed as a
federal holiday in Washington, DC, by
the United States Government.
Date of Application means the date on
which an Application for Compensation
is actually received by USAID pursuant
to § 232.15.
Defaulted Payment means, as of any
date and in respect of any Eligible Note,
any Interest Amount and/or Principal
Amount not paid when due.
Eligible Note(s) means [a] Note[s]
meeting the eligibility criteria set out in
§ 232.04.
Fiscal Agency Agreement means the
agreement among USAID, the Borrower
and the Fiscal Agent pursuant to which
the Fiscal Agent agrees to provide fiscal
agency services in respect of the Note[s],
a copy of which Fiscal Agency
Agreement shall be made available to
Noteholders upon request to the Fiscal
Agent.
Fiscal Agent means the bank or trust
company or its duly appointed
successor under the Fiscal Agency
Agreement which has been appointed
by the Borrower with the consent of
USAID to perform certain fiscal agency
services for specified Eligible Note[s]
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pursuant to the terms of the Fiscal
Agency Agreement.
Further Guaranteed Payments means
the amount of any loss suffered by a
Noteholder by reason of the Borrower’s
failure to comply on a timely basis with
any obligation it may have under an
Eligible Note to indemnify and hold
harmless a Noteholder from taxes or
governmental charges or any expense
arising out of taxes or any other
governmental charges relating to the
Eligible Note in the country of the
Borrower.
Guarantee means the guarantee of
USAID pursuant to this part 232 and the
State, Foreign Operations, and Related
Programs Appropriations Act of 2012
(Pub. L. 112–74).
Guarantee Payment Date means a
Business Day not more than three (3)
Business Days after the related Date of
Application.
Interest Amount means for any
Eligible Note the amount of interest
accrued on the Principal Amount of
such Eligible Note at the applicable
Interest Rate.
Interest Rate means the interest rate
borne by an Eligible Note.
Loss of Investment means, in respect
of any Eligible Note, an amount in
Dollars equal to the total of the:
(1) Defaulted Payment unpaid as of
the Date of Application,
(2) Further Guaranteed Payments
unpaid as of the Date of Application,
and
(3) Interest accrued and unpaid at the
Interest Rate(s) specified in the Eligible
Note(s) on the Defaulted Payment and
Further Guaranteed Payments, in each
case from the date of default with
respect to such payment to and
including the date on which full
payment thereof is made to the
Noteholder.
Notes[s] means any debt securities
issued by the Borrower.
Noteholder means the owner of an
Eligible Note who is registered as such
on the Note Register of Eligible Notes
required to be maintained by the Fiscal
Agent.
Person means any legal person,
including any individual, corporation,
partnership, joint venture, association,
joint stock company, trust,
unincorporated organization, or
government or any agency or political
subdivision thereof.
Principal Amount means the
principal amount of any Eligible Notes
issued by the Borrower. For purposes of
determining the principal amount of
any Eligible Notes issued by the
Borrower, the principal amount of each
Eligible Note shall be the stated
principal amount thereof.
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USAID means the United States
Agency for International Development
or its successor.
§ 232.03
The Guarantee.
Subject to the terms and conditions
set out in this part, the United States of
America, acting through USAID,
guarantees to Noteholders the
Borrower’s repayment of 100 percent of
principal and interest due on Eligible
Notes. Under this Guarantee, USAID
agrees to pay to any Noteholder
compensation in Dollars equal to such
Noteholder’s Loss of Investment under
its Eligible Note; provided, however,
that no such payment shall be made to
any Noteholder for any such loss arising
out of fraud or misrepresentation for
which such Noteholder is responsible or
of which it had knowledge at the time
it became such Noteholder. This
Guarantee shall apply to each Eligible
Note registered on the Note Register
required to be maintained by the Fiscal
Agent.
§ 232.04
Guarantee eligibility.
(a) Eligible Notes only are guaranteed
hereunder. Notes in order to achieve
Eligible Note status:
(1) Must be signed on behalf of the
Borrower, manually or in facsimile, by
a duly authorized representative of the
Borrower;
(2) Must contain a certificate of
authentication manually executed by a
Fiscal Agent whose appointment by the
Borrower is consented to by USAID in
the Fiscal Agency Agreement; and
(3) Shall be approved and
authenticated by USAID by either:
(i) The affixing by USAID on the
Notes of a guarantee legend
incorporating these Standard Terms and
Conditions signed on behalf of USAID
by either a manual signature or a
facsimile signature of an authorized
representative of USAID or
(ii) The delivery by USAID to the
Fiscal Agent of a guarantee certificate
incorporating these Standard Terms and
Conditions signed on behalf of USAID
by either a manual signature or a
facsimile signature of an authorized
representative of USAID.
(b) The authorized USAID
representatives for purposes of the
regulations in this part whose
signature(s) shall be binding on USAID
shall include the USAID Chief and
Deputy Chief Financial Officer,
Assistant Administrator and Deputy,
Bureau for Economic Growth,
Education, and Environment, Director
and Deputy Director, Office of
Development Credit, and such other
individual(s) designated in a certificate
executed by an authorized USAID
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Representative and delivered to the
Fiscal Agent. The certificate of
authentication of the Fiscal Agent
issued pursuant to the Fiscal Agency
Agreement shall, when manually
executed by the Fiscal Agent, be
conclusive evidence binding on USAID
that an Eligible Note has been duly
executed on behalf of the Borrower and
delivered.
§ 232.05
Non-impairment of the Guarantee.
The full faith and credit of the United
States of America is pledged to the
performance of this Guarantee. The
Guarantee shall be unconditional, and
shall not be affected or impaired by:
(a) Any defect in the authorization,
execution, delivery or enforceability of
any agreement or other document
executed by a Noteholder, USAID, the
Fiscal Agent or the Borrower in
connection with the transactions
contemplated by this Guarantee or
(b) The suspension or termination of
the program pursuant to which USAID
is authorized to guarantee the Eligible
Notes. This non-impairment of the
guarantee provision shall not, however,
be operative with respect to any loss
arising out of fraud or misrepresentation
for which the claiming Noteholder is
responsible or of which it had
knowledge at the time it became a
Noteholder.
§ 232.06 Transferability of Guarantee; Note
Register.
A Noteholder may assign, transfer or
pledge an Eligible Note to any Person.
Any such assignment, transfer or pledge
shall be effective on the date that the
name of the new Noteholder is entered
on the Note Register required to be
maintained by the Fiscal Agent
pursuant to the Fiscal Agency
Agreement. USAID shall be entitled to
treat the Persons in whose names the
Eligible Notes are registered as the
owners thereof for all purposes of this
Guarantee and USAID shall not be
affected by notice to the contrary.
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§ 232.07
Fiscal agent obligations.
Failure of the Fiscal Agent to perform
any of its obligations pursuant to the
Fiscal Agency Agreement shall not
impair any Noteholder’s rights under
this Guarantee, but may be the subject
of action for damages against the Fiscal
Agent by USAID as a result of such
failure or neglect. A Noteholder may
appoint the Fiscal Agent to make
demand for payment on its behalf under
this Guarantee.
§ 232.08 Event of Default; Application for
Compensation; payment.
At any time after an Event of Default,
as this term is defined in an Eligible
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Note, any Noteholder hereunder, or the
Fiscal Agent on behalf of a Noteholder
hereunder, may file with USAID an
Application for Compensation in the
form provided in Appendix A to this
part. USAID shall pay or cause to be
paid to any such Applicant any
compensation specified in such
Application for Compensation that is
due to the Applicant pursuant to the
Guarantee as a Loss of Investment not
later than the Guarantee Payment Date.
In the event that USAID receives any
other notice of an Event of Default,
USAID may pay any compensation that
is due to any Noteholder pursuant to a
Guarantee, whether or not such
Noteholder has filed with USAID an
Application for Compensation in
respect of such amount.
§ 232.09
No Acceleration of Eligible Notes.
Eligible Notes shall not be subject to
acceleration, in whole or in part, by
USAID, the Noteholder or any other
party. USAID shall not have the right to
pay any amounts in respect of the
Eligible Notes other than in accordance
with the original payment terms of such
Eligible Notes.
§ 232.10 Payment to USAID of excess
amounts received by a Noteholder.
If a Noteholder shall, as a result of
USAID paying compensation under this
Guarantee, receive an excess payment, it
shall refund the excess to USAID.
§ 232.11
Subrogation of USAID.
In the event of payment by USAID to
a Noteholder under this Guarantee,
USAID shall be subrogated to the extent
of such payment to all of the rights of
such Noteholder against the Borrower
under the related Note.
§ 232.12
Prosecution of claims.
After payment by USAID to an
Applicant hereunder, USAID shall have
exclusive power to prosecute all claims
related to rights to receive payments
under the Eligible Notes to which it is
thereby subrogated. If a Noteholder
continues to have an interest in the
outstanding Eligible Notes, such a
Noteholder and USAID shall consult
with each other with respect to their
respective interests in such Eligible
Notes and the manner of and
responsibility for prosecuting claims.
§ 232.13
Change in agreements.
No Noteholder will consent to any
change or waiver of any provision of
any document contemplated by this
Guarantee without the prior written
consent of USAID.
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§ 232.14
Arbitration.
Any controversy or claim between
USAID and any Noteholder arising out
of this Guarantee shall be settled by
arbitration to be held in Washington, DC
in accordance with the then prevailing
rules of the American Arbitration
Association, and judgment on the award
rendered by the arbitrators may be
entered in any court of competent
jurisdiction.
§ 232.15
Notice.
Any communication to USAID
pursuant to this Guarantee shall be in
writing in the English language, shall
refer to the Republic of Tunisia Loan
Guarantee Number inscribed on the
Eligible Note and shall be complete on
the day it shall be actually received by
USAID at the Office of Development
Credit, Bureau for Economic Growth,
Agriculture and Trade, United States
Agency for International Development,
Washington, DC 20523–0030. Other
addresses may be substituted for the
above upon the giving of notice of such
substitution to each Noteholder by first
class mail at the address set forth in the
Note Register.
§ 232.16
Governing law.
This Guarantee shall be governed by
and construed in accordance with the
laws of the United States of America
governing contracts and commercial
transactions of the United States
Government.
Appendix A to Part 232—Application
for Compensation
United States Agency for International
Development Washington, DC 20523
Ref: Guarantee dated as of lll, 20ll:
Gentlemen: You are hereby advised that
payment of $llll (consisting of
$llll of principal, $llll of interest
and $llll in Further Guaranteed
Payments, as defined in § 232.02(1) of the
Standard Terms and Conditions of the abovementioned Guarantee) was due on 20ll, on
$llll Principal Amount of Notes issued
by Banque Centrale de Tunisie, acting on
behalf of the Republic of Tunisia (the
‘‘Borrower’’) held by the undersigned. Of
such amount $llll was not received on
such date and has not been received by the
undersigned at the date hereof. In accordance
with the terms and provisions of the abovementioned Guarantee, the undersigned
hereby applies, under § 232.08 of said
Guarantee, for payment of $llll,
representing $lllll the Principal
Amount of the presently outstanding Note(s)
of the Borrower held by the undersigned that
was due and payable on llll and that
remains unpaid, and $llll, the Interest
Amount on such Note(s) that was due and
payable by the Borrower on llll and that
remains unpaid, and $llll in Further
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Guaranteed Payments,1 plus accrued and
unpaid interest thereon from the date of
default with respect to such payments to and
including the date payment in full is made
by you pursuant to said Guarantee, at the rate
of ll% per annum, being the rate for such
interest accrual specified in such Note. Such
payment is to be made at [state payment
instructions of Noteholder].
All capitalized terms herein that are not
otherwise defined shall have the meanings
assigned to such terms in the Standard Terms
and Conditions of the above-mentioned
Guarantee.
[Name of Applicant]
By:
Name:
Title:
Dated:
Haven Cruz-Hubbard,
Attorney Advisor, Office of the General
Counsel, U.S. Agency for International
Development.
[FR Doc. 2012–16638 Filed 7–10–12; 8:45 am]
BILLING CODE M
DEPARTMENT OF THE INTERIOR
Office of Surface Mining Reclamation
and Enforcement
30 CFR Part 948
[WV–119–FOR; OSM–2012–0013]
West Virginia Regulatory Program
Office of Surface Mining
Reclamation and Enforcement (OSM),
Interior.
ACTION: Interim final rule with request
for comments.
AGENCY:
We are approving, on an
interim basis, an amendment to the
West Virginia regulatory program (the
West Virginia program) under the
Surface Mining Control and
Reclamation Act of 1977 (SMCRA or the
Act). West Virginia revised its Surface
Coal Mining and Reclamation Act
(WVSCMRA) to effect changes
concerning the special reclamation tax
and apportionment of this tax. This
amendment is intended to increase and
extend the special reclamation tax.
Moreover, a specific portion of this tax
will be allocated to the Special
Reclamation Water Trust Fund for the
purpose of designing, constructing and
maintaining water treatment systems on
forfeited mine sites. We are approving
the reinstatement of the special
reclamation tax, its increase to twentyseven and nine-tenths cents per ton of
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SUMMARY:
1 In the event the Application for Compensation
relates to Further Guaranteed Payments, such
Application must also contain a statement of the
nature and circumstances of the related loss.
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clean coal mined, as well fifteen cents
of the amount collected allocated for
deposit to the Special Reclamation
Water Trust Fund.
DATES: Effective Date: This rule is
effective July 11, 2012. Comment Date:
We will accept written comments until
4 p.m., EST August 10, 2012. If
requested, we will hold a public hearing
on August 6, 2012. We will accept
requests to speak until 4 p.m., EST on
July 26, 2012.
ADDRESSES: You may submit comments
by any of the following two methods:
• Federal eRulemaking Portal:
www.regulations.gov. The proposed rule
has been assigned Docket ID: OSM–
2012–0013. If you would like to submit
comments through the Federal
eRulemaking Portal, go to
www.regulations.gov and follow the
instructions.
• Mail/Hand Delivery: Mr. Roger W.
Calhoun, Director, Charleston Field
Office, Office of Surface Mining
Reclamation and Enforcement, 1027
Virginia Street, East, Charleston, West
Virginia 25301. Please include the rule
identifier (WV–119–FOR) with your
written comments.
Instructions: All submissions received
must include the agency Docket ID
(OSM–2012–0013) for this rulemaking.
For detailed instructions on submitting
comments and additional information
on the rulemaking process, see ‘‘IV.
Public Comment Procedures’’ in the
SUPPLEMENTARY INFORMATION section of
this document. You may also request to
speak at a public hearing by any of the
methods listed above or by contacting
the individual listed under FOR FURTHER
INFORMATION CONTACT.
Docket: The interim rule and any
comments that are submitted may be
viewed via the internet at
www.regulations.gov. Look for Docket
ID OSM–2012–0013. In addition, you
may review copies of the West Virginia
program, this amendment, a listing of
any scheduled public hearings, and all
written comments received in response
to this document at the addresses listed
below during normal business hours,
Monday through Friday, excluding
holidays. You may also receive one free
copy of this amendment by contacting
OSM’s Charleston Field Office listed
below.
Mr. Roger W. Calhoun, Director,
Charleston Field Office, Office of
Surface Mining Reclamation and
Enforcement, 1027 Virginia Street,
East, Charleston, West Virginia 25301,
Telephone: (304) 347–7158. Email:
chfo@osmre.gov.
West Virginia Department of
Environmental Protection, Division of
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40793
Mining and Reclamation, Mr. Thomas
L. Clark, 601 57th Street SE.,
Charleston, WV 25304, Telephone:
(304) 926–0490.
In addition, you may review a copy of
the amendment during regular business
hours at the following locations:
Office of Surface Mining Reclamation
and Enforcement, Morgantown Area
Office, 604 Cheat Road, Suite 150,
Morgantown, West Virginia 26508,
Telephone: (304) 291–4004. (By
Appointment Only).
Office of Surface Mining Reclamation
and Enforcement, Beckley Area
Office, 313 Harper Park Drive, Suite 3,
Beckley, West Virginia 25801,
Telephone: (304) 255–5265.
FOR FURTHER INFORMATION CONTACT: Mr.
Roger W. Calhoun, Director, Charleston
Field Office, Telephone: (304) 347–
7158. Email: chfo@osmre.gov.
SUPPLEMENTARY INFORMATION:
I. Background on the West Virginia Program
II. Description and Submission of the
Amendment
III. OSM’s Findings
IV. Public Comment Procedures
V. OSM’s Decision
VI. Procedural Determinations
I. Background on the West Virginia
Program
Section 503(a) of the Act permits a
State to assume primacy for the
regulation of surface coal mining and
reclamation operations on non-Federal
and non-Indian lands within its borders
by demonstrating that its program
includes, among other things, ‘‘* * * a
State law which provides for the
regulation of surface coal mining and
reclamation operations in accordance
with the requirements of the Act * * *;
and rules and regulations consistent
with regulations issued by the Secretary
pursuant to the Act.’’ See 30 U.S.C.
1253(a)(1) and (7). On the basis of these
criteria, the Secretary of the Interior
conditionally approved the West
Virginia program on January 21, 1981.
You can find background information
on the West Virginia program, including
the Secretary’s findings, the disposition
of comments, and conditions of
approval of the West Virginia program
in the January 21, 1981, Federal
Register (46 FR 5915). You can also find
later actions concerning West Virginia’s
program and program amendments at 30
CFR 948.10, 948.12, 948.13, 948.15, and
948.16.
II. Description and Submission of the
Amendment
By letter dated April 27, 2012, and
received on April 27, 2012,
(Administrative Record Number WV–
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[Federal Register Volume 77, Number 133 (Wednesday, July 11, 2012)]
[Rules and Regulations]
[Pages 40790-40793]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-16638]
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AGENCY FOR INTERNATIONAL DEVELOPMENT
22 CFR Part 232
Republic of Tunisia Loan Guarantees Issued Under the Department
of State, Foreign Operations, and Related Programs Appropriations Act
of 2012
AGENCY: Agency for International Development (USAID).
ACTION: Final rule.
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SUMMARY: This regulation prescribes the procedures and standard terms
and conditions applicable to loan guarantees issued for the benefit of
the Republic of Tunisia pursuant to the State, Foreign Operations, and
Related Programs Appropriations Act of 2012.
DATES: Effective Date: July 11, 2012.
FOR FURTHER INFORMATION CONTACT: Haven Cruz-Hubbard, Office of General
Counsel, U.S. Agency for International Development, Washington, DC
20523-6601; tel. 202-712-4774, fax 202-216-3055.
SUPPLEMENTARY INFORMATION: Pursuant to the State, Foreign Operations,
and Related Programs Appropriations Act of 2012 (Pub. L. 112-74), the
United States of America, acting through the U.S. Agency for
International Development, may issue certain loan guarantees applicable
to sums borrowed by Banque Centrale de Tunisie, acting on behalf of the
Republic of Tunisia (the ``Borrower''). The loan guarantees shall
insure the Borrower's repayment of 100% of principal and interest due
under such loans. The full faith and credit of the United States of
America is pledged for the full payment and performance of such
guarantee obligations.
This rulemaking document is not subject to rulemaking under 5
U.S.C. 553 or to regulatory review under Executive Order 12866 because
it involves a foreign affairs function of the United States. The
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.) do
not apply.
List of Subjects in 22 CFR Part 232
Foreign relations, Foreign aid, Loan programs--foreign relations.
Authority and Issuance
0
Accordingly, a new Part 232 is added to Title 22, Chapter II, of the
Code of Federal Regulations, as follows:
PART 232--REPUBLIC OF TUNISIA LOAN GUARANTEES ISSUED UNDER THE
DEPARTMENT OF STATE, FOREIGN OPERATIONS, AND RELATED PROGRAMS
APPROPRIATIONS ACT, 2012, DIV. I, PUB. L. 112-74--STANDARD TERMS
AND CONDITIONS
Sec.
232.01 Purpose.
232.02 Definitions.
232.03 The Guarantee.
232.04 Guarantee eligibility.
232.05 Non-impairment of the Guarantee.
232.06 Transferability of Guarantee; Note Register.
232.07 Fiscal agent obligations.
232.08 Event of Default; Application for Compensation; payment.
232.09 No Acceleration of Eligible Notes.
232.10 Payment to USAID of excess amounts received by a Noteholder.
232.11 Subrogation of USAID.
232.12 Prosecution of claims.
232.13 Change in agreements.
232.14 Arbitration.
232.15 Notice.
232.16 Governing law.
Appendix A to Part 232--Application for Compensation
Authority: Title III of the Department of State, Foreign
Operations, and Related Programs Appropriations Act, 2012, Division
I, Pub. L. 112-74.
Sec. 232.01 Purpose.
The purpose of the regulations in this part is to prescribe the
procedures and standard terms and conditions applicable to loan
guarantees issued for the benefit of the Borrower, pursuant to Title
Ill of the Department of State, Foreign Operations, and Related
Programs Appropriations Act, 2012, Division I, Public Law 112-74. The
loan guarantees will be issued as provided herein pursuant to the Loan
Guarantee Agreement, dated June 8, 2012, between
[[Page 40791]]
the Republic of Tunisia and the United States of America (the ``Loan
Guarantee Agreement'') and will apply to sums borrowed during a period
beginning on the date that the Loan Guarantee Agreement enters into
force and ending one year after such date, in such amount and on such
terms as may be determined by USAID, such determination to be
conclusive. The loan guarantees shall insure the Borrower's repayment
of 100% of principal and interest due under such loans. The full faith
and credit of the United States of America is pledged for the full
payment and performance of such guarantee obligations.
Sec. 232.02 Definitions.
Wherever used in the standard terms and conditions set out in this
part:
Applicant means a Noteholder who files an Application for
Compensation with USAID, either directly or through the Fiscal Agent
acting on behalf of a Noteholder.
Application for Compensation means an executed application in the
form of Appendix A to this part which a Noteholder, or the Fiscal Agent
on behalf of a Noteholder, files with USAID pursuant to Sec. 232.08.
Borrower means Banque Centrale de Tunisie, acting on behalf of the
Republic of Tunisia.
Business Day means any day other than a day on which banks in New
York, NY are closed or authorized to be closed or a day which is
observed as a federal holiday in Washington, DC, by the United States
Government.
Date of Application means the date on which an Application for
Compensation is actually received by USAID pursuant to Sec. 232.15.
Defaulted Payment means, as of any date and in respect of any
Eligible Note, any Interest Amount and/or Principal Amount not paid
when due.
Eligible Note(s) means [a] Note[s] meeting the eligibility criteria
set out in Sec. 232.04.
Fiscal Agency Agreement means the agreement among USAID, the
Borrower and the Fiscal Agent pursuant to which the Fiscal Agent agrees
to provide fiscal agency services in respect of the Note[s], a copy of
which Fiscal Agency Agreement shall be made available to Noteholders
upon request to the Fiscal Agent.
Fiscal Agent means the bank or trust company or its duly appointed
successor under the Fiscal Agency Agreement which has been appointed by
the Borrower with the consent of USAID to perform certain fiscal agency
services for specified Eligible Note[s] pursuant to the terms of the
Fiscal Agency Agreement.
Further Guaranteed Payments means the amount of any loss suffered
by a Noteholder by reason of the Borrower's failure to comply on a
timely basis with any obligation it may have under an Eligible Note to
indemnify and hold harmless a Noteholder from taxes or governmental
charges or any expense arising out of taxes or any other governmental
charges relating to the Eligible Note in the country of the Borrower.
Guarantee means the guarantee of USAID pursuant to this part 232
and the State, Foreign Operations, and Related Programs Appropriations
Act of 2012 (Pub. L. 112-74).
Guarantee Payment Date means a Business Day not more than three (3)
Business Days after the related Date of Application.
Interest Amount means for any Eligible Note the amount of interest
accrued on the Principal Amount of such Eligible Note at the applicable
Interest Rate.
Interest Rate means the interest rate borne by an Eligible Note.
Loss of Investment means, in respect of any Eligible Note, an
amount in Dollars equal to the total of the:
(1) Defaulted Payment unpaid as of the Date of Application,
(2) Further Guaranteed Payments unpaid as of the Date of
Application, and
(3) Interest accrued and unpaid at the Interest Rate(s) specified
in the Eligible Note(s) on the Defaulted Payment and Further Guaranteed
Payments, in each case from the date of default with respect to such
payment to and including the date on which full payment thereof is made
to the Noteholder.
Notes[s] means any debt securities issued by the Borrower.
Noteholder means the owner of an Eligible Note who is registered as
such on the Note Register of Eligible Notes required to be maintained
by the Fiscal Agent.
Person means any legal person, including any individual,
corporation, partnership, joint venture, association, joint stock
company, trust, unincorporated organization, or government or any
agency or political subdivision thereof.
Principal Amount means the principal amount of any Eligible Notes
issued by the Borrower. For purposes of determining the principal
amount of any Eligible Notes issued by the Borrower, the principal
amount of each Eligible Note shall be the stated principal amount
thereof.
USAID means the United States Agency for International Development
or its successor.
Sec. 232.03 The Guarantee.
Subject to the terms and conditions set out in this part, the
United States of America, acting through USAID, guarantees to
Noteholders the Borrower's repayment of 100 percent of principal and
interest due on Eligible Notes. Under this Guarantee, USAID agrees to
pay to any Noteholder compensation in Dollars equal to such
Noteholder's Loss of Investment under its Eligible Note; provided,
however, that no such payment shall be made to any Noteholder for any
such loss arising out of fraud or misrepresentation for which such
Noteholder is responsible or of which it had knowledge at the time it
became such Noteholder. This Guarantee shall apply to each Eligible
Note registered on the Note Register required to be maintained by the
Fiscal Agent.
Sec. 232.04 Guarantee eligibility.
(a) Eligible Notes only are guaranteed hereunder. Notes in order to
achieve Eligible Note status:
(1) Must be signed on behalf of the Borrower, manually or in
facsimile, by a duly authorized representative of the Borrower;
(2) Must contain a certificate of authentication manually executed
by a Fiscal Agent whose appointment by the Borrower is consented to by
USAID in the Fiscal Agency Agreement; and
(3) Shall be approved and authenticated by USAID by either:
(i) The affixing by USAID on the Notes of a guarantee legend
incorporating these Standard Terms and Conditions signed on behalf of
USAID by either a manual signature or a facsimile signature of an
authorized representative of USAID or
(ii) The delivery by USAID to the Fiscal Agent of a guarantee
certificate incorporating these Standard Terms and Conditions signed on
behalf of USAID by either a manual signature or a facsimile signature
of an authorized representative of USAID.
(b) The authorized USAID representatives for purposes of the
regulations in this part whose signature(s) shall be binding on USAID
shall include the USAID Chief and Deputy Chief Financial Officer,
Assistant Administrator and Deputy, Bureau for Economic Growth,
Education, and Environment, Director and Deputy Director, Office of
Development Credit, and such other individual(s) designated in a
certificate executed by an authorized USAID
[[Page 40792]]
Representative and delivered to the Fiscal Agent. The certificate of
authentication of the Fiscal Agent issued pursuant to the Fiscal Agency
Agreement shall, when manually executed by the Fiscal Agent, be
conclusive evidence binding on USAID that an Eligible Note has been
duly executed on behalf of the Borrower and delivered.
Sec. 232.05 Non-impairment of the Guarantee.
The full faith and credit of the United States of America is
pledged to the performance of this Guarantee. The Guarantee shall be
unconditional, and shall not be affected or impaired by:
(a) Any defect in the authorization, execution, delivery or
enforceability of any agreement or other document executed by a
Noteholder, USAID, the Fiscal Agent or the Borrower in connection with
the transactions contemplated by this Guarantee or
(b) The suspension or termination of the program pursuant to which
USAID is authorized to guarantee the Eligible Notes. This non-
impairment of the guarantee provision shall not, however, be operative
with respect to any loss arising out of fraud or misrepresentation for
which the claiming Noteholder is responsible or of which it had
knowledge at the time it became a Noteholder.
Sec. 232.06 Transferability of Guarantee; Note Register.
A Noteholder may assign, transfer or pledge an Eligible Note to any
Person. Any such assignment, transfer or pledge shall be effective on
the date that the name of the new Noteholder is entered on the Note
Register required to be maintained by the Fiscal Agent pursuant to the
Fiscal Agency Agreement. USAID shall be entitled to treat the Persons
in whose names the Eligible Notes are registered as the owners thereof
for all purposes of this Guarantee and USAID shall not be affected by
notice to the contrary.
Sec. 232.07 Fiscal agent obligations.
Failure of the Fiscal Agent to perform any of its obligations
pursuant to the Fiscal Agency Agreement shall not impair any
Noteholder's rights under this Guarantee, but may be the subject of
action for damages against the Fiscal Agent by USAID as a result of
such failure or neglect. A Noteholder may appoint the Fiscal Agent to
make demand for payment on its behalf under this Guarantee.
Sec. 232.08 Event of Default; Application for Compensation; payment.
At any time after an Event of Default, as this term is defined in
an Eligible Note, any Noteholder hereunder, or the Fiscal Agent on
behalf of a Noteholder hereunder, may file with USAID an Application
for Compensation in the form provided in Appendix A to this part. USAID
shall pay or cause to be paid to any such Applicant any compensation
specified in such Application for Compensation that is due to the
Applicant pursuant to the Guarantee as a Loss of Investment not later
than the Guarantee Payment Date. In the event that USAID receives any
other notice of an Event of Default, USAID may pay any compensation
that is due to any Noteholder pursuant to a Guarantee, whether or not
such Noteholder has filed with USAID an Application for Compensation in
respect of such amount.
Sec. 232.09 No Acceleration of Eligible Notes.
Eligible Notes shall not be subject to acceleration, in whole or in
part, by USAID, the Noteholder or any other party. USAID shall not have
the right to pay any amounts in respect of the Eligible Notes other
than in accordance with the original payment terms of such Eligible
Notes.
Sec. 232.10 Payment to USAID of excess amounts received by a
Noteholder.
If a Noteholder shall, as a result of USAID paying compensation
under this Guarantee, receive an excess payment, it shall refund the
excess to USAID.
Sec. 232.11 Subrogation of USAID.
In the event of payment by USAID to a Noteholder under this
Guarantee, USAID shall be subrogated to the extent of such payment to
all of the rights of such Noteholder against the Borrower under the
related Note.
Sec. 232.12 Prosecution of claims.
After payment by USAID to an Applicant hereunder, USAID shall have
exclusive power to prosecute all claims related to rights to receive
payments under the Eligible Notes to which it is thereby subrogated. If
a Noteholder continues to have an interest in the outstanding Eligible
Notes, such a Noteholder and USAID shall consult with each other with
respect to their respective interests in such Eligible Notes and the
manner of and responsibility for prosecuting claims.
Sec. 232.13 Change in agreements.
No Noteholder will consent to any change or waiver of any provision
of any document contemplated by this Guarantee without the prior
written consent of USAID.
Sec. 232.14 Arbitration.
Any controversy or claim between USAID and any Noteholder arising
out of this Guarantee shall be settled by arbitration to be held in
Washington, DC in accordance with the then prevailing rules of the
American Arbitration Association, and judgment on the award rendered by
the arbitrators may be entered in any court of competent jurisdiction.
Sec. 232.15 Notice.
Any communication to USAID pursuant to this Guarantee shall be in
writing in the English language, shall refer to the Republic of Tunisia
Loan Guarantee Number inscribed on the Eligible Note and shall be
complete on the day it shall be actually received by USAID at the
Office of Development Credit, Bureau for Economic Growth, Agriculture
and Trade, United States Agency for International Development,
Washington, DC 20523-0030. Other addresses may be substituted for the
above upon the giving of notice of such substitution to each Noteholder
by first class mail at the address set forth in the Note Register.
Sec. 232.16 Governing law.
This Guarantee shall be governed by and construed in accordance
with the laws of the United States of America governing contracts and
commercial transactions of the United States Government.
Appendix A to Part 232--Application for Compensation
United States Agency for International Development Washington, DC 20523
Ref: Guarantee dated as of ------, 20----:
Gentlemen: You are hereby advised that payment of $--------
(consisting of $-------- of principal, $-------- of interest and $--
------ in Further Guaranteed Payments, as defined in Sec. 232.02(1)
of the Standard Terms and Conditions of the above-mentioned
Guarantee) was due on 20----, on $-------- Principal Amount of Notes
issued by Banque Centrale de Tunisie, acting on behalf of the
Republic of Tunisia (the ``Borrower'') held by the undersigned. Of
such amount $-------- was not received on such date and has not been
received by the undersigned at the date hereof. In accordance with
the terms and provisions of the above-mentioned Guarantee, the
undersigned hereby applies, under Sec. 232.08 of said Guarantee,
for payment of $--------, representing $---------- the Principal
Amount of the presently outstanding Note(s) of the Borrower held by
the undersigned that was due and payable on -------- and that
remains unpaid, and $--------, the Interest Amount on such Note(s)
that was due and payable by the Borrower on -------- and that
remains unpaid, and $-------- in Further
[[Page 40793]]
Guaranteed Payments,\1\ plus accrued and unpaid interest thereon
from the date of default with respect to such payments to and
including the date payment in full is made by you pursuant to said
Guarantee, at the rate of ----% per annum, being the rate for such
interest accrual specified in such Note. Such payment is to be made
at [state payment instructions of Noteholder].
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\1\ In the event the Application for Compensation relates to
Further Guaranteed Payments, such Application must also contain a
statement of the nature and circumstances of the related loss.
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All capitalized terms herein that are not otherwise defined
shall have the meanings assigned to such terms in the Standard Terms
and Conditions of the above-mentioned Guarantee.
[Name of Applicant]
By:
Name:
Title:
Dated:
Haven Cruz-Hubbard,
Attorney Advisor, Office of the General Counsel, U.S. Agency for
International Development.
[FR Doc. 2012-16638 Filed 7-10-12; 8:45 am]
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