Section 3 AAC 75.900 - DefinitionsIn this chapter, unless the context requires otherwise,
(1) "ADS-B system" means an automatic dependent surveillance-broadcast (ADS-B) data link system;(2) "default" includes a violation of any provision of AS 44.33.650-44.33.690, this chapter, or the loan documents, or failure to make the necessary payment within 15 days after it is due;(3) "department" means the Department of Commerce, Community, and Economic Development;(4) "director" means the director of the division assigned economic development functions or its successor agency in the department;(5) "guarantor" means a person who legally assures that the loan requirements will be met if the borrower fails to pay or perform as contracted;(6) "wraparound financing" means a contract that includes the balance due on an existing debt and any additional amount to cover the difference between the selling price and the existing debt.Eff. 8/22/2008, Register 187; am 6/28/2009, Register 190; am 10/16/2012, Register 204