Common use of Limited Liquidity Clause in Contracts

Limited Liquidity. The Notes may have no liquidity. An investor must be prepared to hold them until maturity. A secondary market is unlikely to develop. GS may, but is not obliged to, make a market. If it does, it may cease at any time without notice. Risks Related to The Xxxxxxx Xxxxx Group, Inc. Market making activities: Xxxxxxx Sachs International (“GSI”) shall act as Arranger in connection with the sale of the Notes. GSI is part of The Xxxxxxx Xxxxx Group, Inc. (the “GS Group”). The GS Group is a global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. As such, it acts as an investor, investment banker, research provider, investment manager, investment advisor, market maker, trader, prime broker and lender. In those and other capacities, the GS Group purchases, sells or holds a broad array of investments, actively trades securities, derivatives, loans, commodities, currencies, credit default swaps, indices, baskets and other financial instruments and products for its own account or for the accounts of its customers, and will have other direct or indirect interests, in the global fixed income, currency, commodity, equity, bank loan and other markets. Any of the GS Group’s financial market activities may, individually or in the aggregate, have an adverse effect on the market for the Notes, and Noteholders should expect that the interests of the GS Group or its clients or counterparties will at times be adverse to those of Noteholders. The GS Group actively makes markets in and trades financial instruments for its own account and for the accounts of customers. These financial instruments include debt and equity securities, currencies, commodities, bank loans, indices, baskets and other products. The GS Group’s activities include, among other things, executing large block trades and taking long and short positions directly and indirectly, through derivative instruments or otherwise. The securities and instruments in which the GS Group takes positions, or expects to take positions, include the Assets, securities and instruments similar to the Notes or the Assets, and other securities and instruments. Market making is an activity where the GS Group buys and sells on behalf of customers, or for its own account, to satisfy the expected demand of customers. By its nature, market making involves facilitating transactions among market participants that have differing views of securities and instruments. As a result, Noteholders should expect that the GS Group will take positions that are inconsistent with, or adverse to, the investment objectives of investors in the Notes. Research views: The GS Group and its personnel, including its sales and trading, investment research and investment management personnel, regularly make investment recommendations, provide market colour or trading ideas, or publish or express independent views in respect of a wide range of markets, issuers, securities and instruments. They regularly implement, or recommend to clients that they implement, various investment strategies relating to these markets, issuers, securities and instruments. These strategies include, for example, buying or selling credit protection against a default or other event involving an issuer or financial instrument. Any of these recommendations and views may be negative with respect to the Issuer or the Notes or other securities or instruments similar to the Notes or result in trading strategies that have a negative impact on the market for any such securities or instruments, particularly in illiquid markets. In addition, Noteholders should expect that personnel in the trading and investing businesses of the GS Group will have or develop independent views of the Issuer, the Issuer’s industry or other market trends, which may not be aligned with the views and objectives of investors in the Notes.

Limited Liquidity. The Notes may have no liquidity. An investor must be prepared to hold them until maturity. A secondary market is unlikely to develop. GS may, but is not obliged to, make a market. If it does, it may cease at any time without notice. Risks Related to The Xxxxxxx Xxxxx Group, Inc. the Arranger Market making activities: Xxxxxxx Sachs International (“GSI”) shall act as Arranger in connection with the sale of the Notes. GSI is part of The Xxxxxxx Xxxxx Group, Inc. (the “GS Group”). The GS Group is a global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. As such, it acts as an investor, investment banker, research provider, investment manager, investment advisor, market maker, trader, prime broker and lender. In those and other capacities, the GS Group purchases, sells or holds a broad array of investments, actively trades securities, derivatives, loans, commodities, currencies, credit default swaps, indices, baskets and other financial instruments and products for its own account or for the accounts of its customers, and will have other direct or indirect interests, in the global fixed income, currency, commodity, equity, bank loan and other markets. Any of the GS Group’s financial market activities may, individually or in the aggregate, have an adverse effect on the market for the Notes, and Noteholders should expect that the interests of the GS Group or its clients or counterparties will at times be adverse to those of Noteholders. The GS Group actively makes markets in and trades financial instruments for its own account and for the accounts of customers. These financial instruments include debt and equity securities, currencies, commodities, bank loans, indices, baskets and other products. The GS Group’s activities include, among other things, executing large block trades and taking long and short positions directly and indirectly, through derivative instruments or otherwise. The securities and instruments in which the GS Group takes positions, or expects to take positions, include the Assets, securities and instruments similar to the Notes or the Assets, and other securities and instruments. Market making is an activity where the GS Group buys and sells on behalf of customers, or for its own account, to satisfy the expected demand of customers. By its nature, market making involves facilitating transactions among market participants that have differing views of securities and instruments. As a result, Noteholders should expect that the GS Group will take positions that are inconsistent with, or adverse to, the investment objectives of investors in the Notes. Research views: The GS Group and its personnel, including its sales and trading, investment research and investment management personnel, regularly make investment recommendations, provide market colour or trading ideas, or publish or express independent views in respect of a wide range of markets, issuers, securities and instruments. They regularly implement, or recommend to clients that they implement, various investment strategies relating to these markets, issuers, securities and instruments. These strategies include, for example, buying or selling credit protection against a default or other event involving an issuer or financial instrument. Any of these recommendations and views may be negative with respect to the Issuer or the Notes or other securities or instruments similar to the Notes or result in trading strategies that have a negative impact on the market for any such securities or instruments, particularly in illiquid markets. In addition, Noteholders should expect that personnel in the trading and investing businesses of the GS Group will have or develop independent views of the Issuer, the Issuer’s industry or other market trends, which may not be aligned with the views and objectives of investors in the Notes.

Limited Liquidity. The Notes may have no liquidity. An investor must be prepared to hold them until maturity. A secondary market is unlikely to develop. GS may, but is not obliged to, make a market. If it does, it may cease at any time without notice. Risks Related to The Xxxxxxx Xxxxx Group, Inc. Market making activities: Xxxxxxx Sachs Xxxxx International (“GSI”) shall act as Arranger in connection with the sale of the Notes. GSI is part of The Xxxxxxx Xxxxx Group, Inc. (the “GS Group”). The GS Group is a global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. As such, it acts as an investor, investment banker, research provider, investment manager, investment advisor, market maker, trader, prime broker and lender. In those and other capacities, the GS Group purchases, sells or holds a broad array of investments, actively trades securities, derivatives, loans, commodities, currencies, credit default swaps, indices, baskets and other financial instruments and products for its own account or for the accounts of its customers, and will have other direct or indirect interests, in the global fixed income, currency, commodity, equity, bank loan and other markets. Any of the GS Group’s financial market activities may, individually or in the aggregate, have an adverse effect on the market for the Notes, and Noteholders should expect that the interests of the GS Group or its clients or counterparties will at times be adverse to those of Noteholders. The GS Group actively makes markets in and trades financial instruments for its own account and for the accounts of customers. These financial instruments include debt and equity securities, currencies, commodities, bank loans, indices, baskets and other products. The GS Group’s activities include, among other things, executing large block trades and taking long and short positions directly and indirectly, through derivative instruments or otherwise. The securities and instruments in which the GS Group takes positions, or expects to take positions, include the Assets, securities and instruments similar to the Notes or the Assets, and other securities and instruments. Market making is an activity where the GS Group buys and sells on behalf of customers, or for its own account, to satisfy the expected demand of customers. By its nature, market making involves facilitating transactions among market participants that have differing views of securities and instruments. As a result, Noteholders should expect that the GS Group will take positions that are inconsistent with, or adverse to, the investment objectives of investors in the Notes. Research views: The GS Group and its personnel, including its sales and trading, investment research and investment management personnel, regularly make investment recommendations, provide market colour or trading ideas, or publish or express independent views in respect of a wide range of markets, issuers, securities and instruments. They regularly implement, or recommend to clients that they implement, various investment strategies relating to these markets, issuers, securities and instruments. These strategies include, for example, buying or selling credit protection against a default or other event involving an issuer or financial instrument. Any of these recommendations and views may be negative with respect to the Issuer or the Notes or other securities or instruments similar to the Notes or result in trading strategies that have a negative impact on the market for any such securities or instruments, particularly in illiquid markets. In addition, Noteholders should expect that personnel in the trading and investing businesses of the GS Group will have or develop independent views of the Issuer, the Issuer’s industry or other market trends, which may not be aligned with the views and objectives of investors in the Notes.