Lien accommodations and subordinations under section 306E of the RE Act.

CFR · 2024-01-01 · US · Title 7

(a) (b) (2) Net worth shall be calculated by taking total margins and equities (Line 33 of Part C of RUS Form 7 for distribution borrowers, or Line 34 of Section B of RUS Form 12a for power supply borrowers) and subtracting assets properly recordable in account 182.2, Unrecovered Plant and Regulatory Study Costs, and account 182.3, Other Regulatory Assets, as defined in 7 CFR part 1767. (c) (2) The application must include the following: (i) A statement from the borrower requesting the lien accommodation and including the amount and maturity of the proposed loan, a general description of the facilities or other purposes to be financed, the name and address of the lender, and an attached term sheet summarizing the terms and conditions of the proposed loan; (ii) A certification by an authorized official of the borrower that the borrower is in compliance with all requirements of its mortgage, loan agreement with RUS, and any other agreement with RUS that have not been exempted in writing by RUS; (iii) The borrower's financial and statistical report, the data in which shall not be more than 60 days old when the complete application is received by RUS; (iv) Draft copy of any new mortgage or mortgage amendment (supplement) required by RUS or the lender, unless RUS has notified the borrower that it wishes to prepare these documents itself; (v) A copy of the loan agreement, loan note, bond or other financing instrument, unless RUS has notified the borrower that these documents need n

official document · source cfr-2024 · id 7:§ 1717.860