Definitions

§ 1835-a. Definitions. As used or referred to in this subtitle, unless a different meaning appears from the context:

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 section two of the banking law, (b) any agency or branch of a foreign banking corporation licensed by the department of financial services under article five 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 section four 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 five-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.