1 The setup fee is payable when the business signs the credit agreement. The business agrees to pay the setup fee or any other fees stated in the credit agreement or otherwise advised by us.
2 The business agrees to pay the renewal fee. You're charged the renewal fee not more than once every 12 months from the offer effective date.
3 The repayment of the term loan can be amortized over a period longer than 15 years (for example, a mortgage on a real property with an interest term of 5 years and an amortization of 25 years). However, in such a case, the balance of the loan at the end of the 15-year period from the date of the first scheduled payment must be converted to a conventional loan.
To calculate the maximum loan term of 15 years, the first payment payable under the loan document should be used, irrespective of the fact that it's a payment of principal, a payment of interest or a payment of principal and interest.
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