§ 220. Renewal of linked deposit. A lender may, on behalf of a\nborrower, apply to the commissioner of economic development to request a\nrenewal of the linked deposit for an additional four year period to\ncorrespond with a second four year period of a borrower's linked loan.\nThe commissioner may grant such application if the commissioner\ndetermines that the borrower, during the second four year period of the\nlinked loan, will create additional industrial modernization benefits or\nadditional export trade benefits or additional jobs. If the commissioner\nof economic development grants such application, the commissioner shall\nnotify the authorized depositor who made the linked deposit that the\ncommissioner has determined that the application satisfies the\nrequirements of this artic
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§ 220. Renewal of linked deposit. A lender may, on behalf of a\nborrower, apply to the commissioner of economic development to request a\nrenewal of the linked deposit for an additional four year period to\ncorrespond with a second four year period of a borrower's linked loan.\nThe commissioner may grant such application if the commissioner\ndetermines that the borrower, during the second four year period of the\nlinked loan, will create additional industrial modernization benefits or\nadditional export trade benefits or additional jobs. If the commissioner\nof economic development grants such application, the commissioner shall\nnotify the authorized depositor who made the linked deposit that the\ncommissioner has determined that the application satisfies the\nrequirements of this article and shall request the authorized depositor\nto continue the linked deposit with the lender for an additional four\nyear period in accordance with section ninety-eight-a of this chapter\nand with the authorized depositor's established procedures. Such linked\ndeposit shall continue to be secured in accordance with the provisions\nof section one hundred five of this chapter. The fixed interest rate on\nthe continued linked deposit shall be the linked deposit interest rate\nin effect on the first day of the continuation of the linked deposit.\nThe authorized depositor and the lender shall enter into a written\ndeposit agreement governing the continuation of the linked deposit. The\ninterest rate payable on the linked loan for the second four year period\nshall be, in the case of a certified business in an economic development\nzone or an eligible business located in an economically distressed area\nor federal empowerment zone or enterprise or renewal community or a\nminority or women-owned business enterprise or service-disabled\nveteran-owned business enterprises, three percentage points below the\ninterest rate the lender would have charged for the loan in effect on\nthe first day of the continuation of the linked deposit; or in the case\nof a business not located in an economic development zone or\neconomically distressed area or federal empowerment zone or enterprise\nor renewal community or which is not a minority or women-owned business\nenterprise, service-disabled veteran-owned business enterprises, two\npercentage points below the interest rate the lender would have charged\nfor the loan in the absence of a linked deposit in effect on the first\nday of the continuation of the linked deposit.\n