ESOP Loan Suspense Account definition

ESOP Loan Suspense Account means a suspense account maintained by the ESOP pursuant to Treasury Regulation Section 54.4975-11(c) (1979).
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ESOP Loan Suspense Account means a suspense account maintained by the ESOP pursuant to Treasury Regulation section 54.4975-11(c) (1979).
Sample 1Sample 2Sample 3
ESOP Loan Suspense Account means a separate fund within the Trust Fund established by the Trustee which consists of the BellSouth Shares acquired with the proceeds of an ESOP Loan which have not been released to the ESOP Fund and the income other than ESOP Dividends) on such shares.
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Examples of ESOP Loan Suspense Account in a sentence

  • Shares of ESOP Preferred Stock shall be issued and sold by the Company to the Plan to be held in the ESOP Loan Suspense Account.

  • In addition, all or any portion (including fractions of a share) of the ESOP Preferred Stock shall be redeemed without notice as and when such shares are released from the ESOP Loan Suspense Account, unless the Plan exercises its conversion rights with respect to such shares by delivering a Conversion Notice to the Company prior to such release.

  • In the event of a redemption pursuant to the second sentence of Section 7(a) of this Division A-2, the Plan is not required to provide a Redemption Notice to the Company and the Redemption Date shall be the date on which the shares of the ESOP Preferred Stock are released from the ESOP Loan Suspense Account.

  • The total number of BellSouth Shares released from an ESOP Loan Suspense Account as a result of a principal and interest payment made on an ESOP Loan shall equal the number of BellSouth Shares held in the ESOP Loan Suspense Account with respect to such ESOP Loan multiplied by a fraction.

  • The value of Units for a subfund for BellSouth Shares released from an ESOP Loan Suspense Account shall be determined under this Section 8.2 without regard to Matching Contributions and ESOP Dividends (or the earnings thereon) to be used to repay the applicable ESOP Loan, and such Units shall be credited to Participating Employees' ESOP Accounts as provided in Section 8.3(c) and 8.3(d).

  • Shares of ESOP Shares shall be issued and sold by the Corporation to the Buyer to be held in the ESOP Loan Suspense Account.

  • To the extent required for the purpose of pledging such Company Stock as collateral for the ESOP Loan, the shares held as collateral in the ESOP Loan Suspense Account shall be physically segregated from other Trust assets.

  • The BellSouth Shares which are released from the ESOP Loan Suspense Account in accordance with the rules in this Section 8.3(b) shall be transferred to the ESOP Fund, and Units representing an investment in such BellSouth Shares shall be allocated to Participating Employees' individual ESOP Accounts in the manner specified in subparagraphs (c) and (d) of this Section 8.3.

  • All or any portion of the outstanding shares of ESOP Shares held in the ESOP Loan Suspense Account shall be convertible, at the option of the Trustee, at any time and from time to time and without the payment of additional consideration by the Trustee, into such number of shares of Common Stock as is determined under the following conversion formula.

  • If upon the completion of such allocation there are assets remaining in the ESOP Loan Suspense Account which cannot be allocated by virtue of the limitations of section 415 of the Code, such remaining assets (to the extent permitted by the Code and ERISA) shall be held in the ESOP Loan Suspense Account until allocated in a succeeding year in accordance with section 415 of the Code.


More Definitions of ESOP Loan Suspense Account

ESOP Loan Suspense Account means the account of that name established and maintained to hold shares of Company Stock acquired with the proceeds of an ESOP Loan.
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Related to ESOP Loan Suspense Account

  • Suspense Account means the account established by the Trustee for maintaining contributions and forfeitures which have not yet been allocated to Participants.

  • Loan Combination Custodial Account means the “Loan Combination Custodial Account” or analogous account established for the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement.

  • Expense Account The account established and maintained pursuant to Section 3.25.

  • Whole Loan Custodial Account means the “Whole Loan Custodial Account” established for the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement.

  • Note Account As defined in the Indenture.

  • ESOP Account means a Participant’s account to which are credited Matching Contributions made to the Plan after March 31, 1989, and earnings and losses thereon.

  • Custodial Account The separate account or accounts created and maintained pursuant to Section 4.04.

  • frozen account means an account with a relevant institution which is held or controlled (directly or indirectly) by a designated person;

  • Excess Reserve Fund Account The separate Eligible Account created and maintained by the Securities Administrator pursuant to Sections 3.07(b) and 3.07(c) in the name of the Securities Administrator for the benefit of the Regular Certificateholders and designated "Wells Fargo Bank, National Association in trust for registered Holders xx Xxrgan Stanley Capital I Inc. Trust 2006-HE2, Mortgage Pass-Through Cerxxxxxxtxx, Xxxies 2006-HE2." Funds in the Excess Reserve Fund Account shall be held in trust for the Regular Certificateholders for the uses and purposes set forth in this Agreement. Amounts on deposit in the Excess Reserve Fund Account shall not be invested.

  • Cash Account has the meaning set forth in Section 2.1(a)(ii).

  • Custodial Accounts Each Custodial Account (other than an Escrow Account) established and maintained by a Servicer pursuant to a Servicing Agreement with respect to the Mortgage Loans.

  • Investment Account As defined in Section 3.12(a).

  • Distribution Accounts Collectively, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account, the Excess Interest Distribution Account (and in each case any subaccount thereof), all of which may be subaccounts of a single Eligible Account.

  • Certificate Account The account maintained by the Trustee in accordance with the provisions of Section 4.04.

  • Settlement Account means an account established at a financial institution designated by Merchant as the account to be credited and debited by the Servicers for Transactions, Card Fees, Chargebacks and other amount assessed by a Card Association and passed- through to Merchant pursuant to the terms of this Agreement.

  • Custodial P&I Account The Custodial P&I Account, as defined in each of the Servicing Agreements, with respect to the Mortgage Loans. In determining whether the Custodial P&I Account under any Servicing Agreement is "acceptable" to the Master Servicer (as may be required by the definition of "Eligible Account" contained in the Servicing Agreements), the Master Servicer shall require that any such account shall be acceptable to each of the Rating Agencies. Custodian: Initially, the Trustee, and thereafter the Custodian, if any, hereafter appointed by the Trustee pursuant to Section 8.13, or its successor in interest under the Custodial Agreement. The Custodian may (but need not) be the Trustee or any Person directly or indirectly controlling or controlled by or under common control of the Trustee. Neither a Servicer, nor the Seller nor the Master Servicer nor any Person directly or indirectly controlling or controlled by or under common control with any such Person may be appointed Custodian.

  • Principal Distribution Account means the account by that name established and maintained pursuant to Section 4.1 of the Sale and Servicing Agreement.

  • Collection Account means the account designated as such, established and maintained pursuant to Section 5.1.

  • Employer Contribution Account means, for any Participant, the account established by the Administrator or Trustee to which Employer Contributions made under Section 3.5 for the Participant's benefit are credited.

  • Rollover Contribution Account means the separate Account maintained for a Member to record such Member's share of the Trust Fund attributable to any Rollover Contribution made to the Plan on his behalf.

  • Transaction Account means a cash account established and maintained by Repo Custodian for the Funds to effect repurchase transactions pursuant to the Master Agreement.

  • Cash Reserve Account means an Eligible Deposit Account established in the name of the Trust and designated as the Cash Reserve Account for the purposes hereof, the balance of which shall be subject to the control of the Trust for the benefit of the Trust and the Seller and applied in accordance with the terms hereof, which account shall bear interest and shall initially be account number [*], maintained at [*];

  • Investment Accounts means the Collateral Account, Securities Accounts, Commodities Accounts and Deposit Accounts.

  • FT Account Pool #: Mortgagor's Name, Address and Zip Code: Mortgage Loan Number: Reason for Requesting Documents (check one)

  • Separate Accounts means the accounts which are to be prepared for each

  • Rollover Account means the account established hereunder to which amounts transferred from a qualified plan or individual retirement account in accordance with Section 4.6 are allocated.