Or. Admin. Code § 813-038-0025 - Program Loan Terms
(1) Loans may have
a term of up to a maximum of five (5) years unless otherwise specified in
writing by the Department.
(2) The
interest rate applicable to Program Loans will be established from time to time
by the Department as it determines appropriate in consideration of factors it
may determine to be relevant, potentially including, but not necessarily
limited to current market rates, the availability of Funds, the
credit-worthiness of the Borrower, the size and term of the Loan, any
determination by the Department with respect to the need for the Project or
market conditions in general. Unless otherwise established by the Department,
interest will accrue as simple interest due and payable under the terms of the
Commitment Letter and Loan Documents.
(3) Loans shall be repaid with the sooner of
the first available funding sources and otherwise in accordance with the
Application, the proposed repayment plans, and within the specified term of the
loan.
(4) Due to the limited amount
of Funds available, the Department discourages any Loan term extensions. The
Department may extend the term of a Loan at its sole discretion and subject to
such additional conditions and charges as it determines to be
appropriate.
(5) All conditions
contained in the Commitment and Loan Documents shall be timely fulfilled by the
Borrower to the satisfaction of the Department.
(6) The Borrower shall repay the Loan within
the terms of the Commitment Letter and applicable Loan Documents.
(7) The Loan shall not be transferred to
another party or assumed by another party unless approved in writing by the
Department prior to the change.
Notes
Statutory/Other Authority: ORS 183.341, 456.555(2) & 456.625(12)
Statutes/Other Implemented: ORS 456.561, 456.574, 456.620 & 456.625
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