Page:United States Statutes at Large Volume 114 Part 4.djvu/831

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PUBLIC LAW 106-553—APPENDIX B 114 STAT. 2762A-131 Federal Agricultural Mortgage Corporation, or any institution supervised by the Office of Federal Housing Enterprise Oversight, the Federal Housing Finance Board, or any affiliate of such entities; (iv) any loan must have terms, in the judgment of the Board, that are consistent in material respects with the terms of similar obligations in the private capital market; (v) for purposes of clause (i)(I)(bb), the term "net equity" means the value of the total assets of the entity, less the total liabilities of the entity, as recorded under generally accepted accounting principles for the fiscal quarter ended immediately prior to the date on which the subject loan is approved; (E) repayment of the loan is required to be made within a term of the lesser of— (i) 25 years from the date of the execution of the loan; or (ii) the economically useful life, as determined by the Board or in consultation with persons or entities deemed appropriate by the Board, of the primary assets to be used in the delivery of the signals concerned; and (F) the loan meets any additional criteria developed under subsection (g). (3) PROTECTION OF UNITED STATES FINANCIAL INTERESTS.— The Board may not approve the guarantee of a loan under this Act unless— (A) the Board has been given documentation, assurances, and access to information, persons, and entities necessary, as determined by the Board, to address issues relevant to the review of the loan by the Board for purposes of this Act; and (B) the Board makes a determination in writing that— (i) to the best of its knowledge upon due inquiry, the assets, facilities, or equipment covered by the loan will be utilized economically and efficiently; (ii) the terms, conditions, security, and schedule and amount of repayments of principal and the pay- ment of interest with respect to the loan protect the financial interests of the United States and are reasonable; (iii) the value of collateral provided by an applicant is at least equal to the unpaid balance of the loan amount covered by the loan guarantee (the "Amount" for purposes of this clause); and if the value of collateral provided by an applicant is less than the Amount, the additional required collateral is provided by any affiliate of the applicant; (iv) all necessary and required regulatory and other approvals, spectrum licenses, and delivery permissions have been received for the loan and the project under the loan; (v) the loan would not be available on reasonable terms and conditions without a loan guarantee under this Act; and