Not known Factual Statements About 2423 loan

Not known Factual Statements About 2423 loan

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The Secretary might waive any of the factors in subsection (a)(two) the Secretary decides being duplicative or rendered unneeded on account of an motion already taken by The usa.

By such date as could be specified in the loan ensure or similar agreements, the Secretary shall pay back into the holder of the loan assure the unpaid curiosity on, and unpaid principal of, the obligation with regard to which the borrower has defaulted, Except the Secretary finds that there wasn't default because of the borrower within the payment of interest or principal or that the default has actually been remedied.

Any prepayment or refinancing conditions on a loan assurance shall be negotiated amongst the non-Federal borrower and also the lender Along with the consent of your Secretary.

(2) the quantity of the payment that the Secretary is authorized to pay shall be no better than the amount of principal and curiosity that the non-Federal borrower is obligated to pay for under the settlement remaining certain; and

An obligation shall be matter to your condition the obligation isn't subordinate to other funding.

The time period "Application" indicates The agricultural water offer application performed under section 2402 of this title.

Topic to The supply of appropriations, the Secretary could make available to lenders for a challenge Assembly the eligibility requirements established in area 2422 here of this title loan ensures to supplement private-sector or lender financing with the challenge.

All new initiatives or facilities created in accordance with this particular subchapter shall stay beneath the jurisdiction and control of the non-Federal borrower matter to the terms of the repayment agreement.

The Secretary may perhaps enhance the Federal share of the costs of the feasibility study In case the Secretary determines, dependant on an illustration of economic hardship, the non-Federal participant is not able to add at the very least 50 % of The prices of your review.

There are actually licensed to get appropriated this kind of sums as are important to carry out this subchapter, to stay out there right up until expended.

The full faith and credit rating of The us is pledged on the payment of all ensures issued under this segment with respect to principal and desire.

(five) Nonsubordination An obligation shall be topic to the situation which the obligation is not really subordinate to other financing.

The Secretary as well as the Secretary of Agriculture shall enter right into a memorandum of arrangement providing for Office of Agriculture economic appraisal capabilities and loan warranty administration for routines performed underneath this subchapter.

Loan ensures less than this part for your job shall be on these types of conditions and terms and contain these kinds of covenants, representations, warranties, and requirements as being the Secretary establishes for being correct to safeguard the money interests of The usa.