APPLICATION OF UNALLOCATED INVENTORY DIVIDENDS TO DEBT Sample Clauses

APPLICATION OF UNALLOCATED INVENTORY DIVIDENDS TO DEBT. If at the time dividends are received on Qualifying Employer Securities held in Unallocated Inventory, principal or interest is unpaid on an Exempt Guaranteed Loan and is then due, so much of the dividend as is required shall be applied to the payment of interest or principal on the Exempt Guaranteed Loan which is then due. The Qualifying Employer Securities that are released from encumbrance on account of a payment of principal shall be allocated as of the Annual Valuation Date of the Plan Year in which the dividend is received to the Accounts of Participants entitled to share therein as if such dividend were an Employer discretionary contribution in the manner set forth in Section 3.4.3 thereof. To the extent that the amount of the dividend required to pay the interest and principal on the Exempt Guaranteed Loan is less than the total amount of the dividend received, then the dividend (or the portion thereof not required or designated to pay such principal and interest) shall be allocated as of the Annual Valuation Date of the Plan Year in which the dividend is received to the Accounts of Participants entitled to share therein as if such dividend were an Employer discretionary contribution in the manner set forth in Section 3.4.3 hereof.
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Related to APPLICATION OF UNALLOCATED INVENTORY DIVIDENDS TO DEBT

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