As of 2/23/2015 NOTE: The attached document is the Bond Trust Indenture for the CDFI Bond Guarantee Program. This is the document that the Master Servicer/Trustee will enter into with each Qualified Issuer under the CDFI Bond Guarantee Program. QUALIFIED ISSUER] Future Advance Promissory Bond, [YEAR]-[BOND #] ([ELIGIBLE CDFI]) CDFI BOND GUARANTEE PROGRAM BOND TRUST INDENTURE As Between [QUALIFIED ISSUER], as Qualified Issuer and The Bank of New York Mellon, as Master Servicer/Trustee Dated as of _________________, 20___ i TABLE OF CONTENTS ARTICLE I DEFINITIONS .........................................................................................................6 Section 101. Definitions ........................................................................................................6 Section 102. Rules of Construction .....................................................................................16 ARTICLE II THE BONDS .........................................................................................................17 Section 201. Amount, Terms, and Issuance of Bonds .........................................................17 Section 202. Designation, Maturity Dates and Interest Rates of the Bonds .......................17 Section 203. [Reserved]. .....................................................................................................18 Section 204. Execution; Authentication ..............................................................................18 Section 205. Paying Agent; Payment of Principal and Interest; Source of Payment; Limited Obligation; Rights to Receive Payments Preserved .........................18 Section 206. Transfer of Bonds Restricted ..........................................................................19 Section 207. Mutilated, Lost, Stolen or Destroyed Bonds ..................................................19 Section 208. Cancellation of Surrendered Bonds ................................................................20 Section 209. Conditions of Issuance ...................................................................................20 ARTICLE III PROJECT FUND; RISK-SHARE POOL FUND; BOND ISSUANCE FEES FUND; RELENDING FUND ...........................................................................................22 Section 301. Creation of Project Fund and Deposits Thereto .............................................22 Section 302. Advances Charged Against the Project Fund on Account of Bonds ..............22 Section 303. Master Servicer/Trustee May Rely on Requisitions and Advance Requests ..........................................................................................................24 Section 304. Transfers to the Debt Service Fund ................................................................25 Section 305. Reports and Audits. ........................................................................................25 Section 306. Creation of and Deposit to the Risk-Share Pool Fund ...................................26 Section 307. Bond Issuance Fees Fund ...............................................................................28 Section 308. Relending Fund. .............................................................................................29 ii ARTICLE IV REVENUES AND APPLICATION THEREOF; DEBT SERVICE FUND ............................................................................................................................................30 Section 401. Revenues to Be Paid Over to Master Servicer/Trustee ..................................30 Section 402. The Revenue Fund ..........................................................................................30 Section 403. Creation of and Deposits to the Debt Service Fund and the Interest Sub- account, Principal Sub-account, and Redemption Sub-account of each Debt Service Account within the Debt Service Fund. ....................................32 Section 404. Funds Remaining in Principal, Interest and Redemption Sub-accounts ........34 Section 405. Payments from Debt Service Fund; Application of Payments .......................34 ARTICLE V DEPOSITARIES OF MONIES, SECURITY FOR DEPOSITS AND INVESTMENT OF FUNDS ........................................................................................................34 Section 501. Security for Deposits ......................................................................................34 Section 502. Investments of Monies ...................................................................................34 ARTICLE VI PREPAYMENT OF BONDS .............................................................................35 Section 601. Prepayment Dates and Prices .........................................................................35 Section 602. Selection of Advances to be Called for Prepayment ......................................36 Section 603. Notice of Prepayment .....................................................................................36 ARTICLE VII PARTICULAR COVENANTS AND PROVISIONS .....................................37 Section 701. Payment of Principal, Premium, if any, and Interest ......................................37 Section 702. Performance of Covenants .............................................................................37 Section 703. Instruments of Further Assurance ..................................................................38 Section 704. Inspection of Books ........................................................................................38 Section 705. Advise the Qualified Issuer and CDFI Fund of Material Events. ..................38 Section 706. Rights Under Agreement ................................................................................40 Section 707. Recording and Filing ......................................................................................40 Section 708. Encumbrances. ...............................................................................................40 iii ARTICLE VIII DEFAULT AND REMEDIES .........................................................................41 Section 801. Defaults ..........................................................................................................41 Section 802. Acceleration and Annulment Thereof ............................................................41 Section 803. Other Remedies; Special Servicing ................................................................42 Section 804. Legal Proceedings by Master Servicer/Trustee ..............................................43 Section 805. Discontinuance of Proceedings by Master Servicer/Trustee ..........................43 Section 806. Bondholder May Direct Proceedings .............................................................44 Section 807. Limitations of Actions by Bondholder ...........................................................44 Section 808. Master Servicer/Trustee May Enforce Rights Without Possession of Bonds ..............................................................................................................44 Section 809. Remedies Not Exclusive ................................................................................44 Section 810. Delays and Omissions Not to Impair Rights ..................................................44 Section 811. Application of Monies in Event of Default ....................................................45 Section 812. Master Servicer/Trustee May File Claim in Bankruptcy ...............................45 Section 813. Receiver ..........................................................................................................46 Section 814. Guarantor Deemed Bondholder ......................................................................46 Section 815. Environmental Audit. .....................................................................................47 ARTICLE IX CONCERNING THE MASTER SERVICER/TRUSTEE ..............................47 Section 901. Acceptance of Trusts by Master Servicer/Trustee .........................................47 Section 902. Master Servicer/Trustee to Give Notice .........................................................48 Section 903. Master Servicer/Trustee and Qualified Issuer Entitled to Indemnity .............49 Section 904. Master Servicer/Trustee Not Responsible for Insurance, Taxes, Execution of Agreement, Acts of the Qualified Issuer or Application of Monies Applied in Accordance with this Bond Indenture .............................50 Section 905. Compensation .................................................................................................50 Section 906. Master Servicer/Trustee to Preserve Records ................................................51 iv Section 907. Master Servicer/Trustee Not Responsible for Recitals ..................................51 Section 908. No Responsibility for Recording or Filing .....................................................51 Section 909. Master Servicer/Trustee May Rely on Bonds ................................................51 Section 910. Qualification of the Master Servicer/Trustee .................................................53 Section 911. Resignation and Removal of Master Servicer/Trustee ...................................53 Section 912. Successor Master Servicer/Trustee ................................................................54 Section 913. Co-Master Servicer/Trustee ...........................................................................55 Section