<?xml version='1.0' encoding='utf-8'?>
<regulation prefix="Regulation" num=".07" citation="COMAR 14.04.05.07" title_num="14" subtitle_num="04" chapter_num="05" heading="Procedures and Guidelines for Investment Decisions.">
  <paragraph num="A.">
    <text>In General. Except as provided in §§B and C of this regulation, TEDCO shall select businesses for investment by the Seed Funds in accordance with the application process set forth in COMAR 14.04.02.</text>
  </paragraph>
  <paragraph num="B.">
    <text>Reapplication after Initial Rejection. If TEDCO rejects a business for investment by the Seed Funds after the business submits a first application to TEDCO, the business may re-apply to TEDCO upon the later of:</text>
    <paragraph num="(1)">
      <text>90 days after the date on which TEDCO issues a written rejection to the business; or</text>
    </paragraph>
    <paragraph num="(2)">
      <text>The business’s consultation with TEDCO’s advisory services, if required by TEDCO, and satisfaction of any recommendations by TEDCO.</text>
    </paragraph>
  </paragraph>
  <paragraph num="C.">
    <text>Reapplication after Subsequent Rejection. If TEDCO rejects a business for investment by the Seed Funds any time after the business submits a second application to TEDCO, the business may re-apply to TEDCO upon the later of:</text>
    <paragraph num="(1)">
      <text>180 days after the date on which TEDCO issues a written rejection to the business; or</text>
    </paragraph>
    <paragraph num="(2)">
      <text>The business’s consultation with TEDCO’s advisory services, if required by TEDCO, and satisfaction of any recommendations by TEDCO.</text>
    </paragraph>
  </paragraph>
</regulation>