Common use of Farm Credit System Entity Equity Interests Clause in Contracts

Farm Credit System Entity Equity Interests. So long as any of the entities identified in Schedule 2.18 is a Bank under this Agreement, the Borrowers will acquire equity in such Farm Credit System Entities (an “FCS Entity”) in such amounts and at such times as the FCS Entities may require in accordance with the FCS Entities’ Bylaws and Capital Plans (as each may be amended from time to time), except that the maximum amount of equity that the Borrowers may be required to purchase in the FCS Entities in connection with the Loans and Swingline Loans made by the FCS Entities under this Agreement shall not exceed the maximum amount permitted by the FCS Entities’ Bylaws as of the date of this Agreement. The rights and obligations of the parties with respect to such equity and any distributions made on account thereof or on account of the Borrowers’ patronage with the FCS Entities shall be governed by the FCS Entities’ Bylaws, except that if the FCS Entities sell a participation in a portion of any Loans due to the FCS Entities, the sold portion of the Loans due to the FCS Entities shall not be entitled to patronage distributions. A sale of participation interest may include certain voting rights of the participants regarding the loans hereunder (including the administration, servicing and enforcement thereof). The Borrowers hereby consent and agree that the amount of any distributions with respect to the Borrowers’ patronage with the FCS Entities that are made in qualified written notices of allocation and that are received by the Borrowers from the FCS Entities will be taken into account by the Borrowers at the stated dollar amounts whether the distribution is evidenced by a stock certificate or other form of written notice that such distribution has been made and recorded in the Borrowers’ name on the FCS Entities’ records. The Loans due to the FCS Entities under this Agreement and other indebtedness due to the FCS Entities hereunder shall be secured by a statutory first lien on all equity that the Borrowers may now own or hereafter acquire in the FCS Entities. Such equity shall not, however, constitute security for indebtedness due to any other Bank under this Agreement. The FCS Entities shall not be obligated to set off or otherwise apply such equities to the Borrowers’ indebtedness to the Banks.

Farm Credit System Entity Equity Interests. So long as any of the entities identified in Schedule 2.18 2.17 is a Bank under this Agreement, the Borrowers Borrower will acquire equity in such Farm Credit System Entities (an “"FCS Entity”") in such amounts and at such times as the FCS Entities may require in accordance with the FCS Entities’ ' Bylaws and Capital Plans (as each may be amended GP:3761233v2 from time to time), except that the maximum amount of equity that the Borrowers Borrower may be required to purchase in the FCS Entities in connection with the Loans and Swingline Loans made by the FCS Entities under this Agreement shall not exceed the maximum amount permitted by the FCS Entities’ ' Bylaws as of the date of this Agreement. The rights and obligations of the parties with respect to such equity and any distributions made on account thereof or on account of the Borrowers’ Borrower's patronage with the FCS Entities shall be governed by the FCS Entities’ ' Bylaws, except that if the FCS Entities sell a participation in a portion of any Loans due to the FCS Entities, the sold portion of the Loans due to the FCS Entities shall not be entitled to patronage distributions. A sale of participation interest may include certain voting rights of the participants regarding the loans hereunder (including the administration, servicing and enforcement thereof). The Borrowers Borrower hereby consent consents and agree agrees that the amount of any distributions with respect to the Borrowers’ Borrower's patronage with the FCS Entities that are made in qualified written notices of allocation and that are received by the Borrowers Borrower from the FCS Entities will be taken into account by the Borrowers Borrower at the stated dollar amounts whether the distribution is evidenced by a stock certificate or other form of written notice that such distribution has been made and recorded in the Borrowers’ Borrower's name on the FCS Entities’ ' records. The Loans due to the FCS Entities under this Agreement and other indebtedness due to the FCS Entities hereunder shall be secured by a statutory first lien on all equity that the Borrowers Borrower may now own or hereafter acquire in the FCS Entities. Such equity shall not, however, constitute security for indebtedness due to any other Bank under this Agreement. The FCS Entities shall not be obligated to set off or otherwise apply such equities to the Borrowers’ Borrower's indebtedness to the BanksBank.

Farm Credit System Entity Equity Interests. So long as any of the entities identified in Schedule 2.18 2.17 is a Bank under this Agreement, the Borrowers Borrower will acquire equity in such Farm Credit System Entities (an “"FCS Entity”") in such amounts and at such times as the FCS Entities may require in accordance with the FCS Entities’ ' Bylaws and Capital Plans (as each may be amended from time to time), except that the maximum amount of equity that the Borrowers Borrower may be required to purchase in the FCS Entities in connection with the Loans and Swingline Loans made by the FCS Entities under this Agreement shall not exceed the maximum amount permitted by the FCS Entities’ ' Bylaws as of the date of this Agreement. The rights and obligations of the parties with respect to such equity and any distributions made on account thereof or on account of the Borrowers’ Borrower's patronage with the FCS Entities shall be governed by the FCS Entities’ ' Bylaws, except that if the FCS Entities sell a participation in a portion of any Loans due to the FCS Entities, the sold portion of the Loans due to the FCS Entities shall not be entitled to patronage distributions. A sale of participation interest may include certain voting rights of the participants regarding the loans hereunder (including the administration, servicing and enforcement thereof). The Borrowers Borrower hereby consent consents and agree agrees that the amount of any distributions with respect to the Borrowers’ Borrower's patronage with the FCS Entities that are made in qualified written notices of allocation and that are received by the Borrowers Borrower from the FCS Entities will be taken into account by the Borrowers Borrower at the stated dollar amounts whether the distribution is evidenced by a stock certificate or other form of written notice that such distribution has been made and recorded in the Borrowers’ Borrower's name on the FCS Entities’ ' records. The Loans due to the FCS Entities under this Agreement and other indebtedness due to the FCS Entities hereunder shall be secured by a statutory first lien on all equity that the Borrowers Borrower may now own or hereafter acquire in the FCS Entities. Such equity shall not, however, constitute security for indebtedness due to any other Bank under this Agreement. The FCS Entities shall not be obligated to set off or otherwise apply such equities to the Borrowers’ Borrower's indebtedness to the BanksBank.

Farm Credit System Entity Equity Interests. So long as any of the entities identified in Schedule 2.18 2.17 is a Bank under this Agreement, the Borrowers Borrower will acquire equity in such Farm Credit System Entities (an “FCS Entity”) in such amounts and at such times as the FCS Entities may require in accordance with the FCS Entities’ Bylaws and Capital Plans (as each may be amended from time to time), except that the maximum amount of equity that the Borrowers Borrower may be required to purchase in the FCS Entities in connection with the Loans and Swingline Loans made by the FCS Entities under this Agreement shall not exceed the maximum amount permitted by the FCS Entities’ Bylaws as of the date of this Agreement. The rights and obligations of the parties with respect to such equity and any distributions made on account thereof or on account of the Borrowers’ Borrower’s patronage with the FCS Entities shall be governed by the FCS Entities’ Bylaws, except that if the FCS Entities sell a participation in a portion of any Loans due to the FCS Entities, the sold portion of the Loans due to the FCS Entities shall not be entitled to patronage distributions. A sale of participation interest may include certain voting rights of the participants regarding the loans hereunder (including the administration, servicing and enforcement thereof). The Borrowers Borrower hereby consent consents and agree agrees that the amount of any distributions with respect to the Borrowers’ Borrower’s patronage with the FCS Entities that are made in qualified written notices of allocation and that are received by the Borrowers Borrower from the FCS Entities will be taken into account by the Borrowers Borrower at the stated dollar amounts whether the distribution is evidenced by a stock certificate or other form of written notice that such distribution has been made and recorded in the Borrowers’ Borrower’s name on the FCS Entities’ records. The Loans due to the FCS Entities under this Agreement and other indebtedness due to the FCS Entities hereunder shall be secured by a statutory first lien on all equity that the Borrowers Borrower may now own or hereafter acquire in the FCS Entities. Such equity shall not, however, constitute security for indebtedness due to any other Bank under this Agreement. The FCS Entities shall not be obligated to set off or otherwise apply such equities to the Borrowers’ Borrower’s indebtedness to the BanksBank.