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Rd 402-1 Deposit Agreement

1. Cheques payable exclusively to the federal government or an agency of that government and joint control if the U.S. treasurer is a common beneficiary cannot be deposited into a supervised bank account. b) The banks and savings bank associations mentioned in this section are those with which deposits are insured by the FDIC. (a) Applicability. Intermediaries who receive loans under this program are subject to these rules, the loan contract, the approved work plan, security interest and any other conditions that the Agency may impose for the granting of credits. Where this subsection imposes a “REvolving Fund PRI” lending requirement, this requirement applies to all loans granted by an intermediary to a final beneficiary under the intermediary`s REVOLving Fund until a portion of the intermediary`s PRI loan is paid by the Agency. Where this subgroup imposes credits on intermediaries under the Agency`s “IRP loan funds” without reference specifically to the IRP revolving loan fund, this requirement applies only to loans granted by an intermediary with the assistance of the Agency`s IRP loan funds and does not apply to loans from revolving funds. 2. Rural development staff only accept funds for deposit in a borrower`s supervised bank account in the form of a cheque or payment order “only for deposits”; A loan cheque through the U.S. Treasury or an electronic transfer of funds to rural areas. 3. In addition to normal security documents, a first right to pledge to the intermediary`s revolving fund account is obtained through a satisfactory control agreement for RBS.

The control agreement must not require an RBS signature for withdrawals. The custodian bank waives its settlement and collection rights in the deposit account with RBS and orders any pawn rights in the IRP deposit account. The use of Form RD 402-1, the filing agreement or a similar form developed by the National Legal Aid Office is acceptable. 2. Funds other than loan or grant funds may be deposited by the borrower in exceptional cases where an agreement is reached between the official and the borrower, with the borrower paying the income from each source directly into the bank account subject to prudential supervision. In these cases, the borrower is responsible for establishing the deposit slip in the manner described in section 1902.9 (a) (5) of this party. (f) Form RD 402-1 provides for the payment of funds to a bank account subject to prudential supervision to ensure compliance with the borrower`s commitment to rural development in connection with a loan and/or grant. (a) The obligation of the Fund document may be met by the loan approval officer, provided that the intermediary has the legal authority to enter into a loan agreement and to conclude the necessary agreements and has signed the Obligation of the Fund; 3. Association credits and multi-profit grants may be deposited into a bank account subject to prudential supervision if the state statutes require it or if deemed necessary by the credit authorization official. (i) all forms used for loan purposes, including application forms, loan contracts, bonds and collateral instruments; Taking into account loans or other advances of funds put in place by the government and deposit with the financial institution, of the depositor`s credit in the account or accounts (hereafter referred to as the “account”) in accordance with this agreement, funds from these loans or other cash advances, or money that the depositor otherwise receives, it is agreed, as agreed: (a) the loans covered in this subgroup include both loans and grant recipients.