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The Website displays ratings for municipal securities currently assigned by Fitch Ratings, Kroll Bond Rating Agency, Inc., Moody's (as defined below)
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Kroll Bond Rating Agency, Inc.
2019, Kroll Bond Rating Agency, Inc., and/or its licensors and affiliates (together, "KBRA"). All rights reserved.
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Moody's Corporation Disclaimer
Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights
CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES ("MIS") ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT
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CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT
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in every instance independently verify or validate information received in the rating process or in preparing the Moody's Publications.
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of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit
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Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS
and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor
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Additional terms for Australia only: Any publication into Australia of MOODY'S credit ratings and MOODY'S publications is pursuant to the Australian Financial
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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial
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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.
Standard and Poor's Financial Services LLC Disclaimer
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Yield Curves, Indices and Similar Data
The Website displays certain yield curves, indices and similar data (collectively, "Market Indicator Data") based on the MSRB's agreements with third party providers pursuant to which the MSRB may make them available to the public through the Website. Market Indicator Data are provided without representations or warranties and on an "as is" basis. The MSRB does not review or independently verify the accuracy, completeness, timeliness, methodology used in or other aspects of Market Indicator Data. Market Indicator Data are for general informational purposes only, and are not intended to provide, and do not constitute, investment, pricing, business or other advice.
BVAL® AAA Municipal Curve
The Bloomberg information displayed in market indicator/yield curve section of the website may not be used for any of the following purposes: (i) to determine the amount payable under a financial instrument or a financial contract; (ii) to determine the price at which a financial instrument may be bought or sold or traded or redeemed; (iii) to determine the value of a financial instrument; or (iv) to measure the performance of an investment fund, including without limitation, for the purpose of tracking such information or of defining the asset allocation of a portfolio or for computing performance fees.
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S&P Opco, LLC
With respect to index values, indexes and similar information provided by S&P Opco, LLC ("S&P Index Values and Indices"), you agree you will not store, reproduce or further distribute the S&P Index Values and Indices to any third party for any purpose in any format or by any means, including via the Internet, Intranet or other type of network.
You acknowledge and agree that S&P Opco, LLC, its affiliates, or its licensors own the S&P Index Values and Indices, and all intellectual property rights therein, including, without limitation, any patent, trade secret, copyright, and trademark rights (whether or not such rights are registered). S&P OPCO, LLC, ITS AFFILIATES, AND THEIR RESPECTIVE THIRD PARTY LICENSORS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P INDEX VALUES AND/OR INDICES, INCLUDING ANY INFORMATION OR DATA CONTAINED THEREIN OR THE RESULTS OBTAINED BY THEIR USE OR THE PERFORMANCE THEREOF. NONE OF S&P OPCO, LLC, ITS AFFILIATES, OR THEIR RESPECTIVE THIRD PARTY LICENSORS GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDEX VALUES, INDICES OR ANY COMPONENT THEREOF OR OF ANY COMMUNICATIONS WITH RESPECT THERETO. NONE OF S&P OPCO, LLC, ITS AFFILIATES OR THEIR RESPECTIVE THIRD PARTY LICENSORS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, INTERRUPTIONS, OR DELAYS IN THE INDEX VALUES OR INDICES. THE INDEX VALUES AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND USE OF THE INDEX VALUES IS AT YOUR OWN RISK.
IN NO EVENT WHATSOEVER SHALL S&P OPCO, LLC, ITS AFFILIATES OR THEIR RESPECTIVE THIRD PARTY LICENSORS OR SHALL MSRB BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSS, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY OR OTHERWISE. NONE OF S&P OPCO, LLC, ITS AFFILIATES OR THEIR RESPECTIVE THIRD PARTY LICENSORS SHALL BE LIABLE TO YOU FOR ANY CLAIMS AGAINST MSRB OR MSRB'S CUSTOMER(S) BY THIRD PARTIES.
Use of Non-Personal Information Supplied by You
If you supply the MSRB (or our contractors or agents) with any information, including but not limited to feedback, data, questions, comments or suggestions,
it shall not be deemed confidential, and the MSRB shall have no obligation to keep it confidential. By submitting such information you hereby grant to
the MSRB a worldwide, royalty-free, fully paid up, non-exclusive, perpetual, irrevocable, transferable and fully sublicensable license, without additional
consideration to you or any third party, to copy, reproduce, store, disclose, display, distribute, redistribute, transfer, adapt, modify or otherwise
use and exploit such information, in any format or media now known or hereafter developed, and for any purpose and in any manner. In furtherance and not
in limitation of the preceding, the MSRB may use any ideas, concepts, know-how or techniques contained in such information for any purpose whatsoever,
including enhancing EMMA or otherwise developing products and services based on or containing such information. The MSRB may use aggregated and statistical
data derived from Website usage. You hereby represent and warrant that you have all necessary rights to grant the preceding license. You shall not infringe,
misappropriate or violate the rights of anyone else by your submission to us of any information, feedback, data, questions, comments, suggestions or the
like. Moreover, in certain circumstances, in light of the MSRB's statutory obligations and role as a self-regulatory organization, the MSRB may share
information provided by you with other governmental or regulatory organizations or agencies.
Disclaimers and Limitation of Liability
THE WEBSITE, CONTENT AND SERVICES ARE PROVIDED "AS IS" AND "AS AVAILABLE", WITHOUT ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND. THE MSRB EXPRESSLY DISCLAIMS
ALL WARRANTIES, WHETHER EXPRESS OR IMPLIED, TO THE FULLEST EXTENT PERMISSIBLE UNDER APPLICABLE LAW, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS
FOR A PARTICULAR PURPOSE, NONINFRINGEMENT AND TITLE. YOUR USE OF THE WEBSITE, CONTENT AND/OR SERVICES IS AT YOUR SOLE RISK, and you shall bear all risk,
related costs and liability and be responsible for your use. The MSRB assumes no responsibility for any intentional or unintentional error, omission,
inaccuracy, incompleteness, unavailability, interruption, delay, slow streaming, slow downloading speed, or unauthorized access in or with respect to
the Website, Content or Services or for the consequences of use thereof.
Except for claims that cannot be excluded by applicable local law, we and our affiliates, directors, officers, employees, agents, consultants, licensors
and third-party providers shall not have any liability, whether in tort, contract or otherwise, to you or any third party for any reason arising out of,
relating to, in connection with, or resulting from the Website, Content or Services or use of or access to the them.
THE MSRB (AND ITS LICENSORS AND THIRD PARTY PROVIDERS) WILL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY OR PUNITIVE
DAMAGES OF ANY KIND (WHETHER UNDER CONTRACT, NEGLIGENCE, STRICT LIABILITY OR OTHER THEORY), INCLUDING DAMAGES FOR LOSS OF PROFITS, USE, DATA OR OTHER
INTANGIBLES OR FOR SECURITY OF INFORMATION YOU PROVIDED OR UNAUTHORIZED INTERCEPTION OF ANY SUCH INFORMATION BY THIRD PARTIES, EVEN IF ADVISED IN ADVANCE
OF SUCH DAMAGES OR LOSSES AND WHETHER OR NOT FORESEEABLE. YOUR SOLE AND EXCLUSIVE REMEDY FOR DISSATISFACTION WITH THE WEBSITE, CONTENT OR SERVICES, IS
TO STOP USING THEM. THE MAXIMUM AGGREGATE LIABILITY OF THE MSRB FOR ALL DAMAGES, LOSSES AND CAUSES OF ACTION, WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE)
OR OTHERWISE, SHALL BE THE TOTAL AMOUNT, IF ANY, PAID BY YOU TO THE MSRB TO USE THE WEBSITE. THE PRECEDING LIMITATION OF LIABILITY SHALL APPLY TO THE FULLEST
EXTENT PERMITTED BY LAW.
The transaction data (including trade price information) provided on the Website is submitted to the MSRB by unrelated third parties. It may not exist
for all municipal securities transactions and may not be required to be submitted for certain types of municipal securities transactions. The MSRB does
not review transaction data submitted by submitters for accuracy, completeness or reliability, and does not warrant or guarantee the accuracy, completeness,
reliability or any other aspect of any such transaction data or related information.
Disclosure documents, other documents and related information (such as official statements, preliminary official statements, advance refunding documents,
financial statements, material event notices and other continuing disclosure documents) provided on the Website are submitted to the MSRB by unrelated
third parties, such as brokers, dealers, municipal securities dealers, banks, issuers, obligated persons and their agents. Such documents may not be required
to be submitted to us for certain types of offerings and such documents may not exist for certain offerings of municipal securities. There is the possibility
of failures by persons to submit documents in a timely manner or at all, or of errors or delays in the submission and/or processing of such documents
by third parties or us. We do not review the information contained in such documents for accuracy, completeness or any other purpose, and we do not warrant
or guarantee the accuracy, completeness or any other aspect of any information contained in such documents. The MSRB also does not review that a continuing
disclosure document has been filed under the correct type of continuing disclosure filing category (such as the correct event filing or the correct financial
In furtherance, and not in limitation, of the preceding provisions of this section, it is noted that we, our affiliates, directors, officers, employees,
agents, consultants, licensors and third party providers shall not be liable or responsible to you or anyone else for any losses, liabilities, damages,
costs, expenses, suits, actions, proceedings or claims caused by, arising out of, relating to or in connection with: (a) acts, omissions, occurrences
or contingencies beyond our or their reasonable control, including service interruptions or performance failures, such as those that result from the use
of telecommunications facilities that are outside our control, including the Internet; (b) negligence, gross negligence or willful misconduct in procuring,
compiling, interpreting, editing, writing, reporting or delivering any of the Content and, if any, the Services; (c) lost, stolen, late, corrupted, misdirected,
failed, incomplete or delayed transmissions by anyone using the Website, including technical malfunctions, human error, computer viruses, lost data transmissions,
omissions, interruptions, deletions, defects, hyperlink failures or line failures of any telephone network, computer equipment, software or any combination
thereof; or (e) damage to your computer systems, equipment, software, data or other tangible or intangible property resulting from or sustained in connection
with your use of the Website, Content and/or Services.
We and our affiliates, officers, directors, employees, agents, consultants and licensors make, and have made, no recommendations regarding any of the
securities or other investment vehicles identified, referred to or described on the Website.
We cannot and do not guarantee, represent or warrant that the Website, Content or Services are compatible with your computer system. Further, we cannot
and do not guarantee, represent or warrant that the Website, Content or Services will be free of harmful or destructive computer programs, such as viruses,
worms, Trojan horses or disabling devices. You alone are responsible for implementing safeguards to protect the security and integrity of your computer
system. You are also responsible for the entire cost of any service, repairs or connections of and to your computer system that may be necessary as a
result of your use of the Website, Content or Services.
Except to the extent prohibited under applicable law, you shall indemnify, defend and hold harmless the MSRB and its directors, officers, employees, consultants,
contractors, service providers and agents from and against all suits, actions, proceedings and claims (whether threatened or actual), and all losses,
liabilities, damages, judgments, costs and expenses (including reasonable attorneys' fees) arising out of, relating to or in connection with: (a) your
use (or misuse) of and access to the Website, Content and/or Services; (b) any violation of these Terms by you; (c) any violation of applicable law, rule
or regulation by you; (d) any claim that any information provided by you to the MSRB in connection with the Website, including the Content, caused damage
to, infringed upon, misappropriated or otherwise violated the rights of a third party, including infringement, misappropriation or other violation of
third-party intellectual property rights, or violation of any right of privacy; and/or (e) any dispute that you have with any third party relating to
or in connection with the Website, Content and/or Services. The MSRB reserves the right, at its own cost, to assume the exclusive defense and control
of any matter otherwise subject to indemnification by you, in which event you will fully cooperate with the MSRB in asserting any available defenses and
in the conduct of such defense.
Leaving the Website; Links to Other Sites
After leaving the Website, whether via a link contained on the Website or through the use of your web browser or some other navigational tool, the information
you view is not provided by us. We are not responsible for, have no control over and do not review the content at any other website. We make no guarantees,
representations or warranties as to any content or material or any other aspects of any other website, including websites that may be reached by links
on the Website. A link to a third-party website does not imply sponsorship, approval, affiliation or endorsement by the MSRB of the linked third party
website or of that third party's products or services. Your use of links to third party websites at your own risk, and the MSRB shall not be responsible
or liable, directly or indirectly, for any damage or loss cause or alleged to have been caused by, relate to or in connection with use of or reliance
on any third-party websites, or content or goods/services available on or through any third-party website(s). Third-party websites typically have their
own terms, conditions, agreements, requirements or the like relating to their access and use, and you would be subject to those of that website once you
go on it.
Modification of the Website
At any time and in the MSRB's sole discretion, the MSRB may (in whole or in part) modify, suspend or discontinue the Website, Content or Services without
notice, for any reason. We shall have no liability to you or to any third party for any modification, suspension or discontinuance.
Changes to these Terms
We may revise these Terms from time to time, without prior notice. You are bound by any changes to these Terms upon our posting of such changes on the
Website. You should check these Terms often to make certain that you are aware of the most current Terms. Your access to or use of the Website acknowledges
that you read, understand and accept these Terms and conclusively shall constitute your agreement to be bound by them, and your continued access or use
after the posting of a revised version of these Terms conclusively shall constitute your acceptance of and agreement to it as revised. On and after the
date updated Terms are posted on the Website, your use of the Website will be governed by such updated Terms.
Violations of these Terms
The remedies available to the MSRB in these Terms are cumulative and in addition to any others available to the MSRB. The MSRB may seek all remedies available
to it at law and in equity for any violation of these Terms. The MSRB may suspend, terminate or block your access to the Website (in whole or in part)
for any violation or suspected violation as we determine, without notice to you. Your violation of these Terms shall be considered a breach of contract.
We may investigate suspected violations of these Terms. In addition, we shall be allowed to cooperate with: (a) law enforcement authorities in the investigation
of suspected criminal violations; (b) financial regulators, including the U.S. Securities and Exchange Commission; (c) system administrators at Internet
service providers, networks or computing facilities; and (d) licensors and/or third-party vendors in order to enforce these Terms. You consent that such
cooperation may include providing information relating to you and/or your use of the Website, including without limitation email address, IP address or
other identifying information, to law enforcement authorities, financial regulators, third-party licensors, vendors or system administrators. Further,
we may disclose any information we think necessary to comply with all applicable law, regulation, subpoena or other legal process or governmental or regulatory
Governing Law; Submission to Jurisdiction
These Terms shall be governed by and construed in accordance with federal law and the laws of the District of Columbia, without regard to any principles
of conflicts of law. You agree that any action arising out of, relating to or in connection with the Website, Content, Services, and/or these Terms
shall be brought in a court of competent jurisdiction located in Washington, DC, and you further irrevocably submit to the exclusive jurisdiction of such
court and waive any objection to jurisdiction and venue (including on the basis of forum non-conveniens).
You acknowledge that any breach of any of the section above titled "Use Restrictions" or "Copyright and Trademark Rights" would cause immediate and irreparable
harm to the MSRB for which monetary damages would not adequately compensate and that, in addition to all other remedies available at law or in equity,
the MSRB shall be entitled to injunctive relief without proof of damages or the posting of bond or other security in the event of such a breach or threatened
Complete Agreement; Survival; Severability; Assignment; Headings; Interpretation
to your use of the Website and Content and, if any, Services. Provisions of these Terms which by their nature should survive termination of your access
to our use of Website (or any Content or Services) shall survive, including this sentence and Sections titled "Use Restrictions", "Copyright and Trademark
Rights", "Indemnification", "Disclaimers and Limitation of Liability" and "Governing Law".
If any provision of these Terms shall for any reason be invalid or unenforceable, the remaining provisions of these Terms shall be interpreted to reasonably
effect the intent of the parties. Any such invalid or unenforceable provisions in these Terms shall be deemed replaced with valid and enforceable provisions
that, to the extent possible, fulfill the business purposes and intent of such invalid and unenforceable provisions.
In addition and without limiting the preceding paragraph, some U.S. states and foreign countries may provide rights in addition to those provided in the
above "Disclaimers and Limitation of Liability" section or do not allow the exclusion or limitation of implied warranties or liability for incidental
or consequential damages. Therefore, the limitations set forth in the above Disclaimer and Limitation of Liability section may not apply to you in whole
or in part or there may be state or country specific provisions that superseded such limitations in whole or in part. Any provision of the above Disclaimer
and Limitation of Liability section that is declared invalid shall be deemed severable and shall not affect the validity or enforceability of the remainder.
You may not assign or transfer these Terms, or assign, transfer or sublicense any or all of your rights or obligations under these Terms, and any attempted
assignment, transfer or sublicense shall be null and void.
Any heading or section title contained herein is for convenience of reference only and shall not affect the meaning or interpretation of these Terms. The
terms "include" and "including" are deemed to include the phrase "without limitation" immediately thereafter.