The following words and terms, when used in this chapter, shall have the following meanings, unless the context clearly indicates otherwise.

1. (1) Act--Texas Agriculture Code, Chapter 59, Farm and Ranch Finance Program.
2. (2) Applicant--Any person who is applying for assistance under the Act and this chapter.
3. (3) Application--An application, including supporting documentation and schedules as required by the Authority for participation in this program.
4. (4) Authority--The Texas Agricultural Finance Authority acting through its Board of Directors.
5. (5) Borrower--An applicant approved for a loan by the Authority Board of Directors.
6. (6) Commissioner--The Commissioner of the Texas Department of Agriculture.
7. (7) Department--The Texas Department of Agriculture.
8. (8) Financial statements--Financial statements submitted by the applicant, which shall include a balance sheet, income statement, cash flow statement and owners equity reconciliation, if applicable.
9. (9) Fund--The Farm and Ranch Finance Program Fund.
10. (10) Guarantee Amount--With respect to a loan made by a lender, a sum measured in terms of United States dollars that the Authority agrees to pay in the case of default by the borrower, not to exceed the percentage and amount as stated in the guaranty agreement.
11. (11) Interest rate--The interest rate on a loan as determined and approved by the Authority and the lender on a case-by-case basis.
12. (12) Lender--A lender shall be a state or nationally chartered commercial lending institution, savings and loan association, credit union, any member of the Farm Credit System in the state, or any institution that the Authority determines is an experienced and sophisticated lender.
13. (13) Loan--A loan approved by the Authority in accordance with the requirements and criteria set forth in the Act and in this chapter.
14. (14) Program--The Farm and Ranch Finance Program.
15. (15) Staff--The staff of the Department performing work for the Authority.
16. (16) State--The State of Texas.

Source Note:The provisions of this §24.3 adopted to be effective June 16, 1995, 20 TexReg 4047; amended to be effective July 1, 1996, 21 TexReg 5685; amended to be effective September 16, 1997, 22 TexReg 9243; amended to be effective August 26, 2001, 26 TexReg 6099.