Section 1427.22 - Commodity certificate exchanges(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.(b) The exchange rate is the lesser of: (1) The loan rate and charges, plus interest applicable to the loan; or(2) The adjusted world price for upland cotton as determined by CCC.(c) Producers must request a commodity certificate exchange on or before loan maturity in person at the FSA county office by:(1) Completing a written request on the form or providing the information as required by CCC:(2) Purchasing a commodity certificate for the exact amount required to exchange the marketing assistance loan collateral; and(3) Immediately exchanging the purchased commodity certificate for the outstanding loan collateral.(d) Gains realized from a commodity certificate exchange are not subject to AGI or payment limitation provisions specified in part 1400 of this chapter. 86 FR 70706 , Dec. 13, 2021