Sec. 44.88.520. Application for debt refinancing guarantee.
An applicant for a debt refinancing guarantee shall provide the information that the authority may require by regulation.
Sec. 44.88.525. Conditions of debt refinancing guarantee.
The authority may not guarantee refinanced debt (1) unless the refinancing (A) is necessary to extend substantial debt payments over a longer period of time, thereby improving the applicant’s net cash flow and working capital position consistent with the useful life of the assets being refinanced; (B) assists with short-term debt or cash expenditures when […]
Sec. 44.88.530. Applicability of AS 44.88.535 – 44.88.560.
AS 44.88.535 – 44.88.560 apply to new loan guarantees and refinancing guarantees under AS 44.88.500.
Sec. 44.88.535. Conditions of loan guarantee.
(a) The authority may guarantee a loan under AS 44.88.500 – 44.88.599 if the (1) loan (A) is commercially reasonable; (B) contains payment provisions satisfactory to the authority; (C) is secured by adequate collateral; however, the authority may waive on a case-by-case basis the requirement of collateral for a loan guarantee of $100,000 or less […]
Sec. 44.88.540. Limitations of guarantees.
The authority may not issue a total of more than (1) $50,000,000 of loan guarantees; (2) $25,000,000 of loan guarantees in which the amount of the loan guarantee exceeds $500,000.
Sec. 44.88.545. Limitations of guarantees with respect to borrowers.
The authority may not provide a guarantee (1) of more than $1,000,000; (2) to an individual borrower that cumulatively, with the outstanding principal balance of other authority guaranteed indebtedness of that borrower, exceeds $1,000,000.