Not known Details About 922 loans
Not known Details About 922 loans
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In addition to the mortgage extension authority supplied in portion 912 of this title, the Secretary of Agriculture is approved to adjust and readjust the schedules for payment of principal and interest on loans to borrowers underneath systems administered with the Secretary underneath the Rural Electrification Act of 1936 (seven U.
When identifying populace density less than this segment, the Secretary shall prescribe a calculation strategy which—
The Secretary might not, as being a condition of constructing a telephone mortgage to an applicant therefor, require the applicant to—
substituted provisions environment out the liabilities of The agricultural Electrification and Phone Revolving Fund plus the allowable purposes for which fund property shall be out there, for provisions, the monies in the rural telephone account should stay on deposit during the Treasury of The us right until disbursed.
S.C. 901 et seq.], Which this kind of rural electric and telephone techniques ought to be encouraged and assisted to establish their methods and skill to accomplish the monetary energy necessary to help them to satisfy their credit history demands from their very own fiscal businesses together with other sources at sensible costs and phrases per the financial loan applicant's capability to pay out and achievement of the Act's objectives.
(b) As employed In this particular subchapter, the phrase "rural area" shall be deemed to indicate any location of The us not incorporated inside the boundaries of any included or unincorporated city, village, or borough possessing a populace in excess of 5,000 inhabitants.
(aa) the fascination price on industrial loans for a similar period of time that pay for the borrower this type of appropriate; exceeds
(I) the cost of borrowing towards the Office on the Treasury for obligations of similar maturity; or
(D) At time of a deferment, the borrower shall make a payment to a cushion of credit score account established and maintained pursuant to segment 940c of this title in an sum equal to the amount of the payment deferred. The stability of these account shall not be lessened by the borrower beneath the level of the unpaid balance of the payment deferred.
(ii) the amount of quarterly payment dates in between the very first quarterly payment day that occurs 12 a long time following the stop of the year during which the quantity being refinanced was Highly developed plus the maturity date in the loan progress; and
(i) The common quantity of subscribers per mile of line in the company space with the applicant is just not a lot more than 15, or maybe the applicant is capable of manufacturing Internet revenue or margins prior to desire of not below 100 percent (although not over five hundred %) of the fascination specifications on all of the remarkable and proposed loans from the applicant.
In deciding the amount of, and means of stability used to safe, a loan or bank loan assurance below this part, the Secretary shall look at decreasing the security in a rural location that doesn't have broadband company.
An qualified entity that receives a grant below the Program shall supply a income contribution in an amount that's not a lot less than fifteen % of the amount of the grant.
Besides another funds or authorities or else manufactured readily available less than this chapter, the Secretary read more may make electric loans under this subchapter for electric technology from renewable energy resources for resale to rural and nonrural people.