§ 1835-A — Definitions

§ 1835-a. Definitions. As used or referred to in this subtitle, unless\na different meaning appears from the context:\n 1. "Borrower" means the person, firm, partnership, corporation or\nother entity which receives a loan from a lender to pay the cost of a\nbusiness project.\n 2. "Agricultural business project" means any land, any building or\nother improvement and any real and personal properties located within\nthe state, including but not limited to, machinery, equipment and other\nfacilities deemed necessary or desirable in connection therewith, or\nincidental thereto, whether or not now in existence or under\nconstruction, which shall be used for manufacturing, warehousing,\nresearch, commercial, industrial or other business purposes in support\nof the state's agricultural industry.\n 3. "Lender" means (a) any organization defined by subdivision eleven\nof section two of the banking law, (b) any agency or branch of a foreign\nbanking corporation licensed by the department of financial services\nunder article five of the banking law, (c) any national bank, federal\nsavings and loan association and federal credit union, (d) any\nauthorized insurer defined by subdivision six of section four of the\ninsurance law and (e) any other institution within the state authorized\nto originate and service loans including, but not limited to, credit\nunions, mortgage loan companies and the New York business development\ncorporation established under article five-A of the banking law, which\nshall be treated as a lender for all purposes of this subtitle.\n 4. "Loan for agricultural business project" means a loan received by a\nborrower from a lender to pay the cost of an agricultural business\nproject.\n 5. "Loan to lender" means a loan made by the authority to a lender and\nevidenced by a bond, note, certificate of deposit or other obligation of\nsuch lender, secured or unsecured, as provided in this subtitle.\n