(a) Determination of CCC’s liability. Upon receipt in good order of the information and documents required under § 1493.170, CCC will determine whether or not a default has occurred for which CCC is liable under the applicable Payment Guarantee. Such determination shall include, but not be limited to, CCC’s determination that all documentation conforms to the specific requirements contained in this subpart, and that all documents submitted for payment conform to the requirements of the Letter of Credit and, if applicable, the Terms and Conditions Document. If CCC determines that it is liable to the Holder of the Payment Guarantee, CCC will pay the Holder of the Payment Guarantee in accordance with paragraphs (b) and (c) of this section.
CFR 7-1493.180-2014 history
2014CFR 7-1493.180-2014 Agriculture. Part1493:CCC export credit guarantee programs. SubpartB:CCC export credit guarantee (GSM–102) program operations. Section1493.180:Payment for default.