Document:

Exhibit 10.23

      

      

      

      LOAN AGREEMENT

    

    
       

      Dental Community Financial Holdings, Ltd., with an address of 6900 N. Dallas
        Parkway, Suite 625, Plano, Texas 75024 (“Lender”), and Tectonic Advisors, LLC, with an address of 6900 N. Dallas Parkway, Suite 500, Plano, Texas 75024 (“Borrower”), agree as follows:

    

    
       

      I.       

          LOAN

    

    
       

      Subject to the terms and conditions stated in this loan agreement, Lender will
        re-finance its current loan with the Borrower, with an aggregate principal balance (including accrued by unpaid interest thereon) of $7,352,622.66 (SEVEN MILLION, THREE HUNDRED FIFTY-TWO THOUSAND, SIX HUNDRED TWENTY-TWO DOLLARS AND 66/100s) as of
        the date hereof (collectively, the “Initial Balance”), into a new loan (the “Loan”), the proceeds of which shall re-finance the entire Balance into a single Loan (with a Principal Balance equal to the Initial Balance) and Promissory Note, with the
        existing notes being cancelled as paid in full upon entering this Loan Agreement and the issuance of the new Promissory Note. The Loan will have the following payment terms: (a) for the first six months, the Loan will accrue interest on the
        Principal Balance at a rate of 18% per month, which shall be paid in kind and added to the then current Principal Balance of the Loan and (b) for the remaining fifty-five months, the Principal Balance of the Loan shall bear interest at 10% per
        annum and interest shall be payable in monthly interest installments, subject to Article III below. In the event that there is a BSL Event of Default, the Borrower shall make PIK Payments on the then current Principal Balance at an interest rate of
        10% per annum (payable monthly), with the PIK Payments being added to the then current Principal Payment. The entire outstanding Principal Balance shall be due and payable on the fifth anniversary of the date hereof.

    

    
       

      II.      

          PREPAYMENT

    

    
       

      There is no prepayment penalty for the Loan. Further, the Borrower can designate
        any prepayment to either the Principal Balance or future interest payments, at its option.

    

    
       

      III.    

          SUBORDINATED INDEBTEDNESS

    

    
       

      The Loan shall be expressly subordinated to any and all guaranty obligations of the Borrower in support of indebtedness of T
        Bancshares, Inc., (which is anticipated to be incurred in connection with the acquisition of T Bancshares, Inc. by T Acquisition, Inc.) (“Bank Stock Loan”). Notwithstanding anything to the contrary herein, to the extent that (a) the Bank Stock Loan
        is in default (which default has not been waived), (b) T Bank, NA cannot pay dividends to T Bancshares, Inc. in amounts necessary to pay the principal and interest of the Bank Stock Loan or (c) management of T Bancshares, Inc. notifies the Borrower
        that T Bancshares, Inc. may not be in a position to make interest and principal payments on the Bank Stock Loan ((a)-(c) shall be referred to as a BSL Event of Default), the Borrower shall be entitled to elect to pay its interest obligations under
        the Promissory Notes as payments in kind (“PIK Payments”).

      
        1

        
          
 

      

    

    
      IV.     

          USE OF PROCEEDS

      

      

    

    The proceeds of the Loan shall be used by Borrower to re-finance the Initial Balance.

    
       

      V.      

          REPRESENTATIONS OF BORROWER

      

      

    

    
      Borrower represents as follows:

      

      

    

    
      	
               

            	
              (a)

            	
              Borrower is incorporated under the laws of the State of Texas and is in good standing.

            

    

    
      	

            	
              (b)

            	
              Borrower is authorized by its constituent documents and applicable law to enter into this agreement.

            

    

     

      

    VI.     AFFIRMATIVE COVENANTS OF BORROWER

    
       

      Borrower covenants and agrees that it will:

    

    
      	 	
              (a)

            	
              Keep accurate financial records of all business operations, and provide lender with unaudited financial statements thirty (30) days after the
                close of each quarter.

            

    

    
      	 	
              (b)

            	
              Permit inspections of its books, records, premises, and assets by Lender on reasonable notice to Borrower.

            

    

    
       

      VII.   

          EVENTS OF DEFAULT

    

    
       

      It shall be an event of default in the event that: (a) there is no BSL Event of Default and (b) the
        Borrower fails to make a required payment when due pursuant to the terms of the Promissory Note and Section 1 above.

    

    
       

      VIII.  REMEDIES

    

    
       

      On the occurrence of any event of default (after notice and a 20 business day cure period), all
        obligations under this loan will immediately become due and payable on demand of Lender without presentation, demand for payment, notice of dishonor, protest, or notice of protest of any kind, all of which are expressly waived by the Borrower.
        Lender will have all remedies provided by the Texas Business and Commerce Code, as well as all other remedies available at law or equity, and provided under this loan agreement and related agreements and instruments.

    

    
       

      IX.    

          WAIVER

    

    
       

      Lender’s failure or delay to exercise any right or privilege under this agreement will not operate as a waiver of any such
        right or privilege or any further exercise of the right or privilege.

      
        2

        
          
 

      

    

    XII. MISCELLANEOUS

    
      	 	
              (a)

            	
              Texas law will govern this agreement. Any lawsuits brought concerning this agreement or the subject matter hereof shall be brought in Collin
                County, Texas.

            

    

    
       

      
        	

              	
                (b)

              	
                This agreement sets out the entire agreement of the parties.

              

      

    

    
      	 	
              (c)

            	
              If any part of this agreement is held to be invalid, all other parts will continue in effect as if the invalid provision had never been
                included.

            

    

    
      

      

      EXECUTED at Plano, Collin County, Texas effective on the 1st day of January, 2017.

      

      

    

    
      BORROWER:

      

      

    

    
      TECTONIC ADVISORS, LLC

      

      

    

    	
            BY:

          	
            TECTONIC SERVICES, LLC, ITS MANAGER

          

    

    

    	
            By:

          	/s/ A. Haag Sherman	 
	 	
            A. Haag Sherman, its Chief Executive Officer

          	 

    
       

      DENTAL COMMUNITY FINANCIAL HOLDINGS, LTD.:

       

    

    	
            BY:

          	
            DENTAL COMMUNITY HOLDINGS, INC., ITS GENERAL PARTNER

          

    

    

    	
            By:

          	/s/ Darrell W. Cain	 
	 	
            Darrell W. Cain, President

          	 

    
      
        3Exhibit 10.23.1

      

    

    

  

  Promissory Note

  
     

    Date:           January 1, 2017

    

    

  

  Borrower:  Tectonic Advisors, LLC

  
     

    Borrower’s Mailing Address: 

      

    

    

  

  
      6900 N. Dallas Parkway, Suite 625 

      Plano, Texas 75024 

      

    

    

  

  Lender:      Dental Community Financial Holdings, Ltd.

  
     

    Place for Payment:

  

  
     

      6900 N. Dallas Parkway, Suite 625 

      Plano, Texas 75024

  

  
     

    Principal Amount: $7,352,622.66 (SEVEN MILLION, THREE HUNDRED FIFTY-TWO
      THOUSAND, SIX HUNDRED TWENTY-TWO DOLLARS AND 66/100s)

  

  
     

    Note Consolidation

  

  
     

    This promissory note consolidates and restates all existing and outstanding indebtedness of Borrower due to Lender into this one, single promissory note.

  

  
     

    Annual Interest Rate (based on a 365 day year):

    

    

  

  
    	
            

            

          	
            (a)

          	
            18% (“Initial Rate”) for the first six months of 2017 (with interest being paid in kind through the issuance of additional principal which shall be added to the
              Principal Balance under this promissory note (“PIK”));

          

  

  
    	
            

            

          	
            (b)

          	
            10% (“Base Rate”) for the remaining fifty four months (with interest being paid in cash, unless there is a BSL Event of Default, in which case interest shall be PIK).

          

  

  
     

    Maturity Date:          December
          31, 2021

    

    

  

  
    Annual Interest Rate on Matured, Unpaid Amounts:         18.0%

    

    

  

  Terms of Payment (principal and interest):

  
     

    This promissory note is payable in 60 consecutive monthly payments, the first 6 of which shall be PIK at the Initial
      Rate as follows:

    

    

    
      	
              Month

            	
              PIK Interest

            	
              Ending Principal Balance

            
	
              January

            	
              $112,404.48

            	
              $7,465,027.14

            
	
              February

            	
              $103,078.73

            	
              $7,568,105.87

            
	
              March

            	
              $115,698.71

            	
              $7,683,804.58

            
	
              April

            	
              $113,678.20

            	
              $7,797,482.79

            
	
              May

            	
              $119,205.35

            	
              $7,916,688.14

            
	
              June

            	
              $117,123.61

            	
              $8,033,811.75

            

    

  

  
    

    

    The remaining 54 of which shall be and are in the amount of $66,948.43 each (regardless of the days of the month), commencing July 31, 2017, and continuing on the same day of
      each month thereafter with a final payment of all principal, interest and any other amounts due and owing hereunder, payable in full on December 31, 2021. 

     

  
    
      Promissory Note - page 1

      
        
 

    

    THIS LOAN IS PAYABLE IN FULL AT MATURITY OR IF PAYMENT IS DEMANDED. YOU MUST REPAY THE ENTIRE PRINCIPAL BALANCE OF THE LOAN AND UNPAID
      INTEREST THEN DUE. THE LENDER IS UNDER NO OBLIGATION TO REFINANCE THE LOAN AT THAT TIME. BORROWER WILL, THEREFORE, BE REQUIRED TO MAKE PAYMENT OUT OF OTHER ASSETS THAT IT MAY OWN, OR BORROWER WILL HAVE TO FIND ANOTHER PARTY (WHICH MAY INCLUDE THE
      LENDER), WILLING TO LEND BORROWER THE MONEY. BORROWER MAY PREPAY ANY OR ALL OF THE PRINCIPAL HEREUNDER PRIOR TO MATURITY WITHOUT PENALTY.

  

  
     

    Security for Payment:

  

  
     

    None.

  

  
     

    Borrower’s Promise to Pay:

  

  
     

    Borrower promises to pay to the order of Lender the Initial Rate in PIK for the first six months, the Base Rate for
      the remaining fifty-four (54) months and the Principal Amount on the Maturity Date. This note is payable at the Place for Payment and according to the Terms of Payment. All unpaid amounts are due by the Maturity Date. After maturity, Borrower
      promises to pay any unpaid principal balance plus interest at the Base Rate on Matured, Unpaid Amounts.

  

  
     

    Late Fee:

  

  
     

    Borrower agrees to pay additional interest of 5% of the amount of a scheduled
      payment if the payment is not paid within ten (10) days after it is due, unless waived in writing.

  

  
     

    Default:

  

  
     

    If Borrower defaults in the payment of this note or in the performance of any obligation in any instrument securing or
      collateral to this note, Lender may declare the unpaid principal balance, earned interest, and any other amounts owed on the note immediately due. Borrower and each surety, endorser, and guarantor waive all demand for payment, presentation for
      payment, notice of intention to accelerate maturity, notice of acceleration of maturity, protest, and notice of protest, to the extent permitted by law.

  

  
     

    Payment of Attorney’s Fees:

  

  
     

    Borrower also promises to pay reasonable attorney’s fees and court and other costs if this note is placed in the
      hands of an attorney to collect or enforce the note. These expenses will bear interest from the date of advance at the Base Rate. Borrower will pay Lender these expenses and interest on demand at the Place for Payment. These expenses and interest
      will become part of the debt evidenced by the note and will be secured by any security for payment.

  

  
     

    Prepayment:

  

  
     

    Borrower may prepay this note in any amount at any time before the Maturity Date without penalty or premium.

  

  
     

    Application of Prepayment:

  

  
     

    Prepayments will be applied first to accrued and unpaid interest and the remainder to future installments of interest,
      unless Borrower specifies that the same should be applied to the Principal Amount. Interest on the prepaid principal will immediately cease to accrue.

  

   

  
    Promissory Note - page 2

    
      
 

  

  Usury Savings Clause:

  
     

    Interest on the debt evidenced by this note will not exceed the maximum rate or amount of nonusurious interest that
      may be contracted for, taken, reserved, charged, or received under law. Any interest in excess of that maximum amount will be credited on the Principal Amount or, if the Principal Amount has been paid, refunded. On any acceleration or required or
      permitted prepayment, any excess interest will be canceled automatically as of the acceleration or prepayment or, if the excess interest has already been paid, credited on the Principal Amount or, if the Principal Amount has been paid, refunded. This
      provision overrides any conflicting provisions in this note and all other instruments concerning the debt.

  

  
     

    When the context requires, singular nouns and pronouns include the plural.

  

  
     

    Events of Default:

  

  
     

    A default exists under this note if (1) any warranty, covenant, or representation in this note or
      in any other written agreement between Lender and Borrower is materially false when made; (2) a receiver is appointed for Borrower; (3) a bankruptcy or insolvency proceeding is commenced by Borrower; (4) a bankruptcy or insolvency proceeding is
      commenced against Borrower and the proceeding continues without dismissal for sixty days, the party against whom the proceeding is commenced admits the material allegations of the petition against it, or an order for relief is entered; (5) Borrower
      is dissolved, begins to wind up its affairs, is authorized to dissolve or wind up its affairs by its governing body or persons or (6) any other material event of default, as set forth in the loan agreement, has occurred and is continuing.

  

  
     

    This note will be construed under the laws of the State of Texas, without regard to choice-of-law
      rules of any jurisdiction. Any lawsuit concerning this note or the subject matter hereof shall be brought in a court of competent jurisdiction in Collin County, Texas.

  

  
     

    THIS NOTE, AND THE INDEBTEDNESS EVIDENCED HEREBY, IS SUBORDINATED TO LOAN AGREEMENT BETWEEN TIB AND T BANCSHARES, INC.

  

  
     

    THIS PROMISSORY NOTE, AND THE INDEBTEDNESS EVIDENCED HEREBY, IS SUBORDINATE
      IN ALL RESPECTS TO THE INDEBTEDNESS OWED BY T BANCSHARES, INC. (OR AN AFFILIATE THEREOF) AND DUE AND PAYABLE TO TIB - THE INDEPENDENT BANKERSBANK AND MOODY NATIONAL BANK AND ANY OTHER PARTICIPANTS THEREOF (THE “TIB INDEBTEDNESS”). IN THE EVENT THAT
      THE TIB INDEBTEDNESS IS IN DEFAULT AND/OR T BANK, N.A. IS NOT PERMITTED TO MAKE DISTRIBUTIONS TO T BANCHSHARES AND/OR T BANCSHARES DOES NOT HAVE SUFFICIENT LIQUIDITY TO SERVICE THE TIB INDEBTEDNESS, BORROWER SHALL BE ENTITLED TO PIK INTEREST PAYMENTS
      HEREUNDER UNTIL SUCH TIME AS T BANCSHARES CAN MAKE PAYMENTS REQUIRED UNDER THE TIB INDEBTEDNESS IN A TIMELY FASHION.

  

  
     

    NO ORAL AGREEMENTS; CONFLICTS WITH LOAN AGREEMENT:

  

  
     

    THIS PROMISSORY NOTE, AND ALL DOCUMENTS EXECUTED CONTEMPORANEOUSLY HEREWITH, REPRESENT THE FINAL AGREEMENT BETWEEN THE
      PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. ANY AGREEMENTS BETWEEN THE PARTIES HERETO CONCERNING THIS PROMISSORY
      NOTE, OR ANY OTHER DOCUMENTS EXECUTED CONTEMPORANEOUSLY HEREWITH, OR WHICH CONCERN THE SUBJECT MATTER OF THIS PROMISSORY NOTE AND THE LOAN IT RELATES THERETO, SHALL ONLY BE ENFORCEABLE IF SAID AGREEMENT IS IN WRITING AND SIGNED BY THE PARTY AGAINST
      WHOM ENFORCEMENT IS SOUGHT.

  

  
    
      Promissory Note - page 3

      
        
 

    

    IF ANY PROVISION OF THIS NOTE CONFLICTS WITH ANY PROVISION OF A LOAN AGREEMENT, THE PROVISIONS OF THE NOTE WILL GOVERN TO THE EXTENT OF
      THE CONFLICT.

  

  
     

     EXECUTED this 1st day of January, 2017. 

      

  

  

  

  	 	
          TECTONIC ADVISORS, LLC

        
	 	 
	 	
          BY:

        	
          TECTONIC SERVICES, LLC, ITS MANAGER

        
	 	 	 
	 	/s/ A. Haag Sherman
	 	
          A. Haag Sherman, Chief Executive Officer

        

  
    

    

    
      Promissory Note - page 4

      
        
 

    

  

  Promissory Note - page 5

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