Israel Loan Guarantees Issued Under the Emergency Wartime Supplemental Appropriations Act of 2003-Standard Terms and Conditions, 66841-66844 [2013-26676]
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Federal Register / Vol. 78, No. 216 / Thursday, November 7, 2013 / Rules and Regulations
the requirements of 16 CFR
1500.18(a)(5) contained in 16 CFR
1500.86(a)(6). The final rule is
unchanged from the NPR.
PART 1500—HAZARDOUS
SUBSTANCES AND ARTICLES;
ADMINISTRATION AND
ENFORCEMENT REGULATIONS
B. Paperwork Reduction Act
■
The final rule does not impose any
information collection requirements.
Accordingly, this rule is not subject to
the Paperwork Reduction Act, 44 U.S.C.
3501–3520.
C. Regulatory Flexibility Act
1. The authority citation for 16 CFR
part 1500 continues to read as follows:
Authority: 15 U.S.C. 1261–1278.
§ 1500.18
[Amended]
2. Section 1500.18 is amended by
removing and reserving paragraph (a)(5).
■
§ 1500.47
The Commission certified under the
Regulatory Flexibility Act (5 U.S.C.
601–612) that the proposed rule would
not have a significant economic impact
on a substantial number of small entities
because the rule would revoke outdated
regulatory requirements. We have
received no information to change that
certification.
■
[Removed]
3. Section 1500.47 is removed.
§ 1500.86
[Amended]
66841
In the
Federal Register of July 25, 2013 (78 FR
44878 at 44879), FDA solicited
comments concerning the direct final
rule for a 75-day period ending October
8, 2013. The document published with
an incorrect effective date of ‘‘January
16, 2014.’’ In the Federal Register of
October 25, 2013 (78 FR 63872), the
effective date was corrected to read
‘‘December 9, 2013,’’ 135 days after
publication in the Federal Register,
unless any significant adverse comment
was submitted to FDA during the
comment period. FDA did not receive
any significant adverse comments.
SUPPLEMENTARY INFORMATION:
■
4. Section 1500.86 is amended by
removing and reserving paragraph (a)(6).
Authority: 42 U.S.C. 216, 243, 264, 271.
Accordingly, the amendments issued thereby
are effective.
Dated: November 1, 2013.
Todd A. Stevenson,
Secretary, U.S. Consumer Product Safety
Commission.
Dated: November 4, 2013.
Leslie Kux,
Assistant Commissioner for Policy.
D. Environmental Considerations
[FR Doc. 2013–26618 Filed 11–6–13; 8:45 am]
BILLING CODE 4160–01–P
This rule falls within the scope of the
Commission’s environmental review
regulation at 16 CFR 1021.5(c)(1), which
provides a categorical exclusion from
any requirement for the agency to
prepare an environmental assessment or
an environmental impact statement for
rules that revoke product safety
standards.
BILLING CODE 6355–01–P
E. Executive Order 12988
[Docket No. FDA–2013–N–0639]
According to Executive Order 12988
(February 5, 1996), agencies must state
in clear language the preemptive effect,
if any, of new regulations. The
preemptive effect of regulations such as
this final rule is stated in section 18 of
the FHSA. 15 U.S.C. 1261n.
Turtles Intrastate and Interstate
Requirements; Confirmation of
Effective Date
F. Effective Date
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List of Subjects in 16 CFR Part 1500
Consumer protection, Hazardous
substances, Imports, Infants and
children, Labeling, Law enforcement,
Reporting and recordkeeping
requirements, Toys.
For the reasons stated in the
preamble, and under the authority of 15
U.S.C. 1261–1262 and 5 U.S.C. 553, the
Consumer Product Safety Commission
amends 16 CFR part 1500 as follows:
15:20 Nov 06, 2013
Jkt 232001
AGENCY FOR INTERNATIONAL
DEVELOPMENT
22 CFR Part 230
Food and Drug Administration
Israel Loan Guarantees Issued Under
the Emergency Wartime Supplemental
Appropriations Act of 2003—Standard
Terms and Conditions
21 CFR Part 1240
AGENCY:
Food and Drug Administration,
HHS.
Direct final rule; confirmation of
effective date.
ACTION:
The Food and Drug
Administration (FDA) is confirming the
effective date of December 9, 2013, for
the final rule that appeared in the
Federal Register of July 25, 2013. The
direct final rule amends the regulations
regarding the prohibition on the sale, or
other commercial or public distribution,
of viable turtle eggs and live turtles with
a carapace length of less than 4 inches
to remove procedures for destruction.
This document confirms the effective
date of the direct final rule.
DATES: The December 9, 2013, effective
date for the final rule published July 25,
2013 (78 FR 44878), corrected October
25, 2013 (78 FR 63872), is confirmed.
FOR FURTHER INFORMATION CONTACT:
Dillard Woody, Center for Veterinary
Medicine (HFV–231), Food and Drug
Administration, 7519 Standish Pl.,
Rockville, MD 20855, 240–276–9237,
email: dillard.woody@fda.hhs.gov.
SUMMARY:
The Commission proposed that the
rule revoking 16 CFR 1500.18(a)(5),
1500.47, and 1500.86(a)(6) become
effective 30 days after publication of the
final rule in the Federal Register. We
received no comments on the effective
date. Therefore, the final rule will
become effective 30 days after
publication in the Federal Register.
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DEPARTMENT OF HEALTH AND
HUMAN SERVICES
[FR Doc. 2013–26734 Filed 11–6–13; 8:45 am]
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Agency for International
Development (USAID).
ACTION: Final rule.
AGENCY:
This regulation prescribes the
revised procedures and revised standard
terms and conditions applicable to loan
guarantees issued for the benefit of the
Government of Israel on behalf of the
State of Israel. Pursuant to the
Emergency Wartime Supplemental
Appropriations Act of 2003, the United
States of America, acting through the
U.S. Agency for International
Development, may issue loan guarantees
applicable to sums borrowed by the
Government of Israel on behalf of the
State of Israel (the ‘‘Borrower’’). The
loan guarantees were originally issued
pursuant to a Loan Guarantee
Commitment Agreement between the
Borrower and the United States
Government dated August 18, 2003 and
applied to sums borrowed from time to
time between March 1, 2003 and
September 30, 2006. Pursuant to an
Amended and Restated Loan Guarantee
Commitment Agreement dated October
24, 2012, the loan guarantees will now
apply to sums borrowed from time to
time between March 1, 2003 and
September 30, 2016.
SUMMARY:
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66842
DATES:
Federal Register / Vol. 78, No. 216 / Thursday, November 7, 2013 / Rules and Regulations
Effective Date: November 7,
2013.
FOR FURTHER INFORMATION CONTACT:
Lauren Boccardi, Office of General
Counsel, U.S. Agency for International
Development, Washington, DC 20523–
6601; tel. 202–712–4318, fax 202–216–
3055.
Pursuant
to the Emergency Wartime
Supplemental Appropriations Act of
2003, Public Law 108–11, as amended
by Section 534(p) of the Foreign
Operations, Export Financing and
Related Programs Appropriations Act,
2005; Division D of the Consolidated
Appropriations Act, 2005, Public Law
108–447; Section 13(b) of the
Department of State Authorities Act,
2006, Public Law 109–472; and Section
5(b) of the United States-Israel
Enhanced Security Cooperation Act of
2012, Public Law 112–150, the United
States of America, acting through the
U.S. Agency for International
Development, may issue loan guarantees
applicable to sums borrowed by the
Government of Israel on behalf of the
State of Israel (the ‘‘Borrower’’). The
loan guarantees were originally issued
pursuant to a Loan Guarantee
Commitment Agreement between the
Borrower and the United States
Government dated August 18, 2003 and
applied to sums borrowed from time to
time between March 1, 2003 and
September 30, 2006. Pursuant to an
Amended and Restated Loan Guarantee
Commitment Agreement dated October
24, 2012, the loan guarantees will now
apply to sums borrowed from time to
time between March 1, 2003 and
September 30, 2016, but still not
exceeding an aggregate total of nine
billion United States Dollars
($9,000,000,000) 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.
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.
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SUPPLEMENTARY INFORMATION:
List of Subjects in 22 CFR Part 230
Foreign aid, Foreign relations,
Guaranteed loans, Loan programsforeign relations.
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Authority and Issuance
Accordingly, Part 230 of Title 22,
Chapter II, of the Code of Federal
Regulations, is revised to read as
follows:
PART 230—ISRAEL LOAN
GUARANTEES ISSUED UNDER THE
EMERGENCY WARTIME
SUPPLEMENTAL APPROPRIATIONS
ACT OF 2003, PUB. L. 108–11—
STANDARD TERMS AND CONDITIONS
Sec.
230.01 Purpose.
230.02 Definitions.
230.03 The Guarantee.
230.04 Guarantee eligibility.
230.05 Non-impairment of the Guarantee.
230.06 Transferability of Guarantee; Note
Register.
230.07 Fiscal Agent obligations.
230.08 Event of Default; Application for
Compensation; payment.
230.09 No acceleration of Eligible Notes.
230.10 Payment to USAID of excess
amounts received by a Noteholder.
230.11 Subrogation of USAID.
230.12 Prosecution of claims.
230.13 Change in agreements.
230.14 Arbitration.
230.15 Notice.
230.16 Governing law.
Appendix A to Part 230—Application for
Compensation
Authority: Emergency Wartime
Supplemental Appropriations Act, 2003,
Pub. L. 108–11, as amended by Section
534(p) of the Foreign Operations, Export
Financing and Related Programs
Appropriations Act, 2005; Division D of the
Consolidated Appropriations Act, 2005, Pub.
L. 108–447; Section 13(b) of the Department
of State Authorities Act, 2006, Pub. L. 109–
472; and Section 5(b) of the United StatesIsrael Enhanced Security Cooperation Act of
2012, Pub. L. 112–150.
§ 230.01
Purpose.
The purpose of this regulation is to
prescribe the procedures and standard
terms and conditions applicable to loan
guarantees issued for the benefit of the
Government of Israel on behalf of the
State of Israel (‘‘Borrower’’), pursuant to
the Emergency Wartime Supplemental
Appropriations Act of 2003, Public Law
108–11, as amended by Section 534(p)
of the Foreign Operations, Export
Financing and Related Programs
Appropriations Act, 2005; Division D of
the Consolidated Appropriations Act,
2005, Public Law 108–447; Section
13(b) of the Department of State
Authorities Act, 2006, Public Law 109–
472; and Section 5(b) of the United
States-Israel Enhanced Security
Cooperation Act of 2012, Public Law
112–150. The loan guarantees will apply
to sums borrowed from time to time
between March 1, 2003 and September
30, 2016, not exceeding an aggregate
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total of nine billion United States
Dollars ($9,000,000,000) 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. The loan guarantees will be
issued pursuant to an Amended and
Restated Loan Guarantee Commitment
Agreement between the Borrower and
the United States Government dated
October 24, 2012.
§ 230.02
Definitions.
Wherever used in these standard
terms and conditions:
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 § 230.08 of this part.
Borrower means the Government of
Israel, on behalf of the State of Israel.
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 § 230.15 of this part.
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
§ 230.04 hereof.
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
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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 230 and the
Emergency Wartime Supplemental
Appropriations Act of 2003, Public Law
108–11, as amended by Section 534(p)
of the Foreign Operations, Export
Financing and Related Programs
Appropriations Act, 2005; Division D of
the Consolidated Appropriations Act,
2005, Public Law 108–447; Section
13(b) of the Department of State
Authorities Act, 2006, Public Law 109–
472; and Section 5(b) of the United
States-Israel Enhanced Security
Cooperation Act of 2012, Public Law
112–150.
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 respecting any
Eligible Note means 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.
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.
Note[s] means any debt securities
issued by the Borrower.
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.
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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:
(1) In the case of any Eligible Note
issued having a notional amount, but no
principal balance, the original issue
price (excluding any transaction costs)
thereof; and
(2) In the case of any Eligible Note
issued with a principal balance, the
stated principal amount thereof.
USAID means the United States
Agency for International Development
or its successor.
§ 230.03
The Guarantee.
Subject to these terms and conditions,
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.
§ 230.04
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
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66843
facsimile signature of an authorized
representative of USAID.
(b) The authorized USAID
representatives for purposes of this
regulation 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, Agriculture and
Trade, 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.
§ 230.05
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.
§ 230.06 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.
§ 230.07
Fiscal Agent obligations.
Failure of the Fiscal Agent to perform
any of its obligations pursuant to the
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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.
§ 230.08 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 three (3) Business Days after
the Date of Application. 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.
§ 230.09
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.
§ 230.10 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.
§ 230.11
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.
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§ 230.12
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
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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.
§ 230.13
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.
§ 230.14
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.
§ 230.15
Notice.
Any communication to USAID
pursuant to this Guarantee shall be in
writing in the English language, shall
refer to the Israel 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.
§ 230.16
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.
lllllllllllllllllllll
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: lllllllllllllllllll
Name:
Title:
Dated:
Dated: October 31, 2013.
Mark Hyland,
Attorney Advisor, Office of the General
Counsel, U.S. Agency for International
Development.
[FR Doc. 2013–26676 Filed 11–6–13; 8:45 am]
BILLING CODE P
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 230—Application
for Compensation
United States Agency for International
Development Washington, DC 20523
Ref: Guarantee dated as of llll, 20 ll:
Gentlemen: You are hereby advised that
payment of $l (consisting of $l of
principal, $l of interest and $l in Further
Guaranteed Payments, as defined in
§ 230.02(f) of the Standard Terms and
Conditions of the above-mentioned
Guarantee) was due on lll, 20ll, on $l
principal amount of Notes held by the
undersigned of the Government of Israel, on
behalf of the State of Israel (the ‘‘Borrower’’).
Of such amount $l 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-
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mentioned Guarantee, the undersigned
hereby applies, under § 230.08 of said
Guarantee, for payment of $l, representing
$l, the Principal Amount of the presently
outstanding Note(s) of the Borrower held by
the undersigned that was due and payable on
lll and that remains unpaid, and $l, the
Interest Amount on such Note(s) that was
due and payable by the Borrower on llll
and that remains unpaid, and $l 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 l% 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].
lllllllllllllllllllll
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DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 100
[Docket No. USCG–2013–0872]
Special Local Regulation; Southern
California Annual Marine Events for
the San Diego Captain of the Port Zone
Coast Guard, DHS.
Notice of enforcement of
regulation.
AGENCY:
ACTION:
The Coast Guard will enforce
the special local regulations in 33 CFR
100.1101 during the San Diego Fall
Classic, held on November 10, 2013.
This event occurs on Mission Bay in
San Diego, CA. These special local
regulations are necessary to provide for
the safety of the participants, crew,
SUMMARY:
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]]>Agencies
[Federal Register Volume 78, Number 216 (Thursday, November 7, 2013)]
[Rules and Regulations]
[Pages 66841-66844]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-26676]
=======================================================================
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AGENCY FOR INTERNATIONAL DEVELOPMENT
22 CFR Part 230
Israel Loan Guarantees Issued Under the Emergency Wartime
Supplemental Appropriations Act of 2003--Standard Terms and Conditions
AGENCY: Agency for International Development (USAID).
ACTION: Final rule.
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SUMMARY: This regulation prescribes the revised procedures and revised
standard terms and conditions applicable to loan guarantees issued for
the benefit of the Government of Israel on behalf of the State of
Israel. Pursuant to the Emergency Wartime Supplemental Appropriations
Act of 2003, the United States of America, acting through the U.S.
Agency for International Development, may issue loan guarantees
applicable to sums borrowed by the Government of Israel on behalf of
the State of Israel (the ``Borrower''). The loan guarantees were
originally issued pursuant to a Loan Guarantee Commitment Agreement
between the Borrower and the United States Government dated August 18,
2003 and applied to sums borrowed from time to time between March 1,
2003 and September 30, 2006. Pursuant to an Amended and Restated Loan
Guarantee Commitment Agreement dated October 24, 2012, the loan
guarantees will now apply to sums borrowed from time to time between
March 1, 2003 and September 30, 2016.
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DATES: Effective Date: November 7, 2013.
FOR FURTHER INFORMATION CONTACT: Lauren Boccardi, Office of General
Counsel, U.S. Agency for International Development, Washington, DC
20523-6601; tel. 202-712-4318, fax 202-216-3055.
SUPPLEMENTARY INFORMATION: Pursuant to the Emergency Wartime
Supplemental Appropriations Act of 2003, Public Law 108-11, as amended
by Section 534(p) of the Foreign Operations, Export Financing and
Related Programs Appropriations Act, 2005; Division D of the
Consolidated Appropriations Act, 2005, Public Law 108-447; Section
13(b) of the Department of State Authorities Act, 2006, Public Law 109-
472; and Section 5(b) of the United States-Israel Enhanced Security
Cooperation Act of 2012, Public Law 112-150, the United States of
America, acting through the U.S. Agency for International Development,
may issue loan guarantees applicable to sums borrowed by the Government
of Israel on behalf of the State of Israel (the ``Borrower''). The loan
guarantees were originally issued pursuant to a Loan Guarantee
Commitment Agreement between the Borrower and the United States
Government dated August 18, 2003 and applied to sums borrowed from time
to time between March 1, 2003 and September 30, 2006. Pursuant to an
Amended and Restated Loan Guarantee Commitment Agreement dated October
24, 2012, the loan guarantees will now apply to sums borrowed from time
to time between March 1, 2003 and September 30, 2016, but still not
exceeding an aggregate total of nine billion United States Dollars
($9,000,000,000) 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.
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 230
Foreign aid, Foreign relations, Guaranteed loans, Loan programs-
foreign relations.
Authority and Issuance
Accordingly, Part 230 of Title 22, Chapter II, of the Code of
Federal Regulations, is revised to read as follows:
PART 230--ISRAEL LOAN GUARANTEES ISSUED UNDER THE EMERGENCY WARTIME
SUPPLEMENTAL APPROPRIATIONS ACT OF 2003, PUB. L. 108-11--STANDARD
TERMS AND CONDITIONS
Sec.
230.01 Purpose.
230.02 Definitions.
230.03 The Guarantee.
230.04 Guarantee eligibility.
230.05 Non-impairment of the Guarantee.
230.06 Transferability of Guarantee; Note Register.
230.07 Fiscal Agent obligations.
230.08 Event of Default; Application for Compensation; payment.
230.09 No acceleration of Eligible Notes.
230.10 Payment to USAID of excess amounts received by a Noteholder.
230.11 Subrogation of USAID.
230.12 Prosecution of claims.
230.13 Change in agreements.
230.14 Arbitration.
230.15 Notice.
230.16 Governing law.
Appendix A to Part 230--Application for Compensation
Authority: Emergency Wartime Supplemental Appropriations Act,
2003, Pub. L. 108-11, as amended by Section 534(p) of the Foreign
Operations, Export Financing and Related Programs Appropriations
Act, 2005; Division D of the Consolidated Appropriations Act, 2005,
Pub. L. 108-447; Section 13(b) of the Department of State
Authorities Act, 2006, Pub. L. 109-472; and Section 5(b) of the
United States-Israel Enhanced Security Cooperation Act of 2012, Pub.
L. 112-150.
Sec. 230.01 Purpose.
The purpose of this regulation is to prescribe the procedures and
standard terms and conditions applicable to loan guarantees issued for
the benefit of the Government of Israel on behalf of the State of
Israel (``Borrower''), pursuant to the Emergency Wartime Supplemental
Appropriations Act of 2003, Public Law 108-11, as amended by Section
534(p) of the Foreign Operations, Export Financing and Related Programs
Appropriations Act, 2005; Division D of the Consolidated Appropriations
Act, 2005, Public Law 108-447; Section 13(b) of the Department of State
Authorities Act, 2006, Public Law 109-472; and Section 5(b) of the
United States-Israel Enhanced Security Cooperation Act of 2012, Public
Law 112-150. The loan guarantees will apply to sums borrowed from time
to time between March 1, 2003 and September 30, 2016, not exceeding an
aggregate total of nine billion United States Dollars ($9,000,000,000)
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. The
loan guarantees will be issued pursuant to an Amended and Restated Loan
Guarantee Commitment Agreement between the Borrower and the United
States Government dated October 24, 2012.
Sec. 230.02 Definitions.
Wherever used in these standard terms and conditions:
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. 230.08 of
this part.
Borrower means the Government of Israel, on behalf of the State of
Israel.
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. 230.15 of
this part.
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. 230.04 hereof.
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
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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 230
and the Emergency Wartime Supplemental Appropriations Act of 2003,
Public Law 108-11, as amended by Section 534(p) of the Foreign
Operations, Export Financing and Related Programs Appropriations Act,
2005; Division D of the Consolidated Appropriations Act, 2005, Public
Law 108-447; Section 13(b) of the Department of State Authorities Act,
2006, Public Law 109-472; and Section 5(b) of the United States-Israel
Enhanced Security Cooperation Act of 2012, Public Law 112-150.
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 respecting any Eligible Note means 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.
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.
Note[s] means any debt securities issued by the Borrower.
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:
(1) In the case of any Eligible Note issued having a notional
amount, but no principal balance, the original issue price (excluding
any transaction costs) thereof; and
(2) In the case of any Eligible Note issued with a principal
balance, the stated principal amount thereof.
USAID means the United States Agency for International Development
or its successor.
Sec. 230.03 The Guarantee.
Subject to these terms and conditions, 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. 230.04 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 this
regulation 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, Agriculture and
Trade, 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. 230.05 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. 230.06 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. 230.07 Fiscal Agent obligations.
Failure of the Fiscal Agent to perform any of its obligations
pursuant to the
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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. 230.08 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 three (3) Business Days after the Date of Application. 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. 230.09 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. 230.10 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. 230.11 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. 230.12 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. 230.13 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. 230.14 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. 230.15 Notice.
Any communication to USAID pursuant to this Guarantee shall be in
writing in the English language, shall refer to the Israel 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. 230.16 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 230--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. 230.02(f) of the Standard
Terms and Conditions of the above-mentioned Guarantee) was due on --
----, 20----, on $-- principal amount of Notes held by the
undersigned of the Government of Israel, on behalf of the State of
Israel (the ``Borrower''). 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.
230.08 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 31, 2013.
Mark Hyland,
Attorney Advisor, Office of the General Counsel, U.S. Agency for
International Development.
[FR Doc. 2013-26676 Filed 11-6-13; 8:45 am]
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