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Terms of Use

This website (the “Website”) is operated by Egan-Jones Ratings Company (“Egan-Jones”). These Terms and Conditions of Use (“Terms of Use”) contain the terms, covenants, conditions and provisions that you must agree to, and comply with, in order to access and use the Website and the information displayed on or through it, including, without limitation, the ratings, opinions, analyses, publications, reports, services, data and other information displayed on the Website (collectively, the “Content”).

Please read these Terms of Use carefully. By accessing and using the Website, you acknowledge that you have read these Terms of Use, understand them and agree to be legally bound by them. If you do not agree to these Terms of Use, you should not access or use the Website.

Egan-Jones may change the terms and conditions of these Terms of Use at any time. A notification of such change(s), as well as the revised Terms of Use itself, will be posted on the website. You will be responsible for regularly checking this page and for reviewing any changes to the Terms of Use. By using the Website after any such changes take place, you signify your acceptance of the change(s) and your agreement to be bound by them.

License and Use

Subject to these Terms of Use, Egan-Jones grants you a revocable, non-transferable, non-exclusive limited license to use that portion of the Website, to which you are granted access, but only for your internal business use and not for any use on behalf of any third-party. Subject to these Terms of Use, you may download or print reasonable numbers of hard copies of pages or reports from the Website provided that you do not obscure, alter, remove or delete any copyright, regulatory or other proprietary notices or disclaimers contained in the Content.

You may not modify, copy, distribute, disclose, retransmit, sell, publish, broadcast, mirror, frame or circulate the Website, Content, or any portion of thereof (including, but not limited to, any download or printed copies made from it) without Egan-Jones's prior written consent.

You warrant to Egan-Jones that you will not use the Website for any purpose that is unlawful or prohibited by these Terms of Use, including but not limited to attempting or actually (i) disrupting, or interfering with this Website, (ii) collecting any information about other users of this Website, (iii) systematically extracting information or data contained on this Website for any purpose, or (iv) obtaining through any means any materials, data or information on the Website that has not been intentionally made publicly available.

Certain Content available via the Website may be subject to additional conditions on its access or use. In all cases, these Terms of Use (as supplemented by such additional terms and conditions) will govern your use of that Content and you agree to comply with them. If there is any conflict between these Terms of Use and any such additional terms and conditions applicable to specific Content, then the latter shall prevail to the extent of that conflict.

Egan-Jones has the right, at any time without notice, to: (i) revoke or limit your license to use the Website (or any portion of it); and/or (ii) change or discontinue providing the Website (or any portion thereof). Egan-Jones has no obligation to you to update the Website or to correct any errors or omissions that might be contained in it, including, without limitation, any errors or omissions in any Content.

Ownership and Copyright

You acknowledge and agree that the Website and all information associated with it, (including, without limitation, all Content) is owned by Egan-Jones and/or its third party content providers ("Content Providers") and is protected by international copyright and other intellectual property laws. You further acknowledge and agree that the Website contains certain proprietary data and information of Egan-Jones and its Content Providers, that you will not use these data or information for any unlawful or unauthorized purpose, and that you will use reasonable efforts to protect them from illicit distribution or use. Each Content Provider is a third-party beneficiary of these Terms of Use to the extent necessary to enable it to enforce its proprietary rights in the information provided by it and the applicable use restrictions contained in these Terms of Use.

Trademarks

EGAN-JONES RATINGS COMPANY and the EGAN-JONES logo are registered marks of Egan-Jones Ratings Company. Any of the trademarks, service marks, logos, product or service names (collectively, the “Marks”) displayed on the Website may be registered or unregistered marks of Egan-Jones Ratings Company or others. Except as otherwise provided herein, nothing contained on this Website should be construed as granting any license or right to use any Marks. You will not use or allow any third-party to use any Marks appearing on the Website or the Content without the express written permission of Egan-Jones Ratings Company or the respective third-party owner of such Marks.

Disclaimers and Disclosures

The Content provided to you on the Website is obtained by Egan-Jones from sources believed to be accurate and reliable. You acknowledge, understand and expressly agree that: (a) the Content available on the Website is provided solely for information purposes and not as financial, investment, tax or other advice; (b) all credit ratings, other opinions and related analyses available on the Website are, and will be construed solely as, statements of opinion as of the date they are expressed and not as statements of fact or recommendations to purchase, hold or sell any securities or make any investment decisions; (c) each rating or other opinion will be used, if at all, solely as one factor in any investment or credit decision made by or on your behalf; and (d) you will make your own study and evaluation of each credit decision or investment, and of each issuer or guarantor of, and each provider of credit support for, each investment or credit that you may consider purchasing, holding, selling, providing, advising on or otherwise engaging with. The credit ratings and other credit opinions provided via this website do not address other non-credit risks, including, but not limited to liquidity risk, marked value risk or price volatility. You should always seek the assistance of a professional for advice on investments, tax, the law, or other professional matters.

Egan-Jones Ratings Company publishes its current Form NRSRO and Exhibits thereto on this website. Form NRSRO Exhibit 2 sets forth Egan-Jones’s definitions of its letter-grade credit ratings and its rating outlooks and a general description of Egan-Jones’s credit rating procedures and methodologies. These definitions, procedures and methodologies are an integral part of Egan-Jones’s letter-grade credit ratings and rating outlooks and should be reviewed by you in conjunction with your receipt of any ratings published by Egan-Jones.

You agree that, in connection with any letter-grade ratings or rating outlook or similar opinion provided on the Website, you shall solely consider such rating opinion based on the qualifications, procedures, methodology and caveats corresponding to such rating opinion as set forth at the website and in the deal report and other communications related to such rating opinion made available to you by Egan-Jones. Any rating opinion should not be considered without an understanding and review of the preceding factors.

You agree not to construe the Website or any of the Content posted on or made available through it as a solicitation, recommendation, endorsement or offer by Egan-Jones or any employee, agent or affiliate thereof to buy or sell any security or other financial instrument.

THE CONTENT, INCLUDING EGAN-JONES RATINGS AND EGAN-JONES PUBLICATIONS, ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS FOR A RETAIL INVESTOR TO CONSIDER RATINGS OR PUBLICATIONS IN MAKING ANY INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

THE WEBSITE, THE CONTENT AND ALL RELATED MATERIALS, PRODUCTS, SERVICES AND INFORMATION ARE PROVIDED ON AN "AS IS" AND “AS AVAILABLE” BASIS WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND. NEITHER EGAN-JONES, NOR ITS AFFILIATES, NOR THEIR THIRD-PARTY PROVIDERS GUARANTEE THE ACCURACY, COMPLETENESS, TIMELINESS OR AVAILABILITY OF THE CONTENT OR ANY INFORMATION PROVIDED THROUGH THE WEBSITE. EGAN-JONES, ITS AFFILIATES, THEIR THIRD-PARTY PROVIDERS AND EACH OF THEIR RESPECTIVE DIRECTORS, OFFICERS, SHAREHOLDERS, EMPLOYEES OR AGENTS ARE NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS, REGARDLESS OF THE CAUSE, OR FOR THE RESULTS OBTAINED FROM THE USE OF THE CONTENT OR ANY OTHER INFORMATION DISPLAYED ON THE WEBSITE.

EGAN-JONES, ITS AFFILIATES, AND THEIR THIRD-PARTY PROVIDERS DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. EGAN-JONESIS NOT AN AUDITOR AND CANNOT IN EVERY INSTANCE INDEPENDENTLY VERIFY INFORMATION RECEIVED IN THE RATING PROCESS.

Egan-Jones may receive compensation for assigning credit ratings or engaging in other analytical activities from issuers of the securities or third parties participating in marketing the securities.

Assumption of Risk
You use the Internet solely at your own risk and subject to all applicable local, state, national, and international laws and regulations. While Egan-Jones has endeavored to create a secure and reliable website, please be advised that the confidentiality of any communication or material transmitted to/from this Site over the Internet cannot be guaranteed. Accordingly, Egan-Jones and Egan-Jones's licensors and suppliers are not responsible for the security of any information transmitted via the Internet, the accuracy of the information contained on the Site, or for the consequences of any reliance on such information. Egan-Jones and Egan-Jones’s licensors and suppliers shall have no liability for interruptions or omissions in Internet, network or hosting services. You assume the sole and complete risk of using the Site.

Enforcing Security
Actual or attempted unauthorized use of any of the Site may result in criminal and/or civil prosecution. To maintain the security and integrity of the Site, Egan-Jones reserves the right to review and record activity on the Site to the extent permitted by law and consistent with Egan-Jones's Privacy Policy. Any information obtained by such reviewing or recording is subject to review by law enforcement organizations in connection with the investigation or prosecution of possible criminal activity on any of the Site. Egan-Jones will also comply with all court orders involving requests for such information.

Limitations on Liability

You acknowledge and agree that you are entirely liable for the activities conducted by you in connection with your use of the Website. If you are dissatisfied with the Website, the Content or with these Terms of Use, your sole and exclusive remedy is to stop using the Website or Content.

You expressly acknowledge and agree that, EXCEPT AS OTHERWISE PROVIDED FOR UNDER APPLICABLE LAWS, NEITHER EGAN-JONES NOR ITS AFFILIATES, NOR ITS CONTENT PROVIDERS, NOR THE DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, CONTRACTORS, SUCCESSORS OR ASSIGNS OF EACH (COLLECTIVELY, THE “EGAN-JONES PARTIES”), SHALL BE LIABLE FOR ANY CLAIM OR DAMAGES WHATSOEVER ARISING OUT OF OR RELATED TO THE USE OF THIS WEBSITE, THE CONTENT OR ANY OTHER INFORMATION DISPLAYED ON THIS WEBSITE. THIS LIMITATION OF LIABILITY APPLIES TO DIRECT, INDIRECT, CONSEQUENTIAL, SPECIAL, PUNITIVE OR OTHER DAMAGES YOU OR OTHERS MAY SUFFER EVEN IF ANY OF THE EGAN-JONES PARTIES HAS BEEN ADVISED OF THE POSSIBILITY OF DAMAGES, INCLUDING, BUT NOT LIMITED TO: (i) COMPENSATION, REIMBURSEMENT OR DAMAGES ON ACCOUNT OF THE LOSS OF PRESENT OR PROSPECTIVE PROFITS; (ii) EXPENDITURES, INVESTMENTS OR COMMITMENTS, WHETHER MADE IN THE ESTABLISHMENT, DEVELOPMENT OR MAINTENANCE OF BUSINESS REPUTATION OR GOODWILL; (iii) ANY LOSS OR DAMAGE ARISING WHERE THE RELEVANT FINANCIAL INSTRUMENT IS NOT THE SUBJECT OF A PARTICULAR CREDIT RATING ASSIGNED BY EGAN-JONES; (iv) LOSS OF DATA; (v) COST OF SUBSTITUTE CONTENT; (vi) COST OF CAPITAL; (vii) THE CLAIMS OF ANY THIRD-PARTY, OR (viii) ANY SUCH DAMAGES ARISING OUT OF OR IN CONNECTION WITH ANY OTHER REASON WHATSOEVER.

IN ANY EVENT, TO THE EXTENT PERMITTED BY LAW, THE AGGREGATE LIABILITY OF THE EGAN-JONES PARTIES FOR ANY REASON WHATSOEVER RELATED TO ACCESS TO OR USE OF THIS WEBSITE AND ITS CONTENTS SHALL NOT EXCEED THE GREATER OF (A) THE TOTAL AMOUNT PAID BY YOU FOR SERVICES PROVIDED VIA THIS WEBSITE PURSUANT TO THESE TERMS OF USE DURING THE 12 MONTHS IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO LIABILITY, OR (B) U.S. $100. THE USER MUST USE ALL REASONABLE ENDEAVORS TO MITIGATE ANY LOSS OR DAMAGE WHATSOEVER.

If you incur any damages that arise out of the acts or omissions of Egan-Jones, its affiliates, or Content Providers, you acknowledge and agree that the damages, if any, are not irreparable and are not sufficient to entitle you to an injunction or other equitable relief.

Indemnification

You agree to indemnify, defend, and hold harmless Egan-Jones, its affiliates and its Content Providers from and against any and all claims, liabilities, losses, costs (including, but not limited to, reasonable attorneys' fees), and/or damages of any kind arising from or relating to: (i) your use of the Website, including, without limitation, the use of any Content; (ii) your breach of these Terms of Use; and (iii) any messages, information, or materials uploaded, posted, published, or transmitted by you in connection with the Website.

User Password

If you are required to select a password to access or use the Website, you may then modify that password at any time as often as you like. If Egan-Jones determines in its sole discretion that any password you select is inappropriate for any reason, Egan-Jones may delete that password and/or limit or terminate your access to the Website.

Any password assigned to you is for your personal use only, and you agree to keep it secret and not to share it with anyone (except as expressly permitted otherwise by Egan-Jones in writing).

YOU ARE RESPONSIBLE FOR ALL USE, ACTIVITIES, AND CHARGES ASSOCIATED WITH OR ARISING FROM ANY USE OF YOUR PASSWORD, REGARDLESS OF WHETHER YOU AUTHORIZED SUCH USE. YOU MUST PROMPTLY NOTIFY EGAN-JONES (USING THE CONTACT INFORMATION LISTED BELOW) OF ANY UNAUTHORIZED USE OF YOUR PASSWORD.

Third-Party Web Sites, Links, and Information

The Website may contain information, products, and services provided by third parties and links (including advertisements) to websites made available by third parties. This information and these products, services, and links are provided only as a convenience to users of this Website. Egan-Jones does not control this information or these products, services, or websites or how or for what purpose any information you submit to any of these websites is used. Egan-Jones does not make any representations or warranties, express or implied, regarding the information or these products, services on these web sites or the websites themselves and shall not be liable for any information or services received from them. Inclusion of any of the foregoing in conjunction with the Website does not constitute or imply an endorsement, authorization, sponsorship, or affiliation by or with Egan-Jones with respect to any third-party, any third-party's website or its contents, or any information, products, or services provided by a third-party.

Export Restrictions
Export Restrictions. No software or any other materials associated with this Site may be downloaded or otherwise exported or re-exported to countries or persons prohibited under relevant export control laws, including, without limitation, countries against which the United States has embargoed goods, or to anyone on the U.S. Treasury Department list of Specially Designated Nationals and Blocked Persons or the U.S. Commerce Department’s Table of Deny Orders. You are responsible for compliance with the laws of your local jurisdiction regarding the import, export, or re-export of any such materials. By using and/or downloading any such materials from this Site, you represent and warrant that you are not located in, under the control of, or a national or resident of any such country to which such import, export, or re-export is prohibited or are not a person or entity to which such export is prohibited.

QIB Notification

Portions of this Website were created in order to enable "qualified institutional buyers," as defined in Rule 144A under the Securities Act of 1933 ("QIBs"), to analyze data made available by issuers to QIBs in securities offerings and in the QIB secondary market. These data may or may not otherwise be publicly available. If you choose to access such QIB information on the Website (“QIB Information”), you hereby acknowledge and agree that (a) you must be a QIB to access the QIB Information, (b) the QIB Information contained on this Website may only be available to and is only intended for use by QIBs, (c) you will not transmit or use any such QIB Information in violation of the U.S. securities laws, and (d) you represent and warrant to Egan-Jones (on behalf of yourself or your organization) that you have such knowledge and experience in financial and business matters so that you are capable of evaluating the merits and risks of the securities for which QIB Information has been made available by the issuers, and the Content provided by Egan-Jones to assist in any such evaluation. You also confirm that you are solely responsible for performing your own evaluation of any such securities, and with respect to QIB Information made available by issuers to QIBs in securities offerings and in the QIB secondary market, Egan-Jones's does not make any recommendations as to whether to buy, sell or hold any such securities or as to the usefulness of its software, products, and data to you for purposes of making any such evaluation.

Nature of Relationship

No joint venture, partnership, employment, or agency relationship exists between you and Egan-Jones as a result of these Terms of Use or your utilization of this Website.

Forward-Looking Statements. Certain statements contained on this Site, in Egan-Jones’s news releases or communicated orally or in writing by Egan-Jones concerning the company or its management, are “forward-looking statements” as defined in the federal securities laws. These statements are based on future expectations, plans and prospects for Egan-Jones’s business and operations that involve a number of risks and uncertainties, which could cause actual results or outcomes to differ materially. Forward-looking statements appear at various places throughout the Site and may contain the words “believe”, “expect”, “anticipate”, “intend”, “plan”, “will”, “predict”, “potential”, “continue”, “strategy”, “aspire”, “target”, “forecast”, “project”, “estimate”, “should”, “could”, “may” and similar expressions or words and variations thereof. For information about factors, risks and uncertainties that could cause Egan-Jones's actual results to differ materially from those in the forward-looking statements, please see the discussion of “Risk Factors” in Egan-Jones's most recent annual report on Form 10-K and quarterly report on Form 10-Q, and other filings made by Egan-Jones from time to time with the SEC. Any forward-looking statements speak only as of the date on which they were made. Egan-Jones undertakes no obligation (nor does it intend) to publicly supplement, update or revise any forward-looking statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise.

CUSIP Database
You agree and acknowledge that the CUSIP Database and the information contained therein is and shall remain valuable intellectual property owned by, or licensed to, CUSIP Global Services ("CGS") and the American Bankers Association ("ABA"), and that no proprietary rights are being transferred to you in such materials or in any of the information contained therein. Any use by you outside of the clearing and settlement of transactions requires a license from CGS, along with an associated fee based on usage. You agree that misappropriation or misuse of such materials will cause serious damage to CGS and ABA, and that in such event money damages may not constitute sufficient compensation to CGS and ABA; consequently, you agree that in the event of any misappropriation or misuse, CGS and ABA shall have the right to obtain injunctive relief in addition to any other legal or financial remedies to which CGS and ABA may be entitled. You agree that you shall not publish or distribute in any medium the CUSIP Database or any information contained therein or summaries or subsets thereof to any person or entity except in connection with the normal clearing and settlement of security transactions. You further agree that the use of CUSIP numbers and descriptions is not intended to create or maintain, and does not serve the purpose of the creation or maintenance of, a master file or database of CUSIP descriptions or numbers for itself or any third-party recipient of such service and is not intended to create and does not serve in any way as a substitute for the CUSIP MASTER TAPE, PRINT, DB, INTERNET, ELECTRONIC, CD-ROM Services and/or any other future services developed by the CGS.

NEITHER CGS, ABA NOR ANY OF THEIR AFFILIATES MAKE ANY WARRANTIES, EXPRESS OR IMPLIED, AS TO THE ACCURACY, ADEQUACY OR COMPLETENESS OF ANY OF THE INFORMATION CONTAINED IN THE CUSIP DATABASE. ALL SUCH MATERIALS ARE PROVIDED TO YOU ON AN "AS-IS" BASIS, WITHOUT ANY WARRANTIES AS TO MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE NOR WITH RESPECT TO THE RESULTS WHICH MAY BE OBTAINED FROM THE USE OF SUCH MATERIALS. NEITHER CGS, ABA NOR THEIR AFFILIATES SHALL HAVE ANY RESPONSIBILITY OR LIABILITY FOR ANY ERRORS OR OMISSIONS NOR SHALL THEY BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT OR INDIRECT, SPECIAL OR CONSEQUENTIAL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL THE LIABILITY OF CGS, ABA OR ANY OF THEIR AFFILIATES PURSUANT TO ANY CAUSE OF ACTION, WHETHER IN CONTRACT, TORT, OR OTHERWISE, EXCEED THE FEE PAID BY YOU FOR ACCESS TO SUCH MATERIALS IN THE MONTH IN WHICH SUCH CAUSE OF ACTION IS ALLEGED TO HAVE ARISEN. FURTHERMORE, CGS AND ABA SHALL HAVE NO RESPONSIBILITY OR LIABILITY FOR DELAYS OR FAILURES DUE TO CIRCUMSTANCES BEYOND THEIR CONTROL.

Your use of and access to the CGS Data is expressly conditioned on Egan-Jones maintaining a distribution agreement with CGS. In the event Egan-Jones's distribution agreement is terminated, your right to access and use CGS Data via Egan-Jones Sites shall automatically terminate.

In the event you have an appropriate agreement with CGS covering your use of the CGS Database (the “Separate Agreement”), your use of the CGS Database shall be governed by the terms of the Separate Agreement for as long as it remains in effect.

You agree that the foregoing terms and conditions shall survive any termination of your rights of access to the materials identified above.

Waiver

Neither party shall be deemed to have waived any breach by the other party of any terms or conditions of these Terms of Use, except by a written waiver expressly so stating. The waiver by either party of any such breach shall not be construed as a waiver of subsequent breaches or as a continuing waiver of such breach.

Severability

If any provision of these Terms of Use is held to be invalid or unenforceable, such invalidity or unenforceability shall be limited to the maximum extent permissible, and the other provisions of these Terms of Use shall remain in full force and effect.

Sanctions Compliance You warrant you are familiar with, have complied with, and will comply, in all respects, with the laws and regulations regarding the offering of unlawful or improper inducements (including the U.S. Foreign Corrupt Practices Act, as amended, and other anti-corruption and anti-bribery laws). You warrant that neither you, nor any entity on whose behalf you are acting, is owned or controlled by, nor do you or such entity own or control, directly or indirectly, a person or entity that is (i) on the list of Specially Designated Nationals and Blocked Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.K. Consolidated Financial Sanctions List maintained by Her Majesty’s Treasury; or (ii) subject to country sanctions imposed by the U.S. Government for any reason, including but not limited to being organized or headquartered in or a governmental entity of a country or territory subject to such sanctions (currently Crimea, Cuba, North Korea, Iran, and Syria. Additionally, you, or the entity on whose behalf you are acting, warrant that you or such entity do not intend to and will not knowingly supply or use the Website to or for the benefit of any of the foregoing. You agree to notify Egan-Jones's if these circumstances change. For purposes of this provision, "owned" and "own" mean an interest of 50 percent or more and "control" means the right or ability to dictate the decisions, actions, and/or policies of an entity or its management. If you breach this Section, in addition to any other rights or remedies Egan-Jones's may have, Egan-Jones's may immediately terminate your access to the Website and any affected subscriptions.

Governing Law

These Terms of Use, including (without limitation) any disputes relating to the Content or the Website, whether sounding in contract, tort, statute or otherwise, is governed by the laws of the State of Pennsylvania.

Contact Info


Mailing Address:
Egan-Jones Ratings Company
Attn: Legal Department
61 Haverford Station Road
Haverford, PA 19041


Phone Numbers:
Toll Free:
(844) 495-5244

Pennsylvania:
(610) 642-2411

New York:
(212) 425-0460

District of Columbia:
(202) 769-5122


Email:
feedback@egan-jones.com

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Egan-Jones Ratings Company employ a largely quantitative approach to monitor our universe of issuers of debt, while we also provide qualitative input within our reports to highlight special situations reflective of our proprietary methodology.

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