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<br />Paris Economic Development Corporation <br />June 4, 2003 <br />Page 2 of 5 <br /> <br />Tax Free Rate Options: <br /> <br />1) Floating rate of 1 month LffiOR plus 0.737 BPS <br />(current rate would be 2.057%) <br />2) Wall Street Journal Prime Rate minus 1.425 BPS to <br />be fixed at closing (current rate would be 2.825%). <br />3) - Same as number (I) above <br /> <br />Fees: <br /> <br />None <br /> <br />Reoavrnent: <br /> <br />I) <br />2) <br /> <br />12 monthly interest only payments <br />5- Year term out note with interest and principal due <br />monthly <br />12 monthly interest only payments <br /> <br />3) <br /> <br />'Maturitv: <br /> <br />1) <br />2) <br />3) <br /> <br />12 months · <br />5-years from maturity of note # I above <br />12 months <br /> <br />Collateral: <br /> <br />The 0.25% sales tax revenue will be pledged to Hibernia <br />National Bank on a pari passu ,basis with the existing bond <br />issue, unless the existing bond issue prohibits the first lien <br />position in which case, Hibernia National Bank would <br />assume the second lien position. <br /> <br />Guarantors: <br /> <br />None <br /> <br />Financial Statements and Reoorts: <br />Throughout the term of the Loan, Borrower will submit to Lender the following: <br /> <br />Borrower's Annual Audited Financial Statements to be due not later than 6 months <br />from fiscal year end; <br /> <br />Borrower's Quarterly Financial Statements to be due not later than 45 days from the <br />end of each fiscal quarter; <br /> <br />Borrower's Annual Budget to be due not later than 60 days from adoption. <br /> <br />Financial Covenants: <br />Minimum Fixed Charge Ratio. A minimum fixed charged ratio of I.OX is required. <br />Defined as: Total Income and Revenue divided by all principal and interest debt service. <br />To be measured annually from the audited financial statements. <br />