Details, Fiction and 922 loans
Details, Fiction and 922 loans
Blog Article
Along with the loan extension authority delivered in portion 912 of this title, the Secretary of Agriculture is authorized to regulate and readjust the schedules for payment of principal and desire on loans to borrowers under courses administered via the Secretary beneath the Rural Electrification Act of 1936 (7 U.
The Secretary shall seek the advice of While using the Commission ahead of delivering broadband guidance for the undertaking to serve a location with respect to which A different entity is obtaining Join America Fund or Mobility Fund guidance underneath the Federal common provider help mechanisms founded underneath area 254 of title forty seven.
The choice presented under paragraph (one) shall not be offered in the situation of any loan or loan progress, or part thereof, Unless of course a penned ask for to workout these types of solution is shipped on the Secretary not later on than one year following the efficient date of regulations issued to perform The agricultural Electrification Loan Restructuring Act of 1993.
For applications of the section, an 'qualified state' is any country that applies with regard to America an settlement making sure reciprocal obtain for U.s. services and products and U . s . suppliers to the marketplaces of that nation, as based on The us Trade Agent."
A borrower might not exercising the choice below paragraph (one) in the situation of a loan or financial loan progress, or part thereof, if the total amount of these kinds of loans for which such selection will be exercised exceeds fifty per cent on the superb principal harmony from the loans produced to this sort of borrower and certain under area 936 of the title.
No sums in addition to the payment of your outstanding principal stability owing over the mortgage could be charged as the result of these kinds of prepayment against the borrower, the fund, or even the Secretary.
Not later on than one year following the date of enactment of this area and yearly thereafter, the Secretary shall submit to Congress a report that describes—
inserted at finish "The Administrator may not request any applicant for an electric personal loan below this chapter to submit an application for and take a financial loan within an quantity exceeding thirty p.c from the credit score requirements with the applicant."
(3) the borrower certifies that any discounts from these prepayment will likely be handed on to its customers or accustomed to Increase the economic energy from the borrower in scenarios of economic hardship.
On request of any applicant who is qualified for the financial loan beneath this paragraph for which cash usually are not readily available, the applicant shall be thought of to have used for your bank loan less than subchapter IV.
(B) a certificate from an impartial accredited engineer concluding, on the basis of a radical engineering analysis satisfactory to the Secretary, which the valuable lifetime of the making plant get more info or transmission line pledged as collateral extends to or outside of the new final maturity day currently being asked for by the borrower.
0 at close of The newest calendar yr ending at least six months just before acceptance on the loan, perseverance of this kind of ratio, and defining sum of distribution plant and standard plant, gross earnings, and cost of ability for prior provision for and common gross profits for every mile which can be no less than $450 below the common gross earnings for every mile of REA-financed electric techniques, in the case of electrical borrowers, or at least $300 under the standard gross earnings for every mile of REA-financed phone units, in the case of telephone borrowers; and inserted in proviso of par. (2) "to a telephone or electric powered borrower" following "produce a financial loan".
Very little Within this portion limitations the authority of the Secretary to ascertain terms and conditions with respect into the use by borrowers in the proceeds of loans created or confirmed beneath this chapter or to take some other motion particularly approved by regulation.
If a borrower prepays a financial loan beneath this subsection employing tax exempt financing, the discounted shall be modified in order that the borrower gets a reward that is certainly equal towards the benefit the borrower would acquire Should the borrower made use of thoroughly taxable financing.