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.

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).

Examples of Loan Suspense Account in a sentence

Malvern Bank shall direct the ESOP trustee to remit a sufficient number of shares of Malvern Common Stock held in the Malvern ESOP’s Loan Suspense Account (as defined in Section 2.01(z) of the Malvern ESOP) to Malvern to repay the outstanding ESOP loan in full, with each remitted share to be valued equal to the closing price of Malvern Common Stock on the day immediately prior to the ESOP Termination Date.
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.
All, but not less than all, 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 payment of additional consideration by the Trustee, into such number of shares of Common Stock as is determined under the following conversion formula.
Upon the repayment of the SFSB ESOP loan, the remaining shares in the Loan Suspense Account will be allocated (to the extent permitted by Sections 401(a), 415 or 4975 of the Code and the applicable laws and regulations including, without limitation, the applicable provisions of ERISA) to SFSB ESOP participants (as determined under the terms of the SFSB ESOP).
Shares of ESOP Shares shall be issued and sold by the Corporation to the Buyer to be held in the ESOP Loan Suspense Account.

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.

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.

Loan Suspense Account means the suspense account used to hold Leveraged Stock until released and allocated pursuant to the terms of the Plan.

Loan Suspense Account means an account that shall consist of Company Stock acquired by the ESOP Plan with the proceeds of an Acquisition Loan, which Company Stock has not been allocated to the Accounts of Participants under the ESOP Plan.

Loan Suspense Account means the "Loan Suspense Account" as defined in the ESOP;

Loan Suspense Account means the Loan Suspense Account as referred to in the Plan.

Loan Suspense Account means the account maintained under this --------------------- Plan for the purpose of crediting and holding Financed Shares pending repayment of the related Acquisition Loan.