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

(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.