Laserfiche WebLink
Paris Economic Development Corporation <br />June 4, 2003 <br />Page 2 of 5 <br /> <br />Tax Free Rate Options: <br /> 1) Floating rate or' 1 month LIBOR 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 xvould be 2,825%), <br /> 3) 4. Same as number (1) above <br /> <br />Fees: None <br /> <br />Repayment: l) 12 monthly interest only payments <br /> 2) 5-Year term out note with interest and principal due <br /> monthly <br /> 3) 12 monthly interest only payments <br /> <br />'Maturity: 1) 12 months <br /> 2) 5-years from maturity of note #1 above <br /> 3) 12 months <br /> <br />Collateral: 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: None <br /> <br /> Financial Statements and Reports: <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 /> Borro~ver'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 1.0X 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 /> <br /> <br />