Abbreviations and definitions.

CFR · 2024-01-01 · US · Title 7

The following abbreviations and definitions are applicable to the Farm Loan Programs addressed in parts 761 through 767 and 769 unless otherwise noted. (a) (b) (1) Meets applicable Agency requirements; and (2) Is accurate outside the requirements of standard 3 of USPAP. (1) Meets the loan eligibility requirements for a direct or guaranteed CL, FO, or OL, as applicable; (2) Has not operated a farm for more than 10 years. This requirement applies to all members of an entity; (3) Will materially and substantially participate in the operation of the farm: (i) In the case of a loan made to an individual, individually or with the family members, material and substantial participation requires that the individual provide substantial day-to-day labor and management of the farm, consistent with the practices in the county or State where the farm is located. (ii) In the case of a loan made to an entity, all members must materially and substantially participate in the operation of the farm. Material and substantial participation requires that the member provide some amount of the management, or labor and management necessary for day-to-day activities, such that if the individual did not provide these inputs, operation of the farm would be seriously impaired; (4) Agrees to participate in any loan assessment and borrower training required by Agency regulations; (5) Except for an OL applicant, does not own real farm property or who, directly or through interests in family farm entities own

official document · source cfr-2024 · id 7:§ 761.2