Common use of Purchases and Sales from or to Sponsor Clause in Contracts

Purchases and Sales from or to Sponsor. If directed by the Sponsor in writing prior to the trading date, the Trustee may purchase or sell Sponsor Stock from or to the Sponsor if the purchase or sale is for adequate consideration (within the meaning of section 3(18) of ERISA) and no commission is charged. If Sponsor contributions (employer) or contributions made by the Sponsor on behalf of the Participants (employee) under the Plan are to be invested in Sponsor Stock, the Sponsor may transfer Sponsor Stock in lieu of cash to the Trust.

Appears in 6 contracts

Samples: Trust Agreement (Zions Bancorporation, National Association /Ut/), Trust Agreement (Zions Bancorporation /Ut/), Trust Agreement (Tech Data Corp)

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Purchases and Sales from or to Sponsor. If directed by the Sponsor -------------------------------------- Named Fiduciary in writing prior to the trading date, the Trustee may purchase or sell Sponsor Stock from or to the Sponsor if the purchase or sale is for adequate consideration (within the meaning of section 3(18) of ERISA) and no commission is charged. If Sponsor contributions (employer) or contributions made by the Sponsor on behalf of the Participants (employee) under the Plan are to be invested in Sponsor Stock, the Sponsor may transfer Sponsor Stock in lieu of cash to the Trust.

Appears in 1 contract

Samples: Trust, Recordkeeping and Administrative Services Agreement (Claiborne Liz Inc)

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