[Code of Federal Regulations]
[Title 7, Volume 11]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR1735.77]

[Page 322]
 
                          TITLE 7--AGRICULTURE
 
    CHAPTER XVII--RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE
 
PART 1735--GENERAL POLICIES, TYPES OF LOANS, LOAN REQUIREMENTS--TELECOMMUNICATIONS PROGRAM--Table of Contents
 
              Subpart G--Acquisitions Involving Loan Funds
 
Sec. 1735.77  Release of loan funds, requisitions, advances.

    (a) RUS will not approve the advance of loan funds until the 
borrower has fulfilled all loan contract provisions to the extent deemed 
necessary by RUS.
    (b) The first advance of loan funds pursuant to the loan contract 
normally shall provide funds needed for the acquisition. Unless the 
borrower has received approval of interim financing, it must submit the 
requisition in time for the advance to be made by the closing date.
    (c) After the borrower has closed the acquisition, it shall furnish 
RUS all documents necessary to demonstrate to RUS's satisfaction that 
the transaction has been closed.
    (d) Advances for improvements or expansion of the acquired 
facilities will not be approved until RUS has determined that the 
transaction has been closed and the borrower has obtained satisfactory 
title to the acquired facilities.
    (e) See 7 CFR part 1737 (or RUS Bulletin 320-4) for additional 
requirements for releases of loan funds and 7 CFR part 1744, subpart C 
for additional requirements for requisitions and advances.