Examples of ESOP Loans in a sentence
Form 5500 for the ESOP in issue in this case was filed around October 15, 2013.The supplemental attachments to that Form 5500 explained the transaction:Closing on December 14, 2012, the Plan purchased all of the issued and outstanding shares (Shares) of common stock of the Company and financed the purchase with two loans (ESOP Loans) from the Sellers that are evidenced by two executed Promissory Notes, and pledged the Shares to the Sellers to secure payment of the Notes.
Staff will be available to answer questions at the meeting on June 21, 2006.
Repayment of ESOP Loans Under the ESOP Buyback, the consideration paid for the shares will be used to repay the outstanding loans on the shares.
An appropriate portion of the Loan will be drawn down to refinance the ESOP Loans.
If the value of the shares so credited as Dividend Replacement Contributions is less than the value of the dividends that would have been credited to such Participants' Accounts had they not been used to make payments on ESOP Loans (the "Shortfall"), the first shares credited for the Plan Year under subsection 6.3 shall be credited as if they were Dividend Replacement Contributions, to the extent necessary to eliminate the Shortfall.