Not known Details About 922 loans
Not known Details About 922 loans
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Along with the bank loan extension authority presented in portion 912 of this title, the Secretary of Agriculture is licensed to adjust and readjust the schedules for payment of principal and fascination on loans to borrowers beneath packages administered through the Secretary under the Rural Electrification Act of 1936 (seven U.
(A) the use with the entity in the support, like new machines and capability enhancements that aid significant-pace broadband accessibility for instructional institutions, overall health treatment providers, and general public security service suppliers (including the approximated number of conclusion consumers who will be at this time using or forecasted to make use of the new or upgraded infrastructure); and
Subject to the limitations Within this area as well as provisions of the Federal Credit history Reform Act of 1990 [2 U.S.C. 661 et seq.], as amended, a borrower of the loan made by the Federal Financing Bank and guaranteed below this chapter may possibly request an extension of the ultimate maturity on the fantastic principal harmony of these kinds of mortgage or any bank loan advance thereunder.
Of the amounts furnished to an qualified entity below a grant below This system, the qualified entity shall use to carry out paragraph (1)(B) not bigger than the lesser of—
The Secretary shall consider the present recurring revenues of the entity at some time of software in determining an ample standard of credit history assistance.
The Secretary shall not establish prerequisites for bandwidth or speed which have the result of precluding the usage of evolving systems appropriate for rural areas.
Not later on than one 12 months after the date of enactment of this part and annually thereafter, the Secretary shall submit to Congress a report that describes—
(i) a borrower which has pay as you go a bank loan, both right before or after October 21, 1992, at a discount price as provided by paragraph (three), shall not be qualified, apart from at the discretion from the Secretary, to apply for or obtain direct or insured loans below this chapter during the 120-thirty day period interval starting over the day on the prepayment; and
The time period "incumbent service supplier", with respect to an application submitted under this section, indicates an entity that, as on the date of submission of the application, is supplying broadband service to not lower than five p.c with the households inside the support territory proposed check here in the application.
substituted provisions creating an curiosity fee at five for every centum per annum along with a reduced amount, although not lower than 2 for each cent, beneath the enumerated standards, for provisions creating standard and Unique costs, with Exclusive rates applicable under enumerated requirements.
Nothing at all In this particular subsection shall Restrict the authority from the Secretary to retain the solutions of consultants from resources built accessible to the Secretary or normally.
(iv) The typical number of subscribers for every mile of line in the area A part of the proposed bank loan just isn't over seventeen.
A borrower that receives an extension under this section shall pay a charge to the Secretary which shall be credited to The agricultural Electrification and Telecommunications Loans System account. Such expenses shall remain offered without fiscal yr limitation to pay the modification charges for extensions.
The Secretary could enter into this kind of contracts, grants, or cooperative agreements as are necessary to perform this section.