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, does not appear as an excluded party on the SAM list; and (ii) To the best of my knowledge and belief, the information provided pursuant to § 1493.230 has not changed and [name of Assignee] still meets all of the qualification requirements of § 1493.230.” (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 § 1493.230(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 sales of goods or services to buyers l

official document · source cfr-2024 · id 7:§ 1493.310