N.Y. State Finance Law 241 – Early maturity
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§ 241. Early maturity. Unless otherwise agreed to by the corporation, the linked deposit shall automatically mature on the thirtieth calendar day after the occurrence of any event, monetary or non-monetary, which, whether declared by the lender or not, constitutes a default under any term or terms of the linked loan and such default remains uncured as of such thirty calendar days. Upon early repayment of a linked loan, the linked deposit shall automatically mature with payment due to the corporation on or before the last day of the month in which prepayment occurs.
Terms Used In N.Y. State Finance Law 241
- 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.
- Corporation: means the New York state environmental facilities corporation, as continued by § 1282 of the public authorities law. See N.Y. State Finance Law 236
- Lender: means any state or federally-chartered savings bank, savings and loan association, federal savings bank, federal savings and loan association, farm credit system institution, or commercial bank or trust company designated by the corporation to participate in the program. See N.Y. State Finance Law 236
- Linked deposit: means financial assistance undertaken by the corporation for the construction of an eligible project through a deposit, or for a farm credit system institution an investment eligible to be held by such institution, placed with a lender by the corporation bearing interest at the linked deposit interest rate, provided the lender has agreed to:
(a) lend the equivalent value of such deposit to an eligible borrower at the linked loan interest rate; and
(b) permit the deposit to be comprised of a series of certificates of deposit each bearing an interest rate equal to the linked deposit interest rate fixed at the time the original linked deposit is placed. See N.Y. State Finance Law 236 - Linked loan: means a loan for purposes of an eligible project, in an amount equal to a linked deposit and bearing interest at the linked loan interest rate. See N.Y. State Finance Law 236