Section 16a-43-6 - Loan application and agreement for business emergency relief loans(a) Application for a business emergency relief loan shall be submitted on Department business emergency relief loan application forms. No application shall be considered unless the exhibits required by such are furnished.(b) Upon approval of an application by the Authority or, if the Authority so determines, by a committee of the Authority, the Department and the borrower shall enter into a Business Emergency Relief Loan Agreement which shall set forth the terms and conditions required by these regulations and other terms and conditions applicable to the particular loan that the Commissioner shall deem appropriate.(c) Each Business Emergency Relief Loan Agreement shall be effective only upon execution by the Commissioner and the borrower.(d) The Business Emergency Relief Loan Agreement shall provide, without limitation, that the borrower agrees:(1) That the funprovided will be used exclusively for the repair, reclamation or replacement of machinery, equipment, real property and improvements thereon, inventory or crops which were damaged, destroyed or otherwise adversely affected by a disaster emergency;(2) To provide the Department with such financial and other reports as the Commissioner, in his discretion, may require from time to time;(3) To notify the Department promptly of any material adverse change in the financial condition or business prospects of the borrower;(4) To represent and warrant that it has the power and authority to enter into the Loan Agreement and to incur the obligations therein provided for, and that all documents and agreements executed and delivered in connection with the loan will be valid and binding upon the borrower in accordance with their respective terms;(5) To provide such security for the loan as the Commissioner may deem necessary and appropriate and to execute and deliver all documents in connection therewith;(6) To the extent the loan is secured by a contract or contracts, to:(A) Notify the Commissioner of the modification of any provision of a contract which is security for the loan when said modification affects the time or manner of payment, or in any other way substantially affects the contract or the manner of performance of said contract;(B) Notify the Commissioner of the termination of any part of a contract or the termination of the entire contract by any party to the contract;(C) Notify the Commissioner of the failure of either party to a contract to perform any of its obligations under such contract.(e) If upon examination of the application, supporting information and results of any investigation, either the Authority or the Commissioner rejects such application, then the loan may not be granted and the Commissioner shall cause the applicant to be notified that the application has been denied.Conn. Agencies Regs. § 16a-43-6