StacksVerified U.S. federal law reference

12 CFR §1808.611 — Covenants of Eligible CDFI with respect to Bond and each Bond Loan.

The Eligible CDFI shall covenant in the Bond Loan agreement that it will:
  1. (a)Furnish to the Qualified Issuer, at the Eligible CDFI's expense, certain annual and periodic financial and performance reporting;
  2. (b)Maintain books and records related to the Bond Loan and Secondary Loans, the collateral and the project that is to be financed by Bond Loan proceeds, and allow inspection thereof;
  3. (c)Preserve its corporate existence and Certified CDFI status;
  4. (d)Comply with all laws to which it is subject;
  5. (e)Maintain insurance, as required by the Qualified Issuer, against such risks as would customarily be maintained by commercially reasonable companies in a similar line of business;
  6. (f)Pay and discharge all Federal, State and local taxes;
  7. (g)Ensure proper use of proceeds of the Bond Loan;
  8. (h)Pay all required administrative expenses;
  9. (i)Indemnify the Guarantor, the CDFI Fund, the Qualified Issuer and the Master Servicer/Trustee and their Affiliates;
  10. (j)Collaterally assign all rights, title, and interest in and to Secondary Loan collateral to the Master Servicer/Trustee;
  11. (k)Maintain the collateral;
  12. (l)Enforce the covenants against the Secondary Borrowers;
  13. (m)Be bound, to the extent applicable, to provisions of the Bond Trust Indenture;
  14. (n)Periodically, as directed by the CDFI Fund, furnish certain information designed to measure the impacts of the Bond Loan and the CDFI Bond Guarantee Program;
  15. (o)Periodically, as directed by the CDFI Fund, furnish to the Qualified Issuer and/or the CDFI Fund updates to the Capital Distribution Plan; and
  16. (p)Comply with all other representations and warranties set forth in the Bond Loan documents.