Also, under credit reform, the credit subsidy cost is recorded as an outlay when a direct or guaranteed loan is disbursed.
( Also ( , ( ( under ( credit reform ) ) ( , ( ( the ( credit ( subsidy cost ) ) ) ( ( is ( recorded ( as ( ( an outlay ) ( when ( ( a ( ( ( direct or ) guaranteed ) loan ) ) ( is disbursed ) ) ) ) ) ) ) . ) ) ) ) ) )
(ROOT (S (ADVP (RB Also)) (, ,) (PP (IN under) (NP (NN credit) (NN reform))) (, ,) (NP (DT the) (NN credit) (NN subsidy) (NN cost)) (VP (VBZ is) (VP (VBN recorded) (PP (IN as) (NP (NP (DT an) (NN outlay)) (SBAR (WHADVP (WRB when)) (S (NP (DT a) (ADJP (JJ direct) (CC or) (VBN guaranteed)) (NN loan)) (VP (VBZ is) (VP (VBN disbursed))))))))) (. .)))
The credit subsidy cost is never recorded as an outlay under any circumstances.
( ( The ( credit ( subsidy cost ) ) ) ( ( ( is never ) ( ( recorded ( as ( an outlay ) ) ) ( under ( any circumstances ) ) ) ) . ) )
(ROOT (S (NP (DT The) (NN credit) (NN subsidy) (NN cost)) (VP (VBZ is) (ADVP (RB never)) (VP (VBN recorded) (PP (IN as) (NP (DT an) (NN outlay))) (PP (IN under) (NP (DT any) (NNS circumstances))))) (. .)))