Ed. Note: if you’re new to TURBOFAC, please take note that the text string filtration function generally shouldn’t be used for terms such as “ordinarily resident,” “causing” or “new debt”. For research on the meaning of words and phrases such as those, i.e. terms central to the key legal issues in sanctions law that appear on a cross-programmatic basis, you’re typically better off locating and checking the appropriate box in the “Key Legal Issues” search category, which will limit the results to those that have been manually assessed as being relevant for the interpretation of the terms at issue.
Try typing your search term (“ordinarily resident,” “new debt,” or something else) in the “Find a Search Filter” box at the top of the page, and the corresponding “Key Legal Issues” check box will pop up instantly, if one exists. Once you check the box (e.g. “new debt,” with ~55 results), you can always use the text string filtration function to further refine your search (e.g. by typing “invoice” and narrowing the ~55 results to ~10).
Note in addition that the same applies to text string searches such as “14071” (if you’re looking for items related to EO 14071). By typing “14071” in the “Find a Search Filter” field up top, you will be able to instantly narrow the results down to items manually assessed as relating to EO 14071. Ditto terms such as “515.204” or “Iran General License G” (try the “Discrete Legal Provision” search category).
Please contact [email protected] or [email protected] with any questions on search results and efficiency.
Please click "Apply Text String Filters" again after clicking the "Close" button immediately below.
1) This FAQ specifies that the modification of "terms" of pre-existing debt renders the modified agreement "new debt" within the meaning of the Directive. The terms referenced "include" (but are not necessarily limited to) "repayment period, the interest rate, and the amount". Compare FAQ 553, which provides in part as follows:
There are presumably some procedural aspects of 'old debt" agreements that could be modified without triggering the "new debt" prohibition—e.g. the replacement of a transfer agent in the event that the transfer agent whose name is included in the original agreement ceases to exist—but OFAC’s position on the question if difficult to discern. See Dresser-Rand Company v. Petroleos De Venezuela, S.A. (1:19-cv-02689, dkt. 150) (SDNY, 2021), interpreting a similar FAQ issued in the Venezuela context such that "inconsequential" administrative changes do not transform preexisting debt into new debt.
* See generally General Note on the Prohibitions on Dealings in “New Debt” of Certain Sanctions Targets (System Ed. Note)