Common use of Payment of Loan Clause in Contracts

Payment of Loan. The Loan shall be repaid in annual installments payable on the last Business Day of each December ending after the date of this Agreement. The amount (if any) of each such annual installment shall be equal to the maximum amount of principal and interest accrued to and including the date of the payment that may be paid without resulting in the release for allocation to participants in the ESOP, pursuant to the Pledge Agreement, of a fraction of the Shares pledged as collateral security pursuant to the Pledge Agreement as of the first day of the calendar year in which the payment is made that is greater than the fraction set forth in Column II below: Column I Column II Year of Payment Fraction of Collateral Released ----------------- ------------------- 2000 1/30 2001 1/29 2002 1/28 2003 1/27 2004 1/26 2005 1/25 2006 1/24 2007 1/23 2008 1/22 2009 1/21 2010 1/20 2011 1/19 2012 1/18 2013 1/17 2014 1/16 2015 1/15 2016 1/14 2017 1/13 2018 1/12 2019 1/11 2020 1/10 Column I Column II Year of Payment Fraction of Collateral Released ----------------- ------------------- 2021 1/9 2022 1/8 2023 1/7 2024 1/6 2025 1/5 2026 1/4 2027 1/3 2028 1/2 2029 1 provided, however, that the Borrower shall not be required to make any payment of principal due to be made in any period to the extent that such payment would not be deductible for federal income tax purposes under section 404 of the Code. Payments may be deferred to the extent that such payments would be in excess of the amount described above or otherwise would be nondeductible for federal income tax purposes. Any payment shall be applied first to the payment of accrued interest and second, if and to the extent that all accrued interest has been or is then being paid, to the payment of all or part of the Principal Amount.

Payment of Loan. The Loan shall be repaid in annual installments payable on the last Business Day of each December ending after the date of this Agreement. The amount (if any) of each such annual installment shall be equal to the maximum amount of principal and interest accrued to and including the date of the payment that may be paid without resulting in the release for allocation to participants in the ESOP, pursuant to the Pledge Agreement, of a fraction of the Shares pledged as collateral security pursuant to the Pledge Agreement as of the first day of the calendar year in which the payment is made that is greater than the fraction set forth in Column II below: Column I Column II Year of Payment Fraction of Collateral Released ----------------- ------------------- 2000 1/30 2001 1/29 2002 1/28 2003 1/27 2004 1/26 2005 1/25 2006 1/24 2007 1/23 2008 1/22 2009 1/21 2010 1/20 2011 1/19 2012 1/18 2013 1/17 2014 1/16 2015 1/15 2016 1/14 2017 1/13 2018 1/12 2019 1/11 2020 1/10 5- Column I Column II Year of Payment Fraction of Collateral Released ----------------- ------------------- 2021 1/9 2022 1/8 2023 1/7 2024 1/6 2025 1/5 2026 1/4 2027 1/3 2028 1/2 2029 1 provided, however, that the Borrower shall not be required to make any payment of principal due to be made in any period to the extent that such payment would not be deductible for federal income tax purposes under section 404 of the Code. Payments may be deferred to the extent that such payments would be in excess of the amount described above or otherwise would be nondeductible for federal income tax purposes. Any payment shall be applied first to the payment of accrued interest and second, if and to the extent that all accrued interest has been or is then being paid, to the payment of all or part of the Principal Amount.

Payment of Loan. The Loan shall be repaid in annual installments payable on the last Business Day of each December ending after the date of this Agreement. The amount (if any) of each such annual installment shall be equal to the maximum amount of principal and interest accrued to and including the date of the payment that may be paid without resulting in the release for allocation to participants in the ESOP, pursuant to the Pledge Agreement, of a fraction of the Shares pledged as collateral security pursuant to the Pledge Agreement as of the first day of the calendar year in which the payment is made that is greater than the fraction set forth in Column II below: Column I Column II Fraction of Year of Payment Fraction of Collateral Released ----------------- ------------------- 2000 1/30 2001 1/29 2002 1/28 2003 1/27 2004 1/26 2005 1/25 2006 1/24 2007 1/23 2008 1/22 2009 1/21 2010 1/20 2011 1/19 2012 1/18 2013 1/17 2014 1/16 2015 1/15 2016 1/14 2017 1/13 1/13 Column I Column II Fraction of Year of Payment Collateral Released 2018 1/12 2019 1/11 2020 1/10 Column I Column II Year of Payment Fraction of Collateral Released ----------------- ------------------- 2021 1/9 2022 1/8 2023 1/7 2024 1/6 2025 1/5 2026 1/4 2027 1/3 2028 1/2 2029 1 provided, however, that the Borrower shall not be required to make any payment of principal due to be made in any period to the extent that such payment would not be deductible for federal income tax purposes under section 404 of the Code. Payments may be deferred to the extent that such payments would be in excess of the amount described above or otherwise would be nondeductible for federal income tax purposes. Any payment shall be applied first to the payment of accrued interest and second, if and to the extent that all accrued interest has been or is then being paid, to the payment of all or part of the Principal Amount.

Payment of Loan. The Loan shall be repaid in annual installments payable on the last Business Day of each December ending after the date of this Agreement. The amount (if any) of each such annual installment shall be equal to the maximum amount of principal and interest accrued to and including the date of the payment that may be paid without resulting in the release for allocation to participants in the ESOP, pursuant to the Pledge Agreement, of a fraction of the Shares pledged as collateral security pursuant to the Pledge Agreement as of the first day of the calendar year in which the payment is made that is greater than the fraction set forth in Column II below: Column I Column II Year of Payment Fraction of Collateral Released ----------------- ------------------- 2000 1/30 2001 1/29 2002 1/28 2003 1/27 2004 1/26 2005 1/25 2006 1/24 2007 1/23 2008 1/22 2009 1/21 2010 1/20 2011 1/19 2012 1/18 2013 1/17 2014 1/16 2015 1/15 2016 1/14 2017 1/13 2018 1/12 2019 1/11 2020 1/10 2021 1/9 2022 1/8 Column I Column II Year of Payment Fraction of Collateral Released ----------------- ------------------- 2021 1/9 2022 1/8 2023 1/7 2024 1/6 2025 1/5 2026 1/4 2027 1/3 2028 1/2 2029 1 provided, however, that the Borrower shall not be required to make any payment of principal due to be made in any period to the extent that such payment would not be deductible for federal income tax purposes under section 404 of the Code. Payments may be deferred to the extent that such payments would be in excess of the amount described above or otherwise would be nondeductible for federal income tax purposes. Any payment shall be applied first to the payment of accrued interest and second, if and to the extent that all accrued interest has been or is then being paid, to the payment of all or part of the Principal Amount.