SECTION 181.9. Loan Closing

(a) Time and place. A loan closing shall take place at the Office or such other place as the Office shall designate. The time of a loan closing shall be mutually agreeable to the Office 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 the Office in a form acceptable to the Office, prior to funding of the program loan:

(1) Loan agreement executed by the applicant, the city, and the Office;

(2) Promissory note executed by the applicant;

(3) Uniform Commercial Code financing statement executed by the applicant and the Office.

(c) Funding of loan. The program loan proceeds shall be made by wire transfer according to instructions specified by the EDC.

Source Note: The provisions of this §181.9 adopted to be effective March 27, 1997, 22 TexReg 2871; amended to be effective December 10, 2001, 26 TexReg 10054; amended to be effective August 5, 2012, 37 TexReg 5730