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.

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

• In accordance with the terms and conditions of the ESOP Loan Agreement of even date herewith (as amended, restated or modified from time to time, the “Loan Agreement”) and the Promissory Note of even date herewith (as amended, restated, modified or supplemented from time to time, the “Note”), the Borrower desires to purchase securities with the proceeds of a loan from the Lender (the “Loan”).

• The ESOP Trustee and the Company shall have negotiated the settlement of the ESOP Loan Receivable such that the receivable is, as of the Closing Date, cancelled or otherwise paid in full, and all Seller suspense account shares are, as of the Closing Date, either cancelled or allocated to ESOP participants (or some combination thereof) as agreed to by the ESOP Trustee and the Company.

More Definitions of ESOP Loan

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

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

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

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 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.