7 CFR 1436.7 - Loan term.
(a) For eligible facility loan commodities other than sugar, the term of the loan will be 7, 10, or 12 years, based on the total loan principal, from the date a promissory note and security agreement is completed on both the partial and final loan disbursements. The applicant will choose, if applicable, a loan term when submitting the loan application and total cost estimates.
(3) For loans from $250,000.01 through $500,000, the borrower will choose a loan term of 7, 10, or 12 years.
(b) No extensions of the loan term will be granted. The loan balance and all related costs are due at the end of the loan term.
(1) CCC, at its discretion, may authorize a maximum loan term of 15 years. The minimum loan term of a sugar-related loan is 7 years.
(2) The loan balance and costs are due at the end of the loan term, which will be established on the date the promissory note and security agreement is executed.
[74 FR 41589, Aug. 18, 2009]
Title 7 published on 2015-01-01.
No entries appear in the Federal Register after this date, for 7 CFR Part 1436.