Manner of Purchase. The Trustee shall timely subscribe to purchase the Shares the ESOP is permitted to purchase in the Conversion pursuant to the Bank's Plan of Conversion. The Trustee shall draw upon the Trust Loan and use the proceeds thereof to purchase the number of Shares the ESOP may purchase in the Offering, simultaneously with consummation of the Conversion.
Appears in 3 contracts
Samples: Share Pledge Agreement (River Valley Bancorp), Exempt Loan and Share Purchase Agreement (Citizens Bancorp), Exempt Loan and Share Purchase Agreement (Citizens Bancorp)
Manner of Purchase. The Trustee shall timely subscribe to purchase the Shares the ESOP is permitted to purchase in the Conversion pursuant to the BankAssociation's Plan of Conversion. The Trustee shall draw upon the Trust Loan and use the proceeds thereof to purchase the number of Shares the ESOP may purchase in the Offering, simultaneously with consummation of the Conversion.
Appears in 3 contracts
Samples: Exempt Loan and Share Purchase Agreement (Union Community Bancorp), Exempt Loan and Share Purchase Agreement (Union Community Bancorp), Exempt Loan and Share Purchase Agreement (Union Community Bancorp)
