[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: 7CFR1786.96]

[Page 1102-1103]
 
                          TITLE 7--AGRICULTURE
 
    CHAPTER XVII--RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE
 
PART 1786--PREPAYMENT OF RUS GUARANTEED AND INSURED LOANS TO ELECTRIC AND TELEPHONE BORROWERS--Table of Contents
 
Subpart E--Discounted Prepayments on RUS Notes in the Event of a Merger 
                    of Certain RUS Electric Borrowers
 
Sec. 1786.96  Definitions.

    As used in this subpart:
    Act means the Rural Electrification Act of 1936, as amended (7 
U.S.C. 901 et seq.).
    Administrator means the Administrator of RUS.
    Consolidation means:
    (1) The combination, pursuant to state law, of two or more borrower 
or nonborrower organizations into a new successor organization that 
takes over the assets and assumes the liabilities of those 
organizations; or
    (2) Any other transaction including an acquisition which has 
substantially the same effect.
    Discounted Present Value shall have the meaning specified in 
Sec. 1786.98.
    Fund means the Rural Electrification and Telephone Revolving Fund 
pursuant to the Act.
    Merger means:
    (1) The combination, pursuant to state law, of two or more borrower 
or nonborrower organizations into an existing survivor organization that 
takes over the assets and assumes the liabilities of the merged 
organizations; or
    (2) Any other transaction including an acquisition which has 
substantially the same effect.
    REA means the Rural Electrification Administration formerly an 
agency of the United States Department of Agriculture and predecessor 
agency to RUS with respect to administering certain electric and 
telephone loan programs.
    RUS means the Rural Utilities Service, an agency of the United 
States Department of Agriculture established pursuant to Section 232 of 
the Federal Crop Insurance Reform and Department of Agriculture 
Reorganization Act of 1994 (Pub. L. 103-354, 108 Stat. 3178), successor 
to REA with respect to administering certain electric and telephone 
programs. See 7 CFR 1700.1.
    RUS Loan Agreement means the agreement between the borrower and RUS

[[Page 1103]]

providing for loans pursuant to the Act.
    RUS Notes means those notes, bonds or other obligations evidencing 
indebtedness created by loans made or guaranteed by RUS pursuant to 
titles I and III of the Act (7 U.S.C. 901-940).

[56 FR 37268, Aug. 6, 1991, as amended at 59 FR 66440, Dec. 27, 1994]