RESTRUCTURING.

SEC. 645. RESTRUCTURING. Section 353 of the Consolidated Farm and Rural Development Act (7 U.S.C. 2001) is amended— (1) in subsection (c)— (A) in paragraph (3), by striking subparagraph (C) and inserting the following: “(C) Cash flow margin.— For the purpose of assessing under subparagraph (A) the ability of a borrower to meet debt obligations and continue farming operations, the Secretary shall assume that the borrower needs up to 110 percent of the amount indicated for payment of farm operating expenses, debt service obligations, and family living expenses.”; and (B) by striking paragraph (6) and inserting the following: “(6) Termination of loan obligations.— The obligations of a borrower to the Secretary under a loan shall terminate if— “(A) the borrower satisfies the requirements of paragraphs (1) and (2) of subsection (b); “(B) the value of the restructured loan is less than the recovery value; and “(C) not later than 90 days after receipt of the notification described in paragraph (4)(B), the borrower pays (or obtains third-party financing to pay) the Secretary an amount equal to the current market value.”; (2) by striking subsection (k); and (3) by redesignating subsections (1) through (p) as subsections (k) through (o), respectively.