Getting My 922 loans To Work
Getting My 922 loans To Work
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referring to prepayment of loans had been set out as a note less than portion 936 of the title and have been repealed by
(ii) post to your Secretary an application at these time, in these method, and made up of these facts as being the Secretary may possibly call for; and
The Secretary may well not, like a situation of constructing a phone financial loan to an applicant therefor, involve the applicant to—
To generally be suitable for your grant underneath this section, in addition to the requirements of subsection (d), the venture that is the subject of the grant shall—
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(II) the payment amounts that would be required over the interval on the amounts becoming refinanced or prepaid When the desire charge around the personal loan had been equivalent towards the then latest expense of resources on the Division of the Treasury for obligations of similar maturity to your financial loan being refinanced or prepaid.
Extensions less than this section shall not be granted If your principal equilibrium extended exceeds the appraised value of the producing plant or transmission line referred to in subsection paragraph (2).
§6102(b), substituted "No service fees or fees shall be assessed for any these accommodation or subordination." for "No charges or prices shall be assessed for any these assurance, accommodation, or subordination. With respect to guarantees issued because of the Secretary under this area, on the request on the borrower of any these types of mortgage so assured, the financial loan shall be created by the Federal Financing Financial institution and in a level of interest that is not in excess of the speed of desire applicable to other equivalent loans then staying made or obtained by the Lender."
§ 922. — Loans for rural phone service. [Regulations in effect as of January 24, 2002] [Doc not influenced by Public Regulations enacted between January 24, 2002 and December 19, 2002] [CITE: 7USC922] TITLE seven--AGRICULTURE CHAPTER 31--RURAL ELECTRIFICATION AND TELEPHONE SERVICE SUBCHAPTER II--RURAL Phone Support Sec. 922. Loans for rural phone assistance From these sums as are once in a while manufactured obtainable by the Congress into the Secretary for these kinds of goal, pursuant to portion 903 of this title, the Secretary is licensed and empowered to produce loans to folks now delivering or who might hereafter deliver telephone assistance in rural locations, to community bodies now delivering phone support in rural spots and to cooperative, nonprofit, minimal dividend, or mutual associations. Except as if not supplied by this subchapter, this kind of loans shall be designed beneath the very same conditions and terms as are offered in portion 904 of this title, for the objective of funding the advance, expansion, building, acquisition, and operation of telephone traces, amenities, or systems to furnish and boost telephone provider in rural regions: Provided, nonetheless, The Secretary, in making these types of loans, shall more info give preference to persons delivering telephone provider in rural spots, to general public bodies now providing phone service in rural areas, and to cooperative, nonprofit, limited, dividend, or mutual associations: And offered even further, That for your duration of one particular yr from and soon after October 28, 1949, applications for loans received by the Secretary from folks who on October 28, 1949, are engaged inside the operation of present telephone services in rural areas shall be considered and acted on ahead of action is taken on any application received from another man or woman for just about any loan to finance the furnishing or advancement of telephone company to considerably exactly the same subscribers. The Secretary in making these loans shall, insofar as you can, acquire assurance that the phone services being furnished or improved thereby will be manufactured available to the widest functional number of rural people. When it is determined with the Secretary to become important to be able to furnish or make improvements to telephone provider in rural areas, these types of loans may be manufactured for the advance, expansion, design, acquisition, and Procedure of telephone strains, amenities, or programs without regard to their geographical area.
five per cent of the amount of the penalty that is extra into the excellent principal equilibrium with the mortgage.
(i) The average number of subscribers for each mile of line in the services region of the applicant is not really in excess of fifteen, or perhaps the applicant is capable of manufacturing Web income or margins before interest of not under 100 percent (although not much more than five hundred per cent) of the desire necessities on every one of the exceptional and proposed loans of the applicant.
A lender that receives a assurance issued less than this section on the bond or Notice shall shell out a rate to the Secretary.
A borrower that gets an extension beneath this section shall fork out a charge into the Secretary which shall be credited to the Rural Electrification and Telecommunications Loans Method account. This sort of service fees shall continue to be available with no fiscal calendar year limitation to pay for the modification charges for extensions.
(1) may possibly make out there from mortgage or mortgage promise courses administered by The agricultural Utilities Service to certified utilities or applicants financing with the curiosity charge as low as 2 percent, and with extended repayment terms;