Mississippi § 57-57-5 - Definitions.

§ 57-57-5. Definitions.

For the purposes of this chapter, the following terms shall have the meanings ascribed to them in this section, unless the context clearly indicates otherwise: “Committee” means a committee, consisting of the chairman of the Certified Development Company of Mississippi, Inc., or his designee, two (2) bankers and two (2) Mississippi businessmen who are members of the Certified Development Company of Mississippi, Inc., created pursuant to Section 57-10-167, and actively involved in exporting. “Company” means the Certified Development Company of Mississippi, Inc., created pursuant to Section 57-10-167. “Bank” means any state or national bank doing business in Mississippi, which is approved by the company. “Eligible export trade transaction” means a transaction consisting of a loan from any Mississippi bank to finance an international pre-export or export, which in the judgment of the company will create or maintain employment in Mississippi and shall contain at least fifty percent (50%) of value added in goods or services at a location in Mississippi. “Guarantee” means additional security by the State of Mississippi for the eligible export trade transaction of any Mississippi business. “Business” means any person, corporation, partnership, proprietorship, association, organization or agency domiciled in the State of Mississippi. “Guarantee fee” means a fee charged by the Certified Development Company of Mississippi, Inc., for processing the guarantee. “Board” means the Mississippi Department of Economic Development operating through its executive director. “Commercial loss” means failure of the buyer to pay to the Mississippi business when due all or part of the gross invoice value of an eligible export trade transaction due to the insolvency of the buyer. “Political loss” means failure of the buyer to pay to the Mississippi business when due all or part of the gross invoice value of an eligible export trade transaction due to dollar transfer delays, war, revolution, license revocation or diversion of goods.