[Code of Federal Regulations]
[Title 7, Volume 10]
[Revised as of January 1, 2008]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR1412.807]

[Page 410]
 
                          TITLE 7--AGRICULTURE
 
  CHAPTER XIV--COMMODITY CREDIT CORPORATION, DEPARTMENT OF AGRICULTURE
 
PART 1412_DIRECT AND COUNTER-CYCLICAL PROGRAM AND PEANUT QUOTA BUYOUT 
 
                  Subpart H_Peanut Quota Buyout Program
 
Sec. 1412.807  Contract provisions.

    (a)(1) CCC will, on a per-farm basis, offer to enter into a contract 
with each eligible peanut quota holder on such farm under which CCC will 
provide a payment in five equal installments in each of the 2002 though 
2006 fiscal years or in one lump sum payment in any such fiscal year as 
selected by such holder.
    (2) Eligible peanut quota holders who elect to receive five equal 
installments payments will receive the fiscal year 2002 payment no later 
than December 31, 2002 and, as determined by CCC, between January 2 and 
January 31 in each of the years 2003 through 2006.
    (3) Eligible peanut quota holders who elect to receive one lump sum 
payment may specify the fiscal year in which they wish to receive a 
payment. CCC will determine the day in such fiscal year that the payment 
will be made by CCC.
    (b) The amount of each payment made under paragraph (a)(2) of this 
section shall be the product determined by multiplying:
    (1) $0.11 per pound; times
    (2) The amount of eligible quota pounds of the eligible peanut quota 
holder.
    (c) The amount of each payment made under paragraph (a)(3) of this 
section shall be the product determined by multiplying the product 
determined under paragraph (b) of this section times five.
    (d) After a payment option has been selected under paragraph (a) of 
this section and a payment has been made by CCC, no change in the 
payment option will be allowed except as authorized by the Executive 
Vice President, CCC.

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