Stock Obligation definition

Stock Obligation means an indebtedness arising from any extension of credit to the Plan or the Trust which satisfies the requirements set forth in Section 6.3 and which was obtained for any or all of the following purposes:

Stock Obligation means an indebtedness arising from any extension of credit to the Plan or the Trust which was obtained for the purpose of buying Stock and which satisfies the requirements set forth in Section 6.3.

Stock Obligation means indebtedness arising from any extension of credit to the Plan or the Trust obtained for the purpose of buying Shares.

Examples of Stock Obligation in a sentence

• The number of shares released shall bear the same ratio to the total number of those shares then held in the Unallocated Stock Fund (prior to the release) as (i) the principal and interest payments made on the Stock Obligation in the current Plan Year bears to (ii) the sum of (i) above, and the remaining principal and interest payments required (or projected to be required on the basis of the interest rate in effect at the end of the Plan Year) to satisfy the Stock Obligation.

• The put right for Stock acquired through a Stock Obligation shall continue with respect to such Stock after the Stock Obligation is repaid or the Plan ceases to be an employee stock ownership plan.

• Any Stock Obligation shall be subject to the following conditions and limitations: 6.3-1 A Stock Obligation shall be for a specific term, shall not be payable on demand except in the event of default, and shall bear a reasonable rate of interest.

• No other assets of the Plan and Trust may be used as collateral for a Stock Obligation, and no creditor under a Stock Obligation shall have any right or recourse to any Plan and Trust assets other than Stock remaining subject to a collateral pledge.

• If there is more than one Stock Obligation, the Employer shall designate the one to which any contribution is to be applied.

More Definitions of Stock Obligation

Stock Obligation means indebtedness arising from any extension of credit to the ESOP Fund obtained for the purpose of buying Common Shares or for the purpose of repaying all or any portion of any outstanding Stock Obligation.

Stock Obligation shall refer to a loan made to the Plan by a disqualified person within the meaning of Section 4975(e)(2) of the Code, or a loan to the Plan which is guaranteed by a disqualified person. A Stock Obligation includes a direct loan of cash, a purchase-money transaction, and an assumption of an obligation of a tax-qualified employee stock ownership plan under Section 4975(e)(7) of the Code (“ESOP”). For these purposes, the term “guarantee” shall include an unsecured guarantee and the use of assets of a disqualified person as collateral for a loan, even though the use of assets may not be a guarantee under applicable state law. An amendment of a Stock Obligation in order to qualify as an “exempt loan” is not a refinancing of the Stock Obligation or the making of another Stock Obligation. The term “exempt loan” refers to a loan that satisfies the provisions of this paragraph. A “non-exempt loan” fails to satisfy this paragraph. Any Stock Obligation shall be subject to the following conditions and limitations:

Stock Obligation means the overall quantity of stocks required to be held under national law;

Stock Obligation shall refer to a loan made to the Plan by a disqualified person within the meaning of Section 4975(e)(2) of the Code, or a loan to the Plan which is guaranteed by a disqualified person. A Stock Obligation includes a direct loan of cash, a purchase-money transaction, and an assumption of an obligation of

Stock Obligation means an indebtedness arising from any extensionying Stock and which satisfies the requirements set forth in Section 6.3.

Stock Obligation means an exempt ESOP loan used to acquire shares of Company stock that meets the requirements of Treas. Reg. §54.4975-7-(b).

Stock Obligation means indebtedness arising from an extension of credit to the Plan or the Trust obtained for the purpose of buying Stock and involving, as a lender or guarantor, an Employer of another “disqualified person” within the meaning of Section 4975(e)(2) of the Code.