Terms Used In N.Y. State Finance Law 239

• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• 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
• Linked loan interest rate: means a fixed rate below the fixed interest rate the lender would have charged for the loan in the absence of a linked deposit based on its usual credit considerations. See N.Y. State Finance Law 236
• Program: means the water pollution control linked deposit program. See N.Y. State Finance Law 236