Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 101 - LOAN INSURANCE PROGRAM › Section 457-101-1 - Definitions

Current through 2024-29, July 17, 2024
A.
Reference to Act Definitions
.
				Certain terms used in this rule, which are defined in the
Finance
				Authority of Maine Act
,
				10 M.R.S.A.
				§961 and following (the "Act)", shall
				have the meanings set forth in the Act, unless clearly specified otherwise or
				unless the context clearly indicates otherwise.
B.
Defined Terms
(1) "Borrower" means a prospective borrower
				where the context requires, and includes an individual or entity that is the
				recipient or beneficiary of an insured loan, and also includes any related
				entity having 50% or greater common ownership or beneficial interest with the
				Borrower or any individual or entity having a 50% or greater ownership or
				beneficial interest in the Borrower.
(2) "Chief executive officer" means the
				Authority's chief executive officer or a person acting under the supervisory
				control of the chief executive officer.
(3) "Clean fuel vehicle project" has the same
				meaning as in the Act.
(4) "Credit
				Policy" means the then current written Business Division Direct Loan & Loan
				Insurance Credit Policy of the Authority for review and analysis of Loan
				insurance applications, as approved by the members no less frequently than
				annually.
(5) "Investment Real
				Estate" means real estate more than 50% of which is not projected to be
				occupied by the Borrower.
(6)
				"Lender" means a financial institution authorized to do business in the State
				that is the applicant for loan insurance, but only to the extent it is not
				lending funds that are directly or indirectly derived from federal, state,
				county, municipal or philanthropic sources, as determined by the
				Authority.
(7) "Loan" means the
				loan proposed to be made by the Lender for which the Lender seeks Loan
				insurance from the Authority.
(8)
				"Loan insurance authorization" means a letter from the chief executive officer
				to a lender agreeing to insure a loan to a borrower on the terms and conditions
				and subject to the requirements stated therein.
(9) "Members" means the members of the
				Authority appointed pursuant to the Act.
(10) "Oil Storage Facility Project" means an
				Underground Oil Storage Facility Project, an Underground oil storage tank
				project, or a project associated with an above ground oil storage facility or
				above ground oil storage tank, all as defined in the Act, or a project which
				includes the installation of equipment related to the improvement of air
				quality pursuant to the requirements for gasoline service station vapor control
				and petroleum liquids transfer vapor recovery.
(11) "Plymouth waste oil remedial project"
				means a project that includes financing the costs of the Plymouth Waste Oil
				Site remedial study, as defined in the Act.
(12)
[Repealed effective December 9,
				2012]
(13)
[Repealed effective December 9, 2012]
(14) "Program" means the Loan Insurance
				Program governed by this rule and the Act.
(15) "Project" means the use to which the
				Loan proceeds are to be put.
(16)
				"Public benefit" means the benefit to the State or any of its political
				subdivisions, or any of their respective inhabitants, as the same may be
				evidenced by, without limitation: jobs created or retained; revitalization of a
				mature industry; redevelopment of an economically depressed area; economic
				growth or diversification; stimulation of private investment; training
				opportunities; environmental protection, or the cultivation of new and emerging
				business enterprises.
(17)
[Repealed effective December 9, 2012]
(18)
[Repealed effective December 9,
				2012]
(19) "State" means
				the State of Maine.
(20) "Veteran"
				means either a Veteran or a Wartime Veteran, as defined in the Act.
(21) "Waste Oil disposal site clean-up
				project" means a project which includes financing the costs of environmental
				clean-up of the waste disposal site as defined in the Act.
(22) "Working capital Loan" means a loan
				predominately secured by accounts and/or inventory.