Common use of No Broker or Dealer Clause in Contracts

No Broker or Dealer. Neither the Company nor any of its subsidiaries (A) is required to register as a “broker” or “dealer” in accordance with the provisions of the 1934 Act or the 1934 Act Regulations, or (B) directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with any member firm or an associated person of a member firm (within the meaning of Article I of the By-laws of the FINRA) of FINRA, except that the Bank has contractually established a third-party brokerage arrangement with an unaffiliated broker-dealer consistent with the exception in the definition of a “broker” in Section 3(a)(4)(B)(i) of the 1934 Act and one or more of the Bank’s employees are registered with and conduct securities business for clients through that broker-dealer.

No Broker or Dealer. Neither the Company nor any of its subsidiaries (A) is required to register as a “broker” or “dealer” in accordance with the provisions of the 1934 Act or the 1934 Act Regulations, or (B) directly, or indirectly through one or more intermediaries, controls, is controlled by controls or is under common control with has any member firm or an associated person of a member firm other association (within the meaning of Article I of the By-laws of the Financial Industry Regulatory Authority, Inc. (“FINRA”)) with any member firm of FINRA, except that a subsidiary of the Bank Company has contractually established a third-third party brokerage arrangement with an unaffiliated broker-dealer consistent with the exception in the definition of a “broker” in Section 3(a)(4)(B)(i) of the 1934 Act and one or more of the BankCompany’s or its subsidiary’s employees are registered with and conduct securities business for clients through that broker-dealer.

No Broker or Dealer. Neither the Company nor any of its subsidiaries (A) is required to register as a “broker” or “dealer” in accordance with the provisions of the 1934 Act or the 1934 Act Regulations, or (B) directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with any member firm or an associated person of a member firm (within the meaning of Article I of the By-laws By−laws of the FINRA) of FINRA, except that a subsidiary of the Bank Company has contractually established a third-party brokerage arrangement with an unaffiliated broker-dealer consistent with the exception in the definition of a “broker” in Section 3(a)(4)(B)(i) of the 1934 Act and one or more of the BankCompany’s or its subsidiary’s employees are registered with and conduct securities business for clients through that broker-dealer.