Common use of Designated Broker Clause in Contracts

Designated Broker. In order to facilitate compliance with Section 4.7, the Vendors shall designate a single stockbroker (the “Designated Broker”) where all Consideration Shares issued to all the Vendors shall be deposited. The Designated Broker shall be R▇▇ ▇▇▇▇▇ at Research Capital Corporation unless consent is provided by the Purchaser for a change in Designated Broker. All Consideration Shares shall be retained with such Designated Broker until they are sold or transferred as permitted by Section 4.7. The Vendors shall cause the Designated Broker to issue monthly account statements to the Purchaser that provide the details of the Consideration Shares held by the Vendors.