No Obligation to Advance. The Association shall have no obligation to advance an Equity Loan to the Member. Whether the Association does so, and whether the Association does so in one advance or several draws, the timing of the advance and any draws, and the amount of any Equity Loan, shall be in the sole discretion of the Association, provided that the amount of the Equity Loan shall not, in any event, exceed the lesser of 50% of the increase in the fair market value in all of the Livestock in the Member’s possession, or the Member’s Contingency Interest, at the time of the advance of the Equity Loan. Fair market value, and the amount of the Member’s Contingency Interest, shall be determined by the Association’s local supervisor.
Appears in 4 contracts
Samples: Feeder Association Member Agreement, Feeder Association Member Agreement, Feeder Association Member Agreement
