- (a) Time and Place. A loan closing shall take place at the office of Commerce or such other place as Commerce shall designate. The time of a loan closing shall be mutually agreeable to Commerce and the applicant, but in no event later than six months from the date of the loan commitment letter.
(b) Documents. The following documents shall be executed and delivered to Commerce in a form acceptable to Commerce, prior to funding of the program loan:
- (1) Loan agreement executed by the applicant, the city, and Commerce;
- (2) Promissory note executed by the applicant;
- (3) Uniform Commercial Code financing statement executed by the applicant and Commerce.
- (c) Funding of loan. The program loan proceeds shall be made by wire transfer according to instructions specified by the IDC.
Source Note:The provisions of this §181.9 adopted to be effective March 27, 1997, 22 TexReg 2871.