Share Purchase Loan definition

Share Purchase Loan means any loan made by the Corporation to a ------------------- Participant for the purchase of Shares pursuant to a Right.
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Share Purchase Loan means a loan or other extension of credit, the proceeds of which are used to acquire Company Stock.
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Share Purchase Loan means any loan made to the ESOP trustee, the proceeds of which are used to acquire company stock or to repay a prior share purchase loan, and any alternative method of refinancing such a share purchase loan. The team of each share purchase loan shall meet the requirements of Treasury Regulation 54.4975-7(b), including the requirements that the loan bear a reasonable rate of interest, be for a definite period (rather than payable on demand), and be without recourse against the plan, and that the only assets of the plan that may be given as collateral are qualifying employer securities (as described in subparagraph (b) next below) purchased with the proceeds of that loan or with the proceeds of a prior share purchase loan. ff more than one share purchase loan to the ESOP trustee is outstanding at any time, the provisions of the plan shall be modified by the committee to the extent it deems necessary or appropriate to reflect such additional share purchase loan or loans.
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Examples of Share Purchase Loan in a sentence

  • Upon a default by Participant as determined under Section 5 hereof the Corporation may, in its sole discretion, sell such Purchased Shares and apply the proceeds of such sale towards the repayment of all amounts due on the Share Purchase Loan.

  • Amounts applied pursuant to this Section shall reduce the remaining amount due on the Share Purchase Loan, but shall not limit or waive the Corporation's right to obtain payment of the Agreement in full by any legal means.

  • Any cash dividends received on the Purchased Shares prior to payment of the full amount due on the Share Purchase Loan (including Accrued Interest), net of assumed Federal, State and Local income taxes (as reasonably determined by the Participant based upon the highest marginal tax rates then applicable income tax laws to which the Participant is subject), shall be used to prepay the Share Purchase Loan.

  • Within 120 days following the Repayment Date, Participant shall pay the Corporation the full amount remaining due on the Share Purchase Loan' including all unpaid Accrued Interest.

  • Participant agrees that the Share Purchase Loan shall be secured by the related Purchased Shares and that if thc Participant enters into multiple Share Purchase Loans each such loan shall be secured by all Purchased Shares to which such loan relates.

  • Accrued Interest shall be payable only upon maturity or upon prepayment of the Share Purchase Loan (as provided within Section 4 hereof) at a rate of ____%, compounded semi-annually.

  • The Share Purchase Loan shall mature upon the earlier of (i) the fifth anniversary of the Share Purchase Date, (ii) termnination of Participant's employment for any reason or (iii) bankruptcy of Participant (the "Repayment Date").

  • The details of the Share Purchase Loan Program are set forth in Exhibit A to a Schedule 14A that was filed with the Securities and Exchange Commission on April 18, 2000 and is available from, among other sources, its public ▇▇▇▇▇ database at the following website: ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇.

  • In return for the Share Purchase Loan, Participant promises to repay the Principal, Accrued Interest and any additional interest due thereon to the Corporation upon the Share Purchase Loan's maturity.

  • The Share Purchase Loan may be prepaid in whole or in part, at any time without penalty.


More Definitions of Share Purchase Loan

Share Purchase Loan means a Loan to fund the acquisition of Shares which is referred to in Section 5(a).
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