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8.97.2001    DEFINITIONS

In addition to the definitions set forth in 17-5-1503 , MCA, the following definitions shall apply for purposes of these rules:

(1) "Access easement" means an access easement from a borrower to the board including any amendments thereto relating to land subject to the borrower's CRP contract;

(2) "Act" means Title 17, chapter 5, part 15, Montana Code Annotated;

(3) "Agricultural enterprise project" means a project located in Montana whereby CRP loan proceeds are used for restructuring or refinancing existing agricultural indebtedness; agricultural working capital; purchase of livestock, agricultural land or equipment; or other agriculturally related enterprises;

(4) "Annual payments" means payments referred to as "annual rental payments" in a CRP contract which can be in the form of cash or payment in kind certificates;

(5) "ASCS" means the Agricultural Stabilization and Conservation Service of the U.S. Department of Agriculture, and any successor of its functions;

(6) "Borrower" or "loan recipient" means a person who has received a CRP loan from the board pursuant to the requirements of these rules;

(7) "CCC" means the Commodity Credit Corporation of the USDA, its successors and assigns;

(8) "Closing" means the finalizing of a CRP loan, at which time the trustee disburses funds for a loan to a borrower;

(9) "Commitment agreement" means the agreement so designated and amendments or supplements thereto wherein the borrower agrees to take a CRP loan from the board by a date certain for the purposes of financing the borrower's agricultural enterprise project for a specific amount and at a fixed interest rate;

(10) "Commitment fee" means the fee paid by the borrower upon submission of the commitment agreement to the loan originator;

(11) "CRP" means U.S. Conservation Reserve Program of the USDA under Title XII of the Food Security Act of 1985, as amended;

(12) "CRP contract" means a contract between the borrower and the CCC under the conservation reserve program;

(13) "CRP loan" means a loan made by the board to the borrower pursuant to these rules;

(14) "CRP payment" means the payment made by the CCC under a CRP contract, whether the payment is made in cash or by payment in kind certificates;

(15) "CRP Enhancement Program" or "CRP Program" means the board's conservation reserve payment enhancement program pursuant to which the board makes loans for agricultural enterprise projects;

(16) "Loan fund" means the fund from which disbursements to borrowers shall be made to finance agricultural enterprise projects;

(17) "Mortgage" means a mortgage and security agreement entered into between a borrower and the board;

(18) "Note" means a promissory note executed and delivered by a borrower to the board to evidence a loan;

(19) "Person" means any individual, corporation, partnership, joint venture, association, joint stock company, trust, unincorporated association or government or agency, or political subdivision;

(20) "Program documents" collectively means the application and its exhibits, commitment agreement, note, CRP contract, successor in interest agreement, mortgages, origination agreement and access easement;

(21) "SCS" means the U.S. Soil Conservation Service of the U.S. Department of Agriculture;

(22) "State" means the state of Montana;

(23) "Trustee" means the person responsible for administering the bond funds;

(24) "USDA" means the U.S. Department of Agriculture;

(25) "Working capital" means money used in a for-profit activity either to increase current assets or to decrease current liabilities.

History: Sec. 17-5-1504, 17-5-1521, MCA; IMP, Sec. 17-5-1504, 17-5-1521, MCA; NEW, 1989 MAR p. 2204, Eff. 12/22/89.

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