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21 <br />financing will be considered on acase-by-case basis. <br />9. Work force expansion. <br />LOAN PROCEEDS SHALL NOT BE USED FOR THE FOLL04VING <br />1. Refinancing of existing bank debt or investor loans. The Loan <br />Committee may grant an exception of u}~ to 50% of loan value. <br />2. Purchase of equipment or improvement of real estate which are used or <br />to be used for personal use. <br />3. Political activities. <br />4. Owner salary and- dividend payments beyond an agreed amount <br />5. Speculative ventures (Examples: drilling for gas or oil, commodity <br />futures). <br />6. Lending or investment. <br />7. Real property held for sale or investment. <br />8. Pyramid sales -distribution plan businesses. <br />9. Floor plan financing defined as a revolving line of credit that allows the <br />borrower-to obtain financing for retail goods. These loans are made <br />against a specific piece of collateral (i.e. an auto, RV, manufactured <br />home, etc.)). <br />10. Foreign controlled businesses. <br />11. Non-profit institutions. <br />12. Private membership clubs. <br />COMPLIANCE WITH APPLICABLE REGULATIONS <br />In all cases, loans made from this program must be consistent and in accordance <br />6 <br />