922 loans No Further a Mystery

922 loans No Further a Mystery

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(one) rescind an insured phone personal loan made under this chapter with no consent of your borrower, unless most of the needs for which telephone loans are already manufactured on the borrower beneath this chapter are already accomplished with resources furnished underneath this chapter;

(ii) has the legal ability and authority to enter right into a agreement, to comply with relevant Federal regulations, and also to possess and run broadband services, as proposed in the appliance submitted with the entity for the grant beneath the Program.

A penalty shall be assessed from a borrower that refinances or prepays a personal loan or personal loan advance, or any part of a mortgage or advance, under this area. Besides as presented in paragraph (two), the penalty shall be equal to the lesser of—

To get eligible for your grant less than this area, Together with the necessities of subsection (d), the job that's the matter from the grant shall—

Notwithstanding subsection (a), a direct or insured mortgage could possibly be prepaid by an electric borrower at the lesser of your fantastic principal balance thanks thereon or the current value thereof discounted through the encounter benefit at maturity at the rate set via the Secretary If your borrower is surely an electrical organization which resulted from a merger or consolidation concerning a borrower and an organization which, previous to October one, 1987, pay as you go its direct or insured loans pursuant to this segment. Prepayments by a borrower hereunder shall be created not afterwards than a single 12 months once the efficient date with the merger, consolidation, or other transaction.

(B) the bond or Observe issued with the lender would not be investment decision grade high quality without a guarantee; or

§922. Loans for telephone service Part Text From such sums as are from time to time built readily available through the Congress to the Secretary for these types of function, pursuant to portion 903 of the title, the Secretary is authorized and empowered to generate loans to individuals now furnishing or who may well hereafter offer phone services in rural parts, to public bodies now delivering phone support in rural regions and to cooperative, nonprofit, minimal dividend, or mutual associations.

(B) any required amenities essential to give that eligible broadband company to each household and small business buyer within just these types of proposed qualified service place; and

From these sums as are once in a while created available because of the Congress towards the Secretary for these goal, pursuant to part 903 of this title, the Secretary is authorized and empowered to help make loans to persons now giving or who might hereafter give phone service in rural regions, to general public bodies now providing telephone provider in rural spots and also to cooperative, nonprofit, limited dividend, or mutual associations. Besides as normally furnished by this subchapter, such loans shall be created beneath the very same conditions and terms as are delivered in portion 904 of the title, for the goal of financing the advance, growth, design, acquisition, and Procedure of phone traces, services, or systems to furnish and boost telephone support in rural places: Furnished, having said that, Which the Secretary, in earning these loans, shall give desire to persons offering telephone service in rural parts, to general public bodies now giving telephone support in rural areas, and to cooperative, nonprofit, constrained dividend, or mutual associations.

substituted ", besides that, with regard to any mortgage" for ": Delivered, even so, That with regard to any mortgage" and struck out ", and with respect to any loan manufactured under area 905 of the title, the payment of principal or desire shall not be extended a lot more than two years soon after these types of payment shall have grown to be due: And offered more, That the provisions of this part shall not utilize to any obligations or the security therefor which may be held through the Reconstruction Finance Corporation beneath the provisions of portion 903 of the title" after "this sort of payment shall became thanks".

included portion catchline and textual content and struck out former textual content which browse as follows: "You can find hereby established and founded an agency of The us to be known as the 'Rural Electrification Administration', the entire powers of which shall be exercised by an Administrator, who shall be appointed because of the President, by and with the advice and consent from the Senate, for a time period of ten years, and who shall get a salary of $ten,000 annually. This chapter may be cited given that the 'Rural Electrification Act of 1936'."

(3) all collections of principal and curiosity gained on and just after July 1, 1972, on notes, bonds, judgments, or other obligations manufactured or held underneath subchapters I and more info II of the chapter and beneath this subchapter, which shall be paid out into and be belongings on the fund;

Almost nothing On this portion limitations the authority of your Secretary to establish stipulations with regard for the use by borrowers of your proceeds of loans created or certain under this chapter or to just take another action especially licensed by regulation.

In the request of a private lender providing funding to this kind of borrower for your funds financial investment, the Secretary shall, expeditiously, possibly present to share The federal government's lien about the borrower's technique or offer you to subordinate the government's lien on that property financed by the non-public lender.