Non-Plan Party definition
Examples of Non-Plan Party in a sentence
In no event shall a Plan Party enter into a Transaction using Plan assets under this Agreement, unless such Plan Party amends this Schedule B (i) to disclose in writing the identity of any such Plans and (ii) to represent and warrant to the satisfaction of the Non-Plan Party that such Transaction will not constitute a prohibited transaction for which no exemptive relief is available under ERISA and the reasons therefor.
The Plan Party shall pay the Non-Plan Party a Breakage Fee for all Affected Transactions that are terminated before their scheduled termination date.
The Non-Plan Party may enter into such Transaction involving the assets of any such Plan in reliance upon such representations and warranties of the Plan Party but shall not be required to so proceed.
The determination of the Breakage Fee hereunder shall be made in accordance with market practice at the side of the market of such Non-Plan Party.
If a party intends to enter into a Transaction using the assets of any Plan (the "Plan Party"), the Plan Party shall notify the other party (the "Non-Plan Party") in writing prior to the use of such Plan assets for any purpose under this Agreement.
If any of the provisions contained in this Schedule B are breached by a Plan Party, the Non-Plan Party may terminate the Transactions that are deemed, at the Non-Plan Party’s sole discretion, to be in breach of this Schedule B (“Affected Transactions”).
If any of the provisions contained in this Schedule B are breached by a Plan Party, the Non-Plan Party may terminate the Transactions that are deemed, at the Non-Plan Party's sole discretion, to be in breach of this Schedule B ("Affected Transactions").