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(20 ILCS 3610/3) (from Ch. 5, par. 1253)
Sec. 3.
As used in this Act unless the context otherwise requires:
(a) "Applicant" means an Illinois farmer applying for an operating loan.
(b) "Operating loan" means a loan to an applicant in connection with
cultivating the soil, or in connection with raising or harvesting any
agricultural or horticultural commodity, including the raising, feeding and
management of livestock or poultry on a farm of which the applicant is the
owner, tenant, or operator, for the current year's operating expenses.
(c) "Lender" means any federal or State chartered bank, federal land
bank, production credit association, bank for cooperatives, federal or
State chartered savings and loan association or building and loan association,
business
investment company or any other institution qualified within this State to
originate and service loans, including, but without limitation to,
insurance companies, credit unions and mortgage loan companies.
(d) "Payment adjustment" means an amount of money equal to one-half of
the total interest payable on the principal of the operating loan.
(e) "Authority" means the Illinois Finance
Authority.
(f) "Asset" shall include, but not be limited to the following: cash
crops or feed on hand; livestock held for sale; breeding stock; marketable
bonds and securities; securities not readily marketable; accounts
receivable; notes receivable; cash invested in growing crops; net cash
value of life insurance; machinery and equipment; cars and trucks; farm and
other real estate including life estates and personal residence; value of
beneficial interests in trusts; government payments or grants; and any other
assets.
(g) "Liability" shall include, but not be limited to the following:
accounts payable; notes or other indebtedness owed to any source; taxes;
rent; amounts owed on real estate contracts or real estate mortgages;
judgments; accrued interest payable; and any other liability.
(h) "Debt to asset ratio" means the current outstanding liabilities of
the farmer divided by the current outstanding assets of the farmer.
(Source: P.A. 93-205, eff. 1-1-04.)
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