Conditional commitment letter and loan closing.

CFR · 2024-01-01 · US · Title 7

(a) (1) The requirements for coverage ratios will be set forth in the Conditional commitment letter. (2) Receipt of a Conditional commitment letter from the Administrator does not authorize the RESP applicant to commence performance under the approved loan. (b) (c) (1) Upon receipt of the acceptance of the loan offer from the RESP applicant, RUS, working with its legal counsel, will draft the loan documents which will include the loan conditions and other applicable legal requirements. (2) The loan documents will be forwarded to the RESP applicant by RUS for execution by the RESP applicant's signatories and returned to RUS prior to a mutually acceptable closing date. RUS reserves the right to unilaterally set a closing date to advance program and policy goals. (3) The loan closing date will be used to determine the RESP loan maturity date which under no circumstances will exceed 20 years. (4) An opinion of counsel is required at closing and must be in form and substance acceptable to the Administrator. A form opinion of counsel will be included in the closing instructions. (d)

official document · source cfr-2024 · id 7:§ 1719.7