Multiple guaranteed loans.

The Agency may guarantee more than one loan on any project if all guaranteed loans, in the aggregate, comply with these regulations, including without limitation: (a) In the aggregate, loans do not exceed the maximum guaranteed loan amount and loan-to-value limits, as contained in § 3565.204; (b) In the aggregate, loans are all to be secured equally by a first lien as the Agency may, at its sole discretion, determine necessary to ensure repayment of the loans; and (c) If different lenders originate the loans, each lender has executed an intercreditor agreement in form and substance acceptable to the Agency. [63 FR 39458, July 22, 1998, as amended at 70 FR 2931, Jan. 19, 2005]