Fast requires the Secretary to set aside at least $2 million of TIFIA`s annual funds to use for loans with a project cost of less than $75 million instead of applicants paying the fees. Funds set aside for this purpose but not used are available for other aid to the TIFIA credit. [23 U.S.C. 605 (f)] Fast does not amend the provisions of the TIFIA Federal Share. Therefore, TIFIA credit aid may continue to cover the following elements of the total cost of an eligible project: the FAST Act specifies that TIFIA credit aid may only be used to finance commitments of existing projects if the maturity of existing commitments is not more than one year after the substantial completion of the project, in addition to the pre-existing requirement that such refinancing be required no later than one year after the project has been completed. [23 U.S.C. 603 (a) (2)] Under the FAST Act, a project to improve or build public infrastructure, located within walking distance of a particular list of transit facilities and accessible, is now eligible for support from the TIFIA credit. The FAST Act pursues the power of “framework credit agreements” under which DOT can make a conditional commitment of future TIFIA credit assistance for a program of related projects, secured by a common security promise, or for a single project that does not provide for a current commitment of federal funds. The FAST Act underlines the possible nature of the obligation presented by a framework credit agreement and specifies that it depends on the availability of future funds and compliance with all the conditions for granting credit aid under the TIFIA programme. In addition, the FAST Act specifies that the common security promised to support the framework credit agreement must receive an investment level rating at the time of the obligation of TIFIA credit aid. [23 U.S.C.
601(a)(10) and 602(b)(2)] The FAST Act continues the Transportation of Infrastructure and Innovation Program (TIFIA) which provides federal funding for eligible ground transportation projects, including highways, transit, intercity rails, certain types of freight railways, intermodal freight facilities, and certain modifications within a port terminal. Any reference to the “Credit Agreement”, the Revolving Credit Agreement, the 1987 Credit Agreement or any other credit or credit agreement is heistered hereinafter considered as a reference to the amended and adapted Master Credit Agreement. In addition to the direct funding of the TIFIA programme, the FAST Act allows the use of other specified sources of funding to cover the grant and management costs related to TIFIA credit assistance (including the costs and expenses of DOT`s external consultants who have been incurred in the context of the evaluation and negotiation of the terms of the TIFIA credit assistance for a project). . . .