Section 73.15. Maturities

(a) The Authority may establish maximum terms for its loans. In establishing maximum loan terms, the Authority will consider the current state of the commercial lending market and the need to keep the Commonwealth and its businesses competitive. In any case, the Authority will have discretion to establish the term for an individual loan based on sound commercial lending practices. The term of an individual loan made by the Authority may be, but is not required to be, as long as the term of the first lien mortgage loan obtained for the project from an independent and responsible financial source. The maximum loan term established by the Authority will be published as a notice in the Pennsylvania Bulletin.

(b) If the industrial development agency or its affiliate elect to participate in the project with its own funds, the term of its loan shall be at least as long as the term of the Authority loan.