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Thursday, November 5, 1959

FEDERAL REGISTER

purchase price of the grain but not any 1 Surrender to the appropriate CSS
interest.
Commodity Office of certificate s suffi

cient to pay for the feed grain.
2 Establishment of an irrevoca 2 If a purchaser desires delivery ble commercial letter of credit accept prior to receipt by CCC of certificates able to CCC which shall have an effective he may make payment in cash, certified period of at least 150 days from the date check, or cashiers check for the feed for delivery specified in the Confirmation grain to be delivered, or if delivery is to of Sale and upon which CCC will draw be made in store, he may request th a t drafts for the amount of the upward ad CCC draw a sight draft on him through justment in price resulting from such a named bank with warehouse receipts failure to submit certificates within 90 attached or request th at CCC surrender days after delivery, supported by a state the warehouse receipts to him in a simul taneous. exchange for an acceptable ment specifying the amount due CCC.
ii Promptly after CCC receives ac remittance delivered at the CSS Com ceptable certificates in payment of the modity Office. To the extent that ac wheat purchased as provided in para ceptable certificates are received by CCC
graph b 2 or 3 of this section, CCC within 90 days after delivery of the feed shall notify the bank which issued or grain to the purchaser, CCC shall confirmed the letter of credit that CCC promptly make refund of funds received.
3 If a purchaser desires delivery consents to a reduction of such letter of credit, unless otherwise requested by the prior to receipt by CCC of certificates purchaser, or shall make refund to the he may establish an irrevocable com purchaser of funds received. Any such mercial letter of credit acceptable to reduction or refund shall be in an CCC for an amount equivalent to the amount equivalent to the purchasers total amount of the purchase price of financial coverage under this section re the feed grain plus interest thereon for lated to the quantity for which payment 60 days, against which CCC will not has been received in the form of accept draw to the extent th at the purchaser pays to CCC the purchase price of the able certificates by CCC.
feed grain and any applicable interest 2. Section 483.174 is amended to readpromptly upon presentation of invoices as follows:
or prior to invoicing by CCC. To the extent th at such payment is not made, 483.174 Performance guarantee.
CCC will draw drafts under the letter of In addition to the performance guar credit for the amount remaining unpaid, antees required under. 483.158 b 3 supported by a statement specifying the and c, CCC reserves the right to re amount due. When financial arrange quire the exporter to furnish a cash de ments are made in this manner, the posit, performance bond, or performance following shall apply:
type letter of credit, acceptable to CCC
i The letter of credit shall have an to guarantee performance of any of his effective period of a t least 60 days from obligations under this subpart.
the final date for delivery of the feed Secs. 483.101 to 483.196 Issued under sec. 5, grain to the purchaser as specified in 2 Stat. 1072; 15. U.S.C. 714c. Interpret or theConfirmation of Sale. If a single apply sec. 2, 63 S tat. 945 as amended; sec. letter of credit is used for this purpose 407, 63 Stat. 1051, as amended; sec. 2 0 1 a , as well as for the upward adjustment 70 Stat. 188; 7 U.S.C. 1641, 1427, 1851
in price required under paragraph c Issued this 29th day of October 1959. Of this section, the effective period shall be. 150 days from the final date for C larence D . P alm by ,
delivery..
Acting Executive Vice President, ii Interest on the purchase price of Commodity Credit Corporation.
the feed grain shall be paid in cash for PJR. Doc. 59-9379; Filed, Nov. 4, 1959; the period from the date of delivery of 8:51 a.m.
the feed grain to the date CCC receives acceptable certificates or cash or, in the case of payments against sight drafts drawn by CCC, the date CCC estimates Arndt. 1
th ed raft will be paid. The rate of in PART 484 FEED GRAINS
terest will be the rate in effect on the date of sale as announced in the CCC
Subparf Revision 1 of the Feed Monthly Sales List for sales made under Grain Export Program; Payment in the CCC credit sales program for pe Kind GR3681; Terms and Condi riods up to 6 months. The interest shall be included in the amount of sight tions drafts drawn by CCC.
The Terms and Conditions of Revision Unless otherwise requested by of the Peed Grain Export Program Pay theiiipurchaser, CCC shall, promptly ment In Kind GR-368 24 P.R. 7092 after receiving cash for application on are amended as follows:
the purchase price and/or interest, or 484.123 Amendment acceptable certificates for application on Section 484.123 b and c2 are the purchase prioe, notify the bank which issued or confirmed the letter of amended to read as follows:
credit that CCC consents to a reduction b Financial arrangements coverii of such letter of credit in an amount purchase price specified in the Co equivalent to the amount of cash or urination of Sale of any feed grain pu acceptable certificates received.
chased from CCC hereunder shall 1
iv To the extent acceptable cer ade prior to delivery of th e feed gra tificates are received by CCC within 96
oy CCC in one or a combination of tl days after delivery of the feed grain to Allowing ways:
the purchaser, CCC shall promptly make
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