Common use of Registration Status Clause in Contracts

Registration Status. The Companies shall maintain the Investment Adviser Companies’ status as registered “investment advisers” under the Investment Advisers Act, except where the failure to maintain such registration would not be reasonably likely to result in a Material Adverse Effect. The Companies shall cause each Broker-Dealer to maintain (i) its registration as a registered “broker-dealer” under the Exchange Act and under the laws of each state in which such registration is required in connection and where a failure to obtain such registration would be likely to result in a Material Adverse Effect and (ii) its membership in FINRA and each other Regulatory Supervising Organization necessary for the operation of its business, except where the failure to maintain such registration would not be reasonably likely to result in a Material Adverse Effect.