California Code of Regulations
Title 14 - Natural Resources
Division 7 - Department of Resources Recycling and Recovery
Chapter 4 - Resource Conservation Programs
Article 1.1 - Recycling Market Development Revolving Loan Program
Section 17935.2 - Loan Agreement
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
Each Loan Agreement shall include, but not be limited to, the following terms and conditions:
(a) The interest rate of the loan as specified in Section 17934.5 of this Article.
(b) The term of the loan shall not exceed 10 years when collateralized by assets other than real estate, or not more than 15 years when partially or wholly collateralized by real estate.
(c) A description of the security and conditions.
(d) Timeframes for complying with the conditions of loan closing and any special conditions that must be satisfied prior to, or covenants which must be complied with after, the disbursement of funds.
(e) Identification of what is considered an event of default, including a provision that, upon failure to comply with the loan agreement, or if any information provided by the Applicant is found to be untrue, any remaining unpaid amount of the loan, with accrued interest, will be immediately due and payable, upon determination by the Board.
(f) A provision that the Borrower agrees to waive any claims against and to indemnify and hold harmless the State of California, including the California Integrated Waste Management Board, from and against any and all claims, costs, and expenses stemming from operation, maintenance, or environmental degradation at the site.
(g) Proof of adequate insurance for the business, naming the Board as loss payee, and when appropriate, naming the Board as additional insured, up to the amount of the loan.
(h) Submission of borrower's and guarantor's financial statements and tax returns, diversion reports, business insurance, and worker's compensation insurance, upon request by the Board.
(i) Any other provision needed to properly analyze and document a loan deemed necessary by the Board.
1. New section filed 11-24-92; operative 11-24-92 pursuant to Government Code section 11346.2(d) (Register 92, No. 48).
2. Change without regulatory effect amending NOTE filed 7-8-94 pursuant to section 100, title 1, California Code of Regulations (Register 94, No. 27).
3. Amendment of subsections (a)-(e) and (g) filed 4-8-98; operative 5-8-98 (Register 98, No. 15).
4. Change without regulatory effect amending subsection (b) filed 4-7-2000 pursuant to section 100, title 1, California Code of Regulations (Register 2000, No. 14).
5. New subsection (h), subsection relettering, amendment of newly designated subsection (i) and amendment of NOTE filed 10-18-2005; operative 11-17-2005 (Register 2005, No. 42).
Note: Authority cited: Section 40502, Public Resources Code. Reference: Section 42023.4, Public Resources Code.
