The applicant shall agree to:
- (1) provide collateral and security for repayment, or other protections as the executive director may deem necessary;
- (2) repay the financial assistance at specified interest rates over specified time periods according to repayment schedules and including agreed upon bank fees or compensation;
- (3) abide by provisions governing default;
- (4) submit reports and have periodic audits in compliance with all applicable federal and state requirements or as requested by the department; and
- (5) reimburse the department for all costs or losses of funds resulting from a failure to perform by the applicant.
Source Note:The provisions of this §6.45 adopted to be effective January 8, 1998, 23 TexReg 151; amended to be effective March 20, 2008, 33 TexReg 2321.