Common use of Affiliate Activities Clause in Contracts

Affiliate Activities. The Borrower acknowledges that each Agent, each Arranger and each Lender (and each of their respective Affiliates) is a full service securities 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, 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 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 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 engagement contemplated hereby and by the other Loan Documents, (ii) be customers or competitors of the Borrower and its Affiliates, or (iii) have other relationships with the Borrower and its Affiliates. In addition, 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 Persons. 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 Borrower and its Affiliates or such other entities. The transactions contemplated 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 paragraph.

Affiliate Activities. The Borrower and Holdings acknowledges that each Agent, each Arranger the Administrative Agent and each Lender Joint Lead Arranger (and each of their respective Affiliates) is a full service securities 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, 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 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 Borrower Borrower, the other Loan Parties 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 engagement contemplated hereby and by 176 QDI – A&R Credit Agreement (2014) the other Loan Documents, Documents (ii) be customers or competitors of the Borrower Borrower, the other Loan Parties and its their respective Affiliates, or (iii) have other relationships with the Borrower Borrower, the other Loan Parties and its their respective Affiliates. In addition, such Agents, Arrangers and Lenders and each of their respective Affiliates it may provide investment banking, underwriting and financial advisory services to such other entities and Personspersons. Such Agents, Arrangers and Lenders and each of their respective Affiliates 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 Borrower Borrower, the other Loan Parties and its their respective Affiliates or such other entities. The transactions contemplated by this Agreement hereby and by the other Loan Documents may have a direct or indirect impact on the investments, securities or instruments referred to in this paragraph.

Affiliate Activities. The Borrower acknowledges that each Agent, each of the Agents and the Arranger and each Lender (and each of their respective Affiliates) is a full service securities 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, it each of 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 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 Borrower and its subsidiaries and 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 engagement Transaction contemplated hereby and by the other Loan Documents, (ii) be customers or competitors of the Borrower and its Affiliates, Affiliates or (iii) have other relationships with the Borrower and its Affiliates. In addition, such AgentsArranger, Arrangers Syndication Agent, Documentation Agent, Agent, Issuing Bank or Lender and Lenders and each of their respective subsidiaries and Affiliates may provide investment banking, underwriting and financial advisory services to such other entities and Persons. Such AgentsArranger, Arrangers Syndication Agent, Documentation Agent, Agent, Issuing Bank or Lender and Lenders and each of 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 Borrower and its subsidiaries and Affiliates or such other entities. The transactions contemplated 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 paragraphSection.

Affiliate Activities. The Borrower acknowledges that each Agent, each the Arranger and each Lender (and each of their respective Affiliates) is a full service securities 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, 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 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 Borrower 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 engagement contemplated hereby and by the other Loan Documents, Documents (ii) be customers or competitors of the Borrower and its Affiliates, or (iii) have other relationships with the Borrower and its Affiliates. In addition, such Agents, Arrangers and Lenders and each of their respective Affiliates it may provide investment banking, underwriting and financial advisory services to such other entities and Persons. Such Agents, Arrangers and Lenders and each of their respective Affiliates 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 Borrower and its Affiliates or such other entities. The transactions contemplated by this Agreement hereby and by the other Loan Documents may have a direct or indirect impact on the investments, securities or instruments referred to in this paragraph.

Affiliate Activities. The Borrower acknowledges Borrowers acknowledge that each Agent, Agent and each Arranger and each Lender (and each of their respective Affiliates) is a are full service securities firm firms 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, it 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 its their 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 engagement transactions 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, such Agents, Arrangers and Lenders and each of their respective Affiliates it may provide investment banking, underwriting and financial advisory services to such other entities and Personspersons. Such Agents, Arrangers and Lenders and each of their respective Affiliates 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 by this Agreement hereby and by the other Loan Documents may have a direct or indirect impact on the investments, securities or instruments referred to in this paragraphclause.

Affiliate Activities. The Borrower Each of the BorrowerBorrowers and Holdings acknowledges that each Agent, Agent and each Arranger and each Lender (and each of their respective Affiliates) is a full service securities 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, 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 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 Borrower BorrowerBorrowers , Holdings and its their 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 engagement contemplated hereby and by the other Loan Documents, (ii) be customers or competitors of the Borrower BorrowerBorrowers, Holdings and its their respective Affiliates, or (iii) have other relationships with the Borrower BorrowerBorrowers , Holdings and its their respective Affiliates. In addition, such Agents, Arrangers and Lenders and each of their respective Affiliates it may provide investment banking, underwriting and financial advisory services to such other entities and Persons. Such Agents, Arrangers and Lenders and each of their respective Affiliates 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 Borrower BorrowerBorrowers, Holdings and its their respective Affiliates or such other entities. The transactions contemplated by this Agreement hereby and by the other Loan Documents may have a direct or indirect impact on the investments, securities or instruments referred to in this paragraph.

Affiliate Activities. The Borrower Company acknowledges that each Agent, each Arranger (1) the Agent and each Lender DIP Creditor (and each of their respective subsidiaries and Affiliates) is a full service securities 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 , (2) in the ordinary course of these activities, it they 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 its their own account respective accounts and for the accounts of its their respective customers and may at any time hold long and short positions in such securities and/or instruments. Such , (3) such investment and other activities may involve securities and instruments of the Borrower Company and its their Subsidiaries and 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 engagement Transaction contemplated hereby and by the other Loan Credit Documents, (ii) be customers or competitors of the Borrower Company and its their Affiliates, or (iii) have other relationships with the Borrower Company and its their Affiliates. In addition, such Agents(4) each Agent, Arrangers and Lenders DIP Creditor (and each of their respective Affiliates subsidiaries and Affiliates) may (i) provide investment banking, underwriting and financial advisory services to such other entities and Persons. Such Agents, Arrangers and Lenders and each of their respective Affiliates may also or (ii) 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 Borrower Company and its their Subsidiaries and Affiliates or such other entities. The entities and (5) the transactions contemplated by this Agreement and by the other Loan Credit Documents may have a direct or indirect impact on the investments, securities or instruments referred to in this paragraph.Section. 126

Affiliate Activities. The Borrower acknowledges Holdings and its Subsidiaries each acknowledge that each Agent, Agent and each Arranger and each Lender (and each of their respective Affiliates) is a full service securities 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, 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 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 Borrower, the German Borrower and its their 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 engagement contemplated hereby and by the other Loan Documents, (ii) be customers or competitors of the Borrower, the German Borrower and its their respective Affiliates, or (iii) have other relationships with the Borrower, the German Borrower and its their respective Affiliates. In addition, such Agents, Agents and Arrangers and Lenders and each of their respective Affiliates may provide investment banking, underwriting and financial advisory services to such other entities and Persons. Such Agents, Agents and 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 Borrower, the German Borrower and its their respective Affiliates or such other entities. The transactions contemplated 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 paragraph.

Affiliate Activities. The Borrower acknowledges that each Agent, Agent and each Arranger and each Lender (and each of their respective Affiliates) is a full service securities 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, 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 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 Borrower and its Subsidiaries and 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 engagement IPO contemplated hereby and by the other Loan Documents, (ii) be customers or competitors of the Borrower and its Affiliates, or (iii) have other relationships with the Borrower and its Affiliates. In addition, such AgentsArranger, Arrangers Syndication Agent, Agent or Lender and Lenders and each of their respective Subsidiaries and Affiliates may provide investment banking, underwriting and financial advisory services to such other entities and Persons. Such AgentsArranger, Arrangers Syndication Agent, Agent or Lender and Lenders and each of 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 Borrower and its Subsidiaries and Affiliates or such other entities. The transactions contemplated 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 paragraphSection.

Affiliate Activities. The Borrower acknowledges that each Agent, Agent and each Arranger and each Lender (and each of their respective Affiliates) is a full service securities 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, 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 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 Borrower and its Subsidiaries and 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 engagement IPO contemplated hereby and by the other Loan Documents, (ii) be customers or competitors of the Borrower and its Affiliates, or (iii) have other relationships with the Borrower and its Affiliates. In addition, such AgentsArranger, Arrangers Syndication Agent, Co-Documentation Agent, Agent or Lender and Lenders and each of their respective Subsidiaries and Affiliates may provide investment banking, underwriting and financial advisory services to such other entities and Persons. Such AgentsArranger, Arrangers Syndication Agent, Co-Documentation Agent, Agent or Lender and Lenders and each of 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 Borrower and its Subsidiaries and Affiliates or such other entities. The transactions contemplated 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 paragraphSection.

Affiliate Activities. The Borrower acknowledges acknowledge that each Agent, Agent and each Arranger and each Lender (and each of their respective Affiliates) is a full service securities 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, 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 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 Borrower and its Affiliates, as well as of other entities and Persons persons and their Affiliates which may (i) (i) be involved in transactions arising from or relating to the engagement contemplated hereby and by the other Loan Documents, Credit Documents (ii) (ii) be customers or competitors of the Borrower and its Affiliates, or (iii) (iii) have other relationships with the Borrower and its Affiliates. In addition, such Agents, Arrangers and Lenders and each of their respective Affiliates it may provide investment banking, underwriting and financial advisory services to such other entities and Personspersons. Such Agents, Arrangers and Lenders and each of their respective Affiliates 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 Borrower and its Affiliates or such other entities. The transactions contemplated by this Agreement hereby and by the other Loan Credit Documents may have a direct or indirect impact on the investments, securities or instruments referred to in this paragraph.

Affiliate Activities. The Each of the Borrower acknowledges and Holdings acknowledge that each Agent, Agent and each Arranger and each Lender (and each of their respective Affiliates) is a full service securities 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, it may make or hold a broad array of investments and actively trade debt and equity securities 172 Syniverse Magellan Finance Credit Agreement 23837750v1 (or related derivative securities) and/or financial instruments (including bank loans) for 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 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 engagement contemplated hereby and by the other Loan Documents, documents (ii) be customers or competitors of the Borrower Borrower, Holdings and its their respective Affiliates, or (iii) have other relationships with the Borrower Borrower, Holdings and its their respective Affiliates. In addition, such Agents, Arrangers and Lenders and each of their respective Affiliates it may provide investment banking, underwriting and financial advisory services to such other entities and Personspersons. Such Agents, Arrangers and Lenders and each of their respective Affiliates 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 Borrower Borrower, Holdings and its their respective Affiliates or such other entities. The transactions contemplated by this Agreement hereby and by the other Loan Documents may have a direct or indirect impact on the investments, securities or instruments referred to in this paragraphSection 10.20.

Affiliate Activities. The Borrower acknowledges Each of the Borrowers acknowledge that each Agent, each Arranger and each Lender (and each of their respective Affiliates) is a full service securities 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, 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 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 Borrower Borrowers and its their 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 engagement contemplated hereby and by the other Loan Documents, (ii) be customers or competitors of the Borrower Borrowers and its their respective Affiliates, or (iii) have other relationships with the Borrower Borrowers and its their respective Affiliates. In addition, 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 Persons. 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 Borrower Borrowers and its their respective Affiliates or such other entities. The transactions contemplated 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 paragraph.

Affiliate Activities. The Borrower acknowledges that each Agent, each Arranger and each Lender (and each of their the Administrative Agent(and its respective Affiliates) is a full service securities 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, 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 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 Borrower Borrower, 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 engagement contemplated hereby and by the other Loan Documents, Documents (ii) be customers or competitors of the Borrower Borrower, Holdings and its their respective Affiliates, or (iii) have other relationships with the Borrower Borrower, Holdings and its their respective Affiliates. In addition, such Agents, Arrangers and Lenders and each of their respective Affiliates it may provide investment banking, underwriting and financial advisory services to such other entities and Personspersons. Such Agents, Arrangers and Lenders and each of their respective Affiliates 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 Borrower Borrower, Holdings and its their respective Affiliates or such other entities. The transactions contemplated by this Agreement hereby and by the other Loan Documents may have a direct or indirect impact on the investments, securities or instruments referred to in this paragraph.

Affiliate Activities. The Borrower acknowledges Borrowers acknowledge that each Agent, Agent and each Arranger and each Lender (and each of their respective Affiliates) is a are full service securities firm firms 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, it 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 its their 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 engagement transactions 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, such Agents, Arrangers and Lenders and each of their respective Affiliates it may provide investment banking, underwriting and financial advisory services to such other entities and Personspersons. Such Agents, Arrangers and Lenders and each of their respective Affiliates 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 by this Agreement hereby and by the other Loan Documents may have a direct or indirect impact on the investments, securities or instruments referred to in this paragraph.clause. 268