Voglio sapere a riguardo di…

Federal Register / Vol. 86, No. 242 / Tuesday, December 21, 2021 / Rules and Regulations 10 Any project that is in violation of either a Federal, State, or local environmental protection law or regulation or an enforceable land use restriction unless the assistance given will result in curing or removing the violation.
11 Loans to lending and investment institutions and insurance companies.
12 Golf courses, racetracks, or gambling facilities.
13 An entity is ineligible if it derives more than 15 percent of its annual gross revenue including any lease income from space or machines from gambling activity, excluding State-authorized lottery proceeds or Tribal-authorized gambling proceeds, as approved by the Agency, conducted for the purpose of raising funds for the approved project.
4274.322 4274.329

Reserved
jspears on DSK121TN23PROD with RULES1

4274.330 Agency IRP loan conditions and terms.

a Revolving fund. The intermediary must place Agency IRP loan funds in the intermediarys IRP revolving loan fund, and these funds must only be used to provide loans to eligible ultimate recipients per 4274.320a.
b Loan closing. Loan closing between the intermediary and the Agency must take place within six months of loan approval and obligation of funds, or funds will be forfeited, and the Agency will deobligate the loan.
c Term. The Agency IRP maximum loan term will be 30 years. Principal and interest payments will be scheduled at least annually. All Agency IRP loans will have interest-only payments scheduled for a maximum of the first three years following the loan closing.
An intermediary may request a shorter interest-only period during the application process. All Agency IRP
loans will automatically, fully amortize with principal and interest payments due in the fourth year on the anniversary of the closing date. The Agency IRP loan will fully amortize based on the total amount of the loan.
d Interest rate. The interest rate for an Agency IRP loan will be a fixed rate of one percent per annum over the term of the loan.
e Security. Security for all Agency IRP loans to intermediaries must ensure that the repayment of the loan is reasonably assured, when considered along with the intermediarys financial condition, work plan, and management ability. The intermediary is responsible for making loans to ultimate recipients in a manner that fully protects the interests of the intermediary and the Federal Government.
1 Security for such loans may include, but is not limited to:

VerDate Sep<11>2014

17:14 Dec 20, 2021

Jkt 256001

i Any realty, personalty, or intangible asset capable of being mortgaged, pledged, or otherwise encumbered by the intermediary in favor of the Agency; and ii Any realty, personalty, or intangible asset capable of being mortgaged, pledged, or otherwise encumbered by an ultimate recipient in favor of the Agency.
2 Initial security will consist of a pledge by the intermediary of all assets now in or hereafter placed in the IRP
revolving loan fund, including cash and investments, notes receivable from ultimate recipients, and the intermediarys security interest in collateral pledged by ultimate recipients. Except for good cause shown, the Agency will not obtain assignments of specific assets at the time a loan is made to an intermediary or ultimate recipient. The intermediary must covenant that, in the event the intermediarys financial condition deteriorates or the intermediary takes action detrimental to prudent fund operation or fails to take action required of a prudent lender, the intermediary will provide additional security, execute any additional documents, and undertake any reasonable acts the Agency may request to protect the Federal Government interest or to perfect a security interest in any asset, including physical delivery of assets and specific assignments to the Agency.
All debt instruments and collateral documents used by an intermediary in connection with loans to ultimate recipients, including all documents representing an interest in a participation loan made pursuant to 4273.320 of this chapter, must be assignable.
3 In addition to normal security documents, a first lien interest in the intermediarys IRP revolving loan fund accounts will be accomplished by a control agreement satisfactory to the Agency. Agency signatures for withdrawals are not required. The depository bank must waive its offset and recoupment rights against the depository account to the Agency and subordinate any liens it may have against the IRP depository bank account.
The use of Form RD 4021, Deposit Agreement, or a similar form developed by the Agencys Office of the General Counsel is acceptable.
f Loan limits. 1 No loan to an intermediary will exceed the maximum amount the intermediary can reasonably be expected to lend to eligible ultimate recipients, in an effective and sound manner, within three years after loan closing. Only one Agency IRP loan will be approved by the Agency for an
PO 00000

Frm 00019

Fmt 4700

Sfmt 4700

72163

intermediary in any single fiscal year unless the additional request is from an IRP earmark that serves a different geographical area than the initial nonearmarked loan.
2 The Agency IRP loan to an intermediary will not exceed the maximum award amount established by the Agency in an annual Notice.
3 Intermediaries that have received one or more Agency IRP loans may apply for and be considered for additional Agency IRP loans provided that the outstanding loans of the intermediarys IRP revolving loan fund are generally sound, the intermediary is in compliance with all applicable regulations and its loan agreements with the Agency, and either:
i The intermediary has insufficient IRP revolving loan funds available for lending to meet current and expected ultimate recipient loan demand. Funds available for lending consist of Agency IRP loan funds not yet disbursed by the Agency, revolved funds, and cash onhand in the IRP revolving loan fund.
Necessary cash reserves including, but not limited to, debt service reserves, may be deducted from the IRP revolving loan fund cash on-hand in determining funds available for lending. The intermediary must provide documentation acceptable to the Agency of the current and expected ultimate recipient loan demand; or ii The Agency IRP loan will serve a geographic area not included in an area currently served by an existing IRP
intermediary and it is not possible or feasible to expand the existing IRP
loans service area to include the new geographic area; and 4 Total outstanding IRP
indebtedness of an intermediary to the Agency will not exceed $15 million at any time.
4274.331 IRP revolving loan fund loan conditions and terms.

a Conditions and terms. Loan conditions and terms made by an intermediary to an ultimate recipient from the IRP revolving loan fund will be negotiated by the intermediary and ultimate recipient.
1 Interest rate. The interest rate must be within limits established by the intermediarys work plan approved by the Agency. The rate must be the lowest rate sufficient to cover the loans proportional share of the IRP revolving loan funds debt service reserve and administrative costs.
2 Repayment. The loan term must be reasonable and prudent considering the purpose of the loan, expected repayment ability of the ultimate recipient, and the useful life of
E:FRFM21DER1.SGM

21DER1