BANK EQUITY INTERESTS. Borrower agrees to purchase such equity interests in CoBank (“Bank Equity Interests”) as CoBank may from time to time require in accordance with its bylaws and capital plans as applicable to cooperative borrowers generally. In connection with the foregoing, Borrower hereby acknowledges receipt, prior to the execution of this Credit Agreement, of the following with respect to CoBank: (a) the bylaws, (b) a written description of the terms and conditions under which the Bank Equity Interests are issued and (c) the most recent annual report, and if more recent than the latest annual report, the latest quarterly report. Borrower agrees to be bound by the terms of CoBank’s bylaws and capitalization plan, including without limitation, provisions applicable to patronage distributions. CoBank shall have no obligation to retire the Bank Equity Interests upon Borrower’s default or at any other time, either for application to the Bank Debt or otherwise. Neither the Bank Equity Interests nor any accrued patronage shall be offset against the Bank Debt owing to CoBank or otherwise taken into consideration for purposes of determining the Syndication Parties’ pro rata shares hereunder. CoBank reserves the right to sell participations under the provisions of Section 15.27 on a non-patronage basis. In addition, Borrower agrees to purchase such equity interests in any Farm Credit System Institution which is a Syndication Party hereunder as such Farm Credit System Institution may from time to time require in accordance with its bylaws and capital plans as applicable to cooperative borrowers generally and as is required by any written agreement Borrower may execute with any such Farm Credit System Institution.
BANK EQUITY INTERESTS. (i) Each of Seller and Servicer agrees to purchase such equity interests in CoBank ("Bank Equity Interests") as CoBank may from time to time require in accordance with its bylaws and capital plans as applicable to cooperative borrowers generally. In connection with the foregoing, each of Seller and Servicer hereby acknowledges receipt, prior to the execution of this Agreement, of the following with respect to CoBank:
BANK EQUITY INTERESTS. 29 ARTICLE 9. SECURITY..........................................................29
BANK EQUITY INTERESTS. Borrower agrees to purchase such equity interests in CoBank (“Bank Equity Interests”) as CoBank may from time to time require in accordance with its bylaws and capital plans as applicable to cooperative borrowers generally. In connection with the foregoing, Borrower hereby acknowledges receipt, prior to the execution of this Credit Agreement, of the following with respect to CoBank: (a) the bylaws; (b) a written description of the terms and conditions under which the Bank Equity Interests are issued; (c) the most recent annual report; and (d) if more recent than the latest annual report, the latest quarterly report. CoBank reserves the right to sell participations under the provisions of Section 15.27 on a non-patronage basis.
BANK EQUITY INTERESTS. Borrower agrees to purchase such equity interests in CoBank (“Bank Equity Interests”) as CoBank may from time to time require in accordance with its bylaws and capital plan. In connection with the foregoing, Borrower hereby acknowledges receipt, prior to the execution of this Credit Agreement, of the following with respect to CoBank: (a) the bylaws, (b) a written description of the terms and conditions under which the Bank Equity Interests are issued and (c) the most recent annual report, and if more recent than the latest annual report, the latest quarterly report. Borrower agrees to be bound by the terms of CoBank’s bylaws and capitalization plan, including without limitation, provisions applicable to patronage distributions. CoBank shall have no obligation to retire the Bank Equity Interests upon any Event of Default or Potential Default or at any other time, either for application to the Bank Debt or otherwise. Neither the Bank Equity Interests nor any accrued patronage shall be taken into consideration for purposes of determining the Syndication Parties’ pro rata shares hereunder. Neither the Bank Equity Interests nor any accrued patronage shall be offset against the Bank Debt owing to CoBank, except that in the event of an Event of Default, CoBank may elect, solely at its discretion, to apply the cash portion of any patronage distribution or retirement of equity to amounts owed to CoBank under this Credit Agreement, whether or not such amounts are currently due and payable. Borrower acknowledges that any corresponding tax liability associated with such application is the sole responsibility of Borrower. CoBank reserves the right to sell participations under the provisions of Section 15.27 on a non-patronage basis. In addition, Borrower agrees to purchase such equity interests in any Farm Credit System Institution which is a Syndication Party hereunder as such Farm Credit System Institution may from time to time require in accordance with its bylaws and capital plan and as is required by any written agreement Borrower may execute with any such Farm Credit System Institution.
BANK EQUITY INTERESTS. Borrower agrees to purchase such equity interests in CoBank (“Bank Equity Interests”) as CoBank may from time to time require in accordance with its bylaws and capital plans as applicable to cooperative borrowers generally. In connection with the foregoing, Borrower hereby acknowledges receipt, prior to the execution of this Credit Agreement, of the following with respect to CoBank (a) the bylaws, (b) a written description of the terms and conditions under which the Bank Equity Interests are issued, (c) the most recent annual report, and if more recent than the latest annual report, the latest quarterly report. CoBank reserves the right to sell participations under the provisions of Section 16.28 on a non-patronage basis. In addition, Borrower agrees to purchase such equity interests in any Farm Credit System Institution which is a Syndication Party hereunder as such Farm Credit System Institution may from time to time require in accordance with its bylaws and capital plans as applicable to cooperative borrowers generally and as is required by any written agreement Borrower may execute with any such Farm Credit System Institution.
BANK EQUITY INTERESTS. The Borrowers agree to purchase Equity Interests (“Bank Equity Interests”) in CoBank as CoBank may from time to time require in accordance with its bylaws and capital plan and that are applicable to borrowers generally. In connection with the foregoing, the Borrower hereby acknowledges receipt, prior to the execution of this Credit Agreement, of the following with respect to CoBank: (a) its bylaws; (b) a written description of the terms and conditions under which CoBank’s Bank Equity Interests are issued; (c) the most recent annual financial report, and if more recent than the latest annual report, the latest quarterly financial report of CoBank. In addition, the Borrowers agree to purchase Bank Equity Interests in any Farm Credit System Institution which is a Lender, as such Farm Credit System Institution may from time to time require in accordance with its bylaws and capital plans and that are applicable to borrowers generally. CoBank and each Farm Credit System Institution that is a Lender may from time to time, in its discretion reserve, sell participations under this Section on a patronage released or on a non-patronage basis.
BANK EQUITY INTERESTS. Borrower agrees to purchase such equity interests in CoBank and St. Xxxx Bank ("BANK EQUITY INTERESTS") as CoBank and St. Xxxx Bank may from time to time require in accordance with their bylaws and capital plans as applicable to cooperative borrowers generally. In connection with the foregoing, Borrower hereby acknowledges receipt, prior to the execution of this Credit Agreement, of the following with respect to CoBank and St. Xxxx Bank (a) the bylaws, (b) a written description of the terms and conditions under which the Bank Equity Interests are issued, (c) the most recent annual report, and if more recent than the latest annual report, the latest quarterly report. CoBank and St. Xxxx Bank reserve the right to sell participations under the provisions of Section 16.27 on a non-patronage basis.
BANK EQUITY INTERESTS. The Borrowers agree to purchase Equity Interests (the “Bank Equity Interests”) in any Farm Credit System Institution which is a Lender, as such Farm Credit System Institution may from time to time require in accordance with its bylaws and capital plans and that are applicable to borrowers generally. Each Farm Credit System Institution that is a Lender may from time to time, in its discretion reserve, sell participations under this Section on 162 ATL 22026536v6 a patronage released or on a non-patronage basis. Each party hereto acknowledges that the Farm Credit System Institutions have a statutory first Lien on all Bank Equity Interests that any Borrower may now own or hereafter acquire, which statutory Lien shall be for each applicable Farm Credit System Institution’s sole and exclusive benefit and such Bank Equity Interests shall not constitute or form a part of the Collateral.
BANK EQUITY INTERESTS. Loans hereunder shall be made on a non-patronage basis. Each Farm Credit System Institution that is a Lender may from time to time, in its discretion reserve, sell participations on a non-patronage basis. Each party hereto acknowledges that the Farm Credit System Institutions have a statutory first Lien on all Equity Interests (the “Bank Equity Interests”) in any Farm Credit System Institution which is a Lender that any Borrower may now own or hereafter acquire, which statutory Lien shall be for each applicable Farm Credit System Institution’s sole and exclusive benefit and such Bank Equity Interests shall not constitute or form a part of the Collateral. SECTION 9.20
