Loans (Repealed)

(a) The loan may be secured or unsecured as the Authority or the Committee of the Authority determines to be appropriate in the particular circumstances. If the loan is to be secured, the Authority or said Committee of the Authority may require the borrower to provide the Department as security 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 or said Committee of the Authority. (b) The term of a loan shall not exceed five years from the date of the first disbursement. However, at the discretion of the Authority, payments may be deferred until one year from the date the facility is licensed. (c) No loan shall exceed $50,000.00 and if the loan is to be secured, the amount of the loan shall not exceed the value of the security provided pursuant to Section 4 (a) of these regulations. (d) The loan shall be repaid on an amortized schedule of payments or upon such other method of payment of principal and interest as the Authority or the Committee of the Authority considers necessary and appropriate in the particular circumstances, but in no event shall the payments be scheduled to exceed five years from the relevant date of disbursement referred to in section 4 (b) of these regulations. (e) 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.