Common use of Owner Name Clause in Contracts

Owner Name. NEDAK Ethanol, LLC Borrower authorizes and appoints the following to act on behalf of all owners, to vote the said stock, and to accept, receive and receipt for any dividends declared on such stock: Board Chair, voter Upon repayment of a loan, retirement of the stock shall occur only at the discretion of Lender's board of directors, and then only if Lender meets capital adequacy standards established under Section 4.3A of the Farm Credit Act. Should Lender's capital become impaired, so the book value of the stock is less than par value or face amount, the stock may be retired for an amount equal to book value. Borrower shall be obligated to repay the full amount of any loan, including the amount attributable to the purchase of stock, regardless of whether Lender's capital is impaired. Borrower further agrees that a security interest is hereby granted to Lender in all such stock now owned and hereafter acquired, however designated or classified, and all equity reserve and allocated surplus in Lender, its successors and assigns, to secure the Loans.

Owner Name. NEDAK Ethanol, LLC Borrower authorizes and appoints the following to act on behalf of all owners, to vote the said stock, and to accept, receive and receipt for any dividends declared on such stock: Board Chair, voter Upon repayment of a loan, retirement of the stock shall occur only at the discretion of Lender's ’s board of directors, and then only if Lender meets capital adequacy standards established under Section 4.3A of the Farm Credit Act. Should Lender's ’s capital become impaired, so the book value of the stock is less than par value or face amount, the stock may be retired for an amount equal to book value. Borrower shall be obligated to repay the full amount of any loan, including the amount attributable to the purchase of stock, regardless of whether Lender's ’s capital is impaired. Borrower further agrees that a security interest is hereby granted to Lender in all such stock now owned and hereafter acquired, however designated or classified, and all equity reserve and allocated surplus in Lender, its successors and assigns, to secure the Loans.