Source: http://ecfr.io/Title-22/pt22.1.238
Timestamp: 2020-02-19 13:00:21
Document Index: 562150044

Matched Legal Cases: ['art 238', 'art 238', 'art 238', 'ART 238', '§238', '§238', '§238', '§238', '§238', '§238', '§238', '§238', '§238', '§238', '§238', '§238', '§238', '§238', '§238', 'art 238', '§238', '§238', '§238', '§238', '§238']

[22 CFR 238] Title 22 Part 238 : Code of Federal Regulations ';
Title 22 Part 238
Title 22 → Chapter II → Part 238
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
§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).
Source: 80 FR 36237, June 24, 2015, unless otherwise noted.
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.
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 §238.8.
Date of Application means the date on which an Application for Compensation is actually received by USAID pursuant to §238.15.
Eligible Note(s) means [a] Note[s] meeting the eligibility criteria set out in §238.4 issued in one or more series.
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).
Note[s] means any debt securities issued by the Borrower in one or more series.
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 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.
(a) Eligible Notes only are guaranteed hereunder. Notes, in order to achieve Eligible Note status:
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.
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.
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.
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.
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 §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 §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].