Approving Agreement City of South Bend Economic Development Administration

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(b) Promptly upon receipt by the City of South Bend, Indiana of the $5,000,000 grant made pursuant to the Grant Agreement, copy of which is attached and marked Exhibit "B ", between the City of South Bend, Indiana and the U.S. Department of Commerce, Economic Development Administration, relating to EDA Project No. 06 -19- 01251, and in any event not later than June 12, 1975, the City of South Bend, Indiana shall establish and implement said The Industrial Revolving Fund of South Bend, Indiana and deposit said grant moneys in said fund with a cor- porate Trustee with principal office in South Bend, Indiana (the Trustee) for disposition and administration in accordance with said Trust Agreement (Exhibit "A ") and said Grant Agreement (Exhibit "B "). The Trustee as soon as possible thereafter shall invest said grant moneys until all of the conditions of said Grant Agreement are satisfied relating to the initial loan to the Employee Stock Ownership Trust for the acquisition of certain assets of the South Bend Lathe Co. Division of Amsted Industries, Inc. Upon receipt of the approval of the Economic Development Administration, the Trustee shall forthwith loan the proceeds of the grant to said Employee Stock Ownership Trust for such purpose. (c) The City of South Bend, Indiana shall cause to be filed an annual report with the Regional Director of the Economic Development Administration or his delegate, the first such report being due on or before the 15th day of August, 1976 (or such other date as shall be approved in writing by the -2-