PENNSYLVANIA, January 20 - responding to the COVID-19 pandemic as a result of its

participation in the program authorized by this section.

(4) Any other information required by the board.

(b.2) Enrollment approval . -- Upon being satisfied that all

requirements have been met, the board may enroll the commercial

lending institution in the program to provide loan guarantees to

commercial lending institutions that make loans to manufacturing

businesses to convert or retrofit existing manufacturing

facilities to enable the business to manufacture personal

protective equipment or equipment necessary to manufacture

personal protective equipment needed by health care

professionals to respond to the COVID-19 pandemic for purposes

of providing loans authorized by this section, and, if enrolled,

the authority shall execute a master guarantee agreement in

favor of the commercial lending institution. In addition to any

other terms and conditions required by the board, the master

guarantee agreement shall provide for the following:

(1) The procedure for the submission of a claim for

payment by the commercial lending institution. This procedure

shall require that the commercial lending institution

demonstrate that it has exhausted all available remedies

against the borrower, other guarantors and collateral for the

loan before seeking payment under the agreement.

(2) A requirement that a percentage of any money

recovered by the commercial lending institution subsequent to

any payment made under the master guarantee agreement by the

authority be remitted to the authority.

(3) Periodic reporting requirements by the commercial

lending institution regarding itself and regarding the loans

for which guarantee certificates have been issued under this

20210SB0046PN0028 - 3 -

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30