Maximum Department Interest Sample Clauses

Maximum Department Interest. The Lender shall sell, assign and transfer, and the Department shall purchase and accept, subject to the terms and conditions of this Agreement, a Participation of not less than Twenty Thousand Dollars ($20,000) nor more than Two Million Dollars ($2,000,000). In no case shall the amount of a Participation exceed the lesser of twenty-five percent (25%) of the total cost of any Project for which a Loan is made nor more than fifty percent (50%) of the Loan amount, unless the Director of the Department determines in writing that it is in the best interest of the State to waive that limit, and in no case shall the term of the Loan be any longer than ten (10) years; provided, however, that in the case of a Loan to a Minority Owned, Female Owned, Owned by a Person with a Disability, or Veteran Owned Business in which the Participation Amount is not in excess of Four Hundred Thousand Dollars ($400,000) the amount of the Participation shall not exceed the lesser of fifty percent (50%) of the total cost of the Project for which the Loan is made nor more than fifty percent (50%) of the Loan amount, unless the Director of the Department determines in writing that it is in the best interests of the State to waive that limit, and in no case shall the term of such a Loan be any longer than seven (7) years. The Department's percentage interest in each Loan shall never exceed the original applicable Participation Amount without prior written approval by the Department. The Department’s Participation is computed by dividing the Department’s principal balance by the Loan’s principal balance. The Lender is responsible for monitoring and ensuring that, at any given time, the Department’s Participation never exceeds its participation percentage. In the event the Department’s Participation is ever greater than the Department’s original participation percentage, the Lender must immediately pay the Department the excess principal to bring the Department’s Participation into compliance with the Department’s Approval Letter. At all times during which the Department owns a Participation in a Loan and until the Loan is paid in full, Lender shall continue to own the Loan and shall maintain an interest equal to at least fifty percent (50%) of the total amount of such Loan.
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