Assignment of the Payment Guarantee.

CFR · 2024-01-01 · US · Title 7

(a) (1) Made to one party acting for two or more parties, or (2) Subject to further assignment. (b) (c) (i) [Name of Assignee] has verified that the Foreign Financial Institution, at the time of submission of the notice of assignment, is not present as an excluded party on the SAM list; and (ii) To the best of my knowledge and belief, the information provided pursuant to § 1493.40 has not changed and [name of Assignee] still meets all of the qualification requirements of § 1493.40.” (2) If the Assignee makes a false certification with respect to a Payment Guarantee, CCC may, in its sole discretion, in addition to any other action available as a matter of law, rescind and cancel the Payment Guarantee, reject the assignment of the Payment Guarantee, and/or commence legal action and/or administrative proceedings against the Assignee. (d) (e) (1) At the time of assignment of a Payment Guarantee, is not in compliance with all requirements of 1493.40(a); or (2) Is the branch, agency, or subsidiary of the Foreign Financial Institution issuing the Letter of Credit; or (3) Is owned or controlled by an entity that owns or controls the Foreign Financial Institution issuing the Letter of Credit; or (4) Is the U.S. parent of the Foreign Financial Institution issuing the Foreign Financial Institution Letter of Credit; or (5) Is owned or controlled by the government of a foreign country and the Payment Guarantee has been issued in connection with export sales of U.S. Agricultural Commoditie

official document · source cfr-2024 · id 7:§ 1493.120