One page for a credit committee on the four questions that decide how a C-PACE assessment gets analyzed. A lender meeting this for the first time reasonably concludes the entire assessment balance is senior to the loan, and that conclusion is not correct: the assessment does not accelerate, so what can become delinquent and carry priority is the billed and unpaid installment, not the unbilled remainder. Against a two million dollar assessment, the figure carried into the credit memo is a small multiple of one year’s installment — which is the number the committee is actually asking for. Covers what is absent from the instrument, how to size the exposure, transfer and post-foreclosure treatment, and a seven-row Q&A.
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