5 Simple Techniques For 2423 loan

5 Simple Techniques For 2423 loan

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(3) oversee, as proper, the construction of rural water offer assignments in Reclamation States which are advised via the Secretary in a very feasibility report created pursuant to segment 2405 of this title and subsequently authorized by Congress.

By these types of day as can be specified in the loan assurance or connected agreements, the Secretary shall fork out to the holder of the loan ensure the unpaid fascination on, and unpaid principal of, the obligation with respect to which the borrower has defaulted, Except if the Secretary finds that there wasn't default with the borrower during the payment of interest or principal or that the default continues to be remedied.

Any prepayment or refinancing conditions over a loan promise shall be negotiated among the non-Federal borrower plus the lender Along with the consent on the Secretary.

By these day as could possibly be laid out in the loan ensure or related agreements, the Secretary shall spend to the holder of your loan ensure the unpaid interest on, and unpaid principal of, the obligation with respect to which the borrower has defaulted, Except the Secretary finds that there was not default through the borrower in the payment of interest or principal or which the default has become remedied.

When the Secretary can make a payment below subsection (a), the Secretary shall be subrogated to your rights of the recipient on the payment as specified in the loan guarantee or linked agreements, together with, as proper, the authority (notwithstanding every other provision of law) to—

Should the Secretary helps make a payment under subsection (a), the Secretary shall be subrogated towards the rights with the recipient of the payment as specified in the loan ensure or similar agreements, together with, as ideal, the authority (notwithstanding any other provision of regulation) to—

Once the Secretary has decided that an investigation provides the information necessary beneath subsection (e), the Secretary shall—

(B) demonstration of the creditworthiness with the project, which include a determination via the Secretary that any funding for that project has suitable security features to be certain repayment;

The Secretary might waive any of the criteria in subsection (a)(2) which the get more info Secretary determines to be duplicative or rendered pointless thanks to an action currently taken by America.

An obligation shall be matter for the affliction which the obligation is not really subordinate to other funding.

The term "loan warranty" has the indicating given the term "loan guarantee" in area 661a of title 2.

(ii) in reference to which You will find a repayment or drinking water provider contract executed by America underneath Federal reclamation law; or

(one) examine and discover chances to be sure Risk-free and sufficient rural drinking water source initiatives for domestic, municipal, and industrial use in tiny communities and rural areas of the Reclamation States;

Any prepayment or refinancing phrases over a loan warranty shall be negotiated concerning the non-Federal borrower and also the lender With all the consent from the Secretary.