12 2 STA T . 1 30 2 PUBLIC LA W 110 – 23 4—M A Y 22 , 200 8(3)CONTRAC T SU S I N GH AR DW OOD L U MBE R INDE X.—Withresp e c tt oaqu a l i fy i ng contract using the har dw ood co m modity inde x referred to in su b section (a)( 1 )( B ) for which the S ecretary does not substitute the P roducer Price I ndex under paragraph ( 2 ) , the Secretary may, at the sole discretion of the Secretary— ( A ) extend the contract term for a 1 - year period begin- ning on the current contract termination date
and (B) ad j ust the periodic payments required under the contract in accordance with applicable law and policies. (c) E XTENSION O FM AR K ET- R ELATED CONTRACT T ERM ADDITION TIME L IMIT FOR CERTAIN CONTRACTS.— N otwithstanding any other pro v ision of law, upon the written request of a timber purchaser, the Secretary may, at the sole discretion of the Secretary, modify a timber sale contract (including a qualifying contract) awarded to the purchaser before J anuary 1, 2 0 0 7 , to adjust the term of the contract in accordance with the mar k et-related contract term addition provision in the contract and section 223. 5 2oftitle3 6 , Code of F ederal Regulations, as in effect on the date of the modifica- tion, except that the Secretary may add no more than 4 years to the original contract length. (d) EFFECT OF OP TIONS.— (1) NO SURRENDER OF CLAIMS.—Operation of this section shall not have the effect of surrendering any claim by the U nited States against any timber purchaser that arose— (A) under a qualifying contract before the date on which the Secretary cancels the contract or redetermines the rate under subsection (b)(1), substitutes a Producer Price Index under subsection (b)(2), or modifies the contract under subsection (b)(3); or (B) under a timber sale contract, including a qualifying contract, before the date on which the Secretary adjusts the contract term under subsection (c). (2) RELEASE OF LIABILIT Y .—In the written request for any option provided under subsections (b) and (c), a timber pur- chaser shall release the United States from all liability, including further consideration or compensation, resulting from— (A) the cancellation of a qualifying contract of the purchaser or rate redetermination under subsection (b)(1), the substitution of a Producer Price Index under subsection (b)(2), the modification of the contract under subsection (b)(3) or a determination by the Secretary not to provide the cancellation, redetermination, substitution, or modifica- tion; or (B) the modification of the term of a timber sale con- tract (including a qualifying contract) of the purchaser under subsection (c) or a determination by the Secretary not to provide the modification. (3) LIMITATION.—Subject to subsection (b)(1)(A), the can- cellation of a qualifying contract by the Secretary under sub- section (b)(1) shall release the timber purchaser from further obligation under the canceled contract. SEC.8402 . HI S PAN IC - SE RV IN G INS T IT U TI O N AGRICU L TURAL LAN D NATIONAL RESOURCES LEADERSHIP PROGRA M . (a) D EFINITION OF H ISPANIC-SER V ING INSTITUTION.—In this sec- tion, the term ‘ ‘Hispanic-serving institution ’ ’ has the meaning given 16USC 16 49a.
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