Reporting requirements.

CFR · 2024-01-01 · US · Title 7

(a) As long as any guaranteed bonds remain outstanding, the guaranteed lender shall provide the Secretary with the following items each year within 90 days of the guaranteed lender's fiscal year end: (1) Consolidated financial statements and accompanying footnotes, audited by independent certified public accountants; (2) A review and certification of the security of the government guarantee, audited by reputable, independent certified public accountants or a federal banking regulator, who in the judgment of the Secretary, has the requisite skills, knowledge, reputation, and experience to properly conduct such a review; (3) Pro forma projection of the guaranteed lender's balance sheet, income statement, and statement of cash flows with detailed assumptions over the ensuing five years; (4) Credit assessment issued by a rating agency, or such other evidence of (5) Credit rating, by a rating agency on its senior secured debt or its corporate credit rating, as applicable, without regard to the guarantee and satisfactory to the Secretary, or such other evidence of creditworthiness as may be required by the Administrator under § 1720.5(b)(2); and (6) Other such information requested by the Secretary. (b) As long as any guaranteed bonds remain outstanding, the guaranteed lender will provide the Secretary with the following items each quarter within seven (7) business days of the guaranteed lender's quarter end: (1) A list of pledged collateral which includes borrowers' billing inform

official document · source cfr-2024 · id 7:§ 1720.12