[Code of Federal Regulations]
[Title 25, Volume 1]
[Revised as of April 1, 2005]
From the U.S. Government Printing Office via GPO Access
[CITE: 25CFR103.44]

[Page 315]
 
                            TITLE 25--INDIANS
 
     CHAPTER I--BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR
 
PART 103_LOAN GUARANTY, INSURANCE, AND INTEREST SUBSIDY--Table of Contents
 
           Subpart H_Definitions and Miscellaneous Provisions
 
Sec. 103.44  What certain terms mean in this part.


    BIA means the Bureau of Indian Affairs within the United States 
Department of the Interior.
    Default means:
    (1) The borrower's failure to make a scheduled loan payment when it 
is due;
    (2) The borrower's failure to meet a material condition of the loan 
agreement;
    (3) The borrower's failure to comply with any other condition, 
covenant or obligation under the terms of the loan agreement within 
applicable grace or cure periods;
    (4) The borrower's failure to remain at least 51 percent Indian 
owned, as provided in Sec. 103.25(b);
    (5) The filing of a voluntary or involuntary petition in bankruptcy 
listing the borrower as debtor;
    (6) The imposition of a Federal, State, local, or tribal government 
lien on any assets of the borrower or assets otherwise used as 
collateral for the loan, except real property tax liens imposed by law 
to secure payments that are not yet due;
    (7) Any default defined in the loan agreement, to the extent the 
definition is not inconsistent with this part.
    Equity means the value, after deducting all debt, of the borrower's 
tangible assets in the business being financed, on which a lender can 
perfect a first lien security interest. It can include cash, securities, 
or other cash equivalent instruments, but cannot include the value of 
contractual options, the right to pay below market rental rates, or 
similar rights if those rights:
    (1) Are unassignable; or
    (2) Can expire before maturity of the loan.
    Indian means a person who is a member of a tribe as defined in this 
part.
    Loan agreement means the collective terms and conditions under which 
the lender extends a loan to a borrower, as reflected by the documents 
that evidence the loan.
    Mortgage means a consensual lien on real or personal property in 
favor of the lender, given by the borrower or a co-maker or guarantor of 
the loan (other than BIA), to secure loan repayment. The term 
``mortgage'' includes ``deed of trust.''
    NEPA means the National Environmental Policy Act of 1969, 42 U.S.C. 
4321 et seq.
    Person means any individual or distinct legal entity.
    Program means the BIA's Loan Guaranty, Insurance, and Interest 
Subsidy Program, established under 25 U.S.C. 1481 et seq., 25 U.S.C. 
1511 et seq., and this part 103.
    Reservation means any land that is an Indian reservation, California 
rancheria, public domain Indian allotment, pueblo, Indian colony, former 
Indian reservation in Oklahoma, or land held by an Alaska Native 
corporation under the provisions of the Alaska Native Claims Settlement 
Act (85 Stat. 688), as amended.
    Secretary means the Secretary of the United States Department of the 
Interior, or his authorized representative.
    Tribe means any Indian or Alaska Native tribe, band, nation, pueblo, 
rancheria, village, community or corporation that the Secretary 
acknowledges to exist as an Indian tribe, and that is eligible for 
services from BIA.

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