Forfeitures Account Clause Samples
A Forfeitures Account clause establishes a designated account to hold funds or assets that have been forfeited under the terms of an agreement. Typically, this clause outlines the procedures for transferring forfeited amounts into the account, specifies who manages the account, and details how and when the funds may be used or distributed, such as applying them to outstanding obligations or returning them under certain conditions. The core function of this clause is to ensure transparent and orderly handling of forfeited assets, thereby reducing disputes and providing clarity regarding the disposition of such funds.
Forfeitures Account. The Trustee shall establish a “Forfeitures Account” to which shall be credited the amounts specified in Section 5.4
Forfeitures Account. Forfeitures shall be: Applied to reduce future Participating Employer contributions. Allocated among the Accounts of active Participants in the Plan. Not Applicable. Vesting has been selected below as immediate.
Forfeitures Account. Forfeitures shall be: Applied to reduce future Participating Employer contributions. Not Applicable. Vesting has been selected below as immediate.
5.2 (b)(1)
Forfeitures Account. Not Applicable. Participants are 100% vested in their Accounts. Forfeitures will be allocated to reduce future Participating Employer contributions in accordance with the default provisions of Section 11.6 of the Plan. Forfeitures will be allocated among the Accounts of active Participants in the Plan.