An Unbiased View of 922 loans
An Unbiased View of 922 loans
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(B) the Secretary determines which the proposed middle mile network might be able to supporting retail broadband assistance Conference the maximum broadband buildout prerequisite set up under area 950bb(e)(4) of this title for the people within the proposed support territory.
The Secretary in creating such loans shall, insofar as is possible, receive assurance that the telephone assistance to get furnished or enhanced thereby are going to be manufactured available to the widest functional quantity of rural people. When it is determined because of the Secretary for being vital in an effort to furnish or make improvements to phone company in rural places, this sort of loans might be designed for the advance, expansion, development, acquisition, and operation of telephone traces, amenities, or methods with no regard to their geographical spot. The Secretary is further authorized and empowered for making loans for the purpose of refinancing exceptional indebtedness of people furnishing telephone assistance in rural areas, which includes indebtedness of recipients on A different telecommunications personal loan produced below this chapter. Loans beneath this part shall not be built unless the Secretary finds and certifies that in his judgment the safety therefor within reason adequate and such loan will likely be repaid inside the time agreed and that no duplication of strains, services, or programs, delivering reasonably suitable expert services will end result therefrom.
A borrower that workouts the most charge option beneath paragraph (1) shall, at time of exercising these choice, pay back a charge equivalent to one p.c in the superb principal equilibrium of this sort of personal loan or mortgage advance, or portion thereof, for which these types of alternative is exercised. These fee shall be Together with the penalties and other payments necessary under subsection (b).
(three) deny a bank loan or advance to, or acquire almost every other adverse action against, an applicant for, or perhaps a borrower of, a telephone personal loan underneath this chapter for almost any explanation that isn't depending on a rule, regulation, bulletin, or other created plan typical that has not been published pursuant to segment 553 of title 5.
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(B) the bond or Take note issued via the lender would not be expense grade high quality without a guarantee; or
Not afterwards than one year following the day of enactment of the segment and per year thereafter, the Secretary shall post to Congress a report that describes—
A distribution borrower not in default about the repayment of loans designed or insured less than this chapter shall be suitable for discounted prepayment as provided Within this subsection. For the goal of analyzing eligibility for discounted prepayment less than this subsection or eligibility for aid under this chapter, a default by a borrower from which a distribution borrower buys wholesale ability shall not be considered a default from the distribution borrower.
(three) the borrower certifies that any cost savings from such prepayment is going click here to be handed on to its clients or accustomed to Increase the monetary power on the borrower in cases of economic hardship.
§6211, substituted "furnishing telephone provider in rural spots, which includes indebtedness of recipients on A further telecommunications bank loan manufactured less than this chapter." for "furnishing telephone support in rural parts: Provided, That this kind of refinancing shall be determined by the Secretary to get vital as a way to furnish and increase phone provider in rural parts: And provided further, That this sort of refinancing shall constitute not greater than 40 for every centum of any personal loan made under this subchapter."
No borrower of cash underneath sections 904 or 922 of this title shall, without the acceptance on the Secretary, market or dispose of its property, legal rights, or franchises, acquired under the provisions of the chapter, until eventually any bank loan acquired from The agricultural Electrification Administration, which include all curiosity and fees, shall happen to be repaid.
(I) besides with the discretion of your Secretary, to apply for or receive direct or insured loans described in clause (i) throughout the one hundred eighty-month time period starting about the date on the prepayment; or
When determining to use the payment guidance authority under paragraph (two) the Secretary shall take into account whether the payment assistance will—
If a borrower prepays a loan less than this subsection applying tax exempt funding, the discounted shall be modified to make certain the borrower receives a benefit that is equivalent on the advantage the borrower would receive Should the borrower applied entirely taxable financing.