{"data":{"id":"us/7-cfr-1786.151","jurisdiction":"us","citation":"7 CFR 1786.151","heading":"Definitions and rules of construction.","body":"(a) Definitions. As used in this subpart:\nAdministrator means the Administrator of the Rural Utilities Service (RUS).\nBorrower 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.\nBusiness day means any day on which both the RUS and the Federal Reserve Bank of New York are open for business.\nConstruction Fund Account means the Cash—Construction Fund—Trustee Account, maintained by the borrower pursuant to the terms of the outstanding RUS Loan Contract.\nClosing shall mean one of the several contemplated closings of the prepayment of the Qualified Notes prescribed by the Prepayment agreement.\nClosing date shall mean any business day identified as such by the Government in its preclosing notice delivered to the Company pursuant to § 1786.158.\nClosing request shall mean a request by the borrower of the Government to schedule a closing for certain Qualified Notes on the date requested therein.\nDirect loan means a loan made pursuant to section 4 of the RE Act.\nDiscounted present value shall have the meaning set forth in § 1786.153.\nDistribution borrower means a borrower that sells electric power and energy at retail in rural areas.\nElectric loan means a Direct loan or an Insured loan made for the purpose of furnishing electric energy to persons in rural areas.\nFinal maturity means the final date on which all outstanding principal and accrued interest on an electric loan is due and payable.\nGovernment means the United States of America, acting through the Administrator of the Rural Utilities Service.\nInsured loan means a loan made pursuant to Section 305 of the RE Act.\nLien accommodation means the sharing of the Government's (RUS's) lien on property, usually all property, covered by the lien of the RUS Mortgage.\nLoan guarantee means a loan guarantee under Section 306 of the RE Act.\nPower supply borrower means a borrower that sells or intends to sell electric power at wholesale to distribution or power supply borrowers pursuant to RUS wholesale power contracts.\nPreclosing 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.\nPrepayment agreement shall have the meaning set forth in § 1786.158.\nQualified Notes shall have the meaning set forth in § 1786.154.\nRE Act means the Rural Electrification Act of 1936, as amended (7 U.S.C. 901 et seq.).\nRUS means the Rural Utilities Service, an agency of the United States Department of Agriculture.\nRUS Loan Contract means the agreement, as amended, supplemented, or restated from time to time, between a borrower and RUS providing for loans or loan guarantees pursuant to the RE Act.\nRUS 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.\nRural development loans means loans or grants made pursuant to Rural development programs.\nRural development programs means loan or grant programs under the authority of the Administrator pursuant to sections 313, 501, and 502 of the RE Act.\nSupplemental lender means a private lender whose loan to the borrower is secured by the RUS mortgage.\nTax 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).\n(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.","path":["Title 7—Agriculture","Subtitle B—Regulations of the Department of Agriculture","CHAPTER XVII—RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE","PART 1786—PREPAYMENT OF RUS GUARANTEED AND INSURED LOANS TO ELECTRIC AND TELEPHONE BORROWERS","Subpart F—Discounted Prepayments on RUS Electric Loans"],"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":"7926adffcdf6150a595bb261049bb3e7dcc739f6d07982e3ff0d54ab576104d3","source_id":"us-cfr","stale":true,"prev":"us/7-cfr-1786.150","next":"us/7-cfr-1786.152"},"notice":"GroundRules: Original legal text. Not legal advice."}