[Code of Federal Regulations]
[Title 7, Volume 10]
[Revised as of January 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR1463.107]

[Page 651]
 
                          TITLE 7--AGRICULTURE
 
  CHAPTER XIV--COMMODITY CREDIT CORPORATION, DEPARTMENT OF AGRICULTURE
 
PART 1463_2005	2014 TOBACCO TRANSITION PROGRAM--Table of Contents
 
              Subpart B_Tobacco Transition Payment Program
 
Sec.  1463.107  Payment to eligible quota holders.

    (a) The total amount of contract payments that may be made to an 
eligible quota holder shall be the product obtained by multiplying:


$7.00 per pound x the BQL for the quota holder as determined under Sec.  
1463.105 for each kind of tobacco

    (b) During each of the fiscal years 2005 through 2014, CCC will make 
a payment to each eligible quota holder in an amount equal to 10 percent 
of the total amount due under a contract entered into under this 
subpart, except that in the case an application was filed after June 17, 
2005, the applicant will receive only the TTPP payments that have not 
been made as of the date the contract is approved. However, in order for 
the contract participant to receive the 2005 TTPP payment an application 
to enter into a TTPP contract must be filed no later than June 17, 2005. 
CCC may, in its discretion, extend any deadline set forth in this 
paragraph. However, CCC will make the FY 2005 payment between June and 
September of 2005, and subsequent payments will be made in January, to 
the extent practicable, of each FY.