22 CFR § 234.11 - Subrogation of USAID.

---
identifier: "/us/cfr/t22/s234.11"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "22 CFR § 234.11 - Subrogation of USAID."
title_number: 22
title_name: "Foreign Relations"
section_number: "234.11"
section_name: "Subrogation of USAID."
chapter_name: "AGENCY FOR INTERNATIONAL DEVELOPMENT"
part_number: "234"
part_name: "UKRAINE LOAN GUARANTEES ISSUED UNDER THE SUPPORT FOR THE SOVEREIGNTY, INTEGRITY, DEMOCRACY, AND ECONOMIC STABILITY OF UKRAINE ACT OF 2014, PUB. L. 113-95—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: "Pub. L. 113-95, 128 Stat. 1088."
regulatory_source: "79 FR 26834, May 12, 2014, unless otherwise noted."
cfr_part: "234"
---


# 234.11 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.