7 CFR §1427.22

1. (a)For any outstanding marketing assistance loan provided for upland cotton, a producer may purchase a commodity certificate and exchange that commodity certificate for the marketing assistance loan collateral.
2. (b)The exchange rate is the lesser of:
   1. (1)The loan rate and charges, plus interest applicable to the loan; or
   2. (2)The adjusted world price for upland cotton as determined by CCC.
3. (c)Producers must request a commodity certificate exchange on or before loan maturity in person at the FSA county office by:
   1. (1)Completing a written request on the form or providing the information as required by CCC:
   2. (2)Purchasing a commodity certificate for the exact amount required to exchange the marketing assistance loan collateral; and
   3. (3)Immediately exchanging the purchased commodity certificate for the outstanding loan collateral.
4. (d)Gains realized from a commodity certificate exchange are not subject to AGI or payment limitation provisions specified in part 1400 of this chapter.