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§ 5171. Definitions.

14 CA ADC § 5171Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 14. Natural Resources
Division 4. Division of Boating and Waterways
Chapter 1. Division of Boating and Waterways
Article 1.4. Recreational Marina Loan Regulations
14 CCR § 5171
§ 5171. Definitions.
Currentness
For the purposes of this article, the definitions found in Harbors and Navigation Code Sections 30 through 40 and 76 through 76.8 shall apply unless otherwise indicated. The following supplementary definitions shall also govern the construction of this article:
(a) “Collateral.” Property, both real and personal, whether tangible or intangible, pledged as security for repayment of a debt, including but not limited to: a mortgage or security interest in real estate, buildings, equipment accounts, contract rights and chattel paper of the borrower or any third party legally bound as a surety with the knowledge that the surety is bound.
(b) “Commission.” The Boating and Waterways Commission.
(c) “Contract.” The Recreational Marina Loan agreement to implement the disbursement of loan funds.
(d) “Default”:
(1) the failure of a borrower to make any payment required by the contract within 30 days of the due date of the payment,
(2) the failure of a borrower to comply with any other requirement of the contract. Such default may be cured by complying with the requirement within 30 days after receipt of written notice from the department specifying such failure,
(3) the provision of false representations or false warranties by the borrower in response to any obligations under the contract,
(4) the failure of a borrower to conduct appropriate proceedings in good faith to contest any levy or proceeding against the collateral or borrower's interest therein; or
(5) the filing of a petition by a borrower under the provisions of the Bankruptcy Code, or the failure of a borrower to conduct appropriate proceedings in good faith to contest a bankruptcy filing by a third party when such action affects the collateral.
(e) “Department.” The Department of Boating and Waterways.
(f) “Loan” A loan made pursuant to Section 76.3 of the Harbors and Navigation Code.
(g) “Project.” The development of boating facilities specified in the contract.
(h) “Project Area.” A delineated area in which the project is to be located.
(i) “Project Costs.” Those equipment, labor, material and construction costs that are incurred by the borrower for the purpose of completing the project; however, such project costs shall not include indirect or overhead charges incurred by the borrower for its own personnel and shall not include any expenses incurred prior to the effective date of the contract.
(j) “Reserve Fund.” A separate and independent fund for the exclusive purpose of providing extraordinary, non-routine, maintenance, repair or replacement during the loan period.
(k) “Unpaid Balance.” Total outstanding debt, including principal, interest and penalties, if applicable.

Credits

Note: Authority cited: Sections 63.9(e) and 76.8, Harbors and Navigation Code. Reference: Sections 76.3 and 85.2, Harbors and Navigation Code.
History
1. New section filed 7-2-2001; operative 8-1-2001 (Register 2001, No. 27).
This database is current through 5/10/24 Register 2024, No. 19.
Cal. Admin. Code tit. 14, § 5171, 14 CA ADC § 5171
End of Document