Indiana § 5-28-32-5 Required loan agreement terms

Indiana Statutes

§ 5-28-32-5 — Required loan agreement terms

Indiana·Title 5 STATE AND LOCAL ADMINISTRATION·Art. 28 INDIANA ECONOMIC DEVELOPMENT·Ch. 32 Business Development Loan Fund

With respect to any loan made under section 4 of this chapter, a loan agreement with the corporation must contain the following terms:

(1)A requirement that the loan proceeds be used for specified purposes consistent with and in furtherance of the purposes of the corporation under this article.

(2)The term of the loan, which must not be later than fifteen (15) years after the date of the loan.

(3)The repayment schedule.

(4)The interest rate or rates of the loan, which may include variations in the rate, but that may not be less than the amount necessary to cover all expenses of the corporation in making the loan.

(5)Any other terms and provisions that the corporation requires.

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With respect to any loan made under section
4 of this chapter, a loan agreement with the corporation must contain
the following terms:
(1) A requirement that the loan proceeds be used for specified
purposes consistent with and in furtherance of the purposes of the
corporation under this article.
(2) The term of the loan, which must not be later than fifteen (15)
years after the date of the loan.
(3) The repayment schedule.
(4) The interest rate or rates of the loan, which may include
variations in the rate, but that may not be less than the amount
necessary to cover all expenses of the corporation in making the
loan.
(5) Any other terms and provisions that the corporation requires.

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