SUSP is the annunciation that displays above the OBS button and means that the automatic sequencing of waypoints has been suspended. There are differences between the 430/530 and the 430W/530W in the way SUSP occurs, and there are differences based on different levels of software in the 430W/530W. I describe the operation of SUSP below for version 3.3 of the main software. If you don't currently have 3.3 main software, you should have it installed and before the end of this month as it is a free upgrade until that date.
SUSP can occur at several points, most notably when the MAP has been reached. To resume navigation sequence to the missed approach hold, you press the OBS button, but only after SUSP has been annunciated.
It also occurs when holding and when you either can't or don't want to exit the hold. If you are in the missed approach hold, SUSP will remain on regardless what you do to the OBS button. To exit the hold, you have to provide navigation via a Direct-to or a Procedure function. If the hold is in-Lieu of a procedure turn, once you are in the hold, you can use the OBS button to toggle SUSP on and off. If SUSP is on when you approach the hold fix, you will stay in the hold. If it is off, you continue the approach.
SUSP will occur on vectors to final when you are not aligned with the FAF within 45 degrees. In this case, it will automatically go off when you have aligned yourself.
SUSP can also occur a second time during a missed approach procedure after the missed approach where SUSP has come on and the pilot has pressed OBS. The reason it might come on is that the missed approach procedure has a leg that requires you climb to an altitude on a course and then turn to continue the procedure. You get the guidance along the course on the miss and then the SUSP comes on. You wait until you have climbed to the required altitude, and then press the OBS to continue with the next leg of the procedure. The same operation can occur on a departure procedure. If you happen to have air-data input to your 430W/530W, it will automatically sequence to the next leg at the proper altitude.