Common use of Appointment of H&Q Representative Clause in Contracts

Appointment of H&Q Representative. Each of the H&Q Parties hereby appoints Guaranty Finance as its representative (the "H&Q Representative") to be the representative of the H&Q Parties with respect to any matter hereunder related to (i) holding and disbursing the Covered Securities, (ii) preparing and delivering any Joint Written Direction and taking such action in furtherance thereof and (iii) receiving any bank checks or other funds for disbursement to the H&Q Parties. A majority in interest of the H&Q Parties may replace the H&Q Representative upon written notice to the Buyers' Representative (as defined below). For purposes of this Agreement, a "Joint Written Direction" shall mean a written direction executed by the H&Q Representative and the Buyers' Representative setting forth (i) the amount of funds to be delivered by each Buyer to the Buyers' Representative for disbursement to the H&Q Representative on behalf of the H&Q Parties, (ii) the Covered Securities to be delivered to the Buyers' Representative for the benefit of the Buyers and (iii) and any other matters related thereto (a "Joint Written Direction").

Appointment of H&Q Representative. Each of the H&Q Parties hereby appoints Guaranty Finance as its representative (the "“H&Q Representative"”) to be the representative of the H&Q Parties with respect to any matter hereunder related to (i) holding and disbursing the Covered Securities, (ii) preparing and delivering any Joint Written Direction and taking such action in furtherance thereof and (iii) receiving any bank checks or other funds for disbursement to the H&Q Parties. A majority in interest of the H&Q Parties may replace the H&Q Representative upon written notice to the Buyers' ’ Representative (as defined below). For purposes of this Agreement, a "“Joint Written Direction" ” shall mean a written direction executed by the H&Q Representative and the Buyers' ’ Representative setting forth (i) the amount of funds to be delivered by each Buyer to the Buyers' ’ Representative for disbursement to the H&Q Representative on behalf of the H&Q Parties, (ii) the Covered Securities to be delivered to the Buyers' ’ Representative for the benefit of the Buyers and (iii) and any other matters related thereto (a "“Joint Written Direction"”).