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.
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.
Company shall pledge and endorse to Bank the ESOP Note and any stock of Company from time to time pledged as security to the ESOP Note.
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.