(a) Notice of default. If the Foreign Financial Institution issuing the Letter of Credit fails to make payment pursuant to the terms of the Letter of Credit or the Terms and Conditions Document, the Holder of the Payment Guarantee must submit a notice of default to CCC as soon as possible, but not later than 5 Business Days after the date that payment was due from the Foreign Financial Institution (the due date). A notice of default must be submitted in writing to CCC in the manner specified on the USDA Web site and must include the following information:
CFR 7-1493.160-2014 history
2014CFR 7-1493.160-2014 Agriculture. Part1493:CCC export credit guarantee programs. SubpartB:CCC export credit guarantee (GSM–102) program operations. Section1493.160:Notice of default.