(a) Administrator: The authority to approve the following loans, loan guarantees, and lien accommodations is reserved to the Administrator:

(1) All loans, loan guarantees, and lien accommodations and subordinations of liens to finance operating costs.

(2) All loans, loan guarantees, or lien accommodations and subordinations of liens of $25,000,000 or more.

(3) Loans and loan guarantees with acquisition costs of $5,000,000 or more.

(4) Loans and loan guarantees containing funds to refinance outstanding debt of more than $5,000,000.

(5) All loan contracts, security instruments, and all other documents to be executed in connection with loans and loan guarantees approved by the Administrator.

(b) Assistant Administrator, Telecommunications Program, has the authority to approve the following loans, loan guarantees, and lien accommodations, except for those approvals reserved to the Administrator:

(1) Loans, loan guarantees, and lien accommodations and subordinations of liens not to exceed $25,000,000 except for those reserved to the Administrator.

(2) Loans and loan guarantees with acquisition costs where the acquisition portion of the loan is less than $5,000,000.

(3) Loans and loan guarantees including refinancing amounts that do not exceed $5,000,000.

(4) Distance learning and telemedicine loans and loan guarantees that do not exceed $5,000,000.

(5) Loan contracts, security instruments, and other documents to be executed in connection with loans and loan guarantees approved by the Assistant Administrator, Telecommunications Program.

(c) Area Directors have the authority to approve the following loans, loan guarantees, and lien accommodations, except for those approvals reserved to the Administrator:

(1) Loans, loan guarantees, and lien accommodations and subordinations of liens of less than $10,000,000.

(2) Loans and loan guarantees with acquisition costs of less than $2,000,000.

(3) Loans and loan guarantees including refinancing amounts of less than $2,000,000.

(4) Any modifications in the method of carrying out loan purposes.