12 2 STA T . 11 58PUBLIC LA W 11 0– 2 34—M A Y 22 , 2008 ‘ ‘ (1)theav e r a g e ou t s ta ndi ng insured o bl igations f or the p eriod issued b y the ban k; ‘‘( 2 )( A ) the average prin c ipal outstanding for the period on the guaranteed portion of F ederal govern m ent - guaranteed loans that are in accrual status; and ‘‘( B ) the average amount outstanding for the period of Federal government-guaranteed investments that are not permanently impaired (as defined in section 5. 55(a)( 4 )); ‘‘( 3 )(A) the average principal outstanding for the period on S tate government-guaranteed loans that are in accrual status; and ‘‘(B) the average amount outstanding for the period of State government-guaranteed investments that are not perma- nently impaired (as defined in section 5.55(a)(4)); ‘‘(4)(A) the average principal outstanding for the period on loans that are in nonaccrual status; and ‘‘(B) the average amount outstanding for the period of other-than-temporarily impaired investments; and ‘‘(5) the amount of the premium due the C orporation from the bank for the period. ’ ’. (b) PREMIU MP AY ME NTS . — Section 5.5 6 of such Act (12 U .S.C. 22 7 7a – 5) is amended by striking subsection (c) and inserting the follo w ing
‘‘(c) PREMIUM PAYMENTS.— ‘‘(1) I N G ENERA L .— Ex cept as provided in paragraph (2) , each insured System bank shall pay to the Corporation the premium payments re q uired under subsection (a), not more frequently than once in each calendar quarter, in such manner and at such 1 or more times as the Board of D irectors shall prescribe. ‘‘(2) PREMIUM AM O UNT.— T he amount of the premium shall be established not later than 6 0 days after filing the certified statement specifying the amount of the premium.’’. (c) SU B SE Q UENT PREMIUM PAYMENTS.—Section 5.56 of such Act (12 U.S.C. 2277a–5) is amended— (1) by striking subsection (d); and (2) by redesignating subsection (e) as subsection (d). SEC.5406 . RU R AL U TI LIT Y L O A N S. (a) DE F INITION OF Q UALIFIE DL OAN.—Section 8 .0( 9 ) of the Farm Credit Act of 1971 (12 U.S.C. 2279aa(9)) is amended— (1) in subparagraph (A)(iii), by striking ‘‘or’’ at the end; (2) in subparagraph (B)(ii), by striking the period at the end and inserting ‘‘; or’’; and (3) by adding at the end the following: ‘‘(C) that is a loan, or an interest in a loan, for an electric or telephone facility by a cooperative lender to a borrower that has received, or is eligible to receive, a loan under the R ural Electrification Act of 1936 (7 U.S.C. 901 et seq.).’’. (b) G UARANTEE OF QUALIFIED LOANS.—Section 8.6(a)(1) of such Act (12 U.S.C. 2279aa–6(a)(1)) is amended by inserting ‘‘applicable’’ before ‘‘standards’’ each place it appears in subparagraphs (A) and (B)(i). (c) STANDARDS FOR QUALIFIED LOANS.—Section 8.8 of such Act (12 U.S.C. 2279aa–8) is amended— (1) in subsection (a)— Deadlin e .
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