responding to the COVID-19 pandemic as a result of its
participation in the program authorized by this section.
(4) Any other information required by the board.
(b.2) Enrollment approval . -- Upon being satisfied that all
requirements have been met, the board may enroll the commercial
lending institution in the program to provide loan guarantees to
commercial lending institutions that make loans to manufacturing
businesses to convert or retrofit existing manufacturing
facilities to enable the business to manufacture personal
protective equipment or equipment necessary to manufacture
personal protective equipment needed by health care
professionals to respond to the COVID-19 pandemic of 2020 for
purposes of providing loans authorized by this section, and, if
enrolled, the authority shall execute a master guarantee
agreement in favor of the commercial lending institution. In
addition to any other terms and conditions required by the
board, the master guarantee agreement shall provide for the
following:
(1) The procedure for the submission of a claim for
payment by the commercial lending institution. This procedure
shall require that the commercial lending institution
demonstrate that it has exhausted all available remedies
against the borrower, other guarantors and collateral for the
loan before seeking payment under the agreement.
(2) A requirement that a percentage of any money
recovered by the commercial lending institution subsequent to
any payment made under the master guarantee agreement by the
authority be remitted to the authority.
(3) Periodic reporting requirements by the commercial
lending institution regarding itself and regarding the loans
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