22 CFR § 232.11 - Subrogation of USAID.

---
identifier: "/us/cfr/t22/s232.11"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "22 CFR § 232.11 - Subrogation of USAID."
title_number: 22
title_name: "Foreign Relations"
section_number: "232.11"
section_name: "Subrogation of USAID."
chapter_name: "AGENCY FOR INTERNATIONAL DEVELOPMENT"
part_number: "232"
part_name: "REPUBLIC OF TUNISIA LOAN GUARANTEES ISSUED UNDER THE DEPARTMENT OF STATE, FOREIGN OPERATIONS, AND RELATED PROGRAMS APPROPRIATIONS ACT, 2012, DIV. I, PUB. L. 112-74—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: "Title III of the Department of State, Foreign Operations, and Related Programs Appropriations Act, 2012, Division I, Pub. L. 112-74."
regulatory_source: "77 FR 40790, July 11, 2012, unless otherwise noted."
cfr_part: "232"
---


# 232.11 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.