7 CFR 1786.155 - Eligible borrower.
(a) To be eligible to prepay an electric loan under this subpart, the borrower must be in compliance with the following:
(1) The borrower shall be current on all payment obligations on outstanding loans made or guaranteed by RUS. For the purpose of determining eligibility for prepayment, a default by a power supply borrower from which a distribution borrower purchases wholesale power shall not be considered a default by the distribution borrower;
(3) The borrower shall have expended all funds advanced pursuant to the RUS Loan Contract for the purposes for which such funds were advanced. A borrower will not be eligible to prepay under this subpart if it has any funds advanced pursuant to the RUS Loan Contract in its Construction Fund Account; and
(4) The borrower shall be current on all obligations under any wholesale power contract with an RUS financed power supply borrower.
Title 7 published on 2014-01-01
no entries appear in the Federal Register after this date.