10 CFR 609.9 - Lender servicing requirements.

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§ 609.9 Lender servicing requirements.

(a) When reviewing and evaluating a proposed Eligible Project, all Eligible Lenders (other than the Federal Financing Bank) shall at all times exercise the level of care and diligence that a reasonable and prudent lender would exercise when reviewing, evaluating and disbursing a loan made by it without a Federal guarantee.

(b) Loan servicing duties shall be performed by an Eligible Lender, DOE, or another qualified loan servicer approved by DOE. When performing its servicing duties, the loan servicer shall at all times exercise the level of care and diligence that a reasonable and prudent lender would exercise when servicing a loan made without a Federal guarantee, including:

(1) During the construction period, monitoring the satisfaction of all of the conditions precedent to all loan disbursements, as provided in the Loan Guarantee Agreement, Loan Agreement or related documents;

(2) During the operational phase, monitoring and servicing the Guaranteed Obligations and collection of the outstanding principal and accrued interest as well as undertaking to ensure that the collateral package securing the Guaranteed Obligations remains uncompromised; and

(3) Until the Guaranteed Obligation has been repaid, providing annual or more frequent financial and other reports on the status and condition of the Guaranteed Obligations and the Eligible Project, and promptly notifying DOE if it becomes aware of any problems or irregularities concerning the Eligible Project or the ability of the Borrower to make payment on the Guaranteed Obligations or its other debt obligations.

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United States Code

Title 10 published on 2015-12-04

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 10 CFR Part 609 after this date.

  • 2016-12-15; vol. 81 # 241 - Thursday, December 15, 2016
    1. 81 FR 90699 - Loan Guarantees for Projects That Employ Innovative Technologies
      GPO FDSys XML | Text
      DEPARTMENT OF ENERGY, Loan Programs Office
      Final rule.
      This rule is effective on January 17, 2017.
      10 CFR Part 609
The section you are viewing is cited by the following CFR sections.

Title 10 published on 2015-12-04.

The following are only the Rules published in the Federal Register after the published date of Title 10.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2016-12-15; vol. 81 # 241 - Thursday, December 15, 2016
    1. 81 FR 90699 - Loan Guarantees for Projects That Employ Innovative Technologies
      GPO FDSys: XML | Text
      DEPARTMENT OF ENERGY, Loan Programs Office
      Final rule.
      This rule is effective on January 17, 2017.
      10 CFR Part 609