An Unbiased View of 922 loans

An Unbiased View of 922 loans

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If any provision of this chapter, or the application thereof to anyone or situations, is held invalid, the rest of your chapter and the appliance of this sort of provision to other folks or circumstances shall not be influenced thereby.

(ii) submit towards the Secretary an software at this kind of time, in this kind of manner, and that contains these information and facts because the Secretary could require; and

inserted "selected" before "electrical" in part catchline and amended textual content usually. Previous to Modification, textual content study as follows: "The Administrator may well not need prior approval of, impose any necessity, restriction, or prohibition with respect for the operations of, or deny or hold off the granting of the lien accommodation to, any electric powered borrower underneath this chapter whose Web really worth exceeds one hundred ten per cent with the outstanding principal equilibrium on all loans produced or guaranteed to the borrower through the Administrator."

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So that you can insure coordination of electric era and transmission funding beneath this chapter Using the nationwide Power coverage, the Secretary in making or guaranteeing loans for the construction, Procedure, or enlargement of generating vegetation or electric powered transmission strains or programs, shall consider these kinds of general requirements in keeping with the provisions of the chapter as could be released by the Secretary of Strength.

(B) The level of the deferment shall not exceed 50 % of the overall cost of a Neighborhood or economic improvement job for which a deferment is offered beneath this subsection.

The lower price price being established via the Secretary for direct or insured loans prepayments hereunder shall be dependant on the current price of resources for the Office from the Treasury for obligations of similar maturity to those staying pay as you go. If a borrower prepays making use of tax exempt financing, the lower price shall be adjusted to generate the discount similar to thoroughly taxable funding. The borrower shall certify in writing whether the financing will likely be tax exempt and shall comply with these kinds of other conditions and terms as the Secretary might establish which might be reasonable and essential to put into action this provision. As utilised With this portion, the time period "immediate bank loan" signifies a financial loan manufactured beneath area 904 of this title.

, That to get a duration of one particular year from and right after Oct 28, 1949, purposes for loans acquired via the Secretary from folks who on Oct 28, 1949, are engaged while in the Procedure of current phone company in rural locations shall be regarded and acted upon in advance of motion is taken on any software acquired from almost every other person for just about any personal loan to finance the furnishing or enhancement of telephone assistance to considerably precisely the same subscribers." in next sentence and "Which no duplication" for ", nor shall these bank loan be created in almost any State which now has or may well hereafter have a Condition regulatory physique obtaining authority to regulate phone service and also to require certificates of advantage and requirement on the applicant unless these kinds of certificate from these company is very first attained.

(three) the borrower certifies that any discounts from this sort of prepayment will probably be handed on to its prospects or used to Enhance the fiscal strength on the borrower in scenarios of economic hardship.

On ask for of any applicant that is qualified for the financial loan underneath this paragraph for which cash are not available, the applicant shall be deemed to own utilized to get a loan under subchapter IV.

For the goal of relieving borrowers of unwanted and burdensome demands, the Secretary, guided from the practices of personal lenders with regard to very similar credit score threats, shall situation laws, relevant to any electric borrower less than this chapter whose Internet truly worth exceeds one hundred ten p.c in the outstanding principal harmony on all loans made or certain to the borrower by the Secretary, to reduce Those people approval rights, prerequisites, limitations, and prohibitions the Secretary if not could build with regard for the functions of this kind of borrower.

0 at stop of The newest calendar year ending no less than six months ahead of acceptance from the financial loan, determination more info of these kinds of ratio, and defining sum of distribution plant and general plant, gross income, and value of ability for prior provision for and typical gross profits for each mile which is at the least $450 down below the average gross revenue per mile of REA-financed electrical devices, in the situation of electric powered borrowers, or not less than $three hundred down below the average gross profits for every mile of REA-financed telephone devices, in the situation of phone borrowers; and inserted in proviso of par. (two) "to the phone or electric powered borrower" after "create a bank loan".

Loans underneath this part shall not be designed Until the Secretary finds and certifies that in his judgment the safety therefor is fairly satisfactory and these kinds of bank loan is going to be repaid inside the time agreed.

At the ask for of A personal lender furnishing funding to this kind of borrower for your funds financial investment, the Secretary shall, expeditiously, possibly present to share The federal government's lien to the borrower's process or present to subordinate The federal government's lien on that home financed from the private lender.