Guaranteed loans.

CFR · 2024-01-01 · US · Title 7

(a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (1) Determining that all prerequisites to each advance of loan funds by the lender under the terms of the contract of guarantee, all financing documents, and all related security instruments have been fulfilled. Such determinations may be met by obtaining RUS approval of each advance. (2) Billing and collecting loan payments from the borrower. (3) Notifying the Administrator promptly of any default in the payment of principal and interest on the loan and submitting a report, as soon as possible thereafter, setting forth its views as to the reasons for the default, how long it expects the borrower will be in default, and what corrective actions the borrower states it is taking to achieve a current debt service position. (4) Notifying the Administrator of any known violations or defaults by the borrower under the lending agreement, contract of guarantee, or related security instruments, or conditions of which the lender is aware which might lead to nonpayment, violation, or other default. (k) (l)

official document · source cfr-2024 · id 7:§ 1735.32