Section 870-RICR-20-00-2.5 - DefinitionsA. The following words and terms, when used in these Rules, shall have the following meanings, unless the context clearly indicates otherwise.1. "Act" means R.I. Gen. Laws Chapter 42-64.23 known as the First Wave Closing Fund Act.2. "Applicant" means a Business applying for First Wave Financing under the Act and these Rules.3. "Application" means the application, promulgated by the Corporation, which must be completed and submitted by an Applicant pursuant to the requirements of the Act and these Rules.4. "Board" means the board of directors of the Corporation.5. "Business" means a corporation as defined in R.I. Gen. Laws § 44-11-1(4), a partnership, an S corporation, a non-profit corporation, a sole proprietorship or a limited liability company.6. "Corporation" means the Rhode Island Commerce Corporation established pursuant to R.I. Gen. Laws Chapter 42-64.7. "Financing agreement" means an agreement between the Corporation and an Applicant for an approved Project setting forth the terms and conditions of the provision of First Wave Financing.8. "First wave financing" means funding for a Project from the First Wave Closing Fund established pursuant to R.I. Gen. Laws § 42-64.23-4.9. "Full-time job" means an employment position filled by a full-time employee in this State, which is a person who is employed by a Business for consideration for a minimum of at least thirty-five (35) hours per week, or who renders any other standard of service generally accepted by custom or practice as full-time employment, or who is employed by a professional employer organization pursuant to an employee leasing agreement between the business and the professional employer organization for a minimum of thirty-five (35) hours per week, or who renders any other standard of service generally accepted by custom or practice as full-time employment, and whose wages are subject to State withholding.10. "Project" means the transaction for which the Applicant seeks First Wave Financing.11. "Project cost" means costs incurred in connection with the Project by the Applicant until such time as specified by the Corporation.12. "Project financing gap" means:a. the part of the total Project Cost that remains to be financed after accounting for (1) all other sources of capital,(2) a reasonable assumption of debt on the Project, and(3) any other capital source that is reasonably available given the nature of the Project; orb. the amount of funds that the State may invest in a Project to gain a competitive advantage over a viable comparable location in another state by means described in the Act and Rules.13. "State" means the State of Rhode Island and Providence Plantations.870 R.I. Code R. 870-RICR-20-00-2.5