Common use of Initial Selection Clause in Contracts

Initial Selection. The initial Independent Advisory Board Members shall be selected from a list of candidates to be provided by the American Arbitration Association (the "AAA") pursuant to a memorandum from ADS and IBM Credit dated February 27, 2002. Upon receipt of the list of candidates from the AAA, the Trust shall provide a slate of ten candidates to each of IBM Credit and ADS. Such slate of ten candidates shall consist of the first ten names on the list provided by the AAA. Within five business days after receipt of the initial slate from the Trust, IBM Credit and ADS shall notify the Trustee and the other of which three candidates it chooses to strike from the slate. The Trustee shall then promptly select two of the remaining candidates for appointment on the basis of which candidate is willing to serve for the least amount of compensation. If the candidates are not distinguishable on the basis of lowest required compensation, the Trustee shall select the initial Independent Advisory Board Members arbitrarily. Prior to final selection of the initial Independent Advisory Board Members, the Trustee shall obtain a certificate from each selected candidate that he or she qualifies as an Independent Advisory Board Member. The third initial Advisory Board Members shall be designated by ADS (the "ADS Designated Advisory Board Member"). ADS hereby designates Richard J. Sullivan as the initial ADS Designated Advisory Board Membe▇.

Initial Selection. The initial Independent Advisory Board Members shall be selected from a list of candidates to be provided by the American Arbitration Association (the "“AAA"”) pursuant to a memorandum from ADS and IBM Credit dated February 27, 2002. Upon receipt of the list of candidates from the AAA, the Trust shall provide a slate of ten candidates to each of IBM Credit and ADS. Such slate of ten candidates shall consist of the first ten names on the list provided by the AAA. Within five business days after receipt of the initial slate from the Trust, IBM Credit and ADS shall notify the Trustee and the other of which three candidates it chooses to strike from the slate. The Trustee shall then promptly select two of the remaining candidates for appointment on the basis of which candidate is willing to serve for the least amount of compensation. If the candidates are not distinguishable on the basis of lowest required compensation, the Trustee shall select the initial Independent Advisory Board Members arbitrarily. Prior to final selection of the initial Independent Advisory Board Members, the Trustee shall obtain a certificate from each selected candidate that he or she qualifies as an Independent Advisory Board Member. The third initial Advisory Board Members shall be designated by ADS (the "“ADS Designated Advisory Board Member"”). ADS hereby designates Richard J. Sullivan ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ as the initial ADS Designated Advisory Board Membe▇Member.