(a) The Board must approve the adjustment of any term or condition of the Loan Documents under this Program, including the rate of interest, time of payment of principal or interest, or Collateral requirements. Adjustments may be approved by the Board only if:
(1) The adjustment is consistent with the financial interests of the United States;
(2) Consent has been obtained from the parties to the Loan Agreement;
(3) The adjustment is consistent with the underwriting criteria developed for the Program;
(4) The adjustment does not adversely affect the interest of the Federal Government in the Assets or Collateral of the Borrower;
(5) The adjustment does not adversely affect the ability of the Borrower to repay the Loan; and
(6) The National Telecommunications and Information Administration of the Department of Commerce has been consulted by the Board regarding the adjustment.
(b) A Lender's decision to forego remedial action in the event of a breach of financial covenants required under the Loan Agreement will not constitute an adjustment under this section.
Title 7 published on 2013-01-01
no entries appear in the Federal Register after this date.
This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.