7 CFR 1786.151 - Definitions and rules of construction.
(a) Definitions. As used in this subpart:
Administrator means the Administrator of the Rural Utilities Service (RUS).
Borrower means any organization which has an outstanding note(s) evidencing electric loans made by RUS, or has previously prepaid such notes under subparts C and E of this part.
Business day means any day on which both the RUS and the Federal Reserve Bank of New York are open for business.
Closing shall mean one of the several contemplated closings of the prepayment of the Qualified Notes prescribed by the Prepayment agreement.
Direct loan means a loan made pursuant to section 4 of the RE Act.
Discounted present value shall have the meaning set forth in § 1786.153.
Distribution borrower means a borrower that sells electric power and energy at retail in rural areas.
Final maturity means the final date on which all outstanding principal and accrued interest on an electric loan is due and payable.
Insured loan means a loan made pursuant to Section 305 of the RE Act.
Preclosing notice shall mean a notice delivered by the Government to the borrower in response to a closing request, identifying the closing date, the Qualified Notes to be prepaid at such closing and documents to be delivered by the borrower to the Government prior to the closing date.
Prepayment agreement shall have the meaning set forth in § 1786.158.
Qualified Notes shall have the meaning set forth in § 1786.154.
RE Act means the Rural Electrification Act of 1936, as amended (7 U.S.C. 901 et seq.).
RUS means the Rural Utilities Service, an agency of the United States Department of Agriculture.
RUS Mortgage means collectively those mortgages and security agreements made by and among the borrower, the Government, and third parties, if any, securing indebtedness evidencing electric loans or loan guarantees made pursuant to the RE Act.
Rural development loans means loans or grants made pursuant to Rural development programs.
Tax exempt financing means borrowing evidenced by bonds, notes and other evidence of indebtedness the income of which is excluded from gross income for the purposes of Chapter 1 of the Internal Revenue Code of 1986 (26 U.S.C. ch. 1).
(b) Rules of construction. Unless the context shall otherwise indicate, the terms defined in paragraph (a) of this section include the plural as well as the singular, and the singular as well as the plural.