22 CFR § 231.11 - Subrogation of USAID.

---
identifier: "/us/cfr/t22/s231.11"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "22 CFR § 231.11 - Subrogation of USAID."
title_number: 22
title_name: "Foreign Relations"
section_number: "231.11"
section_name: "Subrogation of USAID."
chapter_name: "AGENCY FOR INTERNATIONAL DEVELOPMENT"
part_number: "231"
part_name: "ARAB REPUBLIC OF EGYPT LOAN GUARANTEES ISSUED UNDER THE EMERGENCY WARTIME SUPPLEMENTAL APPROPRIATIONS ACT OF 2003, PUBLIC LAW 108-11—STANDARD TERMS AND CONDITIONS"
positive_law: false
currency: "2026-03-24"
last_updated: "2026-03-24"
format_version: "1.1.0"
generator: "[email protected]"
authority: "Emergency Wartime Supplemental Appropriations Act, 2003, Pub. L. 108-11, chapter 5, title I, “Economic Support Fund”, para. (2)."
regulatory_source: "70 FR 56102, Sept. 23, 2005, unless otherwise noted."
cfr_part: "231"
---


# 231.11 Subrogation of USAID.

In the event of payment by USAID to a Noteholder under this Guarantee, USAID shall be subrogated to the extent of such payment to all of the rights of such Noteholder against the Borrower under the related Note.