Common use of Example 2 Clause in Contracts

Example 2. A NGEP meets with an insured depository institution and states that the institution needs to offer new loan programs in the NGEP’s community. The NGEP and the insured depository institution reach a mutual arrangement or understanding that the institution will provide additional loans in the NGEP’s community. The institution tells the NGEP that it will issue a press release announcing the program. Later, the insured depository institution issues a press release an- nouncing the loan program. The press release incorporates the key terms of the understanding reached between the NGEP and the insured depository insti- tution. The written press release re- flects the mutual arrangement or un- derstanding of the NGEP and the in- sured depository institution and is, therefore, a written arrangement or understanding.