1 Del. Admin. Code § 403-1.0

Current through Reigster Vol. 28, No. 6, December 1, 2024

Section 403-1.0 - Definitions

The following words and terms, when used in this regulation, shall have the following meaning unless the context clearly indicates otherwise:

"Chairperson" means the Chairperson of the Council.

"Clawback" means an obligation by a grantee to repay a part or all of a grant for a failure to meet benchmark employment, cessation of operations in the State, or other terms contained in the grant agreement.

"Council" means the Council on Development Finance.

"DEDA" means The Delaware Economic Development Authority.

"DEDO" means the Delaware Economic Development Office.

"Director" means the Director of DEDO in his or her capacity as Director, or as the Chairperson of DEDA.

"Member or Members" means the Members appointed to serve on the Council in accordance with 29 Del.C. § 5007.

"Project or Projects" shall have the meaning given pursuant to 29 Del.C. § 5052 (12).

"Strategic Fund" shall have the meaning given pursuant to 29 Del.C. §§ 5027 - 5029.

"Substantive Changes" means

a. a decrease of more than 1 percentage point in the interest rate for any fixed or variable rate loan made by DEDA;

b. any changes in the collateral of a loan which would result in a decrease in the security position of DEDA;

c. a 10% or greater increase in the amount of any loan or grant;

d. an extension of loan payment schedule; and v) a change employment benchmark date or clawback in a grant agreement.

1 Del. Admin. Code § 403-1.0

17 DE Reg. 90 (7/1/2013) (Final)