similar entity
Defined in 2 places of the United States Code.
As used in this subparagraph, the term “similar entity” means an entity that, while not eligible for a loan under section 2129 of this title, is functionally similar to an entity eligible for a loan under section 2129 of this title in that it derives a majority of its income from, or has a majority of its assets invested in, the conduct of activities functionally similar to those conducted by the entity.
Source
- 1994–present12 U.S.C. § 2122Banks and Banking · Corporate existence; general corporate powers · under this subchapter
The term “similar entity” means a person that—
(A) is not eligible for a loan from the Farm Credit Bank or association; and
(B) has operations that are functionally similar to a person that is eligible for a loan from the Farm Credit Bank or association in that the person derives a majority of the income of the person from, or has a majority of the assets of the person invested in, the conduct of activities that are functionally similar to the activities that are conducted by an eligible person.
Source
- 2013–present12 U.S.C. § 2206ABanks and Banking · Authority of Farm Credit Banks and direct lender associations to participate in loans to similar entities for risk management purposes · as used in this section
The term "similar entity" means a person that—
(A) is not eligible for a loan from the Farm Credit Bank or association; and
(B) has operations that are functionally similar to a person that is eligible for a loan from the Farm Credit Bank or association in that the person derives a majority of the income of the person from, or has a majority of the assets of the person invested in, the conduct of activities that are functionally similar to the activities that are conducted by an eligible person.
Notwithstanding any other provision of this chapter, any Farm Credit Bank or direct lender association chartered under this chapter may participate in any loan of a type otherwise authorized under subchapter I or II made to a similar entity by any person in the business of extending credit, except that a Farm Credit Bank or direct lender association may not participate in a loan under this section if—
Source
- 2015–201612 U.S.C. § 2206ABanks and Banking · Authority of Farm Credit Banks and direct lender associations to participate in loans to similar entities for risk management purposes · as used in this section
The term "similar entity" means a person that—
(A) is not eligible for a loan from the Farm Credit Bank or association; and
(B) has operations that are functionally similar to a person that is eligible for a loan from the Farm Credit Bank or association in that the person derives a majority of the income of the person from, or has a majority of the assets of the person invested in, the conduct of activities that are functionally similar to the activities that are conducted by an eligible person.
Notwithstanding any other provision of this chapter, any Farm Credit Bank or direct lender association chartered under this chapter may participate in any loan of a type otherwise authorized under subchapter I or II of this chapter made to a similar entity by any person in the business of extending credit, except that a Farm Credit Bank or direct lender association may not participate in a loan under this section if—
Source
- 1994–201512 U.S.C. § 2206ABanks and Banking · Authority of Farm Credit Banks and direct lender associations to participate in loans to similar entities for risk management purposes · as used in this section