Agenda - 12-04-1995 - X-C - Laserfiche WebLink

Browse Search

i 6 2-3 years Prime plus 2.25% 34 years Prime plus 2.501/o 4-5 years Prime plus 3.00% Regarding term loans, Borrower will have option to pay interest at the floating accrual rate, or a fixed payment rate based on the following schedule: • One to three year maturity - accrual rate quoted at the origination date of loan +1% • Three to four year maturity - accrual rate quoted at the origination date of loan+1 1/2% • Four to five year maturity - accrual rate quoted at the origination date of loan+2% The loan committee may consider amount of loan, term, and collateral in making adjustments in the rate that they deem appropriate. FEES AND EXPENSES An origination fee will be charged, payable at closing, ranging from 1/4%to 1%, but, in no case to exceed limits set by North Carolina Statutes. The minimum origination fee will be$50. The applicant will be responsible for all other expenses related to closing the loan, including, but not limited to, recording fees and legal fees. The applicant will also be responsible for any fees related to any appraisals or reports required by the Loan Committee. LOAN REPAYMENT Loan repayments shall be due on the first day of the month. A late payment will be assessed at 2%of the payment amount after the loan becomes 15 days overdue. Loans may be prepaid without penalty. In the event the loan payment becomes 30 days overdue, the Loan Committee will establish and implement the Procedures for the Collection of Delinquent Loans. COLLATERAL Loans shall be secured by appropriate forms of collateral, with recorded first lien positions as appropriate. Acceptable forms of collateral will be based on commonly accepted definitions (fixed assets, inventory, accounts receivable, land, building, equipment, or personal assets). Advance rates should be limited to the following percentages: Inventory - 50%; accounts receivables - 70%on accounts less than 90 days in age; unimproved real estate - 501/6; commercial real estate - owner-occupied maximum 80%LTV, or 85%LTV on personal real estate; new equipment- 80%, and used equipment-60%.