(1) A loan recipient must submit progress reports to the council staff as specifically required in the research and development project loan agreement.

(2) The progress reports shall include, but not be limited to:

(a) financial status of the loan recipient;

(b) overall project performance; and

(c) progress in accomplishing the designated milestones.

(3) A final project report is due upon completion of the project term.

(4) Annual commercialization reports are required until the loan recipient has satisfied the payback terms contained in the agreement.