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Tourism Development Non-Recourse Loan - State of Arkansas - arkansas

Tourism Development Non-Recourse Loan - State of Arkansas - arkansas 2025

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The document is a Non-Recourse Loan Participation Agreement between the Arkansas Development Finance Authority (ADFA) and an originating bank. It outlines the sale of a percentage interest in a loan from the bank to ADFA, detailing ownership rights, responsibilities for loan servicing, and conditions under which the agreement can be terminated. The agreement emphasizes that ADFA's participation does not constitute an extension of credit to the bank and includes provisions for handling defaults, repurchase rights, and obligations of both parties regarding communication and reporting.

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