Legal
Terms of Use
These Terms and Conditions of Use (“Terms of Use”) contain the terms, covenants, conditions, and provisions upon which you (i.e., a “user”) may access and use the websites (collectively, the “Website”) owned and operated by Kroll Bond Rating Agency, LLC, KBRA Analytics, LLC, and/or their affiliates (collectively, “KBRA”), and the content, including without limitation the ratings, opinions, and other information displayed on the Website. If you are using the Website on behalf of an entity, you represent that you are authorized to bind such entity, in which case the terms “you” and “user” shall also include such entity. These Terms of Use are current as of March 31, 2022. By using the Website, you acknowledge that you have read these Terms of Use, understand them, and agree to be bound by their terms and conditions. If you do not agree to these Terms of Use, you may not use the Website.
1. Ownership of Information
These Terms of Use provide you with a personal, revocable, non-exclusive, nontransferable license to use the Website conditioned on your continued compliance with the terms and conditions of these Terms of Use. THE WEBSITE AND ALL INFORMATION PROVIDED BY KBRA ON THE WEBSITE IS OWNED OR LICENSED BY KBRA, AND UNLESS OTHERWISE INDICATED, IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO COPYRIGHT, TRADE SECRET AND TRADEMARK LAWS. NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT THE PRIOR WRITTEN CONSENT OF KBRA. The contents of the Website are © 2010-2024, KBRA, and /or its licensors, all rights reserved. In particular and without limitation, KBRA owns copyright in the Website as a collective work and/or compilation, any and all databases accessible on the Website, and in the selection, coordination, arrangement, and enhancement of the content of the Website. KBRA and all other names, logos, and icons identifying KBRA and/or KBRA products and services are proprietary marks of KBRA or its licensors.
2. Use of Data
Except as expressly permitted herein, you may not modify, create derivatives of, copy, distribute, repackage, disseminate, broadcast, transmit, reproduce, publish, license, transfer, sell or re-sell, mirror, frame, “deep link”, “scrape”, data mine, database, or otherwise use or store for subsequent use for any such purpose, any information or materials obtained from or through the Website, without KBRA's prior written consent. You warrant to KBRA 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, impairing or interfering with the Website, (ii) collecting any information about other users of the Website, including passwords, accounts or other information, or (iii) systematically extracting data contained on the Website to populate databases for internal or external business use. KBRA reserves the right to limit your use of the Website and/or the volume of your downloads from the Website.
3. Disclaimers
KBRA obtains all information furnished on the Website from sources believed by it to be accurate and reliable. You expressly agree that (a) the credit ratings and other opinions provided via the Website are, and will be construed solely as, statements of opinion and not statements of fact as to creditworthiness or recommendations regarding credit decisions or decisions to purchase, hold or sell any securities, or endorsements of the accuracy of any of the data or conclusions, or attempts to independently assess or vouch for the financial condition of any company; (b) each rating or other opinion will be weighed, if at all, solely as one factor in any investment or credit decision made by or on behalf of you; and (c) you will accordingly make your own evaluation of each credit decision or security, and of each issuer and guarantor of, and each provider of credit support for, each security or credit that you may consider purchasing, holding, selling, or providing. You will not solely or mechanistically rely on credit ratings for assessing the creditworthiness of an entity or financial instrument. The credit ratings and other opinions provided via the Website do not take into account your personal objectives, financial situation or needs, and in providing credit ratings and opinions to you, we are not carrying out consultancy or advisory services. You should always seek the assistance of a professional for advice on investment, tax, legal, or other professional matters. Because of the possibility of human and mechanical error as well as other factors, the Website 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. ALL CONDITIONS, REPRESENTATIONS AND WARRANTIES, WHETHER EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT OF THIRD PARTY RIGHTS, ARE HEREBY DISCLAIMED TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW BY KBRA AND ITS LICENSORS. YOU ASSUME THE SOLE RISK OF MAKING USE OF AND/OR RELYING ON THE INFORMATION, MATERIALS, PRODUCTS, AND SERVICES AVAILABLE ON THE WEBSITE. KBRA makes no representation that materials on the Website are appropriate or available for use in any particular locations, and access to them from territories where any of the contents of the Website are illegal is prohibited. If you choose to access the Website from such locations, you do so on your own volition and are responsible for compliance with any applicable local laws. You agree and acknowledge that no oral or written information or advice given by KBRA or any of its employees or agents with respect to the Website shall constitute a representation or a warranty unless such information or advice is incorporated into these Terms of Use by a written agreement. Further, the information, materials, products and services available on the Website may contain or include inaccuracies or errors, and there may be times when the Website or its content are unavailable. Moreover, KBRA may make changes or modifications to the Website at any time, for any reason. TO THE EXTENT PERMITTED BY LAW, KBRA AND ITS LICENSORS AND SUPPLIERS DISCLAIM LIABILITY FOR ANY DAMAGES BASED ON YOUR USE OF THE WEBSITE AND ITS CONTENT. WITHOUT LIMITING THE FOREGOING, KBRA SHALL NOT HAVE LIABILITY TO ANY PERSON OR ENTITY FOR ANY LOSS OR DAMAGE IN WHOLE OR IN PART CAUSED BY, RESULTING FROM, OR RELATING TO, ANY ERROR (NEGLIGENT OR OTHERWISE) OR OTHER CIRCUMSTANCE OR CONTINGENCY WITHIN OR OUTSIDE THE CONTROL OF KBRA OR ANY OF ITS DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS IN CONNECTION WITH THE PROCUREMENT, COLLECTION, COMPILATION, ANALYSIS, INTERPRETATION, COMMUNICATION, PUBLICATION OR DELIVERY OF INFORMATION. UNDER NO CIRCUMSTANCES WILL KBRA OR ITS LICENSORS OR SUPPLIERS BE LIABLE TO YOU FOR ANY SPECIAL, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND, INCLUDING, BUT NOT LIMITED TO, COMPENSATION, REIMBURSEMENT OR DAMAGES ON ACCOUNT OF THE LOSS OF PRESENT OR PROSPECTIVE PROFITS, EXPENDITURES, INVESTMENTS OR COMMITMENTS, WHETHER MADE IN THE ESTABLISHMENT, DEVELOPMENT OR MAINTENANCE OF BUSINESS REPUTATION OR GOODWILL, FOR LOSS OF DATA, COST OF SUBSTITUTE MATERIALS, PRODUCTS, SERVICES OR INFORMATION, COST OF CAPITAL, AND THE CLAIMS OF ANY THIRD PARTY, OR FOR ANY OTHER REASON WHATSOEVER, EVEN IF KBRA OR ITS LICENSORS OR SUPPLIERS HAVE BEEN ADVISED OF THE POSSIBILITY OF DAMAGES. IN ANY EVENT, THE AGGREGATE LIABILITY OF KBRA AND ITS LICENSORS AND SUPPLIERS FOR ANY REASON WHATSOEVER RELATED TO USE OF THE WEBSITE AND ITS CONTENT SHALL NOT EXCEED THE GREATER OF (A) THE TOTAL AMOUNT PAID BY THE USER FOR SERVICES PROVIDED VIA SUCH 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 LIMITATIONS AND EXCLUSIONS CONTAINED HEREIN WILL APPLY ONLY TO THE MAXIMUM EXTENT PERMISSIBLE UNDER APPLICABLE LAW, AND NOTHING HEREIN PURPORTS TO LIMIT KBRA'S LIABILITY IN A MANNER THAT WOULD BE UNENFORCEABLE OR VOID AS AGAINST PUBLIC POLICY IN THE APPLICABLE JURISDICTION.
4. Assumption of Risk
You use the Internet solely at your own risk and subject to all applicable laws and regulations. While KBRA has endeavored to create a secure and reliable Website, please be advised that the confidentiality of any communication or material transmitted to/from a website over the Internet cannot be guaranteed. Accordingly, KBRA and KBRA'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 Website, or for the consequences of any reliance on such information. KBRA and KBRA'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 Website. Moreover, you agree (a) to hold KBRA harmless for the use of third party software on the Website and (b) that KBRA shall have no liability whatsoever to any person or entity for the accuracy and/or completeness of any outcome resulting from the use of such software.
5. Password Policy
Your use of certain portions of the Website requires a password. As part of the registration process, you must select a user name and password and provide KBRA with accurate, complete and up-to-date information. Your user name and password must be unique to you and may not be shared. Sharing of your password may lead to termination of your access to the Website. By agreeing to these Terms of Use, you agree to be solely responsible for maintaining the confidentiality of your password, any use thereof, and any communications entered through the Website using your password. You will also immediately notify KBRA if you become aware of any loss or theft of your password or any unauthorized use of your password. KBRA reserves the right to delete or change a password at any time and for any reason.
6. Enforcing Security
Actual or attempted unauthorized use of the Website may result in criminal and / or civil prosecution. For your protection, KBRA reserves the right to view, monitor, and record activity on the Website without notice or further permission from you, to the fullest extent permitted by applicable law. Any information obtained by monitoring, reviewing, or recording is subject to review by law enforcement organizations in connection with the investigation or prosecution of possible criminal activity on any portion of the Website. KBRA will also comply with all court orders involving requests for such information.
7. Privacy
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8. Links to Other Websites
KBRA may provide links, in its sole discretion, to other websites on the internet for your convenience in locating related information and services. These websites have not necessarily been reviewed by KBRA and are maintained by third parties over which KBRA exercises no control. Accordingly, KBRA expressly disclaims any responsibility for the content, the accuracy of the information, the quality of products or services provided by or advertised on, and/or software downloaded from, these third party websites. Moreover, these links do not imply an endorsement of any third party or any website or the products or services provided by any third party. Users and third parties are prohibited from establishing hyperlinks to or away from this site, unless KBRA provides prior written consent (which it may or may not provide in its sole discretion).
9. Events Beyond KBRA Control
KBRA's Website may be subject to limitations, delays and other problems inherent in the use of the internet and electronic communications that are beyond KBRA's reasonable control. KBRA is not responsible for delays, delivery failures or other damage resulting from such problems. You expressly absolve and release KBRA and KBRA's licensors and suppliers from any claim of harm resulting from a cause beyond their control, including, but not limited to, the failure of electronic or mechanical equipment or communication lines, telephone or other interconnect problems, computer viruses, unauthorized access, theft, operator errors, severe weather, earthquakes, or natural disasters, strikes or other labor problems, wars, terrorism or governmental restrictions.
10. Disclosures
KBRA hereby discloses that, in some instances, issuers of securities rated by KBRA may pay fees to KBRA for the rating services rendered. KBRA maintains policies and procedures to address the independence of its ratings and rating processes. Additional information concerning these policies and procedures is available on the Website.
11. Submissions
KBRA also welcomes your feedback and suggestions about how to improve the Website. Any ideas, suggestions, information, know-how, material, or any other content (collectively, “Submissions”) received through a Website, however, will be deemed to include a royalty-free, perpetual, irrevocable, nonexclusive right and license for KBRA to adopt, publish, reproduce, disseminate, transmit, distribute, copy, use, create derivative works, display, (in whole or part) worldwide, or act on such Submissions without additional approval or consideration, in any form, media, or technology now known or later developed for the full term of any rights that may exist in such Submissions. You hereby waive any claim to the contrary.
12. Governing Law
These Terms of Use, including without limitation any disputes relating to the content of the Website, shall be governed by New York law and controlling United States federal law, without regard to the choice or conflicts of law provisions of any jurisdiction, except that New York General Obligations Law § 5-1401 shall apply.
13. Dispute Resolution
Any dispute, controversy or claim arising out of or relating to these Terms of Use, including any disputes relating to the content of Website, shall be finally resolved by arbitration. The arbitration shall be conducted in accordance with the rules of the American Arbitration Association, which shall administer the arbitration and act as appointing authority. The place of the arbitration shall be New York, New York. The decision of the arbitrators shall be binding upon the parties hereto, and the expense of the arbitration (including without limitation the award of attorneys' fees to the prevailing party) shall be paid as the arbitrators determine. The decision of the arbitrator may be entered by any court of competent jurisdiction. You agree to submit to the jurisdiction of the state and federal courts in New York for the purposes of any judicial proceedings to obtain interim relief and in aid of the arbitration or judicial proceedings to confirm or enforce the award. Notwithstanding the foregoing, KBRA may seek preliminary injunctive relief from a court of law in the event of a breach by you.
14. Indemnity
You agree to indemnify and hold harmless KBRA, its licensors and suppliers, all of their affiliates, and all of their respective officers, directors, employees, shareholders, legal representatives, agents, successors and assigns, from and against any damages, losses, liabilities, claims, costs and expenses (including reasonable attorneys' and professionals' fees and court costs) arising out of any third party claims based on or related to your use of or access to the Website or any breach by you of these Terms of Use.
15. Term, Termination, Amendments
These Terms of Use will take effect when you first commence using the Website and shall continue in effect while you have access to the Website or any portion thereof. KBRA reserves the right at any time and for any reason to terminate your access to the Website or any portion thereof. Such termination will be effective without notice, and any terms herein which by their nature should survive termination shall survive. Please note that KBRA reserves the right to change the terms and conditions of these Terms of Use upon notice, which may be given by KBRA posting such change on the Website, by e-mail, or any other reasonable means. Your continued use of the Website following notice of such modifications will be conclusively deemed acceptance of any changes to these Terms of Use.
16. Waiver
Failure to insist on strict performance of any of the terms and conditions of these Terms of Use will not operate as a waiver of any default or failure of performance. No waiver by KBRA of any right under these Terms of Use will be deemed to be either a waiver of any other right or provision or a waiver of that same right or provision at any other time.
17. Nature of Relationship / Severability
No joint venture, partnership, employment, or agency relationship exists between you and KBRA as a result of these Terms of Use or your utilization of the Website. If any provision of these Terms of Use is held unenforceable by a court or tribunal of competent jurisdiction, that provision shall be enforced to the maximum extent permissible so as to effect the intent of the parties, and the remainder of these Terms of Use shall continue in full force and effect.
18. Entire Agreement/Reservation of Rights
Your rights to use certain material available on or through the Website may be subject to separate written agreements with KBRA (“Other Agreements”). Particular pages or features of the Website with content supplied by KBRA or its licensors may have different or additional terms (“Special Terms”), which will be disclosed to you when you access those pages or features; and by accessing or using such pages and features, you will be deemed to have agreed to the applicable Special Terms. If there is a conflict between these Terms of Use and the Special Terms, the Special Terms will govern with respect to such pages or features or content. In the event of a conflict between these Terms of Use and one or more Other Agreements, the terms of such Other Agreement(s) shall govern and control. With the exception of any Special Terms and Other Agreements, these Terms of Use represent the entire agreement between you and KBRA with respect to your use of, and material available on or through, the Website, and it supersedes all prior or contemporaneous communications and proposals, whether electronic, oral, or written between you and KBRA with respect to the Website. Any rights not expressly granted herein are reserved.
19. Ratings and Research Documents
EACH USER OF THE WEBSITE ACKNOWLEDGES THAT A RATING FROM KBRA IS AN OPINION BASED ON ESTABLISHED CRITERIA AND METHODOLOGIES THAT KBRA IS CONTINUOUSLY EVALUATING AND UPDATING. Therefore, ratings are the collective work product of KBRA and no individual, or group of individuals, is solely responsible for a rating. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. KBRA'S RATINGS ARE INTENDED TO REFLECT BOTH THE PROBABILITY OF DEFAULT AND SEVERITY OF LOSS IN THE EVENT OF DEFAULT, WITH GREATER EMPHASIS ON PROBABILITY OF DEFAULT AT HIGHER RATING LEVELS. FOR OBLIGATIONS, THE DETERMINATION OF EXPECTED LOSS SEVERITY IS, AMONG OTHER THINGS, A FUNCTION OF THE SENIORITY OF THE CLAIM. CREDIT RATINGS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS DO NOT CONSTITUTE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS ARE NOT RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. CREDIT RATINGS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. KBRA ISSUES ITS CREDIT RATINGS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. YOU ACKNOWLEDGE THAT KBRA IS NOT YOUR ADVISOR AND IS NOT PROVIDING YOU ANY FINANCIAL OR INVESTMENT ADVICE (INCLUDING WITHIN THE MEANING OF 29 C.F.R. § 2510.3-21(c)), OR ANY LEGAL, AUDITING, ACCOUNTING, APPRAISAL, VALUATION, CONSULTANCY OR ACTUARIAL SERVICES. ANY INFORMATION ON THE WEBSITE SHOULD NOT BE VIEWED AS A REPLACEMENT FOR SUCH ADVICE OR SERVICES. The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. KBRA does not have a fiduciary relationship with you, any issuer, subscriber or any other individual. Nothing is intended to or should be construed as creating a fiduciary relationship between KBRA and any issuer or between the firm and any user of its ratings. Ratings may be changed, qualified, or withdrawn as a result of changes in, additions to, accuracy of, unavailability of or inadequacy of information or for any reason KBRA deems sufficient. The assignment of a rating by KBRA shall not constitute consent by KBRA to (i) being named an ‘expert’ under the Federal Securities Laws including, without limitation, Section 7 of the Securities Act of 1933, or (ii) being identified in any registration statement or prospectus (including through incorporation) within the meaning of Section 7 of the Securities Act of 1933 such that KBRA could reasonably be expected to be considered an ‘expert’ under the Federal Securities Laws including, without limitation, Section 7 of the Securities Act of 1933.
20. CUSIP Terms and Conditions
The CUSIP information contained in the Website consists of security identifiers and related descriptive information (“the CUSIP Database”) and is protected under the copyright laws and is licensed with permission from CUSIP Global Services (CGS) on behalf of the American Bankers Association (“ABA”). 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 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 of the CUSIP Data 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 nor distribute in any medium the CUSIP Database or any substantial portion of the information contained therein or summaries or subsets thereof to any person or entity. You may not create or maintain a master file or database of CUSIP identifiers or descriptions for yourself or any third party recipient that is intended to serve as a substitute for any CUSIP service. You agree not to:
- Violate the restrictions in any robot inclusion headers on the Website or in any way bypass or circumvent any other measure employed to limit or prevent access to the CUSIP Data on the Website;
- Violate the security of the Website or attempt to gain unauthorized access to the Website, CUSIP Data, materials, information, computer systems or networks connected to KBRA's server, through hacking, password mining or any other means; or
- Interfere or attempt to interfere with the proper working of the Website or any activities conducted on or through the Website, including accessing any CUSIP Data, content or other information prior to the time that is intended to be available to the public on the Website.
You acknowledge that certain information will be provided to CGS in connection with your downloading of CUSIP Data, which may include your User Name, Firm Name downloaded by you, email address and IP address. This information will be used for purposes of monitoring compliance with this section. This information will be stored securely in the U.S. and may be reviewed and corrected by contacting: [email protected]. For additional information about our Customer Privacy practices, please see: www.CUSIP.com. 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 VISITOR 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. You agree that the foregoing terms and conditions shall survive any termination of its right of access to the materials identified above.