Question
Using the Dry Supply case study for an example of loan documentation process and related requirements, suppose that Dry Supply and the bank agreed to
Using the Dry Supply case study for an example of loan documentation process and related requirements, suppose that Dry Supply and the bank agreed to the following terms:
Borrower: Dry Supply Inc.
Amount $60,000
Purpose: purchase 3 vans
Rate: 6%
Term: 5 years
Repayment: 5 year amortization
Guarantee: Kaitlyn and Emily Nielson
Other conditions: No mergers or acquisitions without bank consent, debt-to-worth ratio will not exceed 2.5x, monthly internally prepared financial statements, annual reviewed financial statements prepared by accounting firm
List some affirmative and negative covenants that can be applied to Dry Supply.
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