Fixed asset loans to small manufacturers (Repealed)

(a) The Authority may require the Borrower to provide the Department as security for the loan or line of credit mortgages or security interests in any or all of the following: real property, accounts, chattel paper, documents, instruments, general intangibles, goods, equipment, inventory or other personal property, and may further require the Borrower to have executed and delivered to the Department security agreements, financing statements, mortgages, pledges, assignments, subordinations, guarantees or other documents or evidences of security as and in the form required by the Authority. (b) The term of a fixed asset loan shall not exceed ten years from the date of disbursement of the loan and shall be repaid on an amortized schedule of periodic payments or upon such other periodic methods of payment of principal and interest as the Authority considers appropriate in the particular circumstances. (c) Disbursement of the loan shall be made at the discretion of the Commissioner in accordance with the provisions of the loan agreement and the instructions of the Authority.