§560.532 Payment for and financing of exports and reexports of agricultural commodities, medicine, and medical devices, and certain related software and services.
(a) General license for payment terms. The following payment terms are authorized for sales pursuant to §560.530(a):
(1) Payment of cash in advance;
(2) Sales on open account, provided that the account receivable may not be transferred by the person extending the credit;
(3) Financing by third-country financial institutions that are not United States persons, entities owned or controlled by United States persons and established or maintained outside the United States, Iranian financial institutions, or the Government of Iran. Such financing may be confirmed or advised by U.S. financial institutions and by financial institutions that are entities owned or controlled by United States persons and established or maintained outside the United States; or
(4) Letter of credit issued by an Iranian financial institution whose property and...
(UPDATE: See Comment on the Designation of the Iranian Financial Sector Pursuant to EO 13902 for comments on the relationship between 560.532(a)(4) and EO 13902).
1) RELATIONSHIP WITH OTHER ITSR AG/MED-RELATED GLs
ITSR GLs 560.530, 560.532 and 560.533 should all read in conjunction with each other, as they collectively deal with exports of TSRA-eligible and other agricultural/medical goods. 560.530 deals with the exports themselves; 560.532 with payments and financing in connection with goods sold pursuant to 560.530, and 560.533 deals with brokering services in connection with sales related to 560.530.
2) IN GENERAL; RELATIONSHIP WITH 560.405 AND 560.516
560.532 is a general license that, subject to the limitations in the GL, serves the function that...