About 922 loans
About 922 loans
Blog Article
The Secretary may possibly make insured phone loans to the acquisition, purchase, and installation of phone lines, units, and services (other than structures employed generally for administrative needs, vehicles not employed generally in building, and purchaser premise tools) associated with the furnishing, enhancement, or extension of rural telecommunications service, at an curiosity level equal on the then current Expense of cash to the Government of The us for loans of similar maturity, although not over 7 per cent per annum, to any applicant to get a bank loan who satisfies the following prerequisites:
Loans created from or insured in the fund shall be for the same needs and on exactly the same stipulations as are provided for loans in subchapters I and II of the chapter other than as normally supplied in sections 933 to 938 inclusive.
A borrower that exercises the utmost charge option beneath paragraph (one) shall, at time of training this sort of possibility, shell out a fee equivalent to one p.c from the fantastic principal equilibrium of this sort of personal loan or mortgage advance, or portion thereof, for which these types of choice is exercised. These types of charge shall be Together with the penalties and other payments necessary underneath subsection (b).
(ii) in periodic installments of interest and, at the conclusion of the time period on the bond or note, as applicable, with the repayment of the outstanding principal; or
Notwithstanding subsection (a), a immediate or insured bank loan could be pay as you go by an electric borrower within the lesser on the excellent principal harmony because of thereon or perhaps the present worth thereof discounted from the deal with price at maturity at the rate set via the Secretary In case the borrower is definitely an electrical Group which resulted read more from the merger or consolidation among a borrower and a corporation which, prior to October 1, 1987, pay as you go its immediate or insured loans pursuant to this section. Prepayments by a borrower hereunder shall be produced not later on than one particular 12 months once the successful day of your merger, consolidation, or other transaction.
(A) a backed personal loan, which shall bear a reduced interest price at such a fee as being the Secretary decides acceptable to satisfy the goals of the program; or
The Secretary might waive the necessity of subparagraph (A)(ii) in almost any scenario during which the Secretary decides (and sets forth The explanations to the waiver in crafting) the necessity would prevent crisis restoration of the telephone technique of the applicant or end in intense hardship to your applicant.
Any contract of insurance plan or promise executed through the Secretary under this subchapter shall be an obligation supported by the complete faith and credit rating of the United States and incontestable apart from fraud or misrepresentation of which the holder had genuine information at some time it became a holder.
Being qualified to receive a grant less than This system, an eligible entity shall submit to the Secretary an software at these kinds of time, in this kind of method, and made up of these information as the Secretary could require.
Loans and grants expected below this part shall be manufactured to the full extent with the amounts created offered underneath subsection (e).
(one) The Secretary shall make grants less than this segment based upon a dedication of Value-performance and the simplest use of the money to realize the uses explained in subsection (b).
All proceeds through the repayment of this sort of loans produced less than this section shall be returned for the subaccount the Secretary shall sustain in accordance with sections 940c(b)(2) and 940c–2(file) of the title.
§ 926. Sure rural enhancement investments by capable telephone borrowers not dealt with as dividends or distributions
(seven) the overall development in the direction of satisfying the aim of improving upon the caliber of rural life by increasing rural broadband obtain, as demonstrated by metrics, which include—