ESOP Note definition

ESOP Note means that certain ESOP Note, dated as of April 1, 2007, made by GreatBanc (on behalf of the ESOP Trust) in favor of Tribune in the original principal amount of$250 million, to be repaid by the ESOP Trust over the 30 year life of the loan through its use of annual contributions, either in cash or in the form of forgiveness, from Tribune to the ESOP Trust and/or distributions paid on the shares of Tribune Common Stock held by the ESOP Trust.
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ESOP Note means the Promissory Note dated June 13, 2000, made by the ESOP in favor of the Marriott Asset Fund.
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ESOP Note has the meaning set forth in Section 2.2.
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Examples of ESOP Note in a sentence

  • Upon the Effective Date, the ESOP shall be deemed terminated in accordance with its terms, and the amount of unpaid principal and interest remaining on the ESOP Note dated April 1, 2007 shall be forgiven pursuant to section 6.3 of the ESOP Loan Agreement by and between Tribune and GreatBanc Trust Company, not in its individual or corporate capacity, but solely as trustee of the Tribune Employee Stock Ownership Trust dated April 1, 2007.

  • Any contributions limited or not made in a timely fashion pursuant to the preceding sentence shall be (i) carried over and paid to the Plan as soon as is practicable in connection with contributions to the Plan and (ii) increased by an amount sufficient for the Trustee to pay any increased interest or other costs arising under the ESOP Note from the failure to make any payment thereunder when due.

  • If Company makes contributions in an amount in excess of Scheduled Contributions (and Permitted Contributions, if applicable) ("Excess Contributions"), Company shall cause the Plan Administrator (as set forth in the Plan) to direct the Trustee to use such Excess Contributions to prepay the ESOP Note.

  • Company will make contributions to the Trust sufficient for the Trust to pay principal and accrued interest on the ESOP Note in accordance with the schedule of payments set forth therein (such contributions to be referred to herein as "Scheduled Contributions").

  • Notwithstanding anything contained herein to the contrary, Bank shall have no right of setoff or any claims to any shares of the common stock of Company which Bank may be holding as custodian on behalf of the Trust or any funds of the Trust deposited with Bank except such shares as are pledged to secure the ESOP Note, but only to the extent permitted by law.


More Definitions of ESOP Note

ESOP Note is defined in Section 5.25.
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ESOP Note means that certain Non-Recourse Promissory Note, dated November 20, 1996, in the amount of $1,398,600,000, issued by the MidCon ESOP Trust to the Seller.
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ESOP Note means the 4.75% promissory note of the ESOP payable to NY Medical in approximate $10,090,000 principal amount at December 31, 2002.
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ESOP Note means the ESOP’s 30-year amortizing 5.01% note as in effect on the Closing Date.
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ESOP Note means the promissory note in the original principal --------- amount of Twenty-two Million Five Hundred Thousand and no/100 Dollars ($22,500,000) dated as of the date of this Agreement, made by the ESOP and payable to the Borrower.
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ESOP Note has the meaning specified in Section 2.05(c).
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ESOP Note means the Promissory Note, dated November 20, 1996, made by the ESOP Trust in favor of the Corporation pursuant to the Loan Agreement.
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