Bond terms and conditions.

CFR · 2024-01-01 · US · Title 12

(a) (b) (c) (d) (e) (f) (2) Disbursements of Bond Proceeds to the Qualified Issuer shall be made pursuant to an advance request process established by the Bond Purchaser and the CDFI Fund under which the Qualified Issuer shall request an advance of funds under a Bond. (g) (h) (i) (i) On the Calculation Date (as defined in subsection 1808.308(e)) of each year, any amount retained in the Relending Subaccount that exceeds the Relending Subaccount Maximum (as defined in subsection 1808.308(d)) by $100,000 or more shall be applied to prepay Bonds on the next succeeding payment date. (ii) Any amounts derived from the liquidation of collateral from the Bond Loan and/or Secondary Loan in connection with the exercise by the Guarantor, the Qualified Issuer or the Bondholder of remedies upon default of the Bond Loan shall be applied, immediately upon liquidation, in the following order (inclusive of reasonable fees and expenses associated therewith): (A) To the repayment of any amounts drawn under the Guarantee; (B) To the prepayment of Bonds, in a like amount; (C) To the replenishment of any funds drawn from the Risk-Share Pool Fund; and (D) To the Eligible CDFI for application in accordance with the Secondary Loan documents. (2) When an amount is required to be applied as a mandatory prepayment of

official document · source cfr-2024 · id 12:§ 1808.302