Purchase Loan definition

Purchase Loan means an extension of credit to the Participant by the Company evidenced by a Purchase Note.

Purchase Loan means an extension of credit to the Participant by the Company evidenced by the Purchase Note and secured by a pledge of the shares of Common Stock purchased by the Participant under the Plan or subsequently acquired by the Participant through exercise of options granted to the Participant pursuant to the Stock Option Plan.

Purchase Loan means the loan provided to a Grantee by the Trust to facilitate the Grantee's purchase of Shares pursuant to a Share Purchase Award.

Examples of Purchase Loan in a sentence

• Original Amount of Purchase, Loan orOther(from Authority Issue)4.

• Those terms and provisions as the Committee shall determine shall be incorporated into the promissory note evidencing the Purchase Loan.

• A Purchase Loan shall be non-interest bearing or shall bear interest at whatever rate the Committee shall determine (but not in excess of the maximum rate permissible under applicable law), payable in a manner and at such times as the Committee shall determine.

• A Participant's Purchase Loan can be prepaid at any time, and from time to time, without penalty.

• Subject to Section 7.4 hereof, the Company may forgive the repayment of up to 100% of the principal amount of the Purchase Loan, subject to such terms and conditions as the Committee shall determine and set forth in the promissory note evidencing the Purchase Loan.

More Definitions of Purchase Loan

Purchase Loan means an extension of credit to a Participant by the Company evidenced by a non-recourse promissory note for (i) in the case of a new Purchase Loan, 90% or 95% of the Purchase Price of the Company Stock awarded to the Participant under the Plan, or (ii) in the case of a Purchase Loan made pursuant to an exchange of Company Stock pursuant to Section 4, the Purchase Price of the Company Stock awarded to the Participant under an Exchange Award, less his Exchange Award Down Payment, and in either case, bearing Interest, and secured by a pledge of all of the shares of Company Stock purchased by the Participant.

Purchase Loan means a nonrecourse interest bearing loan that may be made by the Company to the Participant to enable the Participant to purchase Coinvestment Shares pursuant to Section 5.2 of the Plan which shall be evidenced by a Note.

Purchase Loan means an extension of credit to the Participant by the Company evidenced by the Purchase Note and secured by a pledge of the shares of Common Stock purchased by the Participant.

Purchase Loan has the meaning ascribed thereto in Section 2.1.

Purchase Loan means a loan made to an Officer/Shareholder pursuant to the Direct Investment Plan to fund the purchase of Shares pursuant to such plan.

Purchase Loan means an extension of credit to the Participant by the Company evidenced by the Purchase Note and secured by a pledge of the Common Stock purchased by the Participant in accordance with the Program's terms and conditions. Purchase Loans need not be identical and shall be in the form approved by the Board.

Purchase Loan means an extension of credit to a Participant by the Company to purchase shares of Company Stock, evidenced by a Stock Purchase Pledge and Loan Agreement made by and between the Participant and the Company pursuant to the CSX Corporation Stock Purchase and Loan Plan.