2423 loan - An Overview
2423 loan - An Overview
Blog Article
(2) the administration of any loan certain underneath this subchapter before the helpful day of the termination of authority.
If a borrower defaults within the obligation, the holder of your loan guarantee shall have the correct to demand payment from the unpaid amount of money from your Secretary.
Any prepayment or refinancing phrases on a loan guarantee shall be negotiated amongst the non-Federal borrower and the lender with the consent on the Secretary.
By such date as could be laid out in the loan promise or connected agreements, the Secretary shall shell out into the holder in the loan promise the unpaid fascination on, and unpaid principal of, the obligation with regard to which the borrower has defaulted, Except if the Secretary finds that there was not default through the borrower inside the payment of interest or principal or the default has long been remedied.
Very little in this subchapter preempts or affects State water legislation or an interstate compact governing h2o.
A loan assure below this portion shall provide for finish amortization on the loan ensure within just not more than forty years.
(i) repairs of a routine mother nature that manage a rural drinking water supply project within a properly held problem;
The Secretary shall talk to Using the Secretary of Agriculture right before promulgating criteria with respect to economic appraisal functions and loan warranty administration for website routines completed below this subchapter.
A rural drinking water source venture that is set to be possible under part 2405 of this title is suitable for your loan assure under segment 2423 of this title.
With regard to any obligation certain under this part, the Secretary may perhaps enter right into a contract to pay, and spend, holders of your obligation, for and on behalf with the non-Federal borrower, from resources appropriated for that function, the principal and fascination payments that develop into due and payable about the unpaid stability from the obligation if the Secretary finds that—
(b) Terms and constraints (1) Generally speaking Loan guarantees under this section for your venture shall be on this sort of terms and conditions and comprise this kind of covenants, representations, warranties, and necessities as the Secretary decides for being suitable to shield the money pursuits of America.
Loan ensures beneath this area to get a venture shall be on these stipulations and have this sort of covenants, representations, warranties, and specifications as the Secretary determines being proper to shield the fiscal pursuits of The usa.
The Secretary and also the Secretary of Agriculture shall enter right into a memorandum of agreement providing for Division of Agriculture monetary appraisal features and loan assurance administration for pursuits completed below this subchapter.
With respect to any obligation confirmed beneath this part, the Secretary may enter into a agreement to pay for, and pay back, holders of your obligation, for and on behalf in the non-Federal borrower, from money appropriated for that purpose, the principal and curiosity payments that develop into owing and payable about the unpaid equilibrium from the obligation if the Secretary finds that—