7 CFR 1786.163 - Existing wholesale power contracts.

§ 1786.163 Existing wholesale power contracts.
(a) If the borrower is a party to a wholesale power contract with a power supply borrower financed pursuant to the RE Act, the Administrator may require that the borrower and the power supply borrower enter into a supplement to the outstanding wholesale power contract providing substantially as follows:
Sample Contract Terms
So long as any of the notes evidencing secured loans of the power supply borrower are outstanding, the borrower will not, without the approval in writing of the power supply borrower and the Administrator, take or suffer to be taken any steps for reorganization or dissolution, or to consolidate with or merge into any corporation, or to sell, lease or transfer (or make any agreement therefor) all or a substantial portion of its assets, whether now owned or hereafter acquired. The power supply borrower will not unreasonably withhold or condition its consent to any such, reorganization, dissolution, consolidation, or merger, or to any such sale, lease or transfer (or any agreement therefor) of assets. The power supply borrower will not withhold or condition such consent except in cases where to do otherwise would result in rate increases for the other members of the power supply borrower or impair the ability of the power supply borrower to repay its secured loans in accordance with their terms, or adversely affect system performance in a material way. Notwithstanding the foregoing, the borrower may take or suffer to be taken any steps for reorganization or dissolution or to consolidate with or merge into any corporation or to sell, lease or transfer (or make any agreement therefor) all or a substantial portion of its assets, whether now owned or hereafter acquired without the power supply borrower's consent, so long as the borrower shall pay such portion of the outstanding indebtedness on the power supply borrower's notes or other obligations as shall be determined by the power supply borrower with the prior written consent of the Administrator and shall otherwise comply with such reasonable terms and conditions as the Administrator and power supply borrower may require either: (1) To eliminate any adverse effect that such action seems likely to have on the rates of the other members of the power supply borrower, or
(2) To assure that the power supply borrower's ability to repay the secured loans and other obligations of the power supply borrower in accordance with their terms is not impaired.
The Administrator may require, among other things, that any payment owed under (2) of the preceding sentence that represents a portion of the power supply borrower's indebtedness on Notes shall be paid by the borrower in the manner necessary to accomplish a defeasance of those obligations in accordance with the loan documents relating thereto, or be paid directly to the holders of the Notes for application by them as prepayments in accordance with the provisions of such documents, or be paid to the power supply borrower and held and invested in a manner satisfactory to the Administrator.
[End of sample contract terms]
(b) The Administrator may exempt a borrower from the requirement to enter into a supplement to its outstanding wholesale power contract if the Administrator determines that such requirement is burdensome and unnecessary in light of the provisions of the existing wholesale power contract, other security arrangements of the power supply borrower, and any other relevant facts and circumstances. Normally such exemption will be granted only with the concurrence of the power supply borrower.

Title 7 published on 2014-01-01

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.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.

United States Code
U.S. Code: Title 7 - AGRICULTURE

§ 901 - Short title

§ 902 - General authority of Secretary of Agriculture

§ 903 - Authorization of appropriations

§ 904 - Loans for electrical plants and transmission lines

§ 905 - Fees for certain loan guarantees

§ 906 - Funding for administrative expenses

§ 906a - Use of funds outside the United States or its territories prohibited

§ 907 - Acquisition of property pledged for loans; disposition; sale of pledged property by borrower

§ 908 - Repealed.

§ 909 - Administration on nonpolitical basis; dismissal of officers or employees for violating provision

§ 910 - Repealed.

§ 911 - Acceptance of services of Federal or State officers; application of civil service laws; expenditures for supplies and equipment

§ 911a - Repealed.

§ 912 - Extension of time for repayment of loans

§ 912a - Rescheduling and refinancing of loans

§ 913 - Definitions

§ 914 - Separability

§ 915 - Purchase of financial and credit reports

§ 916 - Criteria for loans

§ 917 - Prohibition on restricting water and waste facility services to electric customers

§ 918 - General prohibitions

§ 918a - Energy generation, transmission, and distribution facilities efficiency grants and loans in rural communities with extremely high energy costs

§ 918b - Acquisition of existing systems in rural communities with high energy costs

§ 918c - Rural and remote communities electrification grants

§ 921 - Congressional declaration of policy

§ 921a - Policy of financing of rural telephone program

§ 921b - Policy of expansion of markets for debentures

§ 922 - Loans for rural telephone service

§ 923 - State regulation of telephone service

§ 924 - Definition of telephone service and rural area

§ 925 - Loan feasibility

§ 926 - Certain rural development investments by qualified telephone borrowers not treated as dividends or distributions

§ 927 - General duties and prohibitions

§ 928 - Prompt processing of telephone loans

§ 930 - Congressional declaration of policy

§ 931 - Rural Electrification and Telephone Revolving Fund

§ 931a - Level of loan programs under Rural Electrification and Telephone Revolving Fund

§ 932 - Liabilities and uses of Rural Electrification and Telephone Revolving Fund

§ 933 - Moneys in the Rural Electrification and Telephone Revolving Fund

§ 934 - Authorized financial transactions; interim notes; purchase of obligations for resale; sale of notes and certificates; liens

§ 935 - Insured loans; interest rates and lending levels

§ 936 - Guaranteed loans; accommodations and subordination of liens; interest rates; assignability of guaranteed loans and related guarantees

§ 936a - Prepayment of loans

§ 936b - Sale or prepayment of direct or insured loans

§ 936c - Refinancing and prepayment of FFB loans

§ 936d - Eligibility of distribution borrowers for loans, loan guarantees, and lien accommodations

§ 936e - Administrative prohibitions applicable to certain electric borrowers

§ 936f - Substantially underserved trust areas

§ 937 - Loans from other credit sources

§ 938 - Full faith and credit of the United States

§ 939 - Loan terms and conditions

§ 940 - Refinancing of rural development loans

§ 940a - Repealed.

§ 940b - Use of funds

§ 940c - Cushion of credit payments program

7 U.S. Code § 801 to 833 - Repealed.

§ 940d - Limitations on authorization of appropriations

§ 940e - Expansion of 911 access

§ 940f - Extension of period of existing guarantee

§ 940g - Electric loans for renewable energy

§ 940h - Bonding requirements

§ 941 - Telephone Bank

§ 942 - General powers

§ 943 - Special provisions governing telephone bank as a Federal agency until conversion of ownership, control, and operation

§ 944 - Governor of telephone bank; functions, powers, and duties

§ 944a - Publication of rural telephone bank policies and regulations

§ 945 - Board of directors

§ 946 - Capitalization

§ 947 - Borrowing power; telephone debentures; issuance; interest rates; terms and conditions; ratio to paid-in capital and retained...transactions of the United States; exclusion of transactions from budget totals

§ 948 - Lending power

§ 949 - Telephone bank receipts; availability for obligations and expenditures

§ 950 - Conversion of ownership, control, and operation of telephone bank

§ 950a - Liquidation or dissolution of telephone bank

§ 950b - Borrower net worth

§ 6941 - Under Secretary of Agriculture for Rural Development

§ 6941a - Coordinator for Chronically Underserved Rural Areas

§ 6942 - Rural Utilities Service

§ 6943 - Rural Housing and Community Development Service

§ 6944 - Rural Business and Cooperative Development Service

§ 6945 - Rural Development Disaster Assistance Fund

Statutes at Large
Public Laws