922 loans No Further a Mystery
922 loans No Further a Mystery
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(1) rescind an insured telephone personal loan built underneath this chapter with no consent on the borrower, unless all the functions for which telephone loans are already created into the borrower below this chapter are actually attained with resources delivered beneath this chapter;
(bb) the normal for each capita revenue in the residents receiving electric provider in the applicant is less than the standard for each capita profits with the people of the State wherein the applicant provides services, or the median residence money of your households getting electric powered service through the applicant is lower than the median family cash flow with the homes while in the Point out.
A lender shall not get a guarantee less than this segment for your bond or Be aware if, at enough time of the assurance, the entire principal amount of these guaranteed bonds or notes fantastic of the lender would exceed the principal volume of outstanding loans on the lender for suitable purposes described in subsection (a)(1).
In this part, the phrase "cybersecurity and grid security advancements" implies expense in the event, expansion, and modernization of rural utility infrastructure that addresses recognized cybersecurity and grid stability pitfalls.
Notwithstanding subsection (a), a direct or insured financial loan could be pay as you go by an electric borrower for the lesser on the outstanding principal harmony due thereon or perhaps the existing worth thereof discounted in the confront benefit at maturity at the rate established from the Secretary if the borrower is undoubtedly an electrical Group which resulted from a merger or consolidation involving a borrower and an organization which, previous to Oct 1, 1987, prepaid its direct or insured loans pursuant to this part. Prepayments by a borrower hereunder shall be produced not later on than just one calendar year after the powerful date with the merger, consolidation, or other transaction.
To ensure that the Secretary has the means required to properly take a look at the proposed guarantees, the Secretary might Restrict the volume of guarantees issued under this segment to five annually.
When it appears on the Secretary which the mortgage applicant will be able to get a personal loan for Portion of his credit rating needs from a accountable cooperative or other credit rating resource at reasonable charges and phrases according to the loan applicant's capability to shell out as well as accomplishment of the chapter's aims, he may perhaps ask for the loan applicant to apply for and accept such a loan concurrently with the insured bank loan, matter, on the other hand, to full use becoming made by the Secretary of the funds created out there hereunder for this sort of insured loans beneath this subchapter.
Any assure of the loan prepaid less than this area shall be totally assignable beneath the provisions of section 936 of this click here title and transferable. Having said that, the Secretary may possibly require that any these assure, if transfered 1 or assigned, be transferred or assigned to the mortgage or protection that, if sold, is going to be grouped with nonguaranteed loans or securities and bought within a way to make certain that these types of sale is not going to unreasonably compete While using the advertising and marketing of obligations of The usa.
The Secretary shall make insured telephone loans, towards the extent of qualifying purposes to the loans, at an desire charge of five % annually, to any applicant who meets Every of the next specifications:
§6211, substituted "furnishing phone support in rural locations, such as indebtedness of recipients on A different telecommunications bank loan created less than this chapter." for "furnishing phone provider in rural regions: Provided, That these types of refinancing shall be based on the Secretary to generally be vital as a way to furnish and increase phone provider in rural places: And supplied even further, That these types of refinancing shall represent not much more than forty per centum of any financial loan designed under this subchapter."
struck out at stop "On or just before February fifteen, of each calendar calendar year beginning with calendar 12 months 1976, or these kinds of other day as could possibly be specified by the right committee, the Secretary of Agriculture shall testify before the Dwelling Committee on Agriculture along with the Senate Committee on Agriculture, Nourishment, and Forestry and provide justification in detail of the quantity asked for within the spending plan to become appropriated for the subsequent fiscal calendar year for the purpose of administering this chapter and for the objective of earning the scientific studies, investigations, publications, and studies herein licensed."
(ii) in the case of a certain bank loan, the current relevant market place charge to get a personal loan of similar maturity; and
Pub. L. a hundred and fifteen–334, § 6211, substituted “furnishing telephone provider in rural areas, like indebtedness of recipients on another telecommunications bank loan built below this chapter.” for “furnishing telephone company in rural locations: Furnished, That such refinancing shall be determined by the Secretary to get vital as a way to furnish and strengthen phone service in rural locations: And presented even further, That such refinancing shall constitute not greater than 40 per centum of any mortgage created underneath this subchapter.”
If a borrower prepays a loan less than this subsection using tax exempt funding, the discounted shall be modified to make certain the borrower receives a reward that is definitely equal into the reward the borrower would receive When the borrower used entirely taxable financing.