Common use of Patronage Equity Interests and Units of Equity Participation Clause in Contracts

Patronage Equity Interests and Units of Equity Participation. All patronage refunds (qualified and nonqualified), units of equity participation and non-voting units of equity participation and any other allocated or to be allocated patronage equity interests (including all entitlements thereto) standing on the books of the Cooperative immediately prior to the Effective Time (which are not otherwise evidenced by capital stock) shall be exchanged for equal patronage refunds, units of equity participation and non-voting units of equity participation, and allocated or to be allocated equity interests, entitlements to patronage refunds, or other equal patronage equity interests on the books of MCP Colorado, at their stated dollar amount on a dollar-for-dollar basis, and in such denominations or other designations or series so as to preserve the year of issue (as MCP Colorado deems necessary) and other terms and conditions of the original issuance; and each unit of equity participation so exchanged shall be subject on the books of MCP Colorado to the same obligation for loss allocation as standing on the books of the Cooperative immediately prior to the Effective Time.

Patronage Equity Interests and Units of Equity Participation. All patronage refunds (qualified and nonqualified), units of equity participation and non-voting units of equity participation and any other allocated or to be allocated patronage equity interests (including all entitlements thereto) standing on the books of the North Dakota Cooperative immediately prior to the Effective Time (which are not otherwise evidenced by capital stock) shall be exchanged for equal patronage refunds, units of equity participation and non-voting units of equity participation, and allocated or to be allocated equity interests, entitlements to patronage refunds, or other equal patronage equity interests on the books of MCP ColoradoColorado Cooperative, at their stated dollar amount on a dollar-for-dollar basis, and in such denominations or other designations or series so as to preserve the year of issue (as MCP Colorado Cooperative deems necessary) and other terms and conditions of the original issuance; and each unit of equity participation so exchanged shall be subject on the books of MCP Colorado Cooperative to the same obligation for loss allocation as standing on the books of the North Dakota Cooperative immediately prior to the Effective Time.