Section 408.Sec. 14 - NEW1. To address the unique credit features of a qualified borrower or qualified project and to provide sufficient security to the Bank, the Bank, at the direction of the Board of Directors, may include in a financing agreement requirements for additional covenants, credit enhancements or security, including, without limitation:(a) A covenant for a debt service reserve fund at the borrower level;(b) A provision for additional security during the construction or start-up phase of a qualified project; or(c) Stricter financial covenants for qualified borrowers with limited historical coverage or dependence on a concentrated source of revenues.2. Staff of the Bank shall discuss the need for the covenants described in this section with the qualified borrower during the underwriting process.Nev. Admin. Code § 408.Sec. 14
Added to NAC by Dep't of Transportation by R017-22A, eff. 4/19/2022NRS 408.55071 and 408.55074, as amended by section 17 of Senate Bill No. 430, chapter 553, Statutes of Nevada 2021, at page 3814