ESOP Plan Footnotes
{"Image DocumentName": "ESOP Plan Footnotes", "Image ImageDescription": "A&A Guide Exhibit E-9, Note G entitled Loan Payable: In 20XX, the plan entered into an  80 million term loan agreement with a bank. The proceeds of the loan were used to purchase company s common stock. Unallocated shares are collateral for the loan. The agreement provides for the loan to be repaid over ten years. The estimated fair market value of the note payable as of December 31, 20X2 and 20X1 was approximately  77 million and  82 million, respectively, determined by using interest rates currently available for issuance of debt with similar terms, maturity dates and nonperformance risk. The scheduled amortization of the loan for the next five years and thereafter is as follows: 20X3\u2014 6.5 million; 20X4\u2014 7 million; 20X5\u2014 7.5 million; 20X6\u2014 8 million; 20X7\u2014 8.5 million; and thereafter\u2014 36.5 million. The loan bears interest at the prime rate of the lender. For 20X2 and 20X1 the loan interest rate averaged 7.34 percent and 5.12 percent, respectively.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}