Application procedure.

CFR · 2024-01-01 · US · Title 7

Applications to make a prepayment pursuant to this subpart shall be submitted to RUS on such forms as RUS may prescribe in the following manner: (a) (1) “Notice of Intent to Prepay the Federal Financing Bank” in the form specified in § 1786.33 hereof; (2) A listing of each FFB loan advance to be prepaid by loan designation, RUS note number, RUS account number, advance date, maturity date, original amount, outstanding balance, and interest rate; (3) Evidence that the borrower meets the qualification provisions of § 1786.28(a) of these regulations; (4) The certification set forth in part A of the Notice of Intent to Prepay the Federal Financing Bank executed by the chief executive officer of the borrower; (5) In the event that a borrower submits a prepayment application which proposes to utilize a portion of the financially distressed borrowers' reserve, a certification signed by the chief executive officer of the system to the effect that the borrower is either (i) in default or near default on interest or principal payments due on loans made or guaranteed under the RE Act, and is making a good faith effort to increase rates and reduce costs to avoid or mitigate default; or (ii) participating in a work out or debt restructuring plan with RUS, either as the borrower being restructured or as a borrower providing assistance as part of the work out or restructuring and stating why the borrower is in default or near default. (b) (c) (1) A completed copy of the Notice of Intent to P

official document · source cfr-2024 · id 7:§ 1786.31