Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 10 - General Provisions › 3 AAC 99.930 - Definitions

Current through May 31, 2024
In this chapter
(1) "authority" means the Alaska Industrial
				  Development and Export Authority;
(2) "basis points" means the common unit of
				  measure for interest rates and other percentages in finance; one hundred basis
				  points equals one percent;
(3)
				  "board" means the board of the Alaska Industrial Development and Export
				  Authority;
(4) "code" means the
				  Internal Revenue Code of 1986, as amended;
(5) "department" means the Department of
				  Commerce, Community, and Economic Development;
(6) "effective term" means the number of
				  years the loan is outstanding when the originator amortizes its portion of the
				  Joan in accordance with
				  3 AAC 99.240(f) or
				  3 AAC 99.340(f);
(7) "executive director" means the executive
				  director of the Alaska Industrial Development and Export Authority;
(8) "financial institution" means, for
				  purposes of
				  3 AAC 99.700 -
				  3 AAC 99.785, a federally or state chartered institution
				  authorized to perfonn banking functions within the state of Alaska;
(9) "guarantee authorization" means the
				  document which authorizes the issuance of a loan guarantee by the authority to
				  a financial institution on behalf of a borrower;
(10) "improvements in energy efficiency"
				  means any technology, process, equipment, facility, building, structure, or
				  improvement that is intended to and is reasonably likely to reduce energy
				  consumption or the cost of energy, based on current engineering and
				  technological standards;
(11)
				  "liquidation" means the exercise of all remedies commercially reasonable, in
				  the opinion of the authority, to collect all amounts available to pay the
				  debt;
(12) "liquidation expenses"
				  means, for purposes of
				  3 AAC 99.700 -
				  3 AAC 99.785, normal costs of the foreclosure action,
				  including legal fees, title fees, and advertising costs, the costs and expenses
				  of maintaining the collateral, and costs of sale;
(13) "loan(s)" means, for purposes of
				  3 AAC 99.700 -
				  3 AAC 99.785, a new loan or a loan to refinance existing
				  debt;
(14) "loan guarantee
				  agreement" means the document that sets out terms and conditions governing the
				  guarantee of a loan;
(15) "loan
				  portfolio of the authority" means all loans, loan participations, and loan
				  guarantees approved and pending closing, owned or issued by the authority under
				  the tax-exempt loan participation program (3 AAC 99.200 -
				  3 AAC 99.290), the taxable loan participation program
				  (3 AAC 99.300 -
				  3 AAC 99.390), or the business and export assistance
				  program (3 AAC 99.700 -
				  3 AAC 99.785), and all other loans appropriated to or
				  purchased by the authority;
(16)
				  "mortgage" means a mortgage deed, deed of trust, or other security
				  instrument;
(17) "originator" means
				  the Commercial Fishing and Agricultural Bank, and a commercial bank, savings
				  and loan association, mutual savings bank, credit union, or other financial
				  institution that
(A) is either insured by the
				  Federal Deposit Insurance Corporation or the National Credit Union Association,
				  or regulated by the Office of Thrift Supervision, The Office of the Comptroller
				  of the Currency, The Federal Reserve, or state banking regulators under AS 6 or
				  substantially similar banking regulations or statutes of another
				  state;
(B) is approved by the
				  authority;
(C) has entered into an
				  agreement with the authority to act as a seller and servicer of loans under the
				  loan participation program;