{"data":{"id":"us/7-cfr-1785.67","jurisdiction":"us","citation":"7 CFR 1785.67","heading":"Definitions.","body":"Accumulated (deferred) interest means interest allowed to accumulate up to, and including, the basis date of RUS notes covering loans approved before June 5, 1957. The accumulated interest is payable in equal periodic installments over the remaining life of the notes.\nAct means the Rural Electrification Act of 1936, as amended (7 U.S.C. 901 et seq.).\nAdvance payment means a voluntary unscheduled payment on an RUS note, made prior to October 2, 1987, credited to the advance payment account of a borrower.\nCushion of Credit Payment means a voluntary unscheduled payment on an RUS note made after October 1, 1987, credited to the cushion of credit account of a borrower.\nCurrent interest means interest payable periodically as it accrues.\nFund means the Rural Electrification and Telephone Revolving Fund established pursuant to the Act.\nInterest credit means interest earned on balances in advance payment or cushion of credit accounts. Since the periodic installments are established by the terms of the notes, the interest credits cannot serve to change the total amount of each installment; therefore, an amount equal to the interest credits is added to the principal installment due. On receipt of the full installments, amounts equal to the interest credits (the principal offsets) are added to the respective advance payment accounts.\nPrepayment means a voluntary unscheduled payment which the borrower instructs RUS to apply directly and immediately to the principal of an RUS note.\nRUS notes means those notes, bonds, or other obligations evidencing indebtedness created by loans made by RUS pursuant to titles I, II, or III of the Act.\nSubaccount means the Rural Economic Development Subaccount established pursuant to the Act as part of the Fund.","path":["Title 7—Agriculture","Subtitle B—Regulations of the Department of Agriculture","CHAPTER XVII—RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE","PART 1785—LOAN ACCOUNT COMPUTATIONS, PROCEDURES AND POLICIES FOR ELECTRIC AND TELEPHONE BORROWERS","Subpart B—RUS Cushion of Credit Account Computations and Procedures"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-7.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:01Z","sha256":"e4732091c6e28ea04f5f1c4999821e3e1748548c5858fe9f419238879a74fa59","source_id":"us-cfr","stale":true,"prev":"us/7-cfr-1785.66","next":"us/7-cfr-1785.68"},"notice":"GroundRules: Original legal text. Not legal advice."}