Hashemite Kingdom of Jordan Loan Guarantees Issued Under the Further Continuing Appropriations Act, 2013-Standard Terms and Conditions, 64175-64178 [2013-25314]
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Federal Register / Vol. 78, No. 208 / Monday, October 28, 2013 / Rules and Regulations
rulemaking under the CEA. CEA section
15(a) further specifies that the costs and
benefits shall be evaluated in light of
five broad areas of market and public
concern: (1) Protection of market
participants and the public; (2)
efficiency, competitiveness and
financial integrity of futures markets; (3)
price discovery; (4) sound risk
management practices; and (5) other
public interest considerations. The
Commission considers the costs and
benefits resulting from its discretionary
determinations with respect to the
section 15(a) factors.
As is explained above, the
amendment to Regulation 23.22(a)
makes a clarifying change to the text of
one of the Commission’s regulations
adopted to reflect changes made to the
CEA by the Dodd-Frank Act, by
specifying that the prohibition against
an SD or MSP permitting a statutorily
disqualified person to associate with it
does not include a person employed in
a clerical or ministerial capacity.
Costs. With respect to costs, the
Commission believes that adoption of
the amendment to Regulation 23.22(a)
will not impose any costs. This is
because the amendment clarifies that an
SD or MSP need not consider whether
CEA section 4s(b)(6) applies to
employees performing clerical or
ministerial duties. Thus the
Commission does not believe that any
new costs will be imposed.
Benefits. With respect to benefits, as
discussed in the Proposal, the
Commission believes that the
amendment to Regulation 23.22(a) will
benefit SDs and MSPs by reducing the
search costs associated with
determining whether a clerical or
ministerial employee is statutorily
disqualified. This, in turn, mitigates the
existing cost of compliance with CEA
section 4s(b)(6). As such, it is an ‘‘other
public interest consideration’’ under
CEA section 15(a), referred to above.
Public Comment. The Commission
invited public comment on its costbenefit considerations, but no such
comments were received.
wreier-aviles on DSK5TPTVN1PROD with RULES
Associated persons, Commodity
futures, Major swap participants,
Ministerial or clerical employees,
Registration, Statutory disqualification,
Swap dealers, Swaps.
For the reasons presented above, the
Commodity Futures Trading
Commission hereby amends 17 CFR part
23 as follows:
12:59 Oct 25, 2013
Jkt 232001
1. The authority citation for part 23
continues to read as follows:
■
Authority: 7 U.S.C. 1a, 2, 6, 6a, 6b, 6b–1,
6c, 6p, 6r, 6s, 6t, 9, 9a, 12, 12a, 13b, 13c, 16a,
18, 19, and 21.
2. Amend § 23.22 by revising the
section heading and paragraph (a) to
read as follows:
■
§ 23.22 Prohibition against statutory
disqualification in the case of an associated
person of a swap dealer or major swap
participant.
(a) Definition. For purposes of this
section, the term ‘‘person’’ means an
‘‘associated person of a swap dealer or
major swap participant’’ as defined in
section 1a(4) of the Act and § 1.3(aa)(6)
of this chapter, but does not include an
individual employed in a clerical or
ministerial capacity.
*
*
*
*
*
Issued in Washington, DC, on October 22,
2013, by the Commission.
Christopher J. Kirkpatrick,
Deputy Secretary of the Commission.
Appendix to Swap Dealers and Major
Swap Participants; Clerical or
Ministerial Employees—Commission
Voting Summary
Note: The following appendix will not
appear in the Code of Federal Regulations.
Commission Voting Summary
On this matter, Chairman Gensler and
Commissioners Chilton, O’Malia, and Wetjen
voted in the affirmative; no Commissioner
voted in the negative.
[FR Doc. 2013–25279 Filed 10–25–13; 8:45 am]
BILLING CODE 6351–01–P
funding by the Further Continuing
Appropriations Act, 2013.
DATES: Effective October 25, 2013.
FOR FURTHER INFORMATION CONTACT:
James P. Kelleher, Office of General
Counsel, U.S. Agency for International
Development, Washington, DC 20523–
6601; tel. 202–712–1594, fax 202–216–
3055.
SUPPLEMENTARY INFORMATION: Pursuant
to the State, Foreign Operations, and
Related Programs Appropriations Act of
2012 (Pub. L. 112–74) as applied to
fiscal year 2013 funding by the Further
Continuing Appropriations Act, 2013
(Pub. L. 113–6), the United States of
America, acting through the U.S.
Agency for International Development,
may issue certain loan guarantees
applicable to sums borrowed by the
Hashemite Kingdom of Jordan (the
‘‘Borrower’’), not exceeding an aggregate
total of U.S. $1.25 billion in principal
amount. Upon issuance, the loan
guarantees shall insure the Borrower’s
repayment of 100% of principal and
interest due under such loans and the
full faith and credit of the United States
of America shall be 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 233
Foreign aid, Foreign relations,
Guaranteed loans, Loan programsforeign relations.
Authority and Issuance
AGENCY FOR INTERNATIONAL
DEVELOPMENT
22 CFR Part 233
Hashemite Kingdom of Jordan Loan
Guarantees Issued Under the Further
Continuing Appropriations Act, 2013—
Standard Terms and Conditions
Agency for International
Development (USAID).
ACTION: Final rule.
AGENCY:
List of Subjects in 17 CFR Part 23
VerDate Mar<15>2010
PART 23—SWAP DEALERS AND
MAJOR SWAP PARTICIPANTS
64175
This regulation prescribes the
procedures and standard terms and
conditions applicable to loan guarantees
to be issued for the benefit of the
Hashemite Kingdom of Jordan pursuant
to the State, Foreign Operations, and
Related Programs Appropriations Act of
2012 as applied to fiscal year 2013
SUMMARY:
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Accordingly, a new Part 233 is added
to Title 22, Chapter II, of the Code of
Federal Regulations, as follows:
PART 233—HASHEMITE KINGDOM OF
JORDAN LOAN GUARANTEES ISSUED
UNDER THE FURTHER CONTINUING
APPROPRIATIONS ACT, 2013, DIV. F,
PUB. L. 113–6—STANDARD TERMS
AND CONDITIONS
Sec.
233.01 Purpose.
233.02 Definitions.
233.03 The Guarantee.
233.04 Guarantee eligibility.
233.05 Non-impairment of the Guarantee.
233.06 Transferability of Guarantee; Note
Register.
233.07 Fiscal Agent obligations.
233.08 Event of Default; Application for
Compensation; payment.
233.09 No acceleration of Eligible Notes.
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Federal Register / Vol. 78, No. 208 / Monday, October 28, 2013 / Rules and Regulations
233.10 Payment to USAID of excess
amounts received by a Noteholder.
233.11 Subrogation of USAID.
233.12 Prosecution of claims.
233.13 Change in agreements.
233.14 Arbitration.
233.15 Notice.
233.16 Governing Law.
Appendix A to Part 233—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, as applied to fiscal year
2013 funding by section 1706(j) of the
Further Continuing Appropriations Act,
2013, Division F, Pub. L. 113–6.
§ 233.01
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 III of the Department of State,
Foreign Operations, and Related
Programs Appropriations Act, 2012,
(Div. I, Pub. L. 112–74) as applied to
fiscal year 2013 funding by section
1706(j) of the Further Continuing
Appropriations Act, 2013, (Div. F, Pub.
L. 113–6). The loan guarantees will be
issued as provided herein pursuant to
the Loan Guarantee Agreement, dated
August 14, 2013, between the United
States of America and the Hashemite
Kingdom of Jordan (the ‘‘Loan
Guarantee Agreement’’). The loan
guarantee will apply to sums borrowed
during a period beginning on the date
that the Loan Guarantee Agreement
enters into force and ending thirty days
after such date, not exceeding an
aggregate total of one billion, two
hundred and fifty million United States
Dollars ($1,250,000,000) in principal
amount. 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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§ 233.02
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 § 233.08.
Borrower means the Hashemite
Kingdom of Jordan.
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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 § 233.15.
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
§ 233.04.
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 233 and the
State, Foreign Operations, and Related
Programs Appropriations Act of 2012
(Pub. L. 112–74) as applied to fiscal year
2013 funding by the Further Continuing
Appropriations Act, 2013 (Pub. L. 113–
6).
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:
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(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.
Note[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.
§ 233.03
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.
§ 233.04
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
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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
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.
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§ 233.05
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
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knowledge at the time it became a
Noteholder.
§ 233.06 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.
§ 233.07
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.
§ 233.08 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.
§ 233.09
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.
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64177
§ 233.10 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.
§ 233.11
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.
§ 233.12
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.
§ 233.13
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.
§ 233.14
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.
§ 233.15
Notice.
Any communication to USAID
pursuant to this Guarantee shall be in
writing in the English language, shall
refer to the Hashemite Kingdom of
Jordan 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.
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§ 233.16
Federal Register / Vol. 78, No. 208 / Monday, October 28, 2013 / Rules and Regulations
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 233—Application
for Compensation United States Agency
for International Development
Washington, DC 20523
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Ref: Guarantee dated as of lll, 20ll:
Gentlemen: You are hereby advised that
payment of $lll (consisting of $lll of
principal, $lllof interest and $lllin
Further Guaranteed Payments, as defined in
§ 233.02 of the Standard Terms and
Conditions of the above-mentioned
Guarantee) was due on llllll, 20ll,
on $lllPrincipal Amount of Notes issued
by Hashemite Kingdom of Jordan (the
‘‘Borrower’’) held by the undersigned. Of
such amount $lll 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 § 233.08 of said
Guarantee, for payment of $lll,
representing $lll, the Principal Amount
of the presently outstanding Note(s) of the
Borrower held by the undersigned that was
due and payable onlll and that remains
unpaid, and $lll, the Interest Amount on
such Note(s) that was due and payable by the
Borrower on lll and that remains unpaid,
and $lll in Further 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:
Dated: October 23, 2013.
James P. Kelleher
Attorney Advisor, Office of the General
Counsel, U.S. Agency for International
Development.
[FR Doc. 2013–25314 Filed 10–25–13; 8:45 am]
BILLING CODE P
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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Jkt 232001
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
[Docket No. USCG–2013–0852]
Drawbridge Operation Regulation;
Back Bay of Biloxi, Between Biloxi and
D’Iberville, MS
Coast Guard, DHS.
Notice of deviation from
drawbridge regulation.
AGENCY:
ACTION:
The Coast Guard has issued a
temporary deviation from the operating
schedule that governs the I–110 Bridge
across the Back Bay of Biloxi, mile 3.0,
between Biloxi and D’Iberville, Harrison
County, Mississippi. The deviation is
necessary to continue the rehabilitation
and maintenance of the bascule span of
the bridge. This deviation allows the
bridge to remain closed to vessel traffic
unless 24 hours notice is given.
DATES: This deviation is effective from
November 1, 2013 through April 29,
2014.
SUMMARY:
The docket for this
deviation, [USCG–2013–0852] is
available at https://www.regulations.gov.
Type the docket number in the
‘‘SEARCH’’ box and click ‘‘SEARCH.’’
Click on Open Docket Folder on the line
associated with this deviation. You may
also visit the Docket Management
Facility in Room W12–140 on the
ground floor of the Department of
Transportation West Building, 1200
New Jersey Avenue SE., Washington,
DC 20590, between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal
holidays.
FOR FURTHER INFORMATION CONTACT: If
you have questions on this temporary
deviation, call or email Mr. Jim
Wetherington, Coast Guard; telephone
504–671–2128, email
james.r.wetherington@uscg.mil. If you
have questions on viewing the docket,
call Barbara Hairston, Program Manager,
Docket Operations, telephone 202–366–
9826.
SUPPLEMENTARY INFORMATION:
Mississippi Department of
Transportation (MDOT), the bridge
owner, requested a 24 hour notice be
given to open the I–110 Bridge over the
Back Bay of Biloxi, Mile 3.0, between
Biloxi and D’Iberville, Harrison County,
MS. The bridge has a horizontal
clearance of 132 feet and a vertical
clearance of 60 feet, above Mean Sea
Level, in the closed-to-navigation
position and an unlimited vertical
ADDRESSES:
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clearance in the open-to-navigation
position.
The bridge opens per 33 CFR
117.675(a). This regulation states that
the I–110 Bridge opens on signal if at
least 6-hours notice is given. The
deviation will require a 24 hour notice
to operate the bridge from November 1,
2013 through April 29, 2014. This
schedule will allow the safe and
continued rehabilitation and
maintenance of the bridge.
This waterway is used by both
commercial and recreational vessel
traffic. No previous coordination was
made with the waterway users though
the closure dates were chosen to
minimize the impact to these users.
Vessels able to pass through the
bridge in the closed positions may do so
at anytime. The bridge will not be able
to open for emergencies and there is no
immediate alternate route for vessels to
pass. The Coast Guard will also inform
the users of the waterways through our
Local and Broadcast Notices to Mariners
of the change in operating schedule for
the bridge so that vessels can arrange
their transits to minimize any impact
caused by the temporary deviation.
In accordance with 33 CFR 117.35(e),
the drawbridge must return to its regular
operating schedule immediately at the
end of the effective period of this
temporary deviation. This deviation
from the operating regulations is
authorized under 33 CFR 117.35.
Dated: September 30, 2013.
David M. Frank,
Bridge Administrator.
[FR Doc. 2013–25289 Filed 10–25–13; 8:45 am]
BILLING CODE 9110–04–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
[Docket No. USCG–2013–0857]
Drawbridge Operation Regulation;
Albemarle Sound to Sunset Beach,
Atlantic Intracoastal Waterway (AICW),
Wrightsville Beach, NC
Coast Guard, DHS.
Notice of deviation from
drawbridge regulation.
AGENCY:
ACTION:
The Coast Guard has issued a
temporary deviation from the operating
schedule that governs the S.R. 74 Bridge
across the AICW, at mile 283.1, at
Wrightsville Beach, NC. The deviation
is necessary to facilitate a significant
bridge rehabilitation project. This
SUMMARY:
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]]>Agencies
[Federal Register Volume 78, Number 208 (Monday, October 28, 2013)]
[Rules and Regulations]
[Pages 64175-64178]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-25314]
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AGENCY FOR INTERNATIONAL DEVELOPMENT
22 CFR Part 233
Hashemite Kingdom of Jordan Loan Guarantees Issued Under the
Further Continuing Appropriations Act, 2013--Standard Terms and
Conditions
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 to be issued for the
benefit of the Hashemite Kingdom of Jordan pursuant to the State,
Foreign Operations, and Related Programs Appropriations Act of 2012 as
applied to fiscal year 2013 funding by the Further Continuing
Appropriations Act, 2013.
DATES: Effective October 25, 2013.
FOR FURTHER INFORMATION CONTACT: James P. Kelleher, Office of General
Counsel, U.S. Agency for International Development, Washington, DC
20523-6601; tel. 202-712-1594, fax 202-216-3055.
SUPPLEMENTARY INFORMATION: Pursuant to the State, Foreign Operations,
and Related Programs Appropriations Act of 2012 (Pub. L. 112-74) as
applied to fiscal year 2013 funding by the Further Continuing
Appropriations Act, 2013 (Pub. L. 113-6), the United States of America,
acting through the U.S. Agency for International Development, may issue
certain loan guarantees applicable to sums borrowed by the Hashemite
Kingdom of Jordan (the ``Borrower''), not exceeding an aggregate total
of U.S. $1.25 billion in principal amount. Upon issuance, the loan
guarantees shall insure the Borrower's repayment of 100% of principal
and interest due under such loans and the full faith and credit of the
United States of America shall be 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 233
Foreign aid, Foreign relations, Guaranteed loans, Loan programs-
foreign relations.
Authority and Issuance
Accordingly, a new Part 233 is added to Title 22, Chapter II, of
the Code of Federal Regulations, as follows:
PART 233--HASHEMITE KINGDOM OF JORDAN LOAN GUARANTEES ISSUED UNDER
THE FURTHER CONTINUING APPROPRIATIONS ACT, 2013, DIV. F, PUB. L.
113-6--STANDARD TERMS AND CONDITIONS
Sec.
233.01 Purpose.
233.02 Definitions.
233.03 The Guarantee.
233.04 Guarantee eligibility.
233.05 Non-impairment of the Guarantee.
233.06 Transferability of Guarantee; Note Register.
233.07 Fiscal Agent obligations.
233.08 Event of Default; Application for Compensation; payment.
233.09 No acceleration of Eligible Notes.
[[Page 64176]]
233.10 Payment to USAID of excess amounts received by a Noteholder.
233.11 Subrogation of USAID.
233.12 Prosecution of claims.
233.13 Change in agreements.
233.14 Arbitration.
233.15 Notice.
233.16 Governing Law.
Appendix A to Part 233--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, as applied to fiscal year 2013 funding by section
1706(j) of the Further Continuing Appropriations Act, 2013, Division
F, Pub. L. 113-6.
Sec. 233.01 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
III of the Department of State, Foreign Operations, and Related
Programs Appropriations Act, 2012, (Div. I, Pub. L. 112-74) as applied
to fiscal year 2013 funding by section 1706(j) of the Further
Continuing Appropriations Act, 2013, (Div. F, Pub. L. 113-6). The loan
guarantees will be issued as provided herein pursuant to the Loan
Guarantee Agreement, dated August 14, 2013, between the United States
of America and the Hashemite Kingdom of Jordan (the ``Loan Guarantee
Agreement''). The loan guarantee will apply to sums borrowed during a
period beginning on the date that the Loan Guarantee Agreement enters
into force and ending thirty days after such date, not exceeding an
aggregate total of one billion, two hundred and fifty million United
States Dollars ($1,250,000,000) in principal amount. 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. 233.02 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. 233.08.
Borrower means the Hashemite Kingdom of Jordan.
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. 233.15.
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. 233.04.
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 233
and the State, Foreign Operations, and Related Programs Appropriations
Act of 2012 (Pub. L. 112-74) as applied to fiscal year 2013 funding by
the Further Continuing Appropriations Act, 2013 (Pub. L. 113-6).
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.
Note[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. 233.03 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. 233.04 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
[[Page 64177]]
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 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. 233.05 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. 233.06 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. 233.07 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. 233.08 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. 233.09 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. 233.10 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. 233.11 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. 233.12 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. 233.13 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. 233.14 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. 233.15 Notice.
Any communication to USAID pursuant to this Guarantee shall be in
writing in the English language, shall refer to the Hashemite Kingdom
of Jordan 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.
[[Page 64178]]
Sec. 233.16 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 233--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. 233.02 of the
Standard Terms and Conditions of the above-mentioned Guarantee) was
due on ------------, 20----, on $------Principal Amount of Notes
issued by Hashemite Kingdom of Jordan (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. 233.08 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 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:
Dated: October 23, 2013.
James P. Kelleher
Attorney Advisor, Office of the General Counsel, U.S. Agency for
International Development.
[FR Doc. 2013-25314 Filed 10-25-13; 8:45 am]
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