[Code of Federal Regulations]
[Title 50, Volume 4]
[Revised as of October 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 50CFR679.71]

[Page 738]
 
                    TITLE 50--WILDLIFE AND FISHERIES
 
                         DEPARTMENT OF COMMERCE
 
PART 679--FISHERIES OF THE EXCLUSIVE ECONOMIC ZONE OFF ALASKA--Table of Contents
 
Subpart G--Inshore Fee System for Repayment of the Loan to Harvesters of 
  Pollock from the Directed Fishing Allowance Allocated to the Inshore 
              Component Under Section 206(b)(1) of the AFA.
 
Sec. 679.71  Loan.

    (a) Principal amount. The loan's principal amount is $75,000,000 
(seventy five million dollars).
    (b) Interest. Interest shall, from December 30, 1998, when NMFS 
disbursed the loan, until the date the borrower fully repays the loan, 
accrue at a fixed rate of 7.09 percent. Interest shall be simple 
interest and shall accrue on the basis of a 365-day year.
    (c) Repayment. The fee shall be the exclusive source of loan 
repayment. The fee shall be paid on all fee fish.
    (d) Application of fee receipts. NMFS shall apply all fee receipts 
it receives, first, to payment of the loan's accrued interest and, 
second, to reduction of the loan's principal balance.
    (e) Obligation. The borrower shall repay the loan in accordance with 
the AFA and this subpart.