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7 U.S.C. § 936d — Eligibility of distribution borrowers for loans, loan guarantees, and lien accommodations

submitted 90 years ago by Pub. L. 103-129 to r/title-7-AGRICULTURE · 120 words · no verdicts yet

in plain englishAI-generated · not legal advice

A distribution borrower that is not in default on its own chapter loan remains eligible for assistance even if its wholesale power supplier is in default. That supplier’s default cannot reduce eligibility or impose related conditions, except for necessary debt-restructuring requirements.

When deciding whether a distribution borrower qualifies for a loan, guarantee, or lien accommodation under this subchapter, a default by the borrower from which it buys wholesale power may not: (1) count as the distribution borrower’s default; (2) reduce its eligibility for chapter assistance; or (3) directly or indirectly cause a requirement or restriction as a condition of assistance, except a requirement or restriction needed to carry out a debt restructuring agreed to by the power-supply borrower and the Government.
the actual law source: uscode.house.gov ↗public domain

For the purpose of determining the eligibility of a distribution borrower not in default on the repayment of a loan made or guaranteed under this chapter for a loan, loan guarantee, or lien accommodation under this subchapter, a default by a borrower from which the distribution borrower purchases wholesale power shall not—

(1)

be considered a default by the distribution borrower;

(2)

reduce the eligibility of the distribution borrower for assistance under this chapter; or

(3)

be the cause, directly or indirectly, of imposing any requirement or restriction on the borrower as a condition of the assistance, except such requirements or restrictions as are necessary to implement a debt restructuring agreed on by the power supply borrower and the Government.

Source credit: (May 20, 1936, ch. 432, title III, § 306D, as added Pub. L. 103–129, § 2(c)(7), Nov. 1, 1993, 107 Stat. 1364.)

history & why it existsrecord from the source credit
  • 1936Enacted · Pub. L. 103-129 · 107 Stat. 1364

A history note hasn’t been published yet. The record shows enactment by Pub. L. 103-129 on 1936-05-20.

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