Qualified agricultural loan definition

Qualified agricultural loan means 1 or more of the following types of loans, as applicable:
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Qualified agricultural loan means a loan for projects designed to establish, retain, attract, or develop value-added agricultural processing and related agricultural production operations in this state.
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Qualified agricultural loan means: (i) Loans that finance agricultural production or are secured by farm land for purposes of Schedule RC-C of the FFIEC Consolidated Report of Condi- tion or such other comparable sched- ule; (ii) Loans secured by farm machin- ery; (iii) Other loans that a bank proves to be sufficiently related to agriculture for classification as an agricultural loan by the Board; and (iv) The remaining unpaid balance of any loans described in paragraphs (a)(4) (i), (ii) and (iii) of this section that have been charged off since January 1, 1984, and that qualify for deferral under this section.
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More Definitions of Qualified agricultural loan

Qualified agricultural loan means a loan that is issued under the program and that meets all of the following conditions:
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Qualified agricultural loan means 1 or more of the following types of loans, as appli- cable: (i) Until October 1, 2002, a loan to a natural or corporate person who is engaged as an owner-operator of a farm in the production of agricultural goods as defined by section 207(1)(d) of the Michigan business tax act, 2007 PA 36, MCL 208.1207, who is experiencing financial stress and difficulty in meeting existing or projected debt obligations owed to financial institu- tions due to an agricultural disaster as requested by the governor at rates commensurate with rates charged by financial institutions for loans of comparable type and terms at the time the loan is to be made, and who certifies to the financial institution that the owner- operator will not have more than $150,000.00 in outstanding loans otherwise considered qualified agricultural loans under this subparagraph, including the loan for which the owner- operator is applying. If crop insurance was available for a particular crop and the producer did not purchase the crop insurance for that crop, the amount of the loan shall be reduced by 30% or $50,000.00, whichever is less. A qualified agricultural loan under this subparagraph may be made for either or both of the following purposes: (A) Operating capital including, but not limited to, capital necessary for the rental, lease, and repair of equipment or machinery, crop insurance premiums, and the purchase of seed, feed, livestock, breeding stock, fertilizer, fuel, and chemicals. (B) Refinancing all or a portion of a loan entered into before October 1, 2002 for a purpose identified in sub-subparagraph (A). (ii) A loan to an individual, sole proprietorship, partnership, corporation, or other legal entity that is engaged and intends to remain engaged as an owner-operator of a farm in the production of agricultural goods as defined by section 207(1)(d) of the Michigan business tax act, 2007 PA 36, MCL 208.1207, who has suffered a 25% or more loss in major enterprises or a 50% or more production loss in any 1 crop due to an agricultural disaster on a farm located in this state, as requested by the governor and as certified by the producer by means of an affidavit demonstrating an accurate and valid production loss. (iii) A loan to an individual, sole proprietorship, partnership, corporation, or other legal entity that is engaged in an agricultural business of buying, exchanging, or selling farm pro- duce, or is engaged in the business of making retail sales directly to farmers and has ...
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Related to Qualified agricultural loan

  • Agricultural purposes ’ means purposes normally or otherwise reasonably associated with the use of land for agricultural activities, including the use of land for structures, buildings and dwelling units reasonably necessary for or related to

  • Agricultural , in reference to use, means land, buildings or structures used, designed or intended to be used solely for an “agricultural operation” as that term is defined in section 1 of the Farming and Food Production Protection Act, 1998, S.O. 1998, c. 1;

  • Agricultural property means property that is used primarily for agricultural purposes and excludes any portion thereof that is used commercially for the hospitality of guests, and excludes the use of the property for the purpose of eco-tourism or for the trading in or hunting of game;

  • Agricultural land means land suitable for use in farming.

  • Agricultural lands means land currently used for the purpose of producing an agricultural commodity for commercial purposes, land left fallow under a crop rotational program, or land enrolled in an agricultural subsidy or set-aside program.

  • agricultural area means any area taken up by arable land, permanent grassland and permanent pasture or permanent crops;

  • agriculturist means an individual or a Hindu Undivided Family who undertakes cultivation of land—

  • Agricultural equipment includes but is not limited to tractors; trailers; combines; tillage, planting, and cultivating implements; balers; irrigation implements; and all-terrain vehicles.

  • agricultural holding means a portion of land not less than 0.8 hectares in extent used solely or mainly for the purpose of agriculture, horticulture or for breeding or keeping domesticated animals, poultry or bees;

  • Agricultural producer means a person that engages or wishes to engage or intends to engage in the business of producing and marketing agricultural produce in this state.

  • Agricultural lien means an interest, other than a security interest, in farm products:

  • Agricultural waste means biomass waste materials capable of decomposition that are produced from the

  • Agricultural operation means an agricultural operation as defined in the Agricultural Operation Practices Act;

  • Agricultural product means the products listed in Annex I to the Treaty, except fishery and aquaculture products listed in Annex I to Regulation (EU) No 1379/2013 of the European Parliament and of the Council of 11 December 2013;

  • Multifamily housing means housing accommodations designed as a residence for more than 1 family.

  • agricultural products means an animal or plant or a product, including any food or drink that is wholly or partly derived from an animal or plant, and includes all after acquired Agricultural Products of the Producer, or any proceeds therefore.

  • Agricultural operations means the growing and harvesting of crops or the raising of fowl or animals for the primary purpose of making a profit, providing a livelihood, or conducting agricultural research or instruction by an educational institution. Agricultural operations do not include activities involving the processing or distribution of crops or fowl.

  • Agricultural use means the use of any pesticide or method or device for the control of pests in connection with the commercial production, storage or processing of any animal or plant crop. “Agricultural Use” does not include the sale or use of pesticides in properly labeled packages or containers which are intended for: (A) Home use, (B) Use in structural pest control, or (C) Industrial or Institutional use. For the purposes of this definition only:

  • Agricultural commodity means all agricultural, aquacultural, silvicultural, horticultural, floricultural, or viticultural products, livestock or livestock products, Christmas trees, bees, maple syrup, honey, commercial fish or fish products, and seeds produced in this state, either in their natural state or as processed by the producer of the commodity. The kinds, types, and subtypes of products to be classed together as an agricultural commodity for the purposes of this act shall be determined on the basis of common usage and practice.

  • Agricultural production means the commercial production of food or fiber.