ESOP Loan Sample Clauses

ESOP Loan. As soon as practicable after the date of this Agreement, but in no event later than five (5) Business Days prior to the Effective Time, Legacy shall cause the Legacy ESOP trustee to repay in full the outstanding indebtedness of the Legacy ESOP, subject to the terms of the Legacy ESOP, by delivering a sufficient number of unallocated shares of Legacy Common Stock to Legacy, subject to and in accordance with applicable law. No later than the occurrence of the Effective Time, all remaining shares of Legacy Common Stock held by the Legacy ESOP shall be converted into the right to receive the Merger Consideration. The Legacy ESOP account balances shall be distributed to Legacy ESOP participants after the receipt of a favorable determination letter from the IRS. Legacy and, following the Effective Time, BHLB, will adopt such amendments to the Legacy ESOP to effect the provisions of this Section 6.14.
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ESOP Loan. The ESOP Trustee hereby agrees to effect the repayment of the existing loan to the ESOP with funds to be generated by the sale of a portion of the Metals Stock to be received by the ESOP pursuant to this Agreement; such sale and repayment to be effected reasonably promptly after such shares may be sold publicly by the ESOP Trustee pursuant to Rule 144 under the Securities Act of 1933, as amended, or otherwise. The Company shall pay interest accruing on such loan until the loan is repaid as described above.
ESOP Loan. In no event later than five (5) Business Days prior to the Effective Time, Beacon Federal shall cause the Beacon Federal ESOP trustee to repay in full the outstanding indebtedness of the Beacon Federal ESOP, subject to the terms of the Beacon Federal ESOP, by delivering a sufficient number of unallocated shares of Beacon Federal Common Stock to Beacon Federal, subject to and in accordance with applicable law. Not later than the Effective Time, all remaining shares of Beacon Federal Common Stock held by the Beacon Federal ESOP as at the Effective Time shall be converted into the right to receive the Merger Consideration. The Beacon Federal ESOP account balances shall not be distributed to Beacon Federal ESOP participants unless the Beacon Federal ESOP has received a favorable determination letter from the IRS. Beacon Federal and, following the Effective Time, BHLB, will adopt such amendments to the Beacon Federal ESOP to effect the provisions of this Section 6.14. In the event that the Closing Date occurs prior to December 31, 2012, Beacon Federal may make a pro rata payment on the outstanding ESOP indebtedness of the amount accrued through the Closing Date, which accruals shall be made consistent with past practice.
ESOP Loan. If the ESOP fails to pay when due and payable or when declared due and payable, but subject to any requirement of prior notice or the expiration of any grace period set forth in the ESOP Loan Agreement, any amount payable under the ESOP Loan Agreement as a result of Borrower's failure to make contributions to the ESOP.
ESOP Loan. From and after the date of this Agreement through the Effective Time, First Kansas and/or the Bank shall make any further contributions to the First Kansas ESOP only in accordance with First Kansas’s past practice. As of the Effective Time, the ESOP shall terminate in accordance with its terms, as in effect on the date of this Agreement.
ESOP Loan. 53 11.02 Use of ESOP Loan Proceeds......................................................................53 11.03
ESOP Loan. From and after the date of this Agreement through the --------- Effective Time, CGB&L and/or the Bank shall not make any contributions to the ESOP that will be used to repay, nor shall they repay, the ESOP Loan or any amounts due thereunder except to the extent such payments are required to be made pursuant to the express terms of the ESOP Loan. Immediately following the Effective Time, the ESOP shall, with the proceeds of the cash received by the ESOP pursuant to Section 3.1(a)(ii) with respect to shares of CGB&L Common Stock held by the ESOP which have not, as of the Effective Time, been allocated to accounts of ESOP participants, pay to the Surviving Corporation the full amount of the ESOP Loan and any remaining cash received by the ESOP shall be allocated to the accounts of ESOP participants.
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ESOP Loan. 5.9 ESOP...............................................................5.9
ESOP Loan. The ESOP Loan from First National shall have been refinanced, paid off or transferred as contemplated in accordance with Section 4.1(g) above, and Xxxxx X. Xxxxxxx shall be continuing to serve as the ESOP Trustee.
ESOP Loan. Subject to the completion of the IPO, the Company will lend to the Trust, and the Trust will borrow from the Company, under this Agreement, the ESOP Loan Amount (the “ESOP Loan”). Repayment of the ESOP Loan shall be made in accordance with Sections 2.3 and 2.5 and may be made in accordance with Section 2.4. Whenever a payment is due on a Saturday, Sunday or legal holiday, such payment shall be made on the preceding business day.
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