Common use of LIMITATIONS ON USE OF TRUST ASSETS Clause in Contracts

LIMITATIONS ON USE OF TRUST ASSETS. When any Default described in ----------------------------------- subsections (a) to (c), of Section 9.1 has occurred and is continuing, the Lender or the holder of the Note shall have no rights to assets of the Trust other than (i) contributions (other than contributions of employer securities) that are made by the Lender to enable the Borrower to meet its obligations pursuant to the Loan, cash dividends received by the Borrower on the Pledged Shares and earnings attributable to the investment of such contributions and dividends and (ii) the Pledged Shares; provided further, however, that the value of Trust assets transferred to the Lender as a result of a Default shall not exceed the amount of the repayment then in default, and, provided further, that so long as the Lender is a "party in interest" within the meaning of ERISA Section 3(14) or a "disqualified person" within the meaning of Section 4975(e)(2) of the Code, a transfer of Trust assets upon Default shall be made only if, and to the extent of, the Borrower's failure to meet the loan's payment schedule.

Appears in 4 contracts

Samples: Employee Stock Ownership Trust Loan and Security Agreement (West Essex Bancorp Inc), West Essex Bancorp Inc, PFSB Bancorp Inc

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LIMITATIONS ON USE OF TRUST ASSETS. When any Event of Default ---------------------------------- described in ----------------------------------- subsections (a) to (c), of Section 9.1 has occurred and is continuing, the Lender or the holder of the Note shall have no rights to assets of the Trust other than (i) contributions (other than contributions of employer securities) that are made by the Lender to enable the Borrower to meet its obligations pursuant to the Loan, cash dividends received by the Borrower on the Pledged Shares and earnings attributable to the investment of such contributions and dividends and (ii) the Pledged SharesStock; provided further, however, that the value of Trust assets transferred to the Lender as a result of a an Event of Default shall not exceed the amount of the repayment then in default, and, provided further, that so long as the Lender is a "party in interest" within the meaning of ERISA Section 3(14) or a "disqualified person" within the meaning of Section 4975(e)(2) of the Code, a transfer of Trust assets upon Default default shall be made only if, and to the extent of, the Borrower's failure to meet the loan's payment schedule.

Appears in 3 contracts

Samples: First Source Bancorp Inc, Richmond Country Financial Corp, First Place Financial Corp /De/

LIMITATIONS ON USE OF TRUST ASSETS. When any Default described in ----------------------------------- subsections (a) to (c), of Section 9.1 has occurred and is continuing, the Lender or the holder of the Note shall have no rights to assets of the Trust other than (i) contributions (other than contributions of employer securities) that are made by the Lender to enable the Borrower to meet its obligations pursuant to the Loan, cash dividends received by the Borrower on the Pledged Shares and earnings attributable to the investment of such contributions and dividends and (ii) the Pledged SharesStock; provided further, however, that the value of Trust assets transferred to the Lender as a result of a an Event of Default shall not exceed the amount of the repayment then in default, and, provided further, that so long as the Lender is a "party in interest" within the meaning of ERISA Section 3(14) or a "disqualified person" within the meaning of Section 4975(e)(2) of the Code, a transfer of Trust assets upon Default default shall be made only if, and to the extent of, the Borrower's failure to meet the loan's payment schedule.

Appears in 2 contracts

Samples: Berkshire Hills Bancorp Inc, Woronoco Bancorp Inc

LIMITATIONS ON USE OF TRUST ASSETS. When any Default described in ----------------------------------- subsections (a) to (c), of Section 9.1 has occurred and is continuing, the Lender or the holder of the Note shall have no rights to assets of the Trust other than (i) contributions (other than contributions of employer securities) that are made by the Lender to enable the Borrower to meet its obligations pursuant to the Loan, cash dividends received by the Borrower on the Pledged Shares and earnings attributable to the investment of such contributions and dividends and (ii) the Pledged SharesStock; provided further, however, that the value of Trust assets transferred to the Lender as a result of a Default shall not exceed the amount of the repayment then in default, and, provided further, that so long as the Lender is a "party in interest" within the meaning of ERISA Section 3(14) or a "disqualified person" within the meaning of Section 4975(e)(2) of the Code, a transfer of Trust assets upon Default default shall be made only if, and to the extent of, the Borrower's failure to meet the loan's payment schedule.

Appears in 2 contracts

Samples: Virginia Capital Bancshares Inc, Virginia Capital Bancshares Inc

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LIMITATIONS ON USE OF TRUST ASSETS. When any Event of Default ----------------------------------- described in ----------------------------------- subsections (a) to (c), of Section 9.1 has occurred and is continuing, the Lender or the holder of the Note shall have no rights to assets of the Trust other than (i) contributions (other than contributions of employer securities) that are made by the Lender to enable the Borrower to meet its obligations pursuant to the Loan, cash dividends received by the Borrower on the Pledged Shares and earnings attributable to the investment of such contributions and dividends and (ii) the Pledged SharesStock; provided further, however, that the value of Trust assets transferred to the Lender as a result of a an Event of Default shall not exceed the amount of the repayment then in default, and, provided further, that so long as the Lender is a "party in interest" within the meaning of ERISA Section 3(14) or a "disqualified person" within the meaning of Section 4975(e)(2) of the Code, a transfer of Trust assets upon Default default shall be made only if, and to the extent of, the Borrower's failure to meet the loan's payment schedule.

Appears in 1 contract

Samples: First Lincoln Bancshares Inc

LIMITATIONS ON USE OF TRUST ASSETS. When any Default described in ----------------------------------- ---------------------------------- subsections (a) to (c), of Section 9.1 has occurred and is continuing, the Lender or the holder of the Note shall have no rights to assets of the Trust other than (i) contributions (other than contributions of employer securities) that are made by the Lender to enable the Borrower to meet its obligations pursuant to the Loan, cash dividends received by the Borrower on the Pledged Shares and earnings attributable to the investment of such contributions and dividends and (ii) the Pledged Shares; provided further, however, that the value of Trust assets transferred to the Lender as a result of a Default shall not exceed the amount of the repayment then in default, and, provided further, that so long as the Lender is a "party in interest" within the meaning of ERISA Section 3(14) or a "disqualified person" within the meaning of Section 4975(e)(2) of the Code, a transfer of Trust assets upon Default shall be made only if, and to the extent of, the Borrower's failure to meet the loan's payment schedule.

Appears in 1 contract

Samples: First Bancorp of Indiana Inc

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