Examples of ESOP Pledge Agreement in a sentence
This Note is collateralized by a pledge of stock under an ESOP Pledge Agreement of even date herewith.
Lender shall have no recourse against Borrower’s assets other than such excess contributions, earnings and dividends and the Shares then pledged under the ESOP Pledge Agreement.
No modification, amendment or waiver of or with respect to any provision of this ESOP Loan Agreement, the ESOP Note, the ESOP Pledge Agreement, or any of the other Loan Documents, nor consent to any departure from any of the terms or conditions thereof, shall in any event be effective unless it shall be in writing and signed by the party against whom enforcement thereof is sought.
The borrowing of the principal amounts of the Loans, the execution and performance of this Agreement, the Note, the ESOP Pledge Agreement and the other Loan Documents and compliance by Borrower with all of the provisions of this Agreement and of the other Loan Documents to which it is a party are within the Borrower’s power and authority.
As used herein, “Trust” means the ESCO Corporation Employee Stock Ownership Trust, as amended, which has been established pursuant to the ESCO Corporation Employee Stock Ownership Plan, as amended (the “Plan”); “ESOP Loan” means the transaction evidenced by the ESOP Credit Agreement, ESOP Note and ESOP Pledge Agreement between the corporation and the ESOP used to finance the acquisition of the C Shares by the ESOP; and “ESOP” is the Plan together with the Trust.