After Loan Closing. (1) Upon written approval by FmHA or its successor agency under Public Law 103–354, the Lender may cause to be issued a series of new notes, not to exceed the total provided in 2.a. above, as replacement for previously issued guaranteed note(s) provided: (a) The Borrower agrees and executes the new notes. (b) The interest rate does not exceed the interest rate in effect when the loan was closed. (c) The maturity of the loan is not changed. (d) FmHA or its successor agency under Public Law 103–354 will not bear any ex- penses that may be incurred in reference to such reissue of notes. (e) There is adequate collateral securing the note(s). (f) No intervening liens have arisen or have been perfected and the secured lien priority remains the same. (2) FmHA or its successor agency under Public Law 103–354 will issue the appropriate Loan Note Guarantees—DARBE to be at- tached to each of the notes then extant in exchange for the original loan Note Guar- xxxxx—XXXXX which will be cancelled by FmHA or its successor agency under Public Law 103–354.
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Samples: Loan Note Guarantee, Loan Note Guarantee Agreement, Loan Note Guarantee Agreement