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President Ronald Reagan signing the act. In United States federal agriculture legislation, the Agricultural Credit Act of 1987 (Pub. L. 100–233, 101 Stat. 1568, enacted January 6, 1988) was enacted in response to the severe financial crisis of the early- to mid-1980s, which affected both farmers and their lending institutions.
An inventory revolving line of credit is a form of an asset based loan that is specifically collateralized by inventory held for sale. [ 1 ] [ 2 ] Rather than amortizing the principal amount over time, revolving lines of credit (revolvers) solely accrue interest on the outstanding balance and is charged in arrears. [ 3 ]
In 2004, Deere & Company asked the credit union not to use "John Deere" in its name to avoid trademark and company confusion because it was no longer affiliated with the company. [7] [8] Members voted to approve changing the name to Veridian Credit Union on August 21, 2005, [9] with official use beginning in January 2006.
There are four main types of syndicated loan facilities: a revolving credit; a term loan; an L/C; and an acquisition or equipment line (a delayed-draw term loan). [13] A revolving credit line allows borrowers to draw down, repay and reborrow as often as necessary.
A revolving loan is a particularly flexible financing tool as it may be drawn by a borrower by way of straightforward loans, but it is also possible to incorporate different types of financial accommodation within it – for example, it is possible to incorporate a letter of credit, a swingline (that is, a short-term borrowing that is funded on ...
AgFirst, part of the US Farm Credit System, serves as a wholesale lender and business-service provider to a network of local farm credit associations in 15 southern and eastern states, Washington, D.C., and Puerto Rico. [1] [2] It was formed in 1995 by the merger of the Farm Credit Bank of Baltimore and the Farm Credit Bank of Columbia. [3]