Common use of Research Independence Clause in Contracts

Research Independence. In addition, the Company acknowledge that the Manager’s research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that the Manager’s research analysts may hold and make statements or investment recommendations and/or publish research reports with respect to the Company and/or the offering that differ from the views of their investment bankers. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Manager with respect to any conflict of interest that may arise from the fact that the views expressed by the Manager’s independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Company by the Manager’s investment banking divisions. The Company acknowledges that the Manager is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own accounts or the accounts of their customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement and any Terms Agreement.

Research Independence. In addition, the The Company acknowledge acknowledges that the Manager’s research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that the Manager’s research analysts may hold and make statements or investment recommendations and/or publish research reports with respect to the Company and/or the offering that differ from the views of their investment bankers. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Manager with respect to any conflict of interest that may arise from the fact that the views expressed by the Manager’s independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Company by the Manager’s investment banking divisions. The Company acknowledges that the Manager is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own accounts or the accounts of their its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement the Distribution Agreements and any Terms Agreement.

Research Independence. In addition, the The Company acknowledge acknowledges that the Manager’s research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that the Manager’s research analysts may hold and make statements or investment recommendations and/or publish research reports with respect to the Company and/or the offering that differ from the views of their investment bankers. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Manager with respect to any conflict of interest that may arise from the fact that the views expressed by the Manager’s independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Company by the Manager’s investment banking divisions. The Company acknowledges that the Manager is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own accounts or the accounts of their its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement and any Terms Agreement.

Research Independence. In addition, the The Company acknowledge acknowledges and agrees that the ManagerUnderwriter’s research analysts and research departments are required to be independent from their respective its investment banking divisions division and are subject to certain regulations and internal policies, and that the ManagerUnderwriter’s research analysts may hold and make statements or investment recommendations and/or publish research reports with respect to the Company and/or the offering that differ from the views of their its investment bankers. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Manager Underwriter with respect to any conflict of interest that may arise from the fact that the views expressed by the Manager’s its independent research analysts and research departments department may be different from or inconsistent with the views or advice communicated to the Company by the ManagerUnderwriter’s investment banking divisionsdivision. The Company acknowledges that the Manager Underwriter is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own accounts account or the accounts account of their its customers and hold long or short positions in debt or equity securities of the companies that Company which may be the subject of the transactions contemplated by this Agreement and any Terms Agreement.

Research Independence. In addition, the Company acknowledge acknowledges that the ManagerUnderwriter’s research analysts and research departments are required to be independent from their respective its investment banking divisions division and are subject to certain regulations and internal policies, and that the ManagerUnderwriter’s research analysts may hold and make statements or investment recommendations and/or publish research reports with respect to the Company and/or the offering that differ from the views of their its investment bankers. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Manager Underwriter with respect to any conflict of interest that may arise from the fact that the views expressed by the Manager’s its independent research analysts and research departments department may be different from or inconsistent with the views or advice communicated to the Company by the ManagerUnderwriter’s investment banking divisionsdivision. The Company acknowledges that the Manager Underwriter is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own accounts account or the accounts account of their its customers and hold long or short positions in debt or equity securities of the companies that which may be the subject of the transactions contemplated by this Agreement and any Terms Agreement.

Research Independence. In addition, the The Company acknowledge acknowledges that the ManagerUnderwriter’s research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that the ManagerUnderwriter’s research analysts may hold and make statements or investment recommendations and/or publish research reports with respect to the Company and/or the offering that differ from the views of their its investment bankers. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Manager Underwriter with respect to any conflict of interest that may arise from the fact that the views expressed by the Manager’s their independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Company by the ManagerUnderwriter’s investment banking divisions. The Company acknowledges that the Manager Underwriter is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own accounts account or the accounts account of their its customers and hold long or short positions position in debt or equity securities of the companies that which may be the subject of to the transactions contemplated by this Agreement and any Terms Agreement.

Research Independence. In addition, the Company acknowledge that the each Manager’s research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that the Manager’s research analysts may hold and make statements or investment recommendations and/or publish research reports with respect to the Company and/or the offering that differ from the views of their investment bankers. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Manager with respect to any conflict of interest that may arise from the fact that the views expressed by the Manager’s independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Company by the Manager’s investment banking divisions. The Company acknowledges that the Manager is a full full-service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own accounts or the accounts of their customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement and any Terms Agreement.

Research Independence. In addition, the Company acknowledge acknowledges that the Manager’s Underwriters’ research analysts and research departments are required to be independent from their respective investment banking divisions division and are subject to certain regulations and internal policies, and that the Manager’s Underwriters’ research analysts may hold and make statements or investment recommendations and/or publish research reports with respect to the Company and/or the offering that differ from the views of their investment bankers. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Manager Underwriters with respect to any conflict of interest that may arise from the fact that the views expressed by the Manager’s their independent research analysts and research departments department may be different from or inconsistent with the views or advice communicated to the Company by the Manager’s Underwriters’ investment banking divisionsdivision. The Company acknowledges that the Manager is a Underwriters are full service securities firm firms and as such from time to time, subject to applicable securities laws, may effect transactions for its their own accounts account or the accounts account of their customers and hold long or short positions in debt or equity securities of the companies that which may be the subject of the transactions contemplated by this Agreement and any Terms Agreement.

Research Independence. In addition, the The Company acknowledge acknowledges that the ManagerAgent’s research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that the ManagerAgent’s research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to the Company and/or the offering that differ from the views of their respective investment bankersbanking divisions. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Manager Agent with respect to any conflict of interest that may arise from the fact that the views expressed by the Manager’s their independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Company by the ManagerAgent’s investment banking divisionsdivision. The Company acknowledges that the Manager Agent is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own accounts account or the accounts account of their its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement and any Terms Agreement.

Research Independence. In addition, the Company acknowledge that the Manager’s research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that the Manager’s research analysts may hold and make statements or investment recommendations and/or publish research reports with respect to the Company and/or the offering that differ from the views of their investment bankers. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Manager with respect to any conflict of interest that may arise from the fact that the views expressed by the Manager’s independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Company by the Manager’s investment banking divisions. The Company acknowledges that the Manager is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own accounts or the accounts of their customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement and any Terms Agreement00000000.