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Federal Register / Vol. 86, No. 242 / Tuesday, December 21, 2021 / Rules and Regulations
i A per diem amount will be shown on the late notice sent to the intermediary. The Agency will continue sending notices to the intermediary on the late payments or any further payments until the account is in a current status.
ii Interest will be computed on a 365-day basis unless legal documents state otherwise.
5 The disbursement procedure. The Agency will disburse the Agency IRP
loan funds to the intermediary on an asneeded basis after the loan agreement and promissory note are executed, and after any other conditions precedent to disbursement of funds are fully satisfied. Fund disbursement requests must be submitted with an intermediarys request for Agency concurrence in accordance with the provisions of 4274.352a. Only the amount of Agency IRP loan funds necessary to fund the given ultimate recipient loan requests can be requested by the intermediary and disbursed by the Agency. The intermediarys equity contribution may not be used for administrative costs.
When lending, the intermediarys equity contribution must be loaned out prior to or on a pro rata basis with Agency IRP
loan funds. For purposes of computing interest, the date of each draw down of an Agency IRP loan constitutes the date the funds are advanced under the loan agreement.
6 The provisions regarding default.
On the occurrence of any event of default monetary or nonmonetary, the Agency may declare all or any portion of the debt and interest to be immediately due and payable and may proceed to enforce its rights under the loan agreement or any other instruments securing or relating to the loan and in accordance with the applicable laws and regulations. Any of the following may be regarded as an event of default at the sole discretion of the Agency:
i Failure of the intermediary to carry out the specific activities in its loan application as approved by the Agency or failure to comply with the loan terms and conditions of the loan agreement, any applicable Federal or State laws, or with such USDA or Agency regulations as may be applicable; or ii Failure of the intermediary to pay within 15 calendar days of its due date any installment of principal or interest on its promissory note to the Agency; or iii The occurrence of:
A The intermediary becoming insolvent, or ceasing, being unable, or admitting in writing its inability to pay its debts as they mature, or making a general assignment for the benefit of, or
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entering into any composition or arrangement with creditors; or B Proceedings for the appointment of a receiver, trustee, or liquidator of the intermediary, in whole or of a substantial part of its assets, being authorized or instituted by or against it;
or iv Submission or making of any report, statement, warranty, or representation by the intermediary or agent on its behalf to the Agency in connection with the financial assistance awarded hereunder which is false, incomplete, or incorrect in any material respect; or v Failure of the intermediary to remedy any material adverse change in its financial or other condition such as the representational character of its board of directors, loan making or policymaking body arising since the date of the Agencys award of assistance hereunder, which condition was an inducement to the Agencys original award.
7 Insurance requirements.
i Hazard insurance with a standard mortgage clause naming the intermediary as beneficiary will be required by the intermediary on every ultimate recipients project funded from the IRP revolving loan fund in an amount that is at least the lesser of the depreciated replacement value of the property being insured or the amount of the loan. Hazard insurance includes fire, windstorm, lightning, hail, business interruption, explosion, riot, civil commotion, aircraft, vehicle, marine, smoke, builders risk, public liability, property damage, flood or mudslide, or any other hazard insurance that may be required to protect the security. The intermediarys interest in the insurance will be assigned to the Agency, upon the Agencys request, in the event of default by the intermediary.
ii Workmens compensation insurance on ultimate recipients is required in accordance with State law.
iii The intermediary is responsible for determining if an ultimate recipient funded from the IRP revolving loan fund is located in a special flood or mudslide hazard area. If the ultimate recipient is in a flood or mudslide area, then flood or mudslide insurance must be provided in accordance with 7 CFR part 1806, subpart B.
iv Intermediaries must provide fidelity bond coverage, or employee dishonesty insurance, for all persons who have access to intermediary funds.
Coverage may be provided either for all individual positions or persons, or through blanket coverage providing protection for all appropriate employees and officials.

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A The minimum amount of fidelity bond/employee dishonesty coverage required by the Agency will equal the total, cumulative annual debt service requirements for all Agency IRP loans.
Intermediaries with fidelity bond/
employee dishonesty coverage requirements through other Agency programs e.g., the Rural Microentrepreneur Assistance Program must add the coverage requirements of those programs to the coverage requirements of this section in calculating the minimum coverage amount.
B Evidence of this coverage must be provided at, or prior to, loan closing and must be maintained for the life of the IRP loan. During the term of the loan, the intermediary must provide evidence to the Agency, upon request, that adequate fidelity bond/employee dishonesty coverage is in place.
v The Agency may also require the intermediary to carry other appropriate insurance, such as coverage for public liability, leasehold, and property damage.
b The intermediary must agree in the loan documents to:
1 Not make any changes in the intermediarys articles of incorporation, charter, or by-laws that would impact the intermediarys eligibility for the IRP
program or would adversely affect their ability to operate the IRP program in accordance with the provisions of this instruction and any other applicable laws, regulations, and executive orders without the prior written concurrence of the Agency. This pertains to the Agencys original IRP loan funds and revolved funds.
2 Not make a loan commitment to an ultimate recipient to be funded from Agency IRP loan funds without first receiving the Agencys written concurrence;
3 Maintain a separate ledger and segregated accounting for the IRP
revolving loan fund;
4 Provide to the Agency:
i An annual audit as described in 2
CFR part 200, subpart F, or any successor regulation;
A The financial audit report period may be different than the IRP reporting periods. Intermediaries must promptly provide the auditor with the records and documentation necessary for the completion of the audit following the end of the audit period. The audit report must be submitted to the Agency within the earlier of 30 calendar days after receipt of the auditors report, or nine months after the end of the audit period as described in 2 CFR 200.512. Audits must cover all the intermediarys activities. Audits will be performed by
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