12 2 STA T . 12 0 0 PUBLIC LA W 110 – 2 34—M A Y 22 , 200 8‘ ‘ (A)INGE NE RAL.—Tobe e lig ible t o obt a i n aloano r loan g u arantee un d ert h i s se c tion , an entit y shall— ‘‘(i) de m onstrate the ability to f urnish, im p ro v e, ore x tend a broadband service to a rural area
‘‘(ii) submit to the S ecretary a loan application at such time, in such manner, and containing such information as the Secretary may re q uire; and ‘‘(iii) agree to complete buildout of the broadband service described in the loan application by not later than 3 years after the initial date on w hich proceeds from the loan made or guaranteed under this section are made available. ‘‘( B ) LIM I T ATI O N.—An eligible entity that provides tele - communications or broadband service to at least 20 percent of the households in the U nited States may not receive an amount of funds under this section for a fiscal year in excess of 15 percent of the funds authori z ed and appro- priated under subsection ( k ) for the fiscal year. ‘‘(2) E LIGI B LE P RO J E C T S .— ‘‘(A) IN GENERAL.—Except as provided in subpara- graphs (B) and ( C ), the proceeds of a loan made or guaran- teed under this section may be used to carry out a pro j ect in a proposed service territory only if, as of the date on which the application for the loan or loan guarantee is submitted— ‘‘(i) not less than 25 percent of the households in the proposed service territory is offered broadband service by not more than 1 incumbent service provider; and ‘‘(ii) broadband service is not provided in any part of the proposed service territory by 3 or more incum- bent service providers. ‘‘(B) E X CEPTION TO 25 PERCENT RE QU IREMENT.— Subparagraph (A)(i) shall not apply to the proposed service territory of a project if a loan or loan guarantee has been made under this section to the applicant to provide broadband service in the proposed service territory. ‘‘(C) EXCEPTION TO 3 OR MORE INCUMBENT SER V ICE PROVI D ER REQUIREMENT.— ‘‘(i) IN GENERAL.—Except as provided in clause (ii), subparagraph (A)(ii) shall not apply to an incum- bent service provider that is upgrading broadband service to the existing territory of the incumbent service provider. ‘‘(ii) EXCEPTION.—Clause (i) shall not apply if the applicant is eligible for funding under another title of this Act. ‘‘(3) EQUIT Y AND MAR K ET SURVEY REQUIREMENTS.— ‘‘(A) IN GENERAL.—The Secretary may require an entity to provide a cost share in an amount not to exceed 10 percent of the amount of the loan or loan guarantee requested in the application of the entity, unless the Sec- retary determines that a higher percentage is required for financial feasibility. ‘‘(B) M ARKET SURVEY.— ‘‘(i) IN GENERAL.—The Secretary may require an entity that proposes to have a subscriber projection Deadlin e .
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