Share Redemptions Sample Clauses
Share Redemptions. If cash is needed to pay taxes, fees, or other expenses properly chargeable to the Account or to make payments to the Employee or Beneficiary under Article 5, the Employee (or Beneficiary, if applicable) will instruct the Custodian in writing which Fund should be redeemed or sold if the Account is invested in more than one Fund. In the absence of such written instructions, the Custodian will redeem shares of all Funds in the Account in proportion to the value of the shares of each such Fund held in the Account and will be fully protected in so doing.
Share Redemptions. Prior to each Valuation Time for a Series on each Fund Business Day, as specified in accordance with Section 11 above, Norwest shall process all requests to redeem Shares of each Class of the Series in accordance with Section 8. Upon confirmation of the net asset value by the Manager, Norwest shall notify the Trust and the Custodian of the redemption amount, apply the redemption proceeds in accordance with Section 13 and the Prospectus, record the redemption in the stock registry books, and debit the redeemed Shares from the Unissued Certificates Account, if appropriate, and the account of the Shareholder and ▇▇▇▇ "canceled" or destroy any Share Certificates evidencing the redeemed shares. In lieu of carrying out the redemption procedures described in the preceding paragraph, Norwest may, at the request of the Trust, sell Shares of each class of each Series to the Trust as repurchases from Shareholders, provided that the sale price is not less than the applicable redemption price. The redemption procedures shall then be appropriately modified. The Trust may authorize Norwest by Written Instruction to effect any redemptions upon provision of an indemnity satisfactory in form to Norwest.
Share Redemptions. If cash funds are required to pay taxes, fees, or other expenses pursuant to Article VI or to make payments to the Employee or his or her Beneficiary pursuant to Article V, the Employee (or Beneficiary, if applicable) shall redeem shares of the Summit Fund held in the Employee's Account.
Share Redemptions. Prior to each Valuation Time, the Transfer Agent shall process all requests to redeem Shares of each Fund in accordance with Section 7 and, if appropriate, shall advise the Custodian of the aggregate net asset value of all Shares requested to be redeemed. Upon confirmation of the net asset value, the Transfer Agent shall notify the Trust and, if appropriate, the Custodian of the redemption, apply the redemption proceeds in accordance with Section 12 and the applicable Prospectus, record the redemption in the stock registry books, debit the redeemed Shares from the Share Account and the individual account of the Shareholder.