required payment or loan closing date
(2) (A) In the case of a payment to which producers on a farm are entitled under the terms of an agreement entered into under the Agricultural Act of 1949 ( 7 U.S.C. 1421 et seq.), an interest penalty shall be paid to the producers if the payment has not been made by the required payment or loan closing date. The interest penalty shall be paid— (i) on the amount of payment or loan due; and (ii) for the period beginning on the first day beginning after the required payment or loan closing date and ending on the date the amount is paid or loaned. (B) As used in this subsection, the “required payment or loan closing date” means— (i) for a purchase agreement, the 30th day after delivery of the warehouse receipt for the commodity subject to the purchase agreement; (ii) for a loan agreement, the 30th day beginning after the date of receipt of an application with all requisite documentation and signatures, unless the applicant requests that the disbursement be deferred; (iii) for refund of amounts received greater than the amount required to repay a commodity loan, the first business day after the Commodity Credit Corporation receives payment for such loan; (iv) for land diversion payments (other than advance payments), the 30th day beginning after the date of completion of the production adjustment contract by the producer; (v) for an advance land diversion payment, 30 days after the date the Commodity Credit Corporation executes the contract with the producer; (vi) for a deficiency payment (other than advance payments) based upon a 12-month or 5-month period, 91 days after the end of such period; or (vii) for an advance deficiency payment, 30 days after the date the Commodity Credit Corporation executes the contract with the producer.