REA Project Designation:
Tennessee 521-T8 DeKalb
AGREEMENT
between
UNITED STATES OF AMERICA
and
DeKalb Telephone Cooperative
Dated as of June 24, 1986
DEPARTMENT OF AGRICULTURE
RURAL ELECTRIFICATION ADMINISTRATION
N0:1
------
AGREEMENT, made as of June 24, 1986 ,pursuant to the
Rural Electrification Act of 1936, as amended (7 U.S.C. 901
et seq.), between UNITED STATES OF AMERICA (hereinafter
called the "Government"), acting through the Administrator
of the Rural Electrification Administration (hereinafter
called the "Administrator"), and DeKalb Telephone
Cooperative (hereinafter called the "Corporation"), a
corporation existing under the laws of the State of
Tennessee
WHEREAS, the Corporation, to evidence a loan made by the Government
to the Corporation pursuant to a loan contract (hereinafter called the "Loan
Contract") between the Government and the Corporation, executed and delivered
the following-described mortgage note or bond payable to the order of the
Government:
DATE PRINCIPAL AMOUNT FINAL MATURITY DATE
---- ---------------- -------------------
June 23, 1980 $7,327,000 June 23, 2015
and
WHEREAS, the terms of payment of the said note or bond may have been
extended by an agreement or agreements entered into by and between the
Corporation and the Government and other parties (the above-mentioned
mortgage note or bond, as heretofore extended by any such agreement or
agreements being hereinafter called the "Note"); and
WHEREAS, a portion of the principal amount of the Note has not been
advanced to the Corporation as of the date of this Agreement (such portion of
the principal amount of the Note not advanced to the Corporation prior to the
date of this Agreement being hereinafter called the "Principal Balance"); and
WHEREAS, it is desired that the Principal Balance, when advanced to
the Corporation, shall be repayable, with interest thereon, in installments
as here-inafter provided, within thirty-five (35) years from the date of this
Agreement;
NOW, THEREFORE, for and in consideration of the mutual agreements
herein contained, the Government and the Corporation agree as follows:
SECTION 1. Interest on the Principal Balance advanced pursuant to
the Loan Contract and remaining unpaid shall be payable quarterly in each
year for a period ending on a date three (3) years after the date of this
Agreement. Thereafter, to and including a date thirty-five (35) years after
the date of this Agreement, the Corporation shall make quarterly payments in
each year at the rate of $15.70 per $1,000 of the Principal Balance advanced
pursuant to the Loan Con-tract and unpaid three (3) years after the date of
this Agreement. Each such payment shall be applied first to the payment of
interest on the Principal Balance and then on account of the Principal
Balance. Thirty-five (35) years after the date of this Agreement, the
Principal Balance advanced pursuant to the Loan Contract remaining unpaid, if
any, and interest thereon, shall become due and payable.
SECTION 2. This Agreement shall not be effective unless and until the
Corporation has obtained all authorizations required by law in order to
permit the Corporation validly and lawfully to execute this Agreement.
SECTION 3. All of the terms and conditions of the Note, of any
mortgage, deed of trust or other instrument securing the Note, and of any
other agreement to which the Government and the Corporation are parties,
shall stand and remain unchanged and in full force and effect except only as
specifically varied or amended by this Agreement.
SECTION 4. The invalidity of any one or more phrases, clauses,
sentences, paragraphs, or provisions of this Agreement shall not affect any
remaining portions thereof.
SECTION 5. This Agreement may be simultaneously executed and
delivered in two or more counterparts, each of which so executed and
delivered shall be deemed to be an original, and all shall constitute but one
and the same instrument.
IN WITNESS WHEREOF the Government has caused this Agreement to be
duly executed and the Corporation has caused this Agreement to be signed in
its corporate name and its corporate seal to be hereunto affixed and attested
by its officers thereunto duly authorized, all as of the day and year first
above written.
UNITED STATES OF AMERICA
by /s/
Deputy Assist. Adm., for
Administrator
of
Rural Electrification Administration
Executed by the Government in the
presence of:
/s/________________________________
/s/________________________________
Witnesses
DeKalb Telephone Cooperative
by /s/ Xxxxxxx Xxxxxxxx
President
(Seal)
Attest: /s/ Xxx X. Xxxx
Secretary
Executed by the Corporation in
the presence of:
/s/______________________________
/s/_____________________________
Witnesses
- 2 -