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Federal Register / Vol. 86, No. 41 / Thursday, March 4, 2021 / Notices Qualified Issuer and purchased by the Federal Financing Bank FFB or Bond Purchaser. As informed by CDFI Fund underwriting according to the criteria laid out in Section II General Application Information and Section IV Guarantee Applications of this NOGA, the FFB will set the liquidity premium at the time of the Bond Issue
fees that may be applicable to Qualified Issuers and Eligible CDFIs after approval of a Guarantee of a Bond Issue, as well as Risk-Share Pool funding, prepayment penalties or discounts, and Credit Enhancements. The table is not exhaustive; additional fees payable to the CDFI Fund or other parties may apply.

Fee
Description
Agency Administrative Fee

Payable monthly to the CDFI Fund by the Eligible CDFI Equal to 10 basis points annualized on the amount of the unpaid principal of the Bond Issue.
Amounts paid by an Eligible CDFI for reasonable and appropriate expenses, administrative costs, and fees for services in connection with the issuance of the Bond but not including the Agency Administrative Fee and the making of the Bond Loan. Fees negotiated between the Qualified Issuer, the Master Servicer/Trustee, and the Eligible CDFI. Up of 1% of Bond Loan Proceeds may be used to finance Bond Issuance Fees.
The fees paid by the Eligible CDFI to the Qualified Issuers Servicer. Servicer fees are negotiated between the Qualified Issuer and the Eligible CDFI.
The fees paid by the Eligible CDFI to the Qualified Issuers Program Administrator. Program Administrator fees are negotiated between the Qualified Issuer and the Eligible CDFI.
The fees paid by the Qualified Issuer and the Eligible CDFI to the Master Servicer/Trustee to carry out the responsibilities of the Bond Trust Indenture. In general, the Master Servicer/Trustee fee for a Bond Issue with a single Eligible CDFI is the greater of 16 basis points per annum or $6,000 per month once the Bond Loans are fully disbursed. Fees for Bond Issues with more than one Eligible CDFI are negotiated between the Master Servicer/Trustee, Qualified Issuer, and Eligible CDFI. Any special servicing costs and resolution or liquidation fees due to a Bond Loan default are the responsibility of the Eligible CDFI. Please see the template legal documents at https www.cdfifund.gov/programs-training/
Programs/cdfi-bond/Pages/closing-disbursement-step.aspxstep4 for more specific information.
The funds paid by the Eligible CDFIs to cover RiskShare Pool requirements; capitalized by pro rata payments equal to 3% of the amount disbursed on the Bond Loan from all Eligible CDFIs within the Bond Issue.
Prepayment premiums or discounts are determined by the FFB at the time of prepayment.
Pledges made to enhance the quality of a Bond and/or Bond Loan. Credit Enhancements include, but are not limited to, the Principal Loss Collateral Provision and letters of credit. Credit Enhancements must be pledged, as part of the Trust Estate, to the Master Servicer/Trustee for the benefit of the Federal Financing Bank.

Bond Issuance Fees

Servicer Fee
Program Administrator Fee
Master Servicer/Trustee Fee

Risk-Share Pool Funding
Prepayment Premiums or Discounts ..
Credit Enhancements

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Date, based on the duration and maturity of the Bonds according to the FFBs lending policies www.treasury.gov/ffb. Liquidity premiums will be charged in increments of 1/8th of a percent i.e., 12.5 basis points.
B. Fees and other payments. The following table includes some of the
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C. Terms for Bond Issuance and disbursement of Bond Proceeds. In accordance with 12 CFR 1808.302f, each year, beginning on the one year anniversary of the Bond Issue Date and every year thereafter for the term of the Bond Issue, each Qualified Issuer must demonstrate that no less than 100% of the principal amount of the Guaranteed Bonds currently disbursed and outstanding has been used to make loans to Eligible CDFIs for Eligible Purposes. If a Qualified Issuer fails to demonstrate this requirement within the 90 days after the anniversary of the Bond Issue Date, the Qualified Issuer must repay on that portion of Bonds necessary to bring the Bonds that remain outstanding after such repayment is in compliance with the 100% requirement above.
D. Secondary Loan Requirements. In accordance with the Regulations, Eligible CDFIs must finance or refinance Secondary Loans for Eligible Purposes not including loan loss reserves that comply with Secondary Loan Requirements. The Secondary Loan Requirements are found on the CDFI
Funds website at https

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www.cdfifund.gov/programs-training/
Programs/cdfi-bond/Pages/compliancestep.aspxstep5. Applicants should become familiar with the published Secondary Loan Requirements.
Secondary Loan Requirements are classified by asset class and are subject to a Secondary Loan commitment process managed by the Qualified Issuer. Eligible CDFIs must execute Secondary Loan documents in the form of promissory notes with Secondary Borrowers as follows: i No later than 12 months after the Bond Issue Date, Secondary Loan documents representing at least 50% of the Bond Loan proceeds allocated for Secondary Loans, and ii no later than 24 months after the Bond Issue Date, Secondary Loan documents representing 100% of the Bond Loan proceeds allocated for Secondary Loans. In the event that the Eligible CDFI does not comply with the foregoing requirements of clauses i or ii of this paragraph, the available Bond Loan proceeds at the end of the applicable period shall be reduced by an amount equal to the difference between the amount required by clauses i or ii for the applicable period minus the
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amount previously committed to the Secondary Loans in the applicable period. Secondary Loans shall carry loan maturities suitable to the loan purpose and be consistent with loan-tovalue requirements set forth in the Secondary Loan Requirements.
Secondary Loan maturities shall not exceed the corresponding Bond or Bond Loan maturity date. It is the expectation of the CDFI Fund that interest rates for the Secondary Loans will be reasonable based on the borrower and loan characteristics.
E. Secondary Loan collateral requirements.
1. The Regulations state that Secondary Loans must be secured by a first lien of the Eligible CDFI on pledged collateral, in accordance with the Regulations at 12 CFR 1808.307f and within certain parameters. Examples of acceptable forms of collateral may include, but are not limited to: real property including land and structures, leasehold mortgages, machinery, equipment and movables, cash and cash equivalents, accounts receivable, letters of credit, inventory, fixtures, contracted revenue streams
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