CFR > Title 7 - Agriculture > SUBTITLE B—Regulations of the Department of Agriculture > CHAPTER XLII—RURAL BUSINESS-COOPERATIVE SERVICE AND RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE (parts 4274 to 4290) > PART 4290—RURAL BUSINESS INVESTMENT COMPANY (“RBIC”) PROGRAM > SUBPART J—Financial Assistance for RBICs (Leverage) (§4290.1100 to §4290.1720) > 4290.1720—Characteristics of Secretary's guarantee.

4290.1720—Characteristics of Secretary's guarantee.

If the Secretary agrees to guarantee a RBIC's Debentures, such guarantee will be unconditional, irrespective of the validity, regularity or enforceability of the Debentures or any other circumstances that might constitute a legal or equitable discharge or defense of a guarantor. Pursuant to its guarantee, the Secretary will make timely payments of principal and interest on the Debentures.