Examine This Report on 922 loans
Examine This Report on 922 loans
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Along with the loan extension authority offered in area 912 of this title, the Secretary of Agriculture is authorized to adjust and readjust the schedules for payment of principal and interest on loans to borrowers under plans administered from the Secretary underneath the Rural Electrification Act of 1936 (7 U.
(one) present tips and steering to electrical borrowers below this chapter regarding the powerful and prudent use by this kind of borrowers of the expense authority underneath portion 940b of this title to market rural progress;
The Secretary in creating this kind of loans shall, insofar as you possibly can, receive assurance that the telephone company to become furnished or enhanced therefore is going to be made available to the widest practical number of rural buyers. When it is determined by the Secretary being needed so that you can furnish or enhance telephone support in rural locations, such loans could be made for the development, growth, construction, acquisition, and operation of phone traces, facilities, or units with no regard for their geographical area. The Secretary is further licensed and empowered for making loans for the purpose of refinancing remarkable indebtedness of people furnishing phone provider in rural locations, such as indebtedness of recipients on A further telecommunications financial loan manufactured less than this chapter. Loans underneath this portion shall not be created Until the Secretary finds and certifies that in his judgment the safety therefor within reason sufficient and this sort of mortgage might be repaid throughout the time agreed Which no duplication of lines, services, or devices, providing moderately adequate solutions will end result therefrom.
An software submitted by an qualified entity under paragraph (1) shall contain documentation sufficient to reveal the availability of cash to satisfy the prerequisite of subsection (e).
Notwithstanding subsection (a), a direct or insured mortgage might be pay as you go by An electrical borrower for the lesser on the excellent principal harmony due thereon or perhaps the present worth thereof discounted through the face price at maturity at the rate established through the Secretary if the borrower is definitely an electrical Corporation which resulted from a merger or consolidation involving a borrower and a company which, ahead of October 1, 1987, pay as you go its immediate or insured loans pursuant to this segment. Prepayments by a borrower hereunder shall be built not later than one particular calendar year once the powerful day of your merger, consolidation, or other transaction.
inserted provisions referring to loans created by Federal Financing Lender with regard to ensures issued beneath this section, and substituted "an insured financial loan" for "a financial loan insured with the regular fee".
When it seems towards the Secretary that the loan applicant will be able to acquire a bank loan for Component of his credit history requirements from a accountable cooperative or other credit source at affordable fees and terms in step with the mortgage applicant's power to pay and also the achievement of this chapter's objectives, he may possibly ask for the personal loan applicant to submit an application for and settle for this kind of personal loan concurrently by having an insured financial loan, subject matter, however, to whole use remaining produced by the Secretary with the resources manufactured readily available hereunder for these insured loans underneath this subchapter.
Any assure of the mortgage prepaid under this part shall be absolutely assignable underneath the provisions of part 936 of the title and transferable. Even so, the Secretary could demand that any these types of ensure, if transfered one or assigned, be transferred or assigned to your mortgage or protection that, if bought, will likely be grouped with nonguaranteed loans or securities and marketed within a manner in order that these kinds of sale will not unreasonably compete While using the marketing and advertising of obligations of The usa.
(bb) curiosity on the quantity described in product (aa), to the period beginning over the date of your prepayment and ending about the date from the repayment, in a price equivalent to the average once-a-year price of borrowing through the Department with the Treasury.
(five) the method by which the Secretary establishes that a assistance permits a subscriber to originate and receive significant-top quality voice, info, graphics, and video clip for purposes of delivering broadband assistance beneath this chapter;
The Secretary could use the cash appropriated to get a grant less than this subchapter for the fee (as described by segment 661a of title two) of offering assistance beneath paragraph (two).
The objective of this part is to deliver grants, offer loans, and provide bank loan ensures to deliver money for The prices of the construction, enhancement, and acquisition of facilities and tools for broadband company in rural areas.
A borrower that gets an extension less than this area shall pay a price to the Secretary which shall click here be credited to the Rural Electrification and Telecommunications Loans Method account. These charges shall stay readily available with out fiscal 12 months limitation to pay for the modification costs for extensions.
(5) supply details to electric and phone borrowers below this chapter concerning the eligibility of these kinds of borrowers to make an application for economic assistance, loans, or grants from other Federal organizations and non-Federal sources to enable these borrowers to grow their rural improvement initiatives; and