Common use of Broker-Dealer and Investment Advisory Business Clause in Contracts

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. Xxxxxxxx The Firm is dually registered as a broker-broker- dealer and an investment advisory firm advisor 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 DistrictClient, may be undertaken on behalf of, or as counterparty to, the DistrictClient, personnel of the DistrictClient, and current or potential investors in the securities of the DistrictClient. These other clients may, from time to time and depending on the specific circumstances, have interests in conflict with those of the DistrictClient, such as when their buying or selling of the DistrictClient’s securities may have an adverse effect on the market for the DistrictClient’s securities, and the interests of such other clients could create the incentive for Xxxxxxxx the Firm to make recommendations to the District Client that could result in more advantageous pricing for the other clients. Any Furthermore, any potential conflict arising from Xxxxxxxx the firm 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 Xxxxxxxx the Firm that operate independently from Xxxxxxxx’ the Firm’s municipal advisory business, thereby reducing the likelihood that the interests of such other clients would have an impact on the services provided by Xxxxxxxx the Firm to the District under this AgreementClient.