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 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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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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Examples of ESOP Loan Suspense Account in a sentence

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

  • All Shares acquired with the proceeds of an ESOP Loan shall be placed in an ESOP Loan Suspense Account established by the ESOP Trustee.

  • 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.

  • 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.

  • Such number shall be determined as follows: the number of Shares held in the ESOP Loan Suspense Account as of the end of the preceding quarter shall be multiplied by a fraction, the numerator of which shall be the amount of principal and interest paid for the current quarter, and the denominator shall be the numerator plus the principal and interest to be paid on all future amortization payments.

  • 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 such average Closing Price is greater than the Hurdle ESOP Share Price for the Plan Year, the difference shall be computed and multiplied by the number of Shares actually released from the ESOP Loan Suspense Account for this Plan and each Related Plan during the Plan Year.

  • If ESOP Dividends on BellSouth Shares credited to a Participating Employee's ESOP Account are used to make a principal or interest payment on an ESOP Loan, Units representing the value of the BellSouth Shares released as a result of such payment from the ESOP Loan Suspense Account and transferred to the ESOP Fund first shall be credited to such Participating Employee's ESOP Account.

  • Shares of ESOP Convertible Preferred Stock shall be issued or sold by the Corporation only to the ESOP for allocation to the ESOP Loan Suspense Account.

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 pursuant to Section 10.3(c).

  • 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.

  • 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.

  • 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.

  • 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.

  • FF&E Reserve Account shall have the meaning set forth in Section 7.3 hereof.