Not known Details About 922 loans
Not known Details About 922 loans
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The Secretary shall provide any applicant for any mortgage underneath this paragraph the option to include in the financial loan settlement the best from the applicant to prepay the personal loan on phrases according to comparable provisions of commercial loans.
(ii) raising the fantastic principal harmony on the loan progress assured through the Secretary that is certainly getting refinanced under this segment by the amount of the penalty.
An eligible entity that gets a grant beneath This system shall make use of the grant to carry out a task that—
In this section, the expression "cybersecurity and grid safety improvements" usually means financial commitment in the development, enlargement, and modernization of rural utility infrastructure that addresses acknowledged cybersecurity and grid security threats.
From such sums as are every now and then produced available because of the Congress on the Secretary for this kind of intent, pursuant to area 903 of the title, the Secretary is authorized and empowered to make loans to people now supplying or who may perhaps hereafter supply phone services in rural parts, to public bodies now furnishing telephone provider in rural areas and to cooperative, nonprofit, confined dividend, or mutual associations. Other than as in any other case furnished by this subchapter, these kinds of loans shall be built under the similar terms and conditions as are offered in portion 904 of the title, for the purpose of financing the development, growth, design, acquisition, and Procedure of phone strains, amenities, or methods to furnish and make improvements to phone services in rural regions: Delivered, on the other hand, Which the Secretary, in earning this sort of loans, shall give choice to individuals giving phone assistance in rural parts, to general public bodies now furnishing phone company in rural spots, also to cooperative, nonprofit, minimal dividend, or mutual associations.
(four) The Secretary shall undertake all affordable efforts to allow the entire quantity of deferments approved by this subsection through Every fiscal calendar year.
The full number of a deferment underneath this subsection shall not exceed the sum on the principal and interest over the loans designed into a client from the borrower, as based on the Secretary.
(ii) consists of only those get more info places where the applicant can fulfill the company requirements under this part, as determined by the Secretary.
(i) The common amount of subscribers for every mile of line within the support place of the applicant isn't a lot more than four.
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Except as furnished in paragraph (2), a immediate or insured mortgage made underneath this chapter shall not be sold or pay as you go at a worth that is fewer than the fantastic principal balance about the loan.
"(A) look at whether the receiver is or will be serving a region that is definitely unserved or has support levels underneath the minimum amount appropriate volume of broadband service proven under subsection (e); and
A borrower that gets an extension beneath this portion shall pay out a fee on the Secretary which shall be credited to The agricultural Electrification and Telecommunications Loans System account. Such costs shall remain readily available with out fiscal 12 months limitation to pay for the modification expenses for extensions.
§6201(8), added subsec. (i) and struck out former subsec. (i). Just before amendment, text read through as follows: "Notwithstanding another provision of the chapter, the proceeds of any mortgage designed or assured because of the Secretary less than this chapter may be used by the receiver of the loan for the purpose of refinancing an outstanding obligation of the receiver on another telecommunications bank loan designed underneath this chapter if using the proceeds for that reason will guidance the construction, improvement, or acquisition of facilities and machines with the provision of broadband assistance in rural parts."