Regulations of Connecticut State Agencies
The Commissioner may terminate the Interest Rate Subsidy and/or accelerate the direct loan under any of the following:
(a) if he determines that all or part of the Business has been removed from the State or that there are pending plans to remove all or part of said Business from the State, or
(b) if he determines at any time that the Employee Group no longer meets the eligibility criteria set forth in Section 32-150-2a of these regulations, or
(c) if he determines the Employee Group is in default of its obligation to make any payment of principle or interest due under an Eligibile Loan or Direct Loan and said default has not been cured under any applicable cure provision of such Eligible Loan, Direct Loan or the agreement of the Interest Rate Subsidy.
(d) if he determines that the Business has acted or failed to act in a manner that results in a significant violation of federal, state, or local laws or ordinances, creates or causes the facilities to become a public nuisance, fails to maintain and insure the business facilities and equipment, or fails to pay all taxes, assessments and other charges, allows any change in the nature of the occupancy, use or operation of the Business which is inconsistent with the application for subsidy, or sells, assigns, conveys, leases or otherwise disposes of any real estate, equipment or capital stock acquired with a subsidized loan or Direct Loan.
(Effective April 27, 1987)