Broker-Dealer and Investment Advisory Business. Xxxxxxxx is a broker-dealer and investment advisory firm that engages in a broad range of securities-related activities to service its clients, in addition to serving as a municipal advisor or underwriter. Such securities-related activities, which may include but are not limited to the buying and selling of new issue and outstanding securities and investment advice in connection with such securities, including securities of the District, may be undertaken on behalf of, or as counterparty to, the District, personnel of the District, and current or potential investors in the securities of the District. These other clients may, from time to time and depending on the specific circumstances, have interests in conflict with those of the District, such as when their buying or selling of the District’s securities may have an adverse effect on the market for the District’s securities, and the interests of such other clients could create the incentive for Xxxxxxxx to make recommendations to the District that could result in more advantageous pricing for the other clients. Any potential conflict arising from Xxxxxxxx effecting or otherwise assisting such other clients in connection with such transactions is mitigated by means of such activities being engaged in customary terms through units of Xxxxxxxx that operate independently from Xxxxxxxx’ municipal advisory business, thereby reducing the likelihood that the interests of such other clients would have an impact on the services provided by Xxxxxxxx to the District under this Agreement.
Broker-Dealer and Investment Advisory Business. Municipal Advisor is a broker-dealer and investment advisory firm that engages in a broad range of securities-related activities to serve its clients, in addition to serving as a municipal advisor or underwriter. Such securities-related activities, which may include but are not limited to the buying and selling of new issue and outstanding securities and investment advice in connection with such securities, including securities of Issuer, may be undertaken on behalf of, or as counterparty to, Issuer, personnel of Issuer, and current or potential investors in the securities of Issuer. These other clients may, from time to time and depending on the specific circumstances, have interests in conflict with those of Issuer, such as when their buying or selling of Issuer’s securities may have an adverse effect on the market for Issuer’s securities, and the interests of such other clients could create the incentive for Municipal Advisor to make recommendations to Issuer that could result in more advantageous pricing for the other clients. Furthermore, any potential conflict arising from Municipal Advisor effecting or otherwise assisting such other clients in connection with such transactions is mitigated by means of such activities being engaged in on customary terms through units of the Municipal Advisor that operate independently from Municipal Advisor’s municipal advisory business, thereby reducing the likelihood that the interests of such other clients would have an impact on the services provided by Municipal Advisor to Issuer under this Agreement.
