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Current as of October 02, 2022 | Updated by FindLaw Staff
(a) The Participating Lender must promptly close all STLP loans in accordance with the terms and conditions approved by DOT OSDBU in its Guarantee Agreement. The Participating Lender must report circumstances concerning any STLP loans not closed within a reasonable time period after DOT OSDBU approval.
(b) The Participating Lender uses its own internal loan closing documents and must use standard banking practices and procedures to ensure proper execution of the debt and perfection of the collateral. The Participating Lender must forward copies of all executed closing documents and filings to DOT OSDBU within the time period specified in the cooperative agreement.
Cite this article: FindLaw.com - Code of Federal Regulations Title 49. Transportation § 49.22.51 Loan closings - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-49-transportation/cfr-sect-49-22-51/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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