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Page 15 of � � <br /> 5. Funds Disposition. Upon termination of this Agreement under Part V, <br /> Sections 5, fi, or 8, but not later than the third annual period from the <br /> date of submittal of the grant close-out report, the Grantee shall advise <br /> the Department and shall request disposition instructions from the <br /> Department regarding Program Derived Income and Loans and Investments. <br /> Upon the election of the Department, the Grantee may receive approval to <br /> use su�h Program Derived Income and Loans and Investments for related <br /> projects or activities, or for continuance of the project. Approval of <br /> such use is subject to the terms and conditions set forth in this <br /> Agreement. <br /> In the event of insolvency, an assignment for the benefit of creditors, <br /> or a bankruptcy proceeding or a determination after an administrative <br /> hearing that Grantee has failed to comply with the terms of this <br /> Agreement, the Grantee may be required to assign, transfer, set over and <br /> release to the Department of Commerce and Community Affairs all rights, <br /> title and interest to all Program Derived Income and Loans and <br /> Investments, refunds and credits or other amounts made available pursuant <br /> to this Agreement ( including any interest thereon) due or which may <br /> become due, and forward promptly any proceeds so collected. The <br /> reasonable costs of any such action to effect collection shall constitute <br /> allowable costs when approved by the Department and may be applied to <br /> reduce any amounts otherwise transferable to the Department of Commerce <br /> and Community Affairs under the terms hereof. <br /> A determination that such Program Derived Income and Loans and <br /> Investments shall be assigned to the Department shall be based on the <br /> Grantee' s compliance with the terms set forth in this Agreement and the <br /> criteria which were used to select the Grantee initially, including its <br /> ability to demonstrate the following as a result of its operations: <br /> - Funding to business Projects for retooling or modernization to <br /> promote, stimulate and advance business prosperity; <br /> - Evidence of job creation or job retention in a community as a result <br /> of economic development financing; <br /> - The investment or matching of private, public and community funds <br /> in the Development Corporation itself; <br /> - The leverage of conventional lending to business Projects in <br /> association with Development Corporation financing to the same <br /> business Project; and <br /> - Overall leveraging of private, public and community funds in an <br /> amount greater than that which would have resulted from the <br /> Department' s direct investment of its funds. <br /> - 15 - <br />