The 5-Second Trick For 922 loans

The 5-Second Trick For 922 loans

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(one) rescind an insured phone bank loan manufactured beneath this chapter with no consent of your borrower, Until the entire functions for which telephone loans are manufactured towards the borrower underneath this chapter are already attained with money delivered beneath this chapter;

(two)(A) In the situation of deferments designed to empower the borrower to offer financing to area enterprises, the deferment shall be repaid in equivalent installments, with no accrual of curiosity, over the sixty-thirty day period period of time beginning about the date from the deferment, and the entire volume of these payments shall be equivalent to the quantity of the payment deferred.

"(b) Statement of Plan.—It is the policy of the Congress that The agricultural Electrification Administration make loans that facilitate the event and enhancement of The agricultural telecommunications infrastructure so as to make modern day telecommunications technological innovation and providers obtainable at reasonable fees to the greatest practicable number of people in rural parts in The us."

The applicant may not decide on a time period that ends much more than 35 several years just after the beginning of the initial expression the applicant selects under clause (i).

Notwithstanding subsection (a), a direct or insured loan may very well be prepaid by An electrical borrower with the lesser from the remarkable principal stability thanks thereon or the current worth thereof discounted in the facial area price at maturity at the speed set via the Secretary In case the borrower is surely an electrical Corporation 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 portion. Prepayments by a borrower hereunder shall be created not afterwards than 1 12 months once the efficient date on the merger, consolidation, or other transaction.

(B) the bond or Observe issued with the lender wouldn't be investment grade quality with out a warranty; or

(i) The normal earnings for every kilowatt-hour bought through the applicant just isn't below 120 % of the common revenue for each kilowatt-hour bought by all utilities within the Condition in which the applicant presents company.

Any agreement of insurance policies or assure executed by the Secretary underneath this subchapter shall be an obligation supported by the full religion and credit of The usa and incontestable except for fraud or misrepresentation of which the holder experienced actual know-how at time it grew to become a holder.

(D) At time of a deferment, the borrower shall generate a payment to the cushion of credit account set up and taken care of pursuant to area 940c of the title in an total equivalent to the quantity of the payment deferred. The harmony of these types of account shall not be decreased through the borrower under the level in the unpaid balance of your payment deferred.

§6502, inserted part catchline and substituted "associations." for "associations: And presented more, That to get a duration of one particular year from and just after October 28, 1949, purposes for loans acquired by the Secretary from people who on Oct 28, 1949, are engaged while in the Procedure of existing phone service in rural parts shall be regarded as and acted on prior to action is taken on any software obtained from almost every other person for almost any personal loan to finance the furnishing or improvement of telephone assistance to substantially precisely the same subscribers.

Very little During this subsection shall Restrict the authority of the Secretary to retain the services of consultants from resources built accessible to the Secretary or usually.

No mortgage origination solicitation exercise or loan origination applications for get more info properties situated in the Condition of The big apple might be facilitated by way of This page.

Matter to paragraph (2), for uses of the part, the minimum amount appropriate volume of broadband service for a rural region shall be at the very least—

Specified rural growth investments by experienced telephone borrowers not treated as dividends or distributions.