Common use of Research Analyst Independence Clause in Contracts

Research Analyst Independence. Each of the Enterprise Parties acknowledges that the Underwriters’ research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that such Underwriters’ research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to each of the Enterprise Parties and/or the offering that differ from the views of their respective investment banking divisions. Each of the Enterprise Parties hereby waives and releases, to the fullest extent permitted by law, any claims that the Enterprise Parties may have against the Underwriters with respect to any conflict of interest that may arise from the fact that the views expressed by their independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Partnership by such Underwriters’ investment banking divisions. Each of the Enterprise Parties acknowledges that each of the Underwriters is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement.

Research Analyst Independence. Each of the Enterprise Parties The Operating Partnership acknowledges that the Underwriters’ research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that such Underwriters’ research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to each of the Enterprise Parties Operating Partnership and/or the offering that differ from the views of their respective investment banking divisions. Each of the Enterprise Parties The Operating Partnership hereby waives and releases, to the fullest extent permitted by applicable law, any claims that the Enterprise Parties Operating Partnership may have against the Underwriters with respect to any conflict of interest that may arise from the fact that the views expressed by their independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Operating Partnership by such Underwriters’ investment banking divisions. Each of the Enterprise Parties The Operating Partnership acknowledges that each of the Underwriters is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement.

Research Analyst Independence. Each of The Company and the Enterprise Parties acknowledges Operating Partnership acknowledge that the Underwriters’ research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that such Underwriters’ research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to each of the Enterprise Parties Company and/or the offering that differ from the views of their respective investment banking divisions. Each of The Company and the Enterprise Parties Operating Partnership hereby waives waive and releasesrelease, to the fullest extent permitted by law, any claims that the Enterprise Parties Company and the Operating Partnership may have against the Underwriters with respect to any conflict of interest that may arise from the fact that the views expressed by their independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Partnership Company by such Underwriters’ investment banking divisions. Each of The Company and the Enterprise Parties acknowledges Operating Partnership acknowledge that each of the Underwriters is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement.

Research Analyst Independence. Each of the Enterprise Parties acknowledges The Transaction Entities acknowledge that the Underwriters’ research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that such Underwriters’ research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to each of the Enterprise Parties Transaction Entities and/or the offering of the Offered Securities that differ from the views of their respective investment banking divisionsbankers. Each of the Enterprise Parties The Transaction Entities hereby waives waive and releasesrelease, to the fullest extent permitted by law, any claims that the Enterprise Parties Transaction Entities may have against the Underwriters with respect to any conflict of interest that may arise from the fact that the views expressed by their independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Partnership Transaction Entities by such Underwriters’ investment banking divisions. Each of the Enterprise Parties acknowledges The Transaction Entities acknowledge that each of the Underwriters is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this AgreementCompany.

Research Analyst Independence. Each of the Enterprise Parties Transaction Entities acknowledges that the Underwriters’ research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that such Underwriters’ research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to each of the Enterprise Parties Transaction Entities and/or the offering that differ from the views of their respective investment banking divisions. Each of the Enterprise Parties The Transaction Entities hereby waives waive and releasesrelease, to the fullest extent permitted by applicable law, any claims that the Enterprise Parties Transaction Entities may have against the Underwriters with respect to any conflict of interest that may arise from the fact that the views expressed by their independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Partnership Transaction Entities by such Underwriters’ investment banking divisions. Each of the Enterprise Parties acknowledges The Transaction Entities acknowledge that each of the Underwriters is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement.

Research Analyst Independence. Each of the Enterprise Parties The Company acknowledges that (i) the Underwriters’ research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, policies and that such (ii) the Underwriters’ research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to each the Company, the value of the Enterprise Parties Common Shares and/or the offering Offering that differ from the views of their respective investment banking divisions. Each of the Enterprise Parties The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Enterprise Parties it may have against the Underwriters with respect to any conflict of interest that may arise from the fact that the views expressed by their the Underwriters’ independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Partnership Company by such Underwriters’ any Underwriter’s investment banking divisionsdivision. Each of the Enterprise Parties The Company acknowledges that each of the Underwriters is a full service securities firm and as such such, from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be are the subject of the transactions contemplated by this Agreement.

Research Analyst Independence. Each of the Enterprise The Carvana Parties acknowledges acknowledge that the Underwriters’ respective research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that such Underwriters’ respective research analysts and research departments may hold views and make statements or investment recommendations and/or publish research reports with respect to each of the Enterprise Parties Company and/or the offering that differ from the views of their respective investment banking divisions. Each of the Enterprise The Carvana Parties hereby waives waive and releasesrelease, to the fullest extent permitted by applicable law, any claims that the Enterprise Carvana Parties may have against the Underwriters with respect to any conflict of interest that may arise from the fact that the views expressed by their independent respective research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Partnership Carvana Parties by such Underwriters’ respective investment banking divisions. Each of the Enterprise The Carvana Parties acknowledges acknowledge that each of the Underwriters is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies Company and other entities that may be the subject of the transactions contemplated by this Agreement.

Research Analyst Independence. Each of the Enterprise Partnership Parties acknowledges that the Underwriters’ Underwriter’s research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that such Underwriters’ the Underwriter’s research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to each of the Enterprise Parties Partnership and/or the offering that differ from the views of their respective investment banking divisions. Each of the Enterprise Partnership Parties hereby waives and releases, to the fullest extent permitted by law, any claims that the Enterprise Partnership Parties may have against the Underwriters Underwriter with respect to any conflict of interest that may arise from the fact that the views expressed by their its independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Partnership Parties by such Underwriters’ the Underwriter’s investment banking divisions. Each of The Partnership Parties acknowledge that the Enterprise Parties acknowledges that each of the Underwriters Underwriter is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement.

Research Analyst Independence. Each of the Enterprise Parties Partnership Party acknowledges that the Underwriters’ research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that such Underwriters’ research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to each of the Enterprise Parties Partnership and/or the offering that differ from the views of their respective investment banking divisions. Each of the Enterprise Partnership Parties hereby waives and releases, to the fullest extent permitted by law, any claims that any of the Enterprise Partnership Parties may have against the Underwriters with respect to any conflict of interest that may arise from the fact that the views expressed by their independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to any of the Partnership Parties by such Underwriters’ investment banking divisions. Each of the Enterprise The Partnership Parties acknowledges acknowledge that each of the Underwriters is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement.

Research Analyst Independence. Each of the Enterprise Parties acknowledges The Co-Obligors acknowledge that the Underwriters’ research analysts and research departments are required to be independent from their respective its investment banking divisions and are subject to certain regulations and internal policies, and that such Underwriters’ research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to each of the Enterprise Parties Co-Obligors and/or the offering of the Notes that differ from the views of their respective investment banking divisions. Each of the Enterprise Parties The Co-Obligors hereby waives waive and releasesrelease, to the fullest extent permitted by law, any claims that the Enterprise Parties Co-Obligors may have against the Underwriters with respect to any conflict of interest that may arise from the fact that the views expressed by their independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Partnership Co-Obligors by such Underwriters’ investment banking divisions. Each of the Enterprise Parties acknowledges The Co-Obligors acknowledge that each of the Underwriters Underwriter is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that which may be the subject of the transactions contemplated by this Agreement.

Research Analyst Independence. Each of the Enterprise Parties The Company acknowledges that (a) the Underwriters’ research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, policies and that such (b) the Underwriters’ research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to each the Company, the value of the Enterprise Parties Common Stock and/or the offering contemplated by this Agreement that differ from the views of their respective investment banking divisions. Each of the Enterprise Parties The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Enterprise Parties it may have against the Underwriters with respect to any conflict of interest that may arise from the fact that the views expressed by their the Underwriters’ independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Partnership Company by such Underwriters’ any Underwriter’s investment banking divisionsdivision. Each of the Enterprise Parties The Company acknowledges that each of the Underwriters is a full service securities firm and as such such, from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be are the subject of the transactions contemplated by this Agreement.

Research Analyst Independence. Each of the Enterprise SPLC Parties acknowledges that the Underwriters’ research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that such Underwriters’ research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to each of the Enterprise Parties Partnership and/or the offering that differ from the views of their respective investment banking divisions. Each of the Enterprise SPLC Parties hereby waives and releases, to the fullest extent permitted by law, any claims that the Enterprise SPLC Parties may have against the Underwriters with respect to any conflict of interest that may arise from the fact that the views expressed by their independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Partnership SPLC Parties by such Underwriters’ investment banking divisions. Each of the Enterprise The SPLC Parties acknowledges acknowledge that each of the Underwriters is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement.

Research Analyst Independence. Each of the Enterprise Parties The Company acknowledges that (a) the Underwriters’ research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, policies and that such (b) the Underwriters’ research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to each the Company, the value of the Enterprise Parties ADS Offered Securities and/or the offering that differ from the views of their respective investment banking divisions. Each of the Enterprise Parties The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Enterprise Parties it may have against the Underwriters with respect to any conflict of interest that may arise from the fact that the views expressed by their the Underwriters’ independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Partnership Company by such Underwriters’ any Underwriter’s investment banking divisionsdivision. Each of the Enterprise Parties The Company acknowledges that each of the Underwriters is a full service securities firm and as such such, from time to time, is subject to applicable securities laws, may effect transactions for its own account or the account of its customers and may hold long or short positions in debt or equity securities of the companies that may be are the subject of the transactions contemplated by this Agreement.

Research Analyst Independence. Each of The General Partner and the Enterprise Parties acknowledges Partnership acknowledge that the Underwriters’ Underwriter’s research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that such Underwriters’ the Underwriter’s research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to each of the Enterprise Parties Partnership and/or the offering that differ from the views of their respective investment banking divisions. Each of The General Partner and the Enterprise Parties Partnership hereby waives waive and releasesrelease, to the fullest extent permitted by law, any claims that the Enterprise Parties General Partner or the Partnership may have against the Underwriters Underwriter with respect to any conflict of interest that may arise from the fact that the views expressed by their independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the General Partner or the Partnership by such Underwriters’ the Underwriter’s investment banking divisions. Each of The General Partner and the Enterprise Parties acknowledges Partnership acknowledge that each of the Underwriters Underwriter is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this AgreementPartnership and its subsidiaries.

Research Analyst Independence. Each of the Enterprise Parties The Company acknowledges that the Underwriters’ research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that such Underwriters’ research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to each of the Enterprise Parties Company and/or the offering that differ from the views of their respective investment banking divisions. Each of The Company and the Enterprise Parties Selling Shareholders hereby waives waive and releasesrelease, to the fullest extent permitted by law, any claims that the Enterprise Parties Company or the Selling Shareholders may have against the Underwriters with respect to any conflict of interest that may arise from the fact that the views expressed by their independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Partnership Company by such Underwriters’ investment banking divisions. Each of The Company and the Enterprise Parties acknowledges Selling Shareholders acknowledge that each of the Underwriters is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement.

Research Analyst Independence. Each of the Enterprise Parties The Company acknowledges that the Underwriters’ research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that such Underwriters’ research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to each the Company, any of the Enterprise Parties Acquired Companies, their respective subsidiaries and/or the offering of the Notes that differ from the views of their respective investment banking divisions. Each of the Enterprise Parties The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Enterprise Parties Company may have against the Underwriters with respect to any conflict of interest that may arise from the fact that the views expressed by their independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Partnership Company by such Underwriters’ investment banking divisions. Each of the Enterprise Parties The Company acknowledges that each of the Underwriters is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement.

Research Analyst Independence. Each of In addition, the Enterprise Xxxxxxxx Parties acknowledges acknowledge that the Underwriters’ Underwriter’s research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that such Underwriters’ the Underwriter’s research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to each of the Enterprise Parties Partnership and/or the offering of the Units that differ from the views of their respective investment banking divisionsbankers. Each of the Enterprise The Xxxxxxxx Parties hereby waives waive and releasesrelease, to the fullest extent permitted by law, any claims that the Enterprise Xxxxxxxx Parties may have against the Underwriters Underwriter with respect to any conflict of interest that may arise from the fact that the views expressed by their independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Partnership Xxxxxxxx Parties by such Underwriters’ the Underwriter’s investment banking divisionsdivision. Each of The Xxxxxxxx Parties acknowledge that the Enterprise Parties acknowledges that each of the Underwriters Underwriter is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this AgreementPartnership.

Research Analyst Independence. Each of the Enterprise Partnership Parties acknowledges that the Underwriters’ Underwriter’s research analysts and research departments are required to be independent from their respective its investment banking divisions division and are subject to certain regulations and internal policies, and that such Underwriters’ the Underwriter’s research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to each of the Enterprise Parties Partnership and/or the offering of the Units that differ from the views of their its respective investment banking divisionsdivision. Each of the Enterprise Partnership Parties hereby waives and releases, to the fullest extent permitted by law, any claims that the Enterprise Partnership Parties may have against the Underwriters Underwriter with respect to any conflict of interest that may arise from the fact that the views expressed by their its independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Partnership Parties by such Underwriters’ the Underwriter’s investment banking divisionsdivision. Each of the Enterprise Partnership Parties acknowledges that each of the Underwriters Underwriter is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement.

Research Analyst Independence. Each of the Enterprise Parties acknowledges that the Underwriters’ Underwriter’s research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that such Underwriters’ Underwriter’s research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to each of the Enterprise Parties and/or the offering that differ from the views of their respective investment banking divisions. Each of the Enterprise Parties hereby waives and releases, to the fullest extent permitted by law, any claims that the Enterprise Parties may have against the Underwriters Underwriter with respect to any conflict of interest that may arise from the fact that the views expressed by their its independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Partnership by such Underwriters’ Underwriter’s investment banking divisionsdivision. Each of the Enterprise Parties acknowledges that each of the Underwriters Underwriter is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement.

Research Analyst Independence. Each of the Enterprise Parties The Company acknowledges that (i) the Underwriters’ research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, policies and that such (ii) the Underwriters’ research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to each the Company, the value of the Enterprise Parties Common Stock, the Securities and/or the offering Offering that differ from the views of their respective investment banking divisions. Each of the Enterprise Parties The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Enterprise Parties it may have against the Underwriters with respect to any conflict of interest that may arise from the fact that the views expressed by their the Underwriters’ independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Partnership Company by such Underwriters’ any Underwriter’s investment banking divisionsdivision. Each of the Enterprise Parties The Company acknowledges that each of the Underwriters is a full service securities firm and as such such, from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be are the subject of the transactions contemplated by this Agreement.

Research Analyst Independence. Each of the Enterprise Parties The Company acknowledges that (a) the Underwriters’ ' research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, policies and that such (b) the Underwriters’ ' research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to each the Company, the value of the Enterprise Parties Common Stock and/or the offering contemplated by this Agreement that differ from the views of their respective investment banking divisions. Each of the Enterprise Parties The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Enterprise Parties it may have against the Underwriters with respect to any conflict of interest that may arise from the fact that the views expressed by their the Underwriters' independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Partnership Company by such Underwriters’ any Underwriter's investment banking divisionsdivision. Each of the Enterprise Parties The Company acknowledges that each of the Underwriters is a full service securities firm and as such such, from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be are the subject of the transactions contemplated by this Agreement.

Research Analyst Independence. Each of the Enterprise Parties Transaction Entities acknowledges that the Underwriters’ research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that such Underwriters’ research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to each of the Enterprise Parties Transaction Entities and/or the offering that differ from the views of their respective investment banking divisions. Each of the Enterprise Parties The Transaction Entities hereby waives waive and releasesrelease, to the fullest extent permitted by applicable law, any claims that the Enterprise Parties Transaction Entities may have against the Underwriters with respect to any conflict of interest that may arise from the fact that the views expressed by their its independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Partnership Transaction Entities by such Underwriters’ investment banking divisions. Each of the Enterprise Parties acknowledges The Transaction Entities acknowledge that each of the Underwriters is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement.

Research Analyst Independence. Each of the Enterprise The Excelerate Parties acknowledges acknowledge that the Underwriters’ research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that such Underwriters’ research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to each of the Enterprise Excelerate Parties and/or the offering that differ from the views of their respective investment banking divisions. Each of the Enterprise The Excelerate Parties hereby waives waive and releasesrelease, to the fullest extent permitted by law, any claims that the Enterprise Excelerate Parties may have against the Underwriters with respect to any conflict of interest that may arise from the fact that the views expressed by their independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Partnership Excelerate Parties by such Underwriters’ investment banking divisions. Each of the Enterprise The Excelerate Parties acknowledges acknowledge that each of the Underwriters is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement.

Research Analyst Independence. Each of The Company and the Enterprise Parties acknowledges Selling Stockholder acknowledge and agree that the Underwriters’ Underwriter’s research analysts and research departments are required to be independent from their respective its investment banking divisions division and are subject to certain regulations and internal policies, and that such Underwriters’ the Underwriter’s research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to each of the Enterprise Parties Company and/or the offering that differ from the views of their respective its investment banking divisionsdivision. Each of The Company and the Enterprise Parties Selling Stockholder hereby waives waive and releasesrelease, to the fullest extent permitted by law, any claims that the Enterprise Parties Company or the Selling Stockholder may have against the Underwriters Underwriter with respect to any conflict of interest that may arise from the fact that the views expressed by their its independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Partnership Company or the Selling Stockholder by such Underwriters’ the Underwriter’s investment banking divisionsdivision. Each of The Company and the Enterprise Parties acknowledges Selling Stockholder acknowledge that each of the Underwriters Underwriter is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement.

Research Analyst Independence. Each of The Company and the Enterprise Parties acknowledges Operating Partnership acknowledge that the Underwriters’ Underwriter’s research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that such Underwriters’ Underwriter’s research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to each of the Enterprise Parties Company and/or the offering that differ from the views of their respective investment banking divisions. Each of The Company and the Enterprise Parties Operating Partnership hereby waives waive and releasesrelease, to the fullest extent permitted by law, any claims that the Enterprise Parties Company and the Operating Partnership may have against the Underwriters Underwriter with respect to any conflict of interest that may arise from the fact that the views expressed by their independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Partnership Company by such Underwriters’ Underwriter’s investment banking divisions. Each of The Company and the Enterprise Parties acknowledges Operating Partnership acknowledge that each of the Underwriters Underwriter is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement.

Research Analyst Independence. Each of the Enterprise Parties The Company acknowledges that the Underwriters’ Underwriter’s research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that such Underwriters’ the Underwriter’s research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to each of the Enterprise Parties Company and/or the offering that differ from the views of their respective investment banking divisions. Each of The Company and the Enterprise Parties Selling Stockholder hereby waives waive and releasesrelease, to the fullest extent permitted by law, any claims that the Enterprise Parties Company or the Selling Stockholder may have against the Underwriters Underwriter with respect to any conflict of interest that may arise from the fact that the views expressed by their independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Partnership Company or the Selling Stockholder by such Underwriters’ the Underwriter’s investment banking divisions. Each of The Company and the Enterprise Parties acknowledges Selling Stockholder acknowledge that each of the Underwriters Underwriter is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement.

Research Analyst Independence. Each of the Enterprise Parties The Company acknowledges that the Underwriters’ research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that such Underwriters’ research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to each of the Enterprise Parties Company and/or the offering that differ from the views of their respective investment banking divisions. Each of The Company and the Enterprise Parties Selling Shareholders hereby waives waive and releasesrelease, to the fullest extent permitted by law, any claims that the Enterprise Parties Company or the Selling Shareholders may have against the Underwriters with respect to any conflict of interest that may arise from the fact that the views expressed by their independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Partnership Company or the Selling Shareholders by such Underwriters’ investment banking divisions. Each of The Company and the Enterprise Parties acknowledges Selling Shareholders acknowledge that each of the Underwriters is a full service securities firm and as such from time to time, subject to and in compliance with U.S. federal and state securities laws and all applicable foreign securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement.

Research Analyst Independence. Each of the Enterprise Parties The Company acknowledges that (i) the Underwriters’ research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, policies and that such (ii) the Underwriters’ research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to each the Company, the value of the Enterprise Parties Common Stock and/or the offering contemplated hereby that differ from the views of their respective investment banking divisions. Each of the Enterprise Parties The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Enterprise Parties it may have against the Underwriters with respect to any conflict of interest that may arise from the fact that the views expressed by their the Underwriters’ independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Partnership Company by such Underwriters’ any Underwriter’s investment banking divisionsdivision. Each of the Enterprise Parties The Company acknowledges that each of the Underwriters is a full service securities firm and as such such, from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be are the subject of the transactions contemplated by this Agreement.