Distribution borrowers Clause Samples
Distribution borrowers. The provi- sions of this subpart apply to all dis- tribution borrowers that obtain a loan or loan guarantee from RUS approved on or after January 29, 1996. Distribu- tion borrowers that obtain a lien ac- commodation or any other form of fi- nancial assistance from RUS after Jan- uary 29, 1996, may be required to exe- cute a new loan contract and new mortgage. Moreover, any distribution borrower may submit a request to RUS that a new loan contract and new mortgage be executed. Within the con- straints of time and staff resources, RUS will attempt to honor such re- quests. Borrowers must first obtain the concurrence of any other mortgagees on their existing mortgage before a new mortgage can be executed.
Distribution borrowers. Distribu- tion borrowers not exempt from RUS investment controls under § 1717.656(a) may not make investments, loans and guarantees in an aggregate amount in excess of 15 percent of total utility plant. Above the 15 percent level, such borrowers will be restricted to excluded investments, loans and guarantees as defined in § 1717.655. (However, they are eligible to ask RUS to exclude a por- tion of their investments under the conditions set forth in paragraph (d) of this section.)