Common use of NASD AFFILIATION Clause in Contracts

NASD AFFILIATION. Each Grantor represents severally that neither it nor any affiliate of such Grantor is a member or person affiliated with a member of the National Association of Securities Dealers, Inc. (“NASD”). Each Grantor further represents severally that neither it nor any affiliate of 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 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 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 Grantor Contributor represents severally that neither it nor any affiliate of such Grantor Contributor is a member, affiliate of a member or person affiliated associated with a member of the National Association of Securities Dealers, Inc. (“"NASD”"). Each Grantor Contributor further represents severally that neither it nor any affiliate of such Grantor 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 an 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 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 Grantor Contributor represents severally that neither it nor any affiliate Affiliate of such Grantor Contributor is a member, Affiliate of a member or person affiliated associated with a member of the National Association of Securities Dealers, Inc. (“"NASD”"). Each Grantor Contributor further represents severally that neither it nor any affiliate of such Grantor 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 an 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 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 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 Grantor represents severally that neither it Neither such Contributor nor any affiliate Affiliate of such Grantor Contributor is a member, Affiliate of a member or person affiliated associated with a member of the National Association of Securities Dealers, Inc. (“NASD”). Each Grantor further represents severally that neither it Neither such Contributor nor any affiliate of such Grantor its 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 an 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 a 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. Each Grantor Contributor represents severally that neither it nor any affiliate of such Grantor Contributor is a member, affiliate of a member or person affiliated associated with a member of the National Association of Securities Dealers, Inc. (“"NASD”"). Each Grantor Such Contributor further represents severally that neither it nor any affiliate of such Grantor 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 an 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 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 Grantor Contributor represents severally that neither it nor any affiliate Affiliate of such Grantor Contributor is a member, Affiliate of a member or person affiliated associated with a member of the National Association of Securities Dealers, Inc. (“NASD”). Each Grantor Such Contributor further represents severally that neither it nor any affiliate of such Grantor 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 an 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 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 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 Grantor Such Contributor represents severally that neither it nor any affiliate of such Grantor Contributor is a member, affiliate of a member or person affiliated associated with a member of the National Association of Securities Dealers, Inc. (“NASD”). Each Grantor Such Contributor further represents severally that neither it nor any affiliate of such Grantor 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 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 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 The Grantor represents severally that neither it nor any affiliate of such the Grantor is a member or person affiliated with a member of the National Association of Securities Dealers, Inc. (“NASD”). Each The Grantor further represents severally that neither it nor any affiliate of such 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 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 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 Grantor Owner represents severally that (i) neither it he nor any affiliate of such Grantor Owner is a member or person affiliated with a member of the National Association of Securities Dealers, Inc. (“"NASD”"). Each Grantor further represents severally that ; and (ii) neither it he nor any affiliate of such Grantor 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 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 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 Grantor Owner represents severally that (I) neither it he nor any affiliate of such Grantor Owner is a member or person affiliated with a member of the National Association of Securities Dealers, Inc. (“"NASD”"). Each Grantor further represents severally that ; and (II) neither it he nor any affiliate of such Grantor 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 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 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.)