Notice of default.

CFR · 2024-01-01 · US · Title 7

(a) (1) Payment Guarantee number; (2) Name of the country or region as shown on the Payment Guarantee; (3) Name of the defaulting Foreign Financial Institution; (4) Payment due date; (5) Total amount of the defaulted payment due, indicating separately the amounts for principal and Ordinary Interest, and including a copy of the repayment schedule with due dates, principal amounts and Ordinary Interest rates for each installment; (6) Date of the Foreign Financial Institution's refusal to pay, if applicable; (7) Reason for the Foreign Financial Institution's refusal to pay, if known, and copies of any correspondence with the Foreign Financial Institution regarding the default. (b) (c) (2) If CCC withdraws coverage of the defaulting Foreign Financial Institution, CCC will permit the Exporter (with concurrence of the Assignee, if any) to utilize another approved Foreign Financial Institution, and will consider other requested amendments to the Payment Guarantee, for the balance of the export sale covered by the Payment Guarantee. If no alternate Foreign Financial Institution is identified to issue the Letter of Credit within 30 calendar days, CCC will cancel the Payment Guarantee and refund the Exporter's guarantee fees corresponding to any unutilized portion of the Payment Guarantee.

official document · source cfr-2024 · id 7:§ 1493.160