ESOP Transaction definition
Examples of ESOP Transaction in a sentence
With the exception of publicly filed lawsuits by participants in certain ESOPs, Wilmington Trust further represents that it is not aware of any complaint by an ESOP participant or beneficiary about Wilmington Trust’s approval of any Released ESOP Transaction that is not identified in paragraph 1.
Related Agreements shall mean, collectively the Employment Agreements, the ESOP Transaction Documents and the Fleet Loan Documents (and any Refinancing Agreements therefor).
In addition, a Financial Advisory Fee will be payable if this engagement is terminated or the transaction process is voluntarily halted by the Company prior to the receipt of a Definitive Offer and an ESOP Transaction is consummated within 4 months of the termination or halt.
Rent will be paid and received, and current under this Lease, before (a) any other creditor obligation or debt is paid, including without limitation any seller financing related to the ESOP Transaction; and (b) any profits or salaries are distributed to Tenant’s owners or their assignees.
Each of the Pecos Acquisition Fee and the ESOP Transaction Fee shall be shared by the Providers in proportion to the number of Class A Units of SPI held by the Providers and their affiliates (other than, in the case of Northwest, P▇▇▇▇ B▇▇▇▇▇▇, but, in the case of RBC, including SPI U.S. Investor, LLC) as of immediately after consummation of the Pecos Transaction.
Wilmington Trust continues to deny all material allegations in the Amended Complaint and, more generally, denies any wrongdoing or liability with respect to the ISCO ESOP or the ESOP Transaction.
ESOP Transaction Documents shall mean: (a) the ESOP Plan Document; (b) the ESOP Trust Agreement; (c) the ESOP Purchase Agreements; and (d) the ESOP Loan Documents; in each case as originally executed and as amended, modified or supplemented from time to time.
The stockholders of NewCo may then sell their shares to a newly formed employee stock ownership plan ("ESOP"), which ESOP will then become the sole shareholder of NewCo. The foregoing transaction is herein referred to as the “ESOP Transaction.” At the time of the ESOP Transaction, NewCo will join in the Guaranty as an additional Guarantor.
Notwithstanding the foregoing, in the event the ESOP Transaction would involve a pledge of the assets of Tenant to secure debt or make Tenant a co-signatory on any debt in connection with the ESOP Transaction, the same shall be subject to the reasonable approval of Landlord.
Neither the ESOP Loan nor the consummation of the ESOP Transaction constitutes or results in, and neither will constitute or result in, a non-exempt “prohibited transaction” as defined in Section 406 of ERISA or Section 4975(c) of the Code.