Resolution No. 32-2017 - Amended Industrial Revolving Fund Plan

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liquidation value equal to or greater than 75% of the IRF loan. They may also be waived for startup, high tech loans. 10. Moratoria on interest and/or principal payments Moratoria on interest and/or principal repayments will usually not exceed (2) two years. Deviations may also be considered for businesses caught in an industry facing a severe economic downturn or suffering the effects of a general economic decline. Deviations will be made on a case -by -case basis and reviewed and approved by the IRF's Board of Directors. The key factor allowing deviation is cash flow balanced with anticipated projections for future growth. If it is determined to be too low to afford the full payment, than a moratoria on interest and/or principal repayments may be granted so long as the assumptions for future growth are realistic. It is anticipated that most high tech start- up firms resulting from university research or other sources will have insufficient cash flow and require a moratoria on interest and/or principal payments. 11. Credit Not Otherwise Available The IRF cannot be used to substitute for available private capital. Potential borrowers must demonstrate that credit is not otherwise available on terms and conditions that permit the completion or successful operation of the activity to be financed. E. PORTFOLIO STANDARDS AND TARGETS 1. Anticipated Target Percentage of IRF Investments 1. 1. Land Use The anticipated percentage of IRF investments for these categories is as follows: Industrial 60% Commercial 10% Service 30% Each of the categories will include targeting technology or technology infrastructure, but loans in each category are not expected to exceed 20% of that categories total active loan position. While these are anticipated percentages of IRF investments, they are neither minimums nor ' maximums. The definitions used by the TRF for industrial, commercial and service projects are as follows: 16