ESSOP definition
Examples of ESSOP in a sentence
The ESSOP hereby delegates authority to select interest rates and interest periods hereunder to the Guarantor, and the Bank may rely on any such directions received from the Guarantor.
In any event, upon the full performance by the ESSOP of its obligations under the Loan Agreement and Note, the Bank shall release any and all Pledged Stock remaining as security hereunder and shall redeliver same to the ESSOP.
There is no litigation or administrative or regulatory proceeding pending or threatened against the ESSOP which might result in any material adverse change in the financial condition of the ESSOP.
The Guarantor agrees that the ESSOP will maintain its valid existence and will neither dissolve nor institute any proceedings for dissolution.
Notwithstanding any provisions herein to the contrary, the Bank shall have no recourse against the ESSOP except as provided in the Pledge Agreement and as to such other assets of the ESSOP as may be permitted by law.
The Bank shall have received from the ESSOP, the duly executed Pledge Agreement in a form acceptable to the Bank.
The ESSOP will not enter into any other loan agreements without the prior written consent of the Bank, which consent will not be unreasonably withheld.
In the event that the ESSOP and the Bank have not agreed upon the rate and interest period for a Eurodollar Loan, then, prior to an event of default described in Section 6 below, the outstandings shall be deemed to be a Prime Rate Loan.
The ESSOP is a duly qualified employee stock ownership plan meeting the requirements of Sections 401(a) and 4975(e)(7) of the Internal Revenue Code and complies with the applicable requirements thereof, and with the requirements of any other applicable state or federal law.
Keep proper, complete and accurate books of record and account and permit any representatives of the Bank to visit and inspect any of the books and records of the ESSOP at any reasonable time and as often as may reasonably be desired.