Common use of Affiliate Activities Clause in Contracts

Affiliate Activities. The Borrowers acknowledge that each Agent and each Arranger (and their respective Affiliates) are full service securities firms engaged, either directly or through affiliates, in various activities, including securities trading, investment banking and financial advisory, investment management, principal investment, hedging, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. In the ordinary course of these activities, any of them may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and/or financial instruments (including bank loans) for their own account and for the accounts of customers and may at any time hold long and short positions in such securities and/or instruments. Such investment and other activities may involve securities and instruments of the Parent Borrower and its Affiliates, as well as of other entities and persons and their Affiliates which may (i) be involved in transactions arising from or relating to the transactions contemplated hereby and by the other Loan Documents, (ii) be customers or competitors of the Parent Borrower and its Affiliates or (iii) have other relationships with the Parent Borrower and its Affiliates. In addition, it may provide investment banking, underwriting and financial advisory services to such other entities and persons. It may also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of the Parent Borrower and its Affiliates or such other entities. The transactions contemplated hereby and by the other Loan Documents may have a direct or indirect impact on the investments, securities or instruments referred to in this clause.

Affiliate Activities. The Borrowers acknowledge Borrower acknowledges that each Agent Agent, each Arranger and each Arranger Lender (and each of their respective Affiliates) are is a full service securities firms firm engaged, either directly or through affiliatesAffiliates, in various activities, including securities trading, investment banking and financial advisory, investment management, principal investment, hedging, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. In the ordinary course of these activities, any of them it may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and/or financial instruments (including bank loans) for their its own account and for the accounts of its customers and may at any time hold long and short positions in such securities and/or instruments. Such investment and other activities may involve securities and instruments of the Parent Borrower and its Affiliates, as well as of other entities and persons Persons and their Affiliates which may (i) be involved in transactions arising from or relating to the transactions engagement contemplated hereby and by the other Loan Documents, (ii) be customers or competitors of the Parent Borrower and its Affiliates Affiliates, or (iii) have other relationships with the Parent Borrower and its Affiliates. In addition, it such Agents, Arrangers and Lenders and each of their respective Affiliates may provide investment banking, underwriting and financial advisory services to such other entities and personsPersons. It Such Agents, Arrangers and Lenders and each of their respective Affiliates may also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of the Parent Borrower and its Affiliates or such other entities. The transactions contemplated hereby by this Agreement and by the other Loan Documents may have a direct or indirect impact on the investments, securities or instruments referred to in this clauseparagraph.

Affiliate Activities. The Borrowers acknowledge Borrower acknowledges that each Agent of the Agents and each the Arranger (and their respective Affiliates) are is a full service securities firms firm engaged, either directly or through affiliatesAffiliates, in various activities, including securities trading, investment banking and financial advisory, investment management, principal investment, hedging, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. In the ordinary course of these activities, any each of them the Agents and the Arranger (and their respective Affiliates) may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and/or financial instruments (including bank loans) for their its own account and for the accounts of its customers and may at any time hold long and short positions in such securities and/or instruments. Such investment and other activities may involve securities and instruments of the Parent Borrower and its subsidiaries and Affiliates, as well as of other entities and persons Persons and their Affiliates which may (i) be involved in transactions arising from or relating to the transactions Transaction contemplated hereby and by the other Loan Documents, (ii) be customers or competitors of the Parent Borrower and its Affiliates or (iii) have other relationships with the Parent Borrower and its Affiliates. In addition, it such Arranger, Syndication Agent, Documentation Agent, Agent, Issuing Bank or Lender and their respective subsidiaries and Affiliates may provide investment banking, underwriting and financial advisory services to such other entities and personsPersons. It Such Arranger, Syndication Agent, Documentation Agent, Agent, Issuing Bank or Lender and their respective subsidiaries and Affiliates may also co-invest with, make direct investments in, in and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of the Parent Borrower and its subsidiaries and Affiliates or such other entities. The transactions contemplated hereby by this Agreement and by the other Loan Documents may have a direct or indirect impact on the investments, securities or instruments referred to in this clauseSection.

Affiliate Activities. The Borrowers acknowledge Borrower and Holdings acknowledges that each the Administrative Agent and each Joint Lead Arranger (and each of their respective Affiliates) are is a full service securities firms firm engaged, either directly or through affiliates, in various activities, including securities trading, investment banking and financial advisory, investment management, principal investment, hedging, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. In the ordinary course of these activities, any of them it may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and/or financial instruments (including bank loans) for their its own account and for the accounts of its customers and may at any time hold long and short positions in such securities and/or instruments. Such investment and other activities may involve securities and instruments of the Parent Borrower Borrower, the other Loan Parties and its Affiliatestheir respective affiliates, as well as of other entities and persons and their Affiliates which may (i) be involved in transactions arising from or relating to the transactions engagement contemplated hereby and by 176 QDI – A&R Credit Agreement (2014) the other Loan Documents, Documents (ii) be customers or competitors of the Parent Borrower Borrower, the other Loan Parties and its Affiliates their respective Affiliates, or (iii) have other relationships with the Parent Borrower Borrower, the other Loan Parties and its their respective Affiliates. In addition, it may provide investment banking, underwriting and financial advisory services to such other entities and persons. It may also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of the Parent Borrower Borrower, the other Loan Parties and its their respective Affiliates or such other entities. The transactions contemplated hereby and by the other Loan Documents may have a direct or indirect impact on the investments, securities or instruments referred to in this clauseparagraph.

Affiliate Activities. The Borrowers acknowledge Borrower acknowledges that each Agent Agent, the Arranger and each Arranger Lender (and their respective Affiliates) are is a full service securities firms firm engaged, either directly or through affiliates, in various activities, including securities trading, investment banking and financial advisory, investment management, principal investment, hedging, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. In the ordinary course of these activities, any of them it may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and/or financial instruments (including bank loans) for their its own account and for the accounts of its customers and may at any time hold long and short positions in such securities and/or instruments. Such investment and other activities may involve securities and instruments of the Parent Borrower and its Affiliatestheir respective affiliates, as well as of other entities and persons Persons and their Affiliates which may (i) be involved in transactions arising from or relating to the transactions engagement contemplated hereby and by the other Loan Documents, Documents (ii) be customers or competitors of the Parent Borrower and its Affiliates Affiliates, or (iii) have other relationships with the Parent Borrower and its Affiliates. In addition, it may provide investment banking, underwriting and financial advisory services to such other entities and personsPersons. It may also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of the Parent Borrower and its Affiliates or such other entities. The transactions contemplated hereby and by the other Loan Documents may have a direct or indirect impact on the investments, securities or instruments referred to in this clauseparagraph.

Affiliate Activities. The Borrowers acknowledge Each of the BorrowerBorrowers and Holdings acknowledges that each Agent and each Arranger (and their respective Affiliates) are is a full service securities firms firm engaged, either directly or through affiliates, in various activities, including securities trading, investment banking and financial advisory, investment management, principal investment, hedging, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. In the ordinary course of these activities, any of them it may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and/or financial instruments (including bank loans) for their its own account and for the accounts of its customers and may at any time hold long and short positions in such securities and/or instruments. Such investment and other activities may involve securities and instruments of the Parent Borrower BorrowerBorrowers , Holdings and its their respective Affiliates, as well as of other entities and persons Persons and their Affiliates which may (i) be involved in transactions arising from or relating to the transactions engagement contemplated hereby and by the other Loan Documents, (ii) be customers or competitors of the Parent Borrower BorrowerBorrowers, Holdings and its Affiliates their respective Affiliates, or (iii) have other relationships with the Parent Borrower BorrowerBorrowers , Holdings and its their respective Affiliates. In addition, it may provide investment banking, underwriting and financial advisory services to such other entities and personsPersons. It may also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of the Parent Borrower BorrowerBorrowers, Holdings and its their respective Affiliates or such other entities. The transactions contemplated hereby and by the other Loan Documents may have a direct or indirect impact on the investments, securities or instruments referred to in this clauseparagraph.

Affiliate Activities. The Borrowers acknowledge Borrower acknowledges that each Agent Agent, each Arranger and each Arranger Lender (and each of their respective Affiliates) are is a full service securities firms firm engaged, either directly or through affiliatesAffiliates, in various activities, including securities trading, investment banking and financial advisory, investment management, principal investment, hedging, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. In the ordinary course of these activities, any of them it may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and/or financial instruments (including bank loans) for their its own account and for the accounts of its customers and may at any time hold long and short positions in such securities and/or instruments. Such investment and other activities may involve securities and instruments of the Parent Borrower and its Affiliates, as well as of other entities and persons Persons and their Affiliates which may (i) be involved in transactions arising from or relating to the transactions engagement contemplated hereby and by the other Loan Documents, (ii) be customers or AMERICAS/2023810287.92024683232.11 210 Credit Agreement FH11508591.2 competitors of the Parent Borrower and its Affiliates Affiliates, or (iii) have other relationships with the Parent Borrower and its Affiliates. In addition, it such Agents, Arrangers and Lenders and each of their respective Affiliates may provide investment banking, underwriting and financial advisory services to such other entities and personsPersons. It Such Agents, Arrangers and Lenders and each of their respective Affiliates may also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of the Parent Borrower and its Affiliates or such other entities. The transactions contemplated hereby by this Agreement and by the other Loan Documents may have a direct or indirect impact on the investments, securities or instruments referred to in this clauseparagraph.

Affiliate Activities. The Borrowers acknowledge Borrower acknowledges that each Agent and each Arranger (and their respective Affiliates) are is a full service securities firms firm engaged, either directly or through affiliatesAffiliates, in various activities, including securities trading, investment banking and financial advisory, investment management, principal investment, hedging, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. In the ordinary course of these activities, any of them it may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and/or financial instruments (including bank loans) for their its own account and for the accounts of its customers and may at any time hold long and short positions in such securities and/or instruments. Such investment and other activities may involve securities and instruments of the Parent Borrower and its Subsidiaries and Affiliates, as well as of other entities and persons Persons and their Affiliates which may (i) be involved in transactions arising from or relating to the transactions IPO contemplated hereby and by the other Loan Documents, (ii) be customers or competitors of the Parent Borrower and its Affiliates Affiliates, or (iii) have other relationships with the Parent Borrower and its Affiliates. In addition, it such Arranger, Syndication Agent, Co-Documentation Agent, Agent or Lender and their respective Subsidiaries and Affiliates may provide investment banking, underwriting and financial advisory services to such other entities and personsPersons. It Such Arranger, Syndication Agent, Co-Documentation Agent, Agent or Lender and their respective Subsidiaries and Affiliates may also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of the Parent Borrower and its Subsidiaries and Affiliates or such other entities. The transactions contemplated hereby by this Agreement and by the other Loan Documents may have a direct or indirect impact on the investments, securities or instruments referred to in this clauseSection.

Affiliate Activities. The Borrowers Each of the Borrower and Holdings acknowledge that each Agent and each Arranger (and their respective Affiliates) are is a full service securities firms firm engaged, either directly or through affiliates, in various activities, including securities trading, investment banking and financial advisory, investment management, principal investment, hedging, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. In the ordinary course of these activities, any of them it may make or hold a broad array of investments and actively trade debt and equity securities Syniverse Magellan Finance Credit Agreement 23837750v1 (or related derivative securities) and/or financial instruments (including bank loans) for their its own account and for the accounts of its customers and may at any time hold long and short positions in such securities and/or instruments. Such investment and other activities may involve securities and instruments of the Parent Borrower Borrower, Holdings and its Affiliatestheir respective affiliates, as well as of other entities and persons and their Affiliates which may (i) be involved in transactions arising from or relating to the transactions engagement contemplated hereby and by the other Loan Documents, documents (ii) be customers or competitors of the Parent Borrower Borrower, Holdings and its Affiliates their respective Affiliates, or (iii) have other relationships with the Parent Borrower Borrower, Holdings and its their respective Affiliates. In addition, it may provide investment banking, underwriting and financial advisory services to such other entities and persons. It may also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of the Parent Borrower Borrower, Holdings and its their respective Affiliates or such other entities. The transactions contemplated hereby and by the other Loan Documents may have a direct or indirect impact on the investments, securities or instruments referred to in this clauseSection 10.20.

Affiliate Activities. The Borrowers acknowledge Each of the Borrower and Parent acknowledges that each Agent Agent, the Arrangers and each Arranger Lender (and their respective Affiliates) are is a full service securities firms firm engaged, either directly or through affiliates, in various activities, including securities trading, investment banking and financial advisory, investment management, principal investment, hedging, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. In the ordinary course of these activities, any of them may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and/or financial instruments (including bank loans) for their own account and for the accounts of customers and may at any time hold long and short positions in such securities and/or instruments. Such investment and other activities may involve securities and instruments of the Parent Borrower and its Affiliates, as well as of other entities and persons and their Affiliates which may (i) be involved in transactions arising from or relating to the transactions contemplated hereby and by the other Loan Documents, (ii) be customers or competitors of the Parent Borrower and its Affiliates or (iii) have other relationships with the Parent Borrower and its Affiliates. In addition, it may provide investment banking, underwriting and financial advisory services to such other entities and persons. It may also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of the Parent Borrower and its Affiliates or such other entities. The transactions contemplated hereby and by the other Loan Documents may have a direct or indirect impact on the investments, securities or instruments referred to in this clauseSection 10.21.

Affiliate Activities. The Borrowers Each of the Borrower and Holdings acknowledge that each Agent and each Arranger (and their respective Affiliates) are is a full service securities firms firm engaged, either directly or through affiliates, in various activities, including securities trading, investment banking and financial advisory, investment management, principal investment, hedging, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. In the ordinary course of these activities, any of them it may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and/or financial instruments (including bank loans) for their its own account and for the accounts of its customers and may at any time hold long and short positions in such securities and/or PRIVATE & CONFIDENTIAL SUBJECT TO FRE 408 & ITS EQUIVALENTS instruments. Such investment and other activities may involve securities and instruments of the Parent Borrower Borrower, Holdings and its Affiliatestheir respective affiliates, as well as of other entities and persons Persons and their Affiliates which may (i) be involved in transactions arising from or relating to the transactions engagement contemplated hereby and by the other Loan Documents, documents (ii) be customers or competitors of the Parent Borrower Borrower, Holdings and its Affiliates their respective Affiliates, or (iii) have other relationships with the Parent Borrower Borrower, Holdings and its their respective Affiliates. In addition, it may provide investment banking, underwriting and financial advisory services to such other entities and personsPersons. It may also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of the Parent Borrower Borrower, Holdings and its their respective Affiliates or such other entities. The transactions contemplated hereby and by the other Loan Documents may have a direct or indirect impact on the investments, securities or instruments referred to in this clauseparagraph.

Affiliate Activities. The Borrowers Holdings and its Subsidiaries each acknowledge that each Agent and each Arranger (and their respective Affiliates) are is a full service securities firms firm engaged, either directly or through affiliatesAffiliates, in various activities, including securities trading, investment banking and financial advisory, investment management, principal investment, hedging, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. In the ordinary course of these activities, any of them it may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and/or financial instruments (including bank loans) for their its own account and for the accounts of its customers and may at any time hold long and short positions in such securities and/or instruments, in each case in accordance with Applicable Law. Such investment and other activities may involve securities and instruments of the Parent Borrower, the German Borrower and its their respective Affiliates, as well as of other entities and persons Persons and their Affiliates which may (i) be involved in transactions arising from or relating to the transactions engagement contemplated hereby and by the other Loan Documents, (ii) be customers or competitors of the Parent Borrower, the German Borrower and its Affiliates their respective Affiliates, or (iii) have other relationships with the Parent Borrower, the German Borrower and its their respective Affiliates. In addition, it such Agents and Arrangers and their respective Affiliates may provide investment banking, underwriting and financial advisory services to such other entities and personsPersons. It Such Agents and Arrangers and their respective Affiliates may also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of the Parent Borrower, the German Borrower and its their respective Affiliates or such other entities. The transactions contemplated hereby by this Agreement and by the other Loan Documents may have a direct or indirect impact on the investments, securities or instruments referred to in this clauseparagraph.

Affiliate Activities. The Each of the Borrowers acknowledge acknowledgeThe Borrower acknowledges that each Agent Agent, each Arranger and each Arranger Lender (and each of their respective Affiliates) are is a full service securities firms firm engaged, either directly or through affiliatesAffiliates, in various activities, including securities trading, investment banking and financial advisory, investment management, principal investment, hedging, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. In the ordinary course of these activities, any of them it may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and/or financial instruments (including bank loans) for their its own account and for the accounts of its customers and may at any time hold long and short positions in such securities and/or instruments. Such investment and other activities may involve securities and instruments of the Parent Borrower Borrowers and their respectiveBorrower and its Affiliates, as well as of other entities and persons Persons and their Affiliates which may (i) be involved in transactions arising from or relating to the transactions engagement contemplated hereby and by the other Loan Documents, (ii) be customers or competitors of the Parent Borrower Borrowers and their respectiveBorrower and its Affiliates Affiliates, or (iii) have other relationships with the Parent Borrower Borrowers and their respectiveBorrower and its Affiliates. In addition, it such Agents, Arrangers and Lenders and each of their respective Affiliates may provide investment banking, underwriting and financial advisory services to such other entities and personsPersons. It Such Agents, Arrangers and Lenders and each of their respective Affiliates may also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of the Parent Borrower Borrowers and their respectiveBorrower and its Affiliates or such other entities. The transactions contemplated hereby by this Agreement and by the other Loan NYDOCS01/1760806.13 Documents may have a direct or indirect impact on the investments, securities or instruments referred to in this clauseparagraph.

Affiliate Activities. The Borrowers acknowledge Borrower acknowledges that each Agent Agent, Lender and each Arranger (and their respective Affiliates) are is a full service securities firms firm engaged, either directly or through affiliates, in various activities, including securities trading, investment banking and financial advisory, investment management, principal investment, hedging, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. In the ordinary course of these activities, any of them may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and/or financial instruments (including bank loans) for their own account and for the accounts of customers and may at any time hold long and short positions in such securities and/or instruments. Such investment and other activities may involve securities and instruments of the Parent Borrower and its Affiliates, as well as of other entities and persons and their Affiliates which may (i) be involved in transactions arising from or relating to the transactions engagement contemplated hereby and by the other Loan Documents, (ii) be customers or competitors of the Parent Borrower and its Affiliates or (iii) have other relationships with the Parent Borrower and its Affiliates. In addition, it may provide investment banking, underwriting and financial advisory services to such other entities and persons. It may also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of the Parent Borrower and its Affiliates or such other entities. The transactions contemplated hereby and by the other Loan Documents may have a direct or indirect impact on the investments, securities or instruments referred to in this clause.

Affiliate Activities. The Borrowers acknowledge Borrower acknowledges that each Agent and each Arranger (and their respective Affiliates) are is a full service securities firms firm engaged, either directly or through affiliatesAffiliates, in various activities, including securities trading, investment banking and financial advisory, investment management, principal investment, hedging, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. In the ordinary course of these activities, any of them it may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and/or financial instruments (including bank loans) for their its own account and for the accounts of its customers and may at any time hold long and short positions in such securities and/or instruments. Such investment and other activities may involve securities and instruments of the Parent Borrower and its Subsidiaries and Affiliates, as well as of other entities and persons Persons and their Affiliates which may (i) be involved in transactions arising from or relating to the transactions IPO contemplated hereby and by the other Loan Documents, (ii) be customers or competitors of the Parent Borrower and its Affiliates Affiliates, or (iii) have other relationships with the Parent Borrower and its Affiliates. In addition, it such Arranger, Syndication Agent, Agent or Lender and their respective Subsidiaries and Affiliates may provide investment banking, underwriting and financial advisory services to such other entities and personsPersons. It Such Arranger, Syndication Agent, Agent or Lender and their respective Subsidiaries and Affiliates may also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of the Parent Borrower and its Subsidiaries and Affiliates or such other entities. The transactions contemplated hereby by this Agreement and by the other Loan Documents may have a direct or indirect impact on the investments, securities or instruments referred to in this clauseSection.

Affiliate Activities. The Each of the Borrowers acknowledge that each Agent Agent, each Arranger and each Arranger Lender (and each of their respective Affiliates) are is a full service securities firms firm engaged, either directly or through affiliatesAffiliates, in various activities, including securities trading, investment banking and financial advisory, investment management, principal investment, hedging, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. In the ordinary course of these activities, any of them it may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and/or financial instruments (including bank loans) for their its own account and for the accounts of its customers and may at any time hold long and short positions in such securities and/or instruments. Such investment and other activities may involve securities and instruments of the Parent Borrower Borrowers and its their respective Affiliates, as well as of other entities and persons Persons and their Affiliates which may (i) be involved in transactions arising from or relating to the transactions engagement contemplated hereby and by the other Loan Documents, (ii) be customers or competitors of the Parent Borrower Borrowers and its Affiliates their respective Affiliates, or (iii) have other relationships with the Parent Borrower Borrowers and its their respective Affiliates. In addition, it such Agents, Arrangers and Lenders and each of their respective Affiliates may provide investment banking, underwriting and financial advisory services to such other entities and personsPersons. It Such Agents, Arrangers and Lenders and each of their respective Affiliates may also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of the Parent Borrower Borrowers and its their respective Affiliates or such other entities. The transactions contemplated hereby by this Agreement and by the other Loan Documents may have a direct or indirect impact on the investments, securities or instruments referred to in this clauseparagraph.

Affiliate Activities. The Borrowers acknowledge Borrower acknowledges that each Agent Agent, the Arrangers and each Arranger Lender (and their respective Affiliates) are is a full service securities firms firm engaged, either directly or through affiliates, in various activities, including securities trading, investment banking and financial advisory, investment management, principal investment, hedging, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. In the ordinary course of these activities, any of them may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and/or financial instruments (including bank loans) for their own account and for the accounts of customers and may at any time hold long and short positions in such securities and/or instruments. Such investment and other activities may involve securities and instruments of the Parent Borrower and its Affiliates, as well as of other entities and persons and their Affiliates which may (i) be involved in transactions arising from or relating to the transactions contemplated hereby and by the other Loan Documents, (ii) be customers or competitors of the Parent Borrower and its Affiliates or (iii) have other relationships with the Parent Borrower and its Affiliates. In addition, it may provide investment banking, underwriting and financial advisory services to such other entities and persons. It may also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of the Parent Borrower and its Affiliates or such other entities. The transactions contemplated hereby and by the other Loan Documents may have a direct or indirect impact on the investments, securities or instruments referred to in this clauseSection 10.21.