80 FR 36236 - Hashemite Kingdom of Jordan Loan Guarantees Issued Under the Department of State, Foreign Operations, and Related Programs Appropriations Act, 2015-Standard Terms and Conditions
AGENCY FOR INTERNATIONAL DEVELOPMENT Federal Register Volume 80, Issue 121 (June 24, 2015)
Federal Register Volume 80, Issue 121 (June 24, 2015)
| Page Range | 36236-36239 | |
| FR Document | 2015-15435 |
[Federal Register Volume 80, Number 121 (Wednesday, June 24, 2015)] [Rules and Regulations] [Pages 36236-36239] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-15435] ======================================================================= ----------------------------------------------------------------------- AGENCY FOR INTERNATIONAL DEVELOPMENT 22 CFR Part 238 Hashemite Kingdom of Jordan Loan Guarantees Issued Under the Department of State, Foreign Operations, and Related Programs Appropriations Act, 2015--Standard Terms and Conditions AGENCY: Agency for International Development (USAID). ACTION: Final rule. ----------------------------------------------------------------------- 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 Section 7034(r) of the Department of State, Foreign Operations, and Related Programs Appropriations Act, 2015. DATES: Effective June 23, 2015. FOR FURTHER INFORMATION CONTACT: D. Bruce McPherson, Office of General Counsel, U.S. Agency for International Development, Washington, DC 20523-6601; tel. 202-712-1611, fax 202-216-3055. SUPPLEMENTARY INFORMATION: Pursuant to Section 7034(r) of the Department of State, Foreign Operations, and Related Programs Appropriations Act, 2015 (Div. J, Pub. L. 113-235), 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. $1.5 billion in principal amount. Upon issuance, the loan guarantees shall ensure 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 238 Foreign aid, Foreign relations, Guaranteed loans, Loan programs-- foreign relations. [[Page 36237]] Authority and Issuance Accordingly, a new Part 238 is added to Title 22, Chapter II, of the Code of Federal Regulations, as follows: PART 238--HASHEMITE KINGDOM OF JORDAN LOAN GUARANTEES ISSUED UNDER THE DEPARTMENT OF STATE, FOREIGN OPERATIONS, AND RELATED PROGRAMS APPROPRIATIONS ACT, 2015--STANDARD TERMS AND CONDITIONS Sec. 238.1 Purpose. 238.2 Definitions. 238.3 The Guarantee. 238.4 Guarantee eligibility. 238.5 Non-impairment of the Guarantee. 238.6 Transferability of Guarantee; Note Register. 238.7 Fiscal Agent obligations. 238.8 Event of Default; Application for Compensation; payment. 238.9 No acceleration of Eligible Notes. 238.10 Payment to USAID of excess amounts received by a Noteholder. 238.11 Subrogation of USAID. 238.12 Prosecution of claims. 238.13 Change in agreements. 238.14 Arbitration. 238.15 Notice. 238.16 Governing Law. Appendix A to Part 238--Application for Compensation Authority: Sec. 7034(r) of the Department of State, Foreign Operations, and Related Programs Appropriations Act, 2015 (Div. J, Pub. L. 113-235). Sec. 238.1 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 section 7034(r) of the Department of State, Foreign Operations, and Related Programs Appropriations Act, 2015 (Div. J, Pub. L. 113-235). The loan guarantees will be issued as provided herein pursuant to the Loan Guarantee Agreement, dated May 31, 2015, 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 five hundred million United States Dollars ($1,500,000,000) in principal amount. The loan guarantees shall ensure 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. 238.2 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. 238.8. 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. 238.15. 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. 238.4 issued in one or more series. 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 issued pursuant to this part and Section 7034(r) of the Department of State, Foreign Operations, and Related Programs Appropriations Act, 2015 (Div. J, Pub. L. 113-235). 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 in one or more series. Noteholder means the owner of an Eligible Note who is registered as such on the Note Register. Note Register means the 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 the Eligible Notes issued by the Borrower. For purposes of determining the principal amount of the 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. 238.3 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 each series of Eligible Notes. Under the Guarantee, USAID agrees to pay to any Noteholder compensation in Dollars equal to such [[Page 36238]] 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. The Guarantee shall apply to each Eligible Note registered on the Note Register required to be maintained by the Fiscal Agent. Sec. 238.4 Guarantee eligibility. (a) Eligible Notes only are guaranteed hereunder. Notes, in order to achieve Eligible Note status: (1) Must be signed on behalf of the Borrower, manually or in facsimile, by a duly authorized representative of the Borrower; (2) Must contain a certificate of authentication manually executed by a Fiscal Agent whose appointment by the Borrower is consented to by USAID in the Fiscal Agency Agreement; and (3) Shall be approved and authenticated by USAID by either: (i) The affixing by USAID on the Notes of a guarantee legend incorporating these Standard Terms and Conditions signed on behalf of USAID by either a manual signature or a facsimile signature of an authorized representative of USAID or (ii) The delivery by USAID to the Fiscal Agent of a guarantee certificate incorporating these Standard Terms and Conditions signed on behalf of USAID by either a manual signature or a facsimile signature of an authorized representative of USAID. (b) The authorized USAID representatives for purposes of the regulations in this part whose signature(s) shall be binding on USAID shall include the USAID Chief and Deputy Chief Financial Officer, Assistant Administrator and Deputy, Bureau for Economic Growth, Education, and Environment, Director and Deputy Director, Office of Development Credit, and such other individual(s) designated in a certificate executed by an authorized USAID 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. 238.5 Non-impairment of the Guarantee. After issuance of the Guarantee, the Guarantee will be an unconditional, full faith and credit obligation of the United States of America and will not be affected or impaired by any subsequent condition or event. 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. In particular and without limitation, the Guarantee 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. Sec. 238.6 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 the Guarantee, and USAID shall not be affected by notice to the contrary. Sec. 238.7 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 the 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 the Guarantee. Sec. 238.8 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 the Guarantee, whether or not such Noteholder has filed with USAID an Application for Compensation in respect of such amount. Sec. 238.9 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. 238.10 Payment to USAID of excess amounts received by a Noteholder. If a Noteholder shall, as a result of USAID paying compensation under the Guarantee, receive an excess payment, it shall refund the excess to USAID. Sec. 238.11 Subrogation of USAID. In the event of payment by USAID to a Noteholder under the 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. 238.12 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 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. 238.13 Change in agreements. No Noteholder will consent to any change or waiver of any provision of any document contemplated by the Guarantee without the prior written consent of USAID. Sec. 238.14 Arbitration. Any controversy or claim between USAID and a Noteholder arising out of the 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. [[Page 36239]] Sec. 238.15 Notice. Any communication to USAID pursuant to the 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, Education and Environment, 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. 238.16 Governing Law. The 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 238--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. 238.2 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. 238.8 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]. --------------------------------------------------------------------------- \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. --------------------------------------------------------------------------- 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: June 17, 2015. D. Bruce McPherson, Attorney Advisor, Office of the General Counsel, U.S. Agency for International Development. [FR Doc. 2015-15435 Filed 6-23-15; 8:45 am] BILLING CODE P
![36236 Federal Register / Vol. 80, No. 121 / Wednesday, June 24, 2015 / Rules and Regulations
PRA, and compliance with the OMB or the Public Reference Room at (202) AGENCY FOR INTERNATIONAL
regulations is thus not required. 502–8371, TTY (202) 502–8659. Email DEVELOPMENT
IV. Environmental Analysis the Public Reference Room at
public.referenceroom@ferc.gov. 22 CFR Part 238
8. The Commission is required to
prepare an Environmental Assessment VII. Effective Date and Congressional Hashemite Kingdom of Jordan Loan
or an Environmental Impact Statement Notification Guarantees Issued Under the
for any action that may have a Department of State, Foreign
significant adverse effect on the human 14. This Final Rule is effective July
Operations, and Related Programs
environment.15 This action has been 24, 2015. The Commission has
Appropriations Act, 2015—Standard
categorically excluded under section determined, with the concurrence of the Terms and Conditions
380.4(a)(2)(ii), addressing procedural Administrator of the Office of
rules.16 Information and Regulatory Affairs of AGENCY:Agency for International
OMB, that this rule is not a ‘‘major rule’’ Development (USAID).
V. Regulatory Flexibility Act
as defined in section 351 of the Small
9. The Regulatory Flexibility Act of Business Regulatory Enforcement ACTION: Final rule.
1980 (RFA) 17 generally requires a Fairness Act of 1996.18 This Final Rule
description and analysis of rules that is being submitted to the Senate, House, SUMMARY: This regulation prescribes the
will have a significant economic impact and Government Accountability Office. procedures and standard terms and
on a substantial number of small conditions applicable to loan guarantees
entities. This Final Rule concerns List of Subjects in 18 CFR Part 385 to be issued for the benefit of the
procedural matters and is expected to Hashemite Kingdom of Jordan pursuant
reduce the burden and expense Exhibits.
to Section 7034(r) of the Department of
associated with paper exhibits and By the Commission. State, Foreign Operations, and Related
improve the efficiency and Issued: June 18, 2015. Programs Appropriations Act, 2015.
administrative convenience of the Kimberly D. Bose,
Commission hearing process. DATES: Effective June 23, 2015.
Secretary.
10. Accordingly, the Commission FOR FURTHER INFORMATION CONTACT: D.
certifies that this Final Rule will not In consideration of the foregoing, the Bruce McPherson, Office of General
have a significant economic impact on Commission amends Part 385, Chapter I, Counsel, U.S. Agency for International
a substantial number of small entities. Title 18, Code of Federal Regulations, as Development, Washington, DC 20523–
An analysis under the RFA is not follows. 6601; tel. 202–712–1611, fax 202–216–
required. 3055.
VI. Document Availability PART 385—RULES OF PRACTICE AND
PROCEDURE SUPPLEMENTARY INFORMATION: Pursuant
11. In addition to publishing the full to Section 7034(r) of the Department of
text of this document in the Federal State, Foreign Operations, and Related
■ 1. The authority citation for Part 385
Register, the Commission provides all Programs Appropriations Act, 2015
continues to read as follows:
interested persons an opportunity to (Div. J, Pub. L. 113–235), the United
view and/or print the contents of this Authority: 5 U.S.C. 551–557; 15 U.S.C. States of America, acting through the
document via the Internet through the 717–717z, 3301–3432; 16 U.S.C. 792–828c, U.S. Agency for International
Commission’s Home Page (http:// 2601–2645; 28 U.S.C. 2461; 31 U.S.C. 3701, Development, may issue certain loan
www.ferc.gov) and in the Commission’s 9701; 42 U.S.C. 7101–7352, 16441, 16451– guarantees applicable to sums borrowed
Public Reference Room during normal 16463; 49 U.S.C. 60502; 49 App. U.S.C. 1–85 by the Hashemite Kingdom of Jordan
business hours (8:30 a.m. to 5:00 p.m. (1988).
(the ‘‘Borrower’’), not exceeding an
Eastern time) at 888 First Street NE., aggregate total of U.S. $1.5 billion in
Room 2A, Washington, DC 20426. ■ 2. Section 385.508 is amended by
principal amount. Upon issuance, the
12. From the Commission’s Home revising paragraph (a) to read as follows:
loan guarantees shall ensure the
Page on the Internet, this information is Borrower’s repayment of 100% of
§ 385.508 Exhibits (Rule 508).
available on eLibrary. The full text of principal and interest due under such
this document is available on eLibrary (a) General rules. (1) Except as loans, and the full faith and credit of the
in PDF and Microsoft Word format for provided in paragraphs (b) through (e) United States of America shall be
viewing, printing, and/or downloading. of this section, any material offered in pledged for the full payment and
To access this document in eLibrary, evidence, other than oral testimony, performance of such guarantee
type the docket number excluding the must be offered in the form of an obligations.
last three digits of this document in the exhibit.
docket number field. This rulemaking document is not
13. User assistance is available for (2) The presiding officer will cause subject to rulemaking under 5 U.S.C.
eLibrary and the Commission’s Web site each exhibit offered by a participant to 553 or to regulatory review under
during normal business hours from the be marked for identification. Executive Order 12866 because it
Commission’s Online Support at (202) * * * * * involves a foreign affairs function of the
502–6652 (toll free at 1–866–208–3676) [FR Doc. 2015–15431 Filed 6–23–15; 8:45 am] United States. The provisions of the
wreier-aviles on DSK5TPTVN1PROD with RULES
or email at ferconlinesupport@ferc.gov, BILLING CODE 6717–01–P Paperwork Reduction Act (44 U.S.C.
3501 et seq.) do not apply.
15 Regulations Implementing the National
Environmental Policy Act of 1969, Order No. 486, List of Subjects in 22 CFR Part 238
52 FR 47897 (Dec. 17, 1987), FERC Stats. & Regs.
Preambles 1986–1990 ¶ 30,783 (1987). Foreign aid, Foreign relations,
16 18 CFR 380.4(a)(2)(ii). Guaranteed loans, Loan programs—
17 5 U.S.C. 601–12. 18 5 U.S.C. 804(2). foreign relations.
VerDate Sep<11>2014 14:13 Jun 23, 2015 Jkt 235001 PO 00000 Frm 00006 Fmt 4700 Sfmt 4700 E:\FR\FM\24JNR1.SGM 24JNR1](https://thefederalregister.org/doc/80_FR_36357/page/1.svg)
![Federal Register / Vol. 80, No. 121 / Wednesday, June 24, 2015 / Rules and Regulations 36237
Authority and Issuance performance of such guarantee State, Foreign Operations, and Related
obligations. Programs Appropriations Act, 2015
Accordingly, a new Part 238 is added (Div. J, Pub. L. 113–235).
to Title 22, Chapter II, of the Code of § 238.2 Definitions. Guarantee Payment Date means a
Federal Regulations, as follows: Wherever used in the standard terms Business Day not more than three (3)
and conditions set out in this part: Business Days after the related Date of
PART 238—HASHEMITE KINGDOM OF Applicant means a Noteholder who Application.
JORDAN LOAN GUARANTEES ISSUED files an Application for Compensation Interest Amount means for any
UNDER THE DEPARTMENT OF STATE, with USAID, either directly or through Eligible Note the amount of interest
FOREIGN OPERATIONS, AND the Fiscal Agent acting on behalf of a accrued on the Principal Amount of
RELATED PROGRAMS Noteholder. such Eligible Note at the applicable
APPROPRIATIONS ACT, 2015— Application for Compensation means Interest Rate.
STANDARD TERMS AND CONDITIONS an executed application in the form of Interest Rate means the interest rate
Appendix A to this part which a borne by an Eligible Note.
Sec.
238.1 Purpose. Noteholder, or the Fiscal Agent on Loss of Investment means, in respect
238.2 Definitions. behalf of a Noteholder, files with USAID of any Eligible Note, an amount in
238.3 The Guarantee. pursuant to § 238.8. Dollars equal to the total of the:
238.4 Guarantee eligibility. Borrower means the Hashemite (1) Defaulted Payment unpaid as of
238.5 Non-impairment of the Guarantee. Kingdom of Jordan. the Date of Application,
238.6 Transferability of Guarantee; Note Business Day means any day other (2) Further Guaranteed Payments
Register. than a day on which banks in New unpaid as of the Date of Application,
238.7 Fiscal Agent obligations. York, NY are closed or authorized to be and
238.8 Event of Default; Application for closed or a day which is observed as a (3) Interest accrued and unpaid at the
Compensation; payment. federal holiday in Washington, DC, by
238.9 No acceleration of Eligible Notes. Interest Rate(s) specified in the Eligible
238.10 Payment to USAID of excess
the United States Government. Note(s) on the Defaulted Payment and
amounts received by a Noteholder. Date of Application means the date on Further Guaranteed Payments, in each
238.11 Subrogation of USAID. which an Application for Compensation case from the date of default with
238.12 Prosecution of claims. is actually received by USAID pursuant respect to such payment to and
238.13 Change in agreements. to § 238.15. including the date on which full
238.14 Arbitration. Defaulted Payment means, as of any payment thereof is made to the
238.15 Notice. date and in respect of any Eligible Note, Noteholder.
238.16 Governing Law. any Interest Amount and/or Principal Note[s] means any debt securities
Appendix A to Part 238—Application for Amount not paid when due.
Compensation
issued by the Borrower in one or more
Eligible Note(s) means [a] Note[s] series.
Authority: Sec. 7034(r) of the Department meeting the eligibility criteria set out in Noteholder means the owner of an
of State, Foreign Operations, and Related § 238.4 issued in one or more series. Eligible Note who is registered as such
Programs Appropriations Act, 2015 (Div. J, Fiscal Agency Agreement means the on the Note Register.
Pub. L. 113–235). agreement among USAID, the Borrower Note Register means the register of
§ 238.1 Purpose. and the Fiscal Agent pursuant to which Eligible Notes required to be maintained
the Fiscal Agent agrees to provide fiscal by the Fiscal Agent.
The purpose of the regulations in this agency services in respect of the Note[s], Person means any legal person,
part is to prescribe the procedures and a copy of which Fiscal Agency including any individual, corporation,
standard terms and conditions Agreement shall be made available to partnership, joint venture, association,
applicable to loan guarantees issued for Noteholders upon request to the Fiscal joint stock company, trust,
the benefit of the Borrower, pursuant to Agent. unincorporated organization, or
section 7034(r) of the Department of Fiscal Agent means the bank or trust government or any agency or political
State, Foreign Operations, and Related company or its duly appointed subdivision thereof.
Programs Appropriations Act, 2015 successor under the Fiscal Agency Principal Amount means the
(Div. J, Pub. L. 113–235). The loan Agreement which has been appointed principal amount of the Eligible Notes
guarantees will be issued as provided by the Borrower with the consent of issued by the Borrower. For purposes of
herein pursuant to the Loan Guarantee USAID to perform certain fiscal agency determining the principal amount of the
Agreement, dated May 31, 2015, services for specified Eligible Note[s] Eligible Notes issued by the Borrower,
between the United States of America pursuant to the terms of the Fiscal the principal amount of each Eligible
and the Hashemite Kingdom of Jordan Agency Agreement. Note shall be the stated principal
(the ‘‘Loan Guarantee Agreement’’). The Further Guaranteed Payments means amount thereof.
loan guarantee will apply to sums the amount of any loss suffered by a USAID means the United States
borrowed during a period beginning on Noteholder by reason of the Borrower’s Agency for International Development
the date that the Loan Guarantee failure to comply on a timely basis with or its successor.
Agreement enters into force and ending any obligation it may have under an
thirty days after such date, not Eligible Note to indemnify and hold § 238.3 The Guarantee.
exceeding an aggregate total of one harmless a Noteholder from taxes or Subject to the terms and conditions
billion five hundred million United set out in this part, the United States of
wreier-aviles on DSK5TPTVN1PROD with RULES
governmental charges or any expense
States Dollars ($1,500,000,000) in arising out of taxes or any other America, acting through USAID,
principal amount. The loan guarantees governmental charges relating to the guarantees to Noteholders the
shall ensure the Borrower’s repayment Eligible Note in the country of the Borrower’s repayment of 100 percent of
of 100% of principal and interest due Borrower. principal and interest due on each series
under such loans. The full faith and Guarantee means the guarantee of of Eligible Notes. Under the Guarantee,
credit of the United States of America is USAID issued pursuant to this part and USAID agrees to pay to any Noteholder
pledged for the full payment and Section 7034(r) of the Department of compensation in Dollars equal to such
VerDate Sep<11>2014 14:13 Jun 23, 2015 Jkt 235001 PO 00000 Frm 00007 Fmt 4700 Sfmt 4700 E:\FR\FM\24JNR1.SGM 24JNR1](https://thefederalregister.org/doc/80_FR_36357/page/2.svg)
![Federal Register / Vol. 80, No. 121 / Wednesday, June 24, 2015 / Rules and Regulations 36239
§ 238.15 Notice. payments to and including the date the www.regulations.gov Web site.
Any communication to USAID payment in full is made by you Although listed in the electronic docket,
pursuant to the Guarantee shall be in pursuant to said Guarantee, at the rate some information is not publicly
writing in the English language, shall of ll% per annum, being the rate for available, i.e., confidential business
refer to the Hashemite Kingdom of such interest accrual specified in such information (CBI) or other information
Jordan Loan Guarantee Number Note. Such payment is to be made at whose disclosure is restricted by statute.
inscribed on the Eligible Note and shall [state payment instructions of Certain other material, such as
be complete on the day it shall be Noteholder]. copyrighted material, is not placed on
actually received by USAID at the Office All capitalized terms herein that are the Internet and will be publicly
of Development Credit, Bureau for not otherwise defined shall have the available only in hard copy form.
Economic Growth, Education and meanings assigned to such terms in the Publicly available docket materials are
Environment, United States Agency for Standard Terms and Conditions of the available either electronically through
International Development, Washington, above-mentioned Guarantee. www.regulations.gov or in hard copy for
DC 20523–0030. Other addresses may be public inspection during normal
[Name of Applicant]
substituted for the above upon the business hours at the Air Protection
giving of notice of such substitution to By: lllllllllllllllllll
Division, U.S. Environmental Protection
each Noteholder by first class mail at Name: Agency, Region III, 1650 Arch Street,
the address set forth in the Note Title: Philadelphia, Pennsylvania 19103.
Register. Dated: Copies of the State submittal are
§ 238.16 Governing Law.
available at the Pennsylvania
Dated: June 17, 2015. Department of Environmental
The Guarantee shall be governed by D. Bruce McPherson, Protection, Bureau of Air Quality
and construed in accordance with the Attorney Advisor, Office of the General Control, P.O. Box 8468, 400 Market
laws of the United States of America Counsel, U.S. Agency for International Street, Harrisburg, Pennsylvania 17105;
governing contracts and commercial Development. Allegheny County Health Department,
transactions of the United States [FR Doc. 2015–15435 Filed 6–23–15; 8:45 am] Bureau of Environmental Quality,
Government. BILLING CODE P Division of Air Quality, 301 39th Street,
Appendix A to Part 238—Application Pittsburgh, Pennsylvania 15201.
for Compensation FOR FURTHER INFORMATION CONTACT: Paul
United States Agency for International ENVIRONMENTAL PROTECTION T. Wentworth, P.E. at: (215) 814–2183,
Development AGENCY or by email at wentworth.paul@epa.gov.
Washington, DC 20523 SUPPLEMENTARY INFORMATION:
40 CFR Part 52
Ref: Guarantee dated as of ll, 20 l: [EPA–R03–OAR–2014–0886; FRL–9929–40–
I. Background
Gentlemen: You are hereby advised Region–3] On March 9, 2015 (80 FR 12374), EPA
that payment of $ll (consisting of $l published a document in the Federal
l of principal, $ll of interest and $l Approval and Promulgation of Air Register (NPR) proposing to approve the
l in Further Guaranteed Payments, as Quality Implementation Plans; August 30, 2010 SIP revision submittal
defined in § 238.2 of the Standard Pennsylvania; Revision to Allegheny from the Commonwealth of
Terms and Conditions of the above- County Regulations for Establishing Pennsylvania through the Pennsylvania
mentioned Guarantee) was due on ll, Permit Fees Department of Environmental Protection
20 ll, on $ll Principal Amount of (PADEP). The SIP revision pertains to
Notes issued by Hashemite Kingdom of AGENCY: Environmental Protection
Agency (EPA). the Air Pollution Control portion of
Jordan (the ‘‘Borrower’’) held by the ACHD’s rules and regulations and
undersigned. Of such amount $ll was ACTION: Final rule.
consists of changes to the ACHD
not received on such date and has not
SUMMARY: The Environmental Protection regulations establishing installation
been received by the undersigned at the
Agency (EPA) is approving a State permit application and administration
date hereof. In accordance with the
Implementation Plan (SIP) revision fees and open burning permit
terms and provisions of the above-
submitted by the Commonwealth of application fees. EPA received one
mentioned Guarantee, the undersigned
Pennsylvania. This revision pertains to comment on the NPR. A summary of the
hereby applies, under § 238.8 of said
the Air Pollution Control portion of the comment and EPA’s response are
Guarantee, for payment of $ll,
Allegheny County Health Department provided in Section III of this
representing $ll, the Principal
(ACHD) rules and regulations and document.
Amount of the presently outstanding
Note(s) of the Borrower held by the consists of changes to the regulations II. Summary of SIP Revision
undersigned that was due and payable establishing installation permit
application and administration fees and The SIP revision consists of changes
on ll and that remains unpaid, and to ACHD regulations in Article XXI for
$ll, the Interest Amount on such open burning permit application fees.
EPA is approving these revisions to installation permit fees and open
Note(s) that was due and payable by the burning permit fees, including revisions
Borrower on ll and that remains Pennsylvania’s SIP in accordance with
the requirements of the Clean Air Act to section 2102.10, entitled ‘‘Installation
unpaid, and $ll in Further Permit Application and Administration
wreier-aviles on DSK5TPTVN1PROD with RULES
Guaranteed Payments,1 plus accrued (CAA).
Fees,’’ and to section 2105.50, entitled
and unpaid interest thereon from the DATES: This final rule is effective on July ‘‘Open Burning and Administration
date of default with respect to such 24, 2015. Fees.’’ The changes replace provisions
1 In the event the Application for Compensation
ADDRESSES: EPA has established a containing fixed monetary amounts for
relates to Further Guaranteed Payments, such
docket for this action under Docket ID permit fees provided for installation and
Application must also contain a statement of the Number EPA–R03–OAR–2014–0886. All open burning permits in sections
nature and circumstances of the related loss. documents in the docket are listed in 2102.10 and 2105.5 with language that
VerDate Sep<11>2014 14:13 Jun 23, 2015 Jkt 235001 PO 00000 Frm 00009 Fmt 4700 Sfmt 4700 E:\FR\FM\24JNR1.SGM 24JNR1](https://thefederalregister.org/doc/80_FR_36357/page/4.svg)
Document Created: 2015-12-15 14:09:41
Document Modified: 2015-12-15 14:09:41
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Rules and Regulations | |
| Action | Final rule. | |
| Dates | Effective June 23, 2015. | |
| Contact | D. Bruce McPherson, Office of General Counsel, U.S. Agency for International Development, Washington, DC 20523-6601; tel. 202-712-1611, fax 202-216-3055. | |
| FR Citation | 80 FR 36236 | |
| CFR Associated | Foreign Aid; Foreign Relations; Guaranteed Loans and Loan Programs-Foreign Relations |
2024 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR