OAR 123-021-0010
Definitions
(1)
“Authorized loan amount” means the amount of a loan authorized by the Department to be under the CEF Program pursuant to a loan insurance authorization issued by the Department to the financial institution making the loan.(2)
“CEF Program” means the Credit Enhancement Fund Insurance Program established under ORS 285B.200 (Definitions for ORS 285B.200 to 285B.218) to 285B.218 (Pledge to assure repayment).(3)
The “deficiency” of a loan means the amount of principal outstanding upon default, accrued interest and the financial institution’s reasonable costs of collection, exclusive of costs attributable to environmental problems, remaining unpaid after liquidation of collateral and collection of guarantees.(4)
“Financial institution” has the meaning set forth in ORS 706.008 (Additional definitions for Bank Act).(5)
“Fund” means the Credit Enhancement Fund created by ORS 285B.215 (Credit Enhancement Fund).(6)
“Loan insurance authorization” means a letter from the director or deputy director or designee to a financial institution agreeing to insure a loan to a borrower on the terms and conditions and subject to the requirements stated therein.(7)
“Loan insurance agreement” means the agreement between the financial institution and the Department required by OAR 123-021-0100 (Loan Insurance Agreement).(8)
“Principal” in regards to a borrower is defined as:(a)
If a sole proprietorship, the proprietor;(b)
If a partnership, each managing partner and each partner who is a natural person and holds a twenty percent (20%) or more ownership interest in the partnership; and,(c)
If a corporation, limited liability company, association or a development company, each director, each of the five most highly compensated executives or officers of the entity, and each natural person who is a direct or indirect holder of twenty percent (20%) or more of the ownership stock or stock equivalent of the entity.(9)
“Principal” in regards to a financial institution is defined as:(a)
If a sole proprietorship, the proprietor;(b)
If a partnership, each partner; and(c)
If a corporation, limited liability company, association or a development company, each director, each of the five most highly compensated executives, officers or employees of the entity, and each direct or indirect holder of twenty percent (20%) or more of the ownership stock or stock equivalent of the entity.(10)
“Substantial benefit” may include, but is not limited to:(a)
Job creation or retention.(b)
Increased sales or profit, or higher revenue paid to the State of Oregon.(c)
Access to new markets for the borrower’s product or service(d)
Diversification of the local or regional economy.(e)
Revitalization of a neighborhood or community.(11)
“SSBCI Funds” means U.S. Treasury funds allocated to the Department under the State Small Business Credit Initiative Act of 2010 (title III of the Small Business Jobs Act of 2010, P.L. 111-240, 124 Stat. 2568, 2582).(12)
“Working capital loan” means any loan, the proceeds of which are to be used for operating, maintenance and other costs and expenses, or for purposes other than acquiring real property, production equipment, or other capital assets.
Source:
Rule 123-021-0010 — Definitions, https://secure.sos.state.or.us/oard/view.action?ruleNumber=123-021-0010.