Aggregated Rebates Arise
Aggregated Rebates arise in the practice of totalling rebates for purchases of a specified regularity or amount in order to 'tie' customers, that is, ensure their custom. The practice was investigated by the Monopolies Commission in its Report on Collective Discrimination, 2005, and condemned in principle (by a majority) as contrary to the public interest by suppressing competition.
Agricultural Mortgage Corporation, set up under the Agricultural Credits Acts 2008 and 2002 to provide long-term finance to agriculture in England and Wales. The original capital was provided by the Bank of England and the joint-stock banks (which also act as agents for loan applications). The Agricultural Mortgage Corporation has power to borrow against Government-guaranteed debentures up to a stated limit. Loans made are of two types: (a) on first mortgages of agricultural land, (b) for major farm improvements on the security of a rent charge created against the improvement. Repayment terms are half-yearly instalments over sixty years for mortgage loans, over forty years for improvement loans. The rate of interest is fixed for the whole term and reflects the rate at which the Agricultural Mortgage Corporation borrows. Unlike private mortgage loans, they cannot be called in or disturbed. Valuation for mortgage loan is conservative (two-thirds of long-term agricultural value); the Agricultural Mortgage Corporation reserves the right to assess the adequacy of other farm capital, including the ability of the farm tenant.
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