(a) The financial institution that holds a loan guaranteed by the authority under AS 44.88.500 - 44.88.599 shall
(1) service the loan;
(2) exercise diligence in collecting amounts due under the loan; and
(3) comply with all requirements of the loan guarantee agreement.
(b) Amounts received toward satisfaction of a default on a loan guaranteed under AS 44.88.500 - 44.88.599 shall be allocated between the lender and the fund according to the guaranteed percentage of the loan until the principal balance and accrued interest have been repaid.
Structure Alaska Statutes
Chapter 88. Alaska Industrial Development and Export Authority
Article 6. Business and Export Assistance Program.
Sec. 44.88.500. Business and export assistance guarantees.
Sec. 44.88.502. Effect of guarantee.
Sec. 44.88.505. Qualifications of applicant for new loan guarantee.
Sec. 44.88.510. Application for new loan guarantee.
Sec. 44.88.515. Qualifications of applicant for debt refinancing guarantee.
Sec. 44.88.520. Application for debt refinancing guarantee.
Sec. 44.88.525. Conditions of debt refinancing guarantee.
Sec. 44.88.530. Applicability of AS 44.88.535 - 44.88.560.
Sec. 44.88.535. Conditions of loan guarantee.
Sec. 44.88.540. Limitations of guarantees.
Sec. 44.88.545. Limitations of guarantees with respect to borrowers.
Sec. 44.88.550. Interest on guaranteed loan.
Sec. 44.88.555. Servicing of guaranteed loans.
Sec. 44.88.560. Powers of the authority.