Secondary Market Transactions in Client’s Securities. The Firm, in connection with its sales and trading activities, may take a principal position in securities, including securities of Client, and therefore the Firm could have interests in conflict with those of Client with respect to the value of Client’s securities while held in inventory and the levels of mark-up or mark-down that may be available in connection with purchases and sales thereof. In particular, the Firm or its affiliates may submit orders for and acquire Client’s securities issued in an Issue under the Agreement from members of the underwriting syndicate, either for its own account or for the accounts of its customers. This activity may result in a conflict of interest with Client in that it could create the incentive for the Firm to make recommendations to Client that could result in more advantageous pricing of Client’s bond in the marketplace. Any such conflict is mitigated by means of such activities being engaged in on customary terms through units of the Firm that operate independently from the Firm’s municipal advisory business, thereby reducing the likelihood that such investment activities would have an impact on the services provided by the Firm to Client under this Agreement.
Secondary Market Transactions in Client’s Securities. Xxxxxxx Xxxxx, in connection with its sales and trading activities, may take a principal position in securities, including securities of the Client, and therefore Xxxxxxx Xxxxx could have interests in conflict with those of the Client with respect to the value of the Client’s securities while held in inventory and the levels of xxxx-up or xxxx-down that may be available in connection with purchases and sales thereof. In particular, Xxxxxxx Xxxxx or its affiliates may submit orders for and acquire the Client’s securities issued in an issue under the Agreement from members of the underwriting syndicate, either for its own account or for the accounts of its customers. This activity may result in a conflict of interest with the Client in that it could create the incentive for Xxxxxxx Xxxxx to make recommendations to the Client that could result in more advantageous pricing of the Client’s bond in the marketplace. Any such conflict is mitigated by means of such activities being engaged in on customary terms through units of the Xxxxxxx Xxxxx that operate independently from Xxxxxxx Xxxxx’x municipal advisory business, thereby reducing the likelihood that such investment activities would have an impact on the services provided by Xxxxxxx Xxxxx to the Client under this Agreement.
Secondary Market Transactions in Client’s Securities. X.X. Xxxxxxxx, in connection with its sales and trading activities, may take a principal position in securities, including your securities, and therefore X.X. Xxxxxxxx could have interests in conflict your own with respect to the value of your securities while held in inventory and the levels of mark-up or mark-down that may be available in connection with purchases and sales thereof. In particular, X.X. Xxxxxxxx or its affiliates may submit orders for and acquire your securities issued in an Issue under the Agreement from members of the underwriting syndicate, either for its own account or for the accounts of its customers. This activity may result in a conflict of interest with you in that it could create the incentive for X.X. Xxxxxxxx to make recommendations to you that could result in more advantageous pricing of your bond in the marketplace. Any such conflict is mitigated by means of such activities being engaged in on customary terms through units of the X.X. Xxxxxxxx that operate independently from X.X. Xxxxxxxx’x municipal advisory business, thereby reducing the likelihood that such investment activities would have an impact on the services provided by X.X. Xxxxxxxx to you under this Agreement. * * * * *
