Common use of NASD AFFILIATION Clause in Contracts

NASD AFFILIATION. Contributor represents severally that neither it nor any affiliate of Contributor is a member, affiliate of a member or person associated with a member of the National Association of Securities Dealers, Inc. ("NASD"). Contributor further represents severally that neither it nor any of its affiliates owns any stock or other securities of any NASD member not purchased in the open market, or has made any outstanding subordinated loans to a NASD member. (A company or natural person is presumed to control a member of the NASD and is therefore presumed to constitute an affiliate of such member if the Company or person is the beneficial owner of 10% or more of the outstanding securities of a member which is a corporation. Additionally, a natural person is presumed to control a member of the NASD and is therefore presumed to constitute an affiliate of such a member if such person has the power to direct or cause the direction of the management or policies of such member.)

NASD AFFILIATION. Each Contributor represents severally that neither it nor any affiliate Affiliate of such Contributor is a member, affiliate Affiliate of a member or person associated with a member of the National Association of Securities Dealers, Inc. ("NASD"). Each Contributor further represents severally that neither it nor any of its affiliates Affiliates owns any stock or other securities of any NASD member not purchased in the open market, or has made any outstanding subordinated loans to a NASD member. (A company or natural person is presumed to control a member of the NASD and is therefore presumed to constitute an affiliate Affiliate of such member if the Company or person is the beneficial owner of 10% or more of the outstanding securities of a member which is a corporation. Additionally, a natural person is presumed to control a member of the NASD and is therefore presumed to constitute an affiliate Affiliate of such a member if such person has the power to direct or cause the direction of the management or policies of such member.)

NASD AFFILIATION. Contributor Each Grantor represents severally that neither it nor any affiliate of Contributor such Grantor is a member, affiliate of a member or person associated affiliated with a member of the National Association of Securities Dealers, Inc. ("“NASD"”). Contributor Each Grantor further represents severally that neither it nor any affiliate of its affiliates such Grantor owns any stock or other securities of any NASD member not purchased in the open market, or has made any outstanding subordinated loans to a an NASD member. (A company or natural person is presumed to control a member of the NASD and is therefore presumed to constitute an affiliate of such a member if the Company company or person is the beneficial owner of 10% or more of the outstanding securities of a member which is a corporation. Additionally, a natural person is presumed to control a member of the NASD and is therefore presumed to constitute an affiliate of such a member if such person has the power to direct or cause the direction of the management or policies of such member.)

NASD AFFILIATION. Neither such Contributor represents severally that neither it nor any affiliate Affiliate of such Contributor is a member, affiliate Affiliate of a member or person associated with a member of the National Association of Securities Dealers, Inc. ("“NASD"”). Neither such Contributor further represents severally that neither it nor any of its affiliates Affiliates owns any stock or other securities of any NASD member not purchased in the open market, or has have made any outstanding subordinated loans to a NASD member. (A company or natural person is presumed to control a member of the NASD and is therefore presumed to constitute an affiliate Affiliate of such member if the Company company or person is the beneficial owner of 10% or more of the outstanding securities of a member which is a corporation. Additionally, a natural person is presumed to control a member of the NASD and is therefore presumed to constitute an affiliate Affiliate of such a member if such person has the power to direct or cause the direction of the management or policies of such member.)

NASD AFFILIATION. Each Contributor represents severally that neither it nor any affiliate of such Contributor is a member, affiliate of a member or person associated with a member of the National Association of Securities Dealers, Inc. ("NASD"). Such Contributor further represents severally that neither it nor any of its affiliates owns any stock or other securities of any NASD member not purchased in the open market, or has made any outstanding subordinated loans to a NASD member. (A company or natural person is presumed to control a member of the NASD and is therefore presumed to constitute an affiliate of such member if the Company or person is the beneficial owner of 10% or more of the outstanding securities of a member which is a corporation. Additionally, a natural person is presumed to control a member of the NASD and is therefore presumed to constitute an affiliate of such a member if such person has the power to direct or cause the direction of the management or policies of such member.)

NASD AFFILIATION. Such Contributor represents severally that neither it nor any affiliate of such Contributor is a member, affiliate of a member or person associated with a member of the National Association of Securities Dealers, Inc. ("“NASD"”). Such Contributor further represents severally that neither it nor any of its affiliates owns any stock or other securities of any NASD member not purchased in the open market, or has made any outstanding subordinated loans to a an NASD member. (A company or natural person is presumed to control a member of the NASD and is therefore presumed to constitute an affiliate of such member if the Company company or person is the beneficial owner of 10% or more of the outstanding securities of a member which is a corporation. Additionally, a natural person is presumed to control a member of the NASD and is therefore presumed to constitute an affiliate of such a member if such person has the power to direct or cause the direction of the management or policies of such member.)

NASD AFFILIATION. Contributor The Grantor represents severally that neither it nor any affiliate of Contributor the Grantor is a member, affiliate of a member or person associated affiliated with a member of the National Association of Securities Dealers, Inc. ("“NASD"”). Contributor The Grantor further represents severally that neither it nor any affiliate of its affiliates the Grantor owns any stock or other securities of any NASD member not purchased in the open market, or has made any outstanding subordinated loans to a an NASD member. (A company or natural person is presumed to control a member of the NASD and is therefore presumed to constitute an affiliate of such a member if the Company company or person is the beneficial owner of 10% or more of the outstanding securities of a member which is a corporation. Additionally, a natural person is presumed to control a member of the NASD and is therefore presumed to constitute an affiliate of such a member if such person has the power to direct or cause the direction of the management or policies of such member.)

NASD AFFILIATION. Each Contributor represents severally that neither it nor any affiliate Affiliate of such Contributor is a member, affiliate Affiliate of a member or person associated with a member of the National Association of Securities Dealers, Inc. ("“NASD"”). Such Contributor further represents severally that neither it nor any of its affiliates Affiliates owns any stock or other securities of any NASD member not purchased in the open market, or has made any outstanding subordinated loans to a NASD member. (A company or natural person is presumed to control a member of the NASD and is therefore presumed to constitute an affiliate Affiliate of such member if the Company or person is the beneficial owner of 10% or more of the outstanding securities of a member which is a corporation. Additionally, a natural person is presumed to control a member of the NASD and is therefore presumed to constitute an affiliate Affiliate of such a member if such person has the power to direct or cause the direction of the management or policies of such member.)

NASD AFFILIATION. Contributor Each Owner represents severally that (i) neither it he nor any affiliate of Contributor such Owner is a member, affiliate of a member or person associated affiliated with a member of the National Association of Securities Dealers, Inc. ("NASD"). Contributor further represents severally that ; and (ii) neither it he nor any affiliate of its affiliates such Owner owns any stock or other securities of any NASD member not purchased in the open market, or has made any outstanding subordinated loans to a an NASD member. (A company or natural person is presumed to control a member of the NASD and is therefore therefor presumed to constitute an affiliate of such a member if the Company company or person is the beneficial owner of 10% or more of the outstanding securities of a member which is a corporation. Additionally, a natural person is presumed to control a member of the NASD and is therefore presumed to constitute an affiliate of such a member if such person has the power to direct or cause the direction of the management or policies of such member.)

NASD AFFILIATION. Each Contributor represents severally that neither it nor any affiliate of such Contributor is a member, affiliate of a member or person associated with a member of the National Association of Securities Dealers, Inc. ("NASD"). Each Contributor further represents severally that neither it nor any affiliate of its affiliates such Contributor owns any stock or other securities of any NASD member not purchased in the open market, or has made any outstanding subordinated loans to a an NASD member. (A company or natural person is presumed to control a member of the NASD and is therefore presumed to constitute an affiliate of such a member if the Company company or person is the beneficial owner of 10% or more of the outstanding securities of a member which is a corporation. Additionally, a natural person is presumed to control a member of the NASD and is therefore presumed to constitute an affiliate of such a member if such person has the power to direct or cause the direction of the management or policies of such member.)

NASD AFFILIATION. Contributor Each Owner represents severally that (I) neither it he nor any affiliate of Contributor such Owner is a member, affiliate of a member or person associated affiliated with a member of the National Association of Securities Dealers, Inc. ("NASD"). Contributor further represents severally that ; and (II) neither it he nor any affiliate of its affiliates such Owner owns any stock or other securities of any NASD member not purchased in the open market, or has made any outstanding subordinated loans to a an NASD member. (A company or natural person is presumed to control a member of the NASD and is therefore therefor presumed to constitute an affiliate of such a member if the Company company or person is the beneficial owner of 10% or more of the outstanding securities of a member which is a corporation. Additionally, a natural person is presumed to control a member of the NASD and is therefore presumed to constitute an affiliate of such a member if such person has the power to direct or cause the direction of the management or policies of such member.)