Payment of Trust Loan. The Principal Amount of the Loan shall be repaid in accordance with Schedule I to the Promissory Note on the dates specified therein until fully paid.

Payment of Trust Loan. The Principal Amount of 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 of each such annual installment shall be that portion of the lesser of (i) that portion of the Principal Amount which will result in the release for allocation to participants in the ESOP, pursuant to the Pledge Agreement, of a cumulative fraction of the Collateral (within the meaning of the Pledge Agreement and determined as of the last Business Day of December, 2005) equal to the percentage set forth in Column II below and (ii) that portion of the Principal Amount which will result in the release for allocation to participants in the ESOP, pursuant to the Pledge Agreement, of Collateral (within the meaning of the Pledge Agreement), valued as of the date of payment, and collateral released pursuant to the terms of the Amended and Restated Loan, also valued as of the date of payment, having an aggregate value equal to twenty-five and three quarters percent (25.75%) of the compensation taken into account under the ESOP for each person entitled to share in such allocation:

See All (4)

Payment of Trust Loan. (a) The Principal Amount of the Loan shall be amortized in ten (10) equal annual installments, commencing on the last Business Day of the first Fiscal Year to end following the date of this Agreement and continuing on the last Business Day of each Fiscal Year thereafter; provided, however, that the Borrower shall not be required to make any payment of principal due to be made in any Fiscal Year to the extent that such payment would exceed, with respect to such Fiscal Year, the sum of all contributions made to the ESOP by the Lender in cash to enable the Borrower to meet its obligations under this Agreement, any earnings on such contributions and any cash dividends on shares initially held as "Collateral" (as defined in the Pledge Agreement) regardless of whether such shares are still held as "Pledged Shares" (as defined in the Pledge Agreement). Principal payments may be deferred to the extent that such payments would be in excess of the amount described above. Any payment not required to be made pursuant to the immediately preceding sentence shall be deferred to and be payable on the last day of the first Fiscal Year in which such payment may be made.

Payment of Trust Loan. (a) The Principal Amount of the Loan shall be repaid in annual installments payable on the last Business Day of each September ending after the date of this Agreement. The amount of each such annual installment shall be that portion of the lesser of (i) that portion of the Principal Amount which will result in the release for allocation to participants in the ESOP, pursuant to the Pledge Agreement, of a cumulative fraction of the Collateral (within the meaning of the Pledge Agreement and determined as of the last Business Day of September, 1999) equal to the percentage set forth in Column II below and (ii) that portion of the Principal Amount which will result in the release for allocation to participants in the ESOP, pursuant to the Pledge Agreement, of Collateral (within the meaning of the Pledge Agreement and valued as of the date of payment) having a value equal to twenty-five percent (25%) of the compensation taken into account under the ESOP for each person entitled to share in such allocation: COLUMN I COLUMN II INSTALLMENT DUE ON CUMULATIVE FRACTION OF LAST BUSINESS DAY OF COLLATERAL RELEASED SEPTEMBER IN -------------------- ---------------------- 1999 1/60 2000 3/60 8 -5- COLUMN I COLUMN II INSTALLMENT DUE ON CUMULATIVE FRACTION OF LAST BUSINESS DAY OF COLLATERAL RELEASED SEPTEMBER IN -------------------- ---------------------- 2001 5/60 2002 7/60 2003 9/60 2004 11/60 2005 13/60 2006 15/60 2007 17/60 2008 19/60 2009 21/60 2010 23/60 2011 25/60 2012 27/60 2013 29/60 2014 31/60 2015 33/60 2016 35/60 2017 37/60 2018 39/60 2019 41/60 2020 43/60 2021 45/60 2022 47/60 2023 49/60 2024 51/60 2025 53/60 2026 55/60 2027 57/60 2028 59/60 2029 60/60 , provided, however, that the Borrower shall not be required to make any payment of principal due to be made in any Fiscal Year to the extent that such payment would not be deductible from federal income tax purposes for such Fiscal Year under Section 404 of the Code. Any payment 9 -6- not required to be made pursuant to the above provision shall be deferred to any payable on the last day of the first Fiscal Year in which each payment may be made on a tax deductible basis.

Payment of Trust Loan. The Principal Amount and interest shall be repaid in successive monthly installments as set forth and provided in the ESOP Note attached hereto.

Payment of Trust Loan. (a) The Principal Amount of the Loan shall be repaid in annual installments payable on the last Business Day of each Fiscal Year ending after the date of this Agreement. The amount of each such annual installment shall be that portion of the Principal Amount which will result in the release for allocation to participants in the ESOP, pursuant to the Pledge Agreement, of a cumulative fraction of the Collateral (within the meaning of the Pledge Agreement and determined as of the last Business Day of December, 2005) equal to the percentage set forth in column II below: COLUMN I COLUMN II INSTALLMENT DUE ON LAST BUSINESS DAY OF CUMULATIVE FRACTION OF FISCAL YEAR ENDING IN COLLATERAL RELEASED --------------------- ------------------- 2005 1/15 2006 2/15 2007 3/15 2008 4/15 2009 5/15 2010 6/15 2011 7/15 2012 8/15 2013 9/15 2014 10/15 2015 11/15 2016 12/15 2017 13/15 2018 14/15 2019 15/15 ; provided, however, that the Borrower shall not be required to make any payment of principal due to be made in any Fiscal Year to the extent that such payment would not be deductible from federal income tax purposes for such Fiscal Year under Section 404 of the Code. Principal 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 not required to be made pursuant to the immediately preceding sentence shall be deferred to and be payable on the last day of the first Plan Year in which such payment may be made on a tax deductible basis.

Payment of Trust Loan. 4 Section 2.5 Prepayment. 6

Payment of Trust Loan. (a) The Principal Amount of the Loan shall be repaid in annual installments payable on the last Business Day of each Fiscal Year ending after the date of this Agreement. The amount of each such annual installment shall be equal to a fraction of the Principal Amount on the due date of such installment, determined in accordance with the following schedule: INSTALLMENT DUE ON FRACTION OF OUTSTANDING LAST BUSINESS DAY OF PRINCIPAL AMOUNT -------------------- ---------------- FISCAL YEAR ENDING ------------------ IN -- 1996 1/40 1997 1/10 1998 1/10 1999 1/10 2000 1/10 2001 1/10 2002 1/10 2003 1/10 2004 1/10 2005 1/10 10th anniversary of loan entire outstanding Principal Amount ; PROVIDED, HOWEVER, that the Borrower shall not be required to make any payment of principal due to be made in any Fiscal Year to the extent that (i) following such payment, the consolidated return on average assets of Home Bancorp of Elgin, Inc. for such Fiscal Year would be less than one-half of one percent (0.5%) or the consolidated return on average equity for such Fiscal Year would be less than four percent (4%) or (ii) such payment would not be deductible for federal income tax purposes for such Fiscal Year under section 404 of the Code.

Payment of Trust Loan Sample Clauses

Filter & Search

Related Clauses

Parent Clauses

Sub-Clauses