7 CFR 2201.22 - Issuance of Guarantees.
(a) The Board's decision to approve an application and extend an Offer of Guarantee under the Program is conditioned upon:
(1) The Lender or Agent and Applicant obtaining any required regulatory or judicial approvals;
(2) The Lender or Agent and Applicant being legally authorized to enter into the Loan under the terms and conditions submitted to the Board in the application;
(3) The Board's receipt of the Loan Documents and any related instruments, in form and substance satisfactory to the Board all properly executed by the Lender or Agent, Applicant, and any other required party other than the Board;
(4) No material adverse change in the Applicant's ability to repay the Loan between the date of the Board's approval and the date the Guarantee is to be issued;
(5) Entering into the Guarantee violates no Loan covenants or existing contractual obligations of the Borrower; and
(6) Such other conditions as determined by the Board.
(b) The Board may withdraw its approval of an application and rescind its Offer of Guarantee if the Board determines that the Lender or Agent or the Applicant cannot, or is unwilling to, provide adequate documentation and proof of compliance with paragraph (a) of this section within the time provided for in the Offer of Guarantee.
(c) Only after receipt of all the documentation required by this section will the Administrator sign and deliver the Guarantee.