Loan Suspense Account definition

Loan Suspense Account means that portion of the Trust Fund consisting of Company Stock acquired with an Acquisition Loan which has not yet been allocated to the Participants’ Accounts.
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Loan Suspense Account means an account in which Qualifying Employer Securities are held and which has not been allocated to Participant's Accounts because they were purchased with borrowed funds pursuant to the provisions of Section 13.4 hereof or transferred to such account pursuant to the terms hereof.
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Loan Suspense Account means the Account to which the Employer Stock acquired with the proceeds of an Acquisition Loan are initially allocated, as provided in Section 5.2(d).
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Examples of Loan Suspense Account in a sentence

  • Financed Shares shall initially be credited to the Loan Suspense Account and shall be transferred for allocation to the Company Stock Accounts of Participants only as payments of principal and interest (or, if the requirements of Section 54.4975-7(b)(8)(ii) of the Treasury Regulations are met and the Employer so elects, principal payments only), on the Acquisition Loan are made by the Trustee.

  • The Employers’ obligation to make contributions under this Section 4.01(b) shall be reduced to the extent of any investment earnings attributable to such contributions and any cash dividends paid with respect to Company Stock held by the Trustee in the Loan Suspense Account.

  • Employer Securities held in the Employee Stock Ownership Suspense Account or the Exempt Loan Suspense Account shall be voted by the Trustee on each issue with respect to which shareholders are entitled to vote in the manner directed by the majority of the Participants who directed the Trustee as to the manner of voting their shares in the Employee Stock Ownership Accounts with respect to such issue.

  • Except as is required for purposes of compliance with the Code or ERISA, the provisions of Section 4.04 relating to the crediting of contributions, forfeitures and shares of Company Stock released from the Loan Suspense Account, nor any other provision of the Plan relating to the allocation of benefits to Participants, may be amended more frequently than once every six months.

  • Dividends on Company Stock which are received by the Trustee in the form of additional Company Stock shall be retained in the portion of the Trust Fund consisting of Company Stock, and shall be allocated among the Participants’ Accounts and the Loan Suspense Account in accordance with their holdings of the Company Stock on which the dividends have been paid.


More Definitions of Loan Suspense Account

Loan Suspense Account means an account established to hold Financed Shares pending repayment of the Acquisition Loan used to purchase such Financed Shares.
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Loan Suspense Account means an account established for the crediting and holding of Employer Securities purchased with the proceeds of an Exempt Loan during the pledge period and repayment of the Exempt Loan.
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Loan Suspense Account means the "Loan Suspense Account" as defined in the ESOP;
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Loan Suspense Account means the bookkeeping account maintained to record the Plan’s interest in Financed Shares which have not been released from encumbrance pursuant to 26 CFR Section 54.4975-7(b)(8).
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Loan Suspense Account means the suspense account used to hold Leveraged Stock until released and allocated pursuant to the terms of the Plan. Glossary
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Loan Suspense Account. The suspense account created in accordance --------------------- with Section 7.4 to provide for the holding of Employer Securities subject to a loan, in accordance with ARTICLE SEVEN and Section 4975(d)(3) of the Code and applicable regulations thereunder.
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Loan Suspense Account means the ledger account maintained by the Committee with respect to Financed Shares that have not been allocated to Member’s Accounts.
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