CFR > Title 7 - Agriculture > SUBTITLE B—Regulations of the Department of Agriculture > CHAPTER XIV—COMMODITY CREDIT CORPORATION, DEPARTMENT OF AGRICULTURE (parts 1400 to 1499) > SUBCHAPTER B—LOANS, PURCHASES, AND OTHER OPERATIONS (parts 1410 to 1499) > PART 1488—FINANCING OF SALES OF AGRICULTURAL COMMODITIES > SUBPART A—Financing of Export Sales of Agricultural Commodities From Private Stocks Under CCC Export Credit Sales Program (GSM-5) (§1488.1 to §1488.23) > 1488.15—Advance payment.

1488.15—Advance payment.

If, before expiration of the financing period, the exporter or the U.S. bank or the agency or branch bank accepts payment from or on behalf of the foreign importer of any part of the account receivable, it shall be remitted promptly to CCC. Such prepayment shall be applied first to interest on the unpaid balance of the account receivable to the date CCC receives such prepayment and then to the principal.