Covenants and Agreements of Managing Participating Broker Clause Samples

Covenants and Agreements of Managing Participating Broker. In connection with its appointment as MPB for the Offering, MP Securities covenants and agrees to: (a) Cause each Selling Group Member who executes a Joinder relating to the offer and sale of the Notes to honor and abide by the provisions contained in this Agreement; (b) Collaborate with the Company and assist the Company in identifying other licensed broker-dealer firms that could become a Selling Group Member; (c) Exercise its best efforts to comply with the subscription procedures and plan of distribution set forth in the Prospectus; (d) Periodically review executed subscription agreements entered into by the Company for the sale of Notes in connection with the Offering; (e) Maintain a fidelity bond in the minimum amount of $120,000; (f) Maintain general commercial liability insurance policy in an amount reasonably acceptable to MP Securities and the Company and continue to maintain such policy during the term of this Agreement; (g) Be primarily responsible for any necessary Rule 5110 FINRA filings regarding compensation arrangements of the MPB and other Selling Group Members by reason of the Offering; and (h) Maintain copies of all the subscription agreements, checks, sales confirmations, transaction blotter and records it receives from the Company and each Selling Group Member, as may be required under applicable FINRA rules and regulations.