N.Y. Public Authorities Law 1835-A – Definitions
§ 1835-a. Definitions. As used or referred to in this subtitle, unless a different meaning appears from the context:
Terms Used In N.Y. Public Authorities Law 1835-A
- Authority: shall mean the New York job development authority created by subdivision one of section eighteen hundred two of this title. See N.Y. Public Authorities Law 1801
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Loan: shall mean (i) a mortgage loan evidenced by a bond, note or other obligation of a local development corporation secured by a mortgage on a project, defined in subdivision fourteen (i) and (ii) of this section, made by a local development corporation, a project occupant or other person, firm or corporation; (ii) a loan evidenced by a bond, note or other obligation of a local development corporation, a project occupant, or other person, firm or corporation secured by a loan agreement, contract or such other instrument deemed necessary or convenient on a project defined in subdivision fourteen (iii) of this section; (iii) a loan evidenced by a bond, note or other obligation of a local development corporation, a project occupant, or other person, firm or corporation secured by a security interest in machinery and equipment as provided in section eighteen hundred fourteen; and (iv) an employee ownership assistance loan made pursuant to paragraph (v) of subdivision fourteen of this section. See N.Y. Public Authorities Law 1801
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Project: shall mean (i) the construction of a new industrial or manufacturing plant, a new research and development building or other new eligible business facility, (ii) the acquisition, rehabilitation or improvement of a former or existing industrial or manufacturing plant, of a former or existing building to be used for research and development, of a former or existing other eligible business facility, (iii) the construction, acquisition, rehabilitation or improvement of pollution control facilities, (iv) the purchase of machinery and equipment, for which financial assistance from the authority is sought, or (v) assistance to employees under an employee ownership assistance loan agreement made pursuant to subtitle six of this title; provided, however, that any such plant, building, facility or machinery and equipment therefore shall not be primarily used in making retail sales of goods or services to customers who personally visit such facilities to obtain such goods or services, or used primarily as a hotel, apartment house or other place of business which furnishes dwelling space or accommodations to either residents or transients. See N.Y. Public Authorities Law 1801
- State: shall mean the state of New York. See N.Y. Public Authorities Law 1801
1. "Borrower" means the person, firm, partnership, corporation or other entity which receives a loan from a lender to pay the cost of a business project.
2. "Agricultural business project" means any land, any building or other improvement and any real and personal properties located within the state, including but not limited to, machinery, equipment and other facilities deemed necessary or desirable in connection therewith, or incidental thereto, whether or not now in existence or under construction, which shall be used for manufacturing, warehousing, research, commercial, industrial or other business purposes in support of the state's agricultural industry.
3. "Lender" means (a) any organization defined by subdivision eleven of § 2 of the banking law, (b) any agency or branch of a foreign banking corporation licensed by the department of financial services under Article 5 of the banking law, (c) any national bank, federal savings and loan association and federal credit union, (d) any authorized insurer defined by subdivision six of § 4 of the insurance law and (e) any other institution within the state authorized to originate and service loans including, but not limited to, credit unions, mortgage loan companies and the New York business development corporation established under Article 5-A of the banking law, which shall be treated as a lender for all purposes of this subtitle.
4. "Loan for agricultural business project" means a loan received by a borrower from a lender to pay the cost of an agricultural business project.
5. "Loan to lender" means a loan made by the authority to a lender and evidenced by a bond, note, certificate of deposit or other obligation of such lender, secured or unsecured, as provided in this subtitle.