Common use of Steering Committees Clause in Contracts

Steering Committees. The By-Laws of the Corporation shall provide for separate Steering Committees, one each for Yale and Hyster, consisting of four persons each, two of whom shall be NMHG Officers, as applicable, and two of whom shall be GECC Officers. Subject to confirmation by the Board of Directors, the NMHG Officers on the Steering Committees shall be designated by NMHG, and the GECC Officers on the Steering Committees shall be designated by GECC. The Steering Committees shall have the following duties: (A) providing input for development of new products; (B) setting response times; (C) setting target credit approval rates; (D) monitoring credit approval target achievement and systems; (E) providing input for development of automated systems; (F) staffing and personnel matters; and (G) reviewing competitiveness and adequacy of financing program rates. NMHG and GECC will each agree that it will instruct the Director(s) designated by it to confirm the Steering Committees Members designated by the other. Either Steering Committee, by the vote of any two of its members, may refer any matter to the Executive Committee for review and resolution, which matter will be considered and resolved by the Executive Committee within two weeks of such referral.