Common use of Trust Loan Clause in Contracts

Trust Loan. Subject to the terms and conditions of this Agreement, the Company agrees to make available to the Trust, and the Trust may borrow from the Company, on the Closing Date (hereinafter defined), the Trust Loan under this Agreement in an amount up to One Million Eight Hundred Forty Thousand Dollars ($1,840,000), representing the cost of 8% of the Shares offered in the Offering, subject to a maximum of 184,000 such Shares. The Company shall, upon fulfillment of the applicable conditions set forth in Article V, on the Closing Date make the Trust Loan up to such amount available to the Trustee in immediately available funds, at its principal office. Notwithstanding the foregoing, the Company shall not be obligated to make any portion of the Trust Loan available to the Trust if the Conversion is not consummated, or if the ESOP is not permitted to purchase any shares because of an oversubscription in the first category of eligible subscribers. The Closing of the Trust Loan (the "Closing") will occur at the offices of Xxxxxx & Xxxxxxxxx, 0000 Merchants Bank Building, 00 Xxxxx Xxxxxxxx Xxxxxx, Xxxxxxxxxxxx, Xxxxxxx 00000, on the same date that the Conversion closes, or such later date as the parties shall agree upon (the "Closing Date").

Trust Loan. Subject to the terms and conditions of this Agreement, the Company agrees to make available to the Trust, and the Trust may borrow from the Company, on the Closing Date (hereinafter defined), the Trust Loan under this Agreement in an amount up to One Million Eight Six Hundred Forty Thousand Dollars ($1,840,0001,600,000), representing the cost of 8% of the Shares offered in the Offering, subject to a maximum of 184,000 160,000 such Shares. The Company shall, upon fulfillment of the applicable conditions set forth in Article V, on the Closing Date make the Trust Loan up to such amount available to the Trustee in immediately available funds, at its principal office. Notwithstanding the foregoing, the Company shall not be obligated to make any portion of the Trust Loan available to the Trust if the Conversion is not consummated, or if the ESOP is not permitted to purchase any shares because of an oversubscription in the first category of eligible subscribers. The Closing of the Trust Loan (the "Closing") will occur at the offices of Xxxxxx Barnes & XxxxxxxxxThornburg, 0000 1313 Merchants Bank Building, 00 Xxxxx Xxxxxxxx Xxxxxx11 South Meridiax Xxxeet, Xxxxxxxxxxxx, Xxxxxxx 00000Indiana 46204, on the same date that the Conversion closessamx xxxx xxxx xxx Xxxxxxxxxx xxxxxx, or such later date xx xxxx xxxxx xxxx as the parties shall agree upon (the "Closing Date").

Trust Loan. Subject to the terms and conditions of this Agreement, the Company agrees to make available to the Trust, and the Trust may borrow from the Company, on the Closing Date (hereinafter defined), the Trust Loan under this Agreement in an amount up to One Million Eight Hundred Forty Forty-Six Thousand and Four Hundred Dollars ($1,840,000846,400), representing the cost of 8% of the Shares offered in the Offering, subject to a maximum of 184,000 such Shares. The Company shall, upon fulfillment of the applicable conditions set forth in Article V, on the Closing Date make the Trust Loan up to such amount available to the Trustee in immediately available funds, at its principal office. Notwithstanding the foregoing, the Company shall not be obligated to make any portion of the Trust Loan available to the Trust if the Conversion is not consummated, or if the ESOP is not permitted to purchase any shares because of an oversubscription in the first category of eligible subscribers. The Closing of the Trust Loan (the "Closing") will occur at the offices of Xxxxxx Barnes & XxxxxxxxxThornburg, 0000 Merchants Bank BuildingXercxxxxx Xxxx Xxxxxing, 00 Xxxxx Xxxxxxxx Xxxxxx11 South Meridian Strxxx, Xxxxxxxxxxxx, Xxxxxxx 00000, on the same date xx xxx xxxx xxxx that the Conversion closes, or such later date as the parties shall agree upon (the "Closing Date").

Trust Loan. Subject to the terms and conditions of this Agreement, the Company agrees to make available to the Trust, and the Trust may borrow from the Company, on the Closing Date (hereinafter defined), the Trust Loan under this Agreement in an amount up to One Million Eight Hundred Forty Forty-Six Thousand and Four Hundred Dollars ($1,840,000846,400), representing the cost of 8% of the Shares offered in the Offering, subject to a maximum of 184,000 such Shares. The Company shall, upon fulfillment of the applicable conditions set forth in Article V, on the Closing Date make the Trust Loan up to such amount available to the Trustee in immediately available funds, at its principal office. Notwithstanding the foregoing, the Company shall not be obligated to make any portion of the Trust Loan available to the Trust if the Conversion is not consummated, or if the ESOP is not permitted to purchase any shares because of an oversubscription in the first category of eligible subscribers. The Closing of the Trust Loan (the "Closing") will occur at the offices of Xxxxxx & Xxxxxxxxx, 0000 Merchants Bank Building, 00 Xxxxx Xxxxxxxx Xxxxxx, Xxxxxxxxxxxx, Xxxxxxx 00000, on the same date that the Conversion closes, or such later date as the parties shall agree upon (the "Closing Date").

Trust Loan. Subject to the terms and conditions of this Agreement, the Company agrees to make available to the Trust, and the Trust may borrow from the Company, on the Closing Date (hereinafter defined), the Trust Loan under this Agreement in an amount up to One Million Eight Nine Hundred Forty Fifty-Two Thousand Two Hundred Dollars ($1,840,000952,200), representing the cost of 8% of the Shares offered in the Offering, subject to a maximum of 184,000 such Shares. The Company shall, upon fulfillment of the applicable conditions set forth in Article V, on the Closing Date make the Trust Loan up to such amount available to the Trustee in immediately available funds, at its principal office. Notwithstanding the foregoing, the Company shall not be obligated to make any portion of the Trust Loan available to the Trust if the Conversion is not consummated, or if the ESOP is not permitted to purchase any shares because of an oversubscription in the first category of eligible subscribers. The Closing of the Trust Loan (the "Closing") will occur at the offices of Xxxxxx & Xxxxxxxxx, 0000 Merchants Bank Building, 00 Xxxxx Xxxxxxxx Xxxxxx, Xxxxxxxxxxxx, Xxxxxxx 00000, on the same date that the Conversion closes, or such later date as the parties shall agree upon (the "Closing Date").