ESOP Loan definition

ESOP Loan means an extension of credit to the ESOP made or guaranteed by the Borrower or any ERISA Affiliate pursuant to the terms of the ESOP.

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ESOP Loan means the loan to the ESOP due March 28, 2011 in the original principal amount of $44,133,600, and shall include any loans refinancing such loan.

ESOP Loan means the outstanding loans to the ESOP Trust from the Company pursuant to the ESOP Loan Agreement.

Examples of ESOP Loan in a sentence

• This Security Agreement, together with the Credit Agreement and other Loan Documents and ESOP Loan Documents, constitute and express the entire understanding between the parties hereto with respect to the subject matter hereof, and supersede all prior agreements and understandings, inducements, commitments or conditions, express or implied, oral or written, except as herein contained.

• As of the date of this Agreement, the outstanding and unpaid principal amount of the note evidencing the agreement to repay the loan (the "ESOP Loan") from the Company to the Trustee, dated August 11, 1989, the proceeds of which were used by the Trustee on behalf of the ESOP to purchase from the Company on such date 2,200,000 shares of Company Common Stock, is $72,241,786.

• The making of the Loans to the Borrowers pursuant to the Credit Agreement and the ESOP Loan Agreement shall be presumed conclusively to have been made or extended, respectively, in reliance upon the obligations of the Guarantor incurred pursuant to this Guaranty.

• So long as no Event of Default shall have occurred and be continuing, Pledgor may (to the extent not inconsistent with the provisions of the Loan Documents or the ESOP Loan Documents) (i) sell, transfer or dispose of any asset owned by it or (ii) collect or compromise Accounts and General Intangibles in the ordinary course of business in any lawful manner.

• The unallocated shares of Company Common Stock held in the ESOP's suspense account have been pledged as collateral for the ESOP Loan.

More Definitions of ESOP Loan

ESOP Loan has the meaning ascribed to it in Section 2.05(a).

ESOP Loan shall have the meaning given to that term in Section 3.2(r)(xi).

ESOP Loan means a loan (or other extension of credit) used by the Trustee to finance the acquisition of Company Stock pursuant to Article IV or to refinance an ESOP Loan.

ESOP Loan means a loan for a definite term to the Plan, either made by the Company or guaranteed by the Company, in accordance with Article 5.

ESOP Loan means the extension of credit under the ESOP Note and the ESOP Loan Agreement.

ESOP Loan means a loan described in Section 404(a)(9)(A) of the Code and that otherwise satisfies the requirements of Section 12.5. All ESOP Loans entered into simultaneously shall be treated as one ESOP Loan for all purposes under the Plan.

ESOP Loan shall have the meaning set forth in Section 4.17(b) hereof.