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MercerInsight MPA™ – Manager Performance Analytics
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1. IMPORTANT DISCLAIMERS
1.1. Country-Specific Disclaimers and Representations
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Certain financial information included in MERGENT DATA is proprietary to Mergent, Inc. ("Mergent") Copyright Â© 2013. Reproduction of such information in any form is prohibited. Because of the possibility of human or mechanical error by Mergent sources, Mergent or others, Mergent does not guarantee the accuracy, adequacy, completeness, timeliness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. THERE ARE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITHY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall Mergent be liable for any indirect, special or consequential damages in connection with subscriber's or other's use of such information.
Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
The below language is a guide to assist in meeting NASD and other regulatory disclosure requirements related to the use of ratings and other data in marketing materials. Company may find alternative ways to display the necessary disclosure elements that may also meet regulators requirements. In the event that the NASD or other regulatory agency requires revisions to the following disclaimer, Company may make such changes as deemed appropriate:
If Company uses or displays that part of the Product containing the Morningstar Rating, Licensee may include the following disclaimer:
For open end funds, closed end funds or variable annuity underlying funds:
For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund"s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. [Insert name of fund] was rated against the following numbers of U.S.-domiciled [insert name of category] funds over the following time periods: [insert number of funds in category during prior 3-year period] funds in the last three years, [insert number of funds in category during the prior 5-year period] funds in the last five years, and [insert number of funds in category during the prior 10-year period] funds in the last ten years. With respect to these [insert name of category] funds, [insert name of fund] received a Morningstar Rating of [insert number of stars for 3-year rating] stars, [insert number of stars for 5-year rating] stars and [insert number of stars for 10-year rating] stars for the three-, five- and ten-year periods, respectively. Past performance is no guarantee of future results.
In the event a fund has multi-class funds, the following language should also be included:
Morningstar Rating is for the ____ share class only; other classes may have different performance characteristics.
The Morningstar Rating is provided for those exchange-traded funds ("ETFs") with at least a three-year history. Ratings are based on the ETF"s Morningstar Risk-Adjusted Return measure which accounts for variation in monthly performance, placing more emphasis on downward variations and rewarding consistent performance. An ETF"s risk-adjusted return includes a brokerage commission estimate. This estimate is intended to reflect what an average investor would pay when buying or selling an ETF. PLEASE NOTE, this estimate is subject to change and the actual brokerage commission an investor pays may be higher or lower than this estimate. Morningstar compares each ETF"s risk-adjusted return to the open-end mutual fund rating breakpoints for that category. Consistent with the open-end mutual fund ratings, the top 10% of ETFs in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The overall rating for an ETF is based on a weighted average of the time-period ratings (e.g., the ETF"s 3,5, and 10 year rating).. The determination of an ETF"s rating does not affect the retail open end mutual fund data published by Morningstar. Past performance is no guarantee of future results.
Morningstar Rating for Load-Waived A-Shares
If Company uses or displays that part of the Product containing the Morningstar Rating for Load-Waived A Shares, Company may include the following disclaimer:
For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund"s monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the ratings for the three-, five- and ten-year (if applicable) time periods. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. [Insert name of fund] was rated against the following numbers of U.S.-domiciled [insert name of category] funds over the following time periods: [insert number of funds in category during prior 3-year period] funds in the last three years, [insert number of funds in category during the prior 5-year period] funds in the last five years, and [insert number of funds in category during the prior 10-year period] funds in the last ten years. With respect to these [insert name of category] funds, [insert name of fund] received a Morningstar Rating of [insert number of stars for 3-year rating] stars, [insert number of stars for 5-year rating] stars and [insert number of stars for 10-year rating] stars for the three-, five- and ten-year periods, respectively. Past performance is no guarantee of future results. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.
Morningstar Rating based on Extended Performance
If Company uses or displays that part of the Product containing the Morningstar Rating for certain fund share classes whose ratings are based on returns prior to the inception of that particular share class, (funds not typically rated by Licensor and based on adjusted historical returns), Company may include the following disclaimer:
Please note, some of the Morningstar proprietary calculations, including the Morningstar Rating, are not customarily calculated based on adjusted historical returns. The evaluation of this investment does not affect the retail mutual fund data published by Morningstar. For each retail mutual fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund"s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a retail mutual fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. This investment"s independent Morningstar Rating metric is then compared against the retail mutual fund universe breakpoints to determine its hypothetical rating. [Insert name of fund] was rated against the following numbers of U.S.-domiciled [insert name of category] funds over the following time periods: [insert number of funds in category during prior 3-year period] funds in the last three years, [insert number of funds in category during the prior 5-year period] funds in the last five years, and [insert number of funds in category during the prior 10-year period] funds in the last ten years. With respect to these [insert name of category] funds, [insert name of fund] received a Morningstar Rating of [insert number of stars for 3-year rating] stars, [insert number of stars for 5-year rating] stars and [insert number of stars for 10-year rating] stars for the three-, five- and ten-year periods, respectively. Past performance is no guarantee of future results.
In the event Company uses or displays that part of the Product containing the Morningstar Style Box, Company may include the following disclaimer:
The Morningstar Style Box reveals a fund"s investment strategy. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend or growth). For fixed-income funds the vertical axis shows the average credit quality of the bonds owned, and the horizontal axis shows interest rate sensitivity as measured by a bond"s duration (short, intermediate or long).
Morningstar Index Data
Certain of the information contained in FactSet: (I) is proprietary to Morningstar Inc. and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
You may utilize Morningstar Index Data within the Licensee Product only as described herein. You may perform research using the Morningstar Index Data, or run reports, comparisons or other analysis on investments using the Product.
You may not export more than an Insubstantial Amount of the Morningstar Index Data from FactSet.
Any Morningstar Index Data output on FactSet may only be distributed if all of the following conditions are met:
(i) Output is incorporated into, and distributed as a value-add report or presentation, which must be created using a part of the functionality available in the Licensee Product. The Licensee Product Output may not be distributed as a standalone product.
(ii) Output is only distributed on a limited, ad hoc basis and not used as part of a general mailing or included in external websites or distributed in other mass communication vehicles or formats, including, but not limited to, advertisements.
(iii) Output is not resold.
You agree that the distribution of any output that does not meet all of the conditions set forth will require the express prior written consent of Morningstar, and the payment of additional fees or royalties to be determined in Morningstar's sole discretion according to Morningstar's then current rates data licensing.
© Morningstar. All Rights Reserved. The information contained herein: (I) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible lor any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Subject to any relevant agreement directly between you ("Customer") and MSCI, your access to and use of MSCI indices and other data ("MSCI Data") hereunder is subject to the following terms and conditions:
The Customer represents that it will use the MSCI Data solely for internal purposes and will not redistribute the MSCI Data in any form or manner to any third party.
The Customer represents that it will not use or permit anyone else to use the MSCI Data in connection with the creating, managing, advising, writing, trading, marketing or promotion of any securities or financial instruments or products, including, but not limited to, funds, synthetic or derivative securities (e.g., options, warrants, swaps, and futures), whether listed on an exchange or traded over the counter or on a private-placement basis or otherwise or to create any indices (custom or otherwise).
The Customer represents that it will treat the MSCI Data as proprietary to MSCI. Further, the Customer acknowledges that MSCI is the sole and exclusive owner of the MSCI Data and any trade secrets, copyrights, trademarks and other intellectual property rights in or to the MSCI Data.
The Customer represents that it will not (i) copy any component of the MSCI Data, (ii) alter, modify or adapt any component of the MSCI Data, including, but not limited to, translating, decompiling, disassembling, reverse engineering or creating derivative works, or (iii) make any component of the MSCI Data available to any other person or organization (including, without limitation, the Customer's present and future parents, subsidiaries or affiliates) directly or indirectly, for any of the foregoing or for any other use, including, without limitation, by loan, rental, service bureau, external time sharing or similar arrangement.
The Customer agrees to indemnify, defend and hold harmless MSCI, its information providers, and any other third party involved in or related to the making or compiling of the MSCI Data, their affiliates and subsidiaries and their respective directors, officers, employees and agents from and against any claims, losses, damages, liabilities, costs and expenses, including reasonable attorneys" fees and costs, as incurred, arising in any manner out of the Customer's or any third party's use of, or inability to use, the MSCI Data or any breach by the Customer of any provision contained in this Agreement.
The Customer acknowledges that MSCI may, in its sole and absolute discretion and at any time, terminate the Customer"s right to receive and/or use the MSCI Data.
The Customer hereby consents to FactSet Research Systems Inc. providing a list of Customer’s users receiving access to MSCI Data that includes component level data of any MSCI indices to MSCI from time to time as may be requested by MSCI.
THE MSCI DATA ARE PROVIDED TO CUSTOMER ON AN "AS IS" BASIS. MSCI, ITS INFORMATION PROVIDERS, AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE MSCI DATA MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, WITH RESPECT TO THE MSCI DATA (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF). MSCI, ITS INFORMATION PROVIDERS AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE MSCI DATA EXPRESSLY DISCLAIM ANY AND ALL IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, COMPLETENESS, NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR ANY PARTICULAR PURPOSE.
CUSTOMER ASSUMES THE ENTIRE RISK OF ANY USE CUSTOMER MAY MAKE OF THE MSCI DATA. IN NO EVENT SHALL MSCI, ITS INFORMATION PROVIDERS OR ANY THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE MSCI DATA, BE LIABLE TO THE CUSTOMER, OR ANY OTHER THIRD PARTY, FOR ANY DIRECT OR INDIRECT DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY LOST PROFITS, LOST SAVINGS OR OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THIS AGREEMENT OR THE INABILITY OF THE CUSTOMER TO USE THE MSCI DATA, REGARDLESS OF THE FORM OF ACTION, EVEN IF MSCI, ANY OF ITS INFORMATION PROVIDERS, OR ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE MSCI DATA HAS BEEN ADVISED OF OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF SUCH DAMAGES.
The MSCI FaCS information may only be used for your internal use, may not be reproduced or redisseminated in any form without a license from MSCI Inc. or its affiliates, and may not be used as a
basis for or a component of any financial instruments or products or indices. None of the MSCI FaCS information is intended to constitute investment advice or a recommendation to make (or refrain from
making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI FaCS information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI Inc., its affiliates and each person or entity involved in or related to compiling, computing or creating any MSCI FaCS information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any of the MSCI Parties have any liability for any direct, indirect, special, incidental, punitive,
consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Additional Terms for MSCI FaCS only
In addition to the terms set forth in your FactSet Agreement and the MSCI Required Terms for Customer Agreements, the following terms and conditions shall apply to you (“Client” or “Licensee”) with respect to any Data that includes MSCI FaCS. Nothing herein shall modify or amend any agreement you have entered into directly with MSCI Inc., or any of its affiliates.
In the event of any conflict between these additional terms (these “Terms”) and the FactSet Agreement, these Terms shall control with respect to the following MSCI FaCS.
1. Notwithstanding anything to the contrary, if you have licensed MSCI FaCS, your license is for your internal use only and does not permit any external distribution or reporting of any information in MSCI FaCS, or any
information derived therefrom (collectively, “MSCI FaCS Information”); except that you may report MSCI FaCS only on your own investment products and related services, in accordance with the MSCI FaCS Reporting Exhibit set forth herein. MSCI FaCS reporting on MSCI indexes is prohibited unless you use official MSCI FaCS provided by MSCI.
2. Client shall not publish, disseminate or distribute any data or information from or about MSCI FaCS, or any portion thereof in any manner that competes with: (i) MSCI FaCS, MSCI FaCS Premium, or MSCI FaCS on Funds in any form or format or (ii) any derivative works based on MSCI FaCS, MSCI FaCS Premium, or MSCI FaCS on Funds.
3. Notwithstanding anything to the contrary, Client shall not alter, modify or adapt any component of MSCI FaCS, including but not limited to translating, altering, modifying or creating derivative works from MSCI FaCS, or any component thereof as provided by MSCI or its distributors. Further, Client shall not create an alternative factor classification designation for any security; provided, however, if Client creates a factor
classification for any securities for which an MSCI FaCS classification has not been provided or made available to Client, Client shall clearly and conspicuously note such classification as a Client-defined classification that is not supported or sponsored by MSCI or its affiliates.
4. Rolling History. If the data for MSCI FaCS (“Data”) includes any rolling period of historical data (the “Rolling History”). Client may not store, archive or otherwise save or use any Data beyond the then-current
Rolling History. Data which falls outside the scope of then-current Rolling History shall be deemed to be a “Terminated Service” and Client shall delete and purge, on a monthly basis, each Terminated Service from
all Client systems or otherwise in Client’s possession or control. For the avoidance of doubt, each month, the oldest month’s worth of Rolling History shall be deemed to be a Terminated Service
Terms & Conditions
You must agree to these terms and conditions (“Terms & Conditions”) if you are receiving from FactSet Research Systems Inc. (“FactSet”) delayed market data by means of a data feed (“Market Data”) that is provided by New York Stock Exchange, Inc. and its affiliates (“NYSE”), on behalf of yourself and any of your affiliates with whom you have a control relationship and to whom you grant access to the Market Data (“Affiliates”) and any person, other than FactSet or a "common carrier" (as defined in the Federal Communications Act) (i) that assists you in any aspect of your receipt or other use of Market Data (including any facilities manager, equipment operator, signal broadcaster or installation contractor) and (ii) as to which NYSE has made the "Service Facilitator" determination that Paragraph 4(a) describes (“Service Facilitator”). You may agree to these Terms & Conditions by signing below. Your receipt of the Market Data also constitutes acceptance of these Terms & Conditions.
1. PROPRIETARY INTERESTS. You understand and acknowledge, and shall assure that each Affiliate and Service Facilitator (if any) understands and acknowledges, that NYSE and certain other parties that supply any portions of the Market Data to NYSE (“Suppliers”) have a proprietary interest in the Market Data that originates on or derives from its markets or in its index information.
2. FEES; DISCLOSURES. If you elect to receive the Market Data, you shall:
(i) comply with any contract and fee collection requirements that NYSE may specify from time to time as to persons receiving the Market Data (NYSE agrees that there are no fees for delayed Market Data);
(ii) if you include the Market Data in any electronic display, assure that each electronic display of delayed Market Data conspicuously exhibits a statement indicating that the information has been delayed and the duration of the delay; and
(iii) if you choose to promote your use of the Market Data, assure that any advertisement, sales literature or other material promoting your use of any Market Data includes such a statement in a conspicuous manner.
You shall assure that the statement is effected in the form and manner that makes it readily visible to any person viewing the display or promotional material. In addition, you shall comply with any reasonable regulation that NYSE may adopt from time to time to assure that viewers of the Market Data are not misled as to it being delayed data.
3. INSPECTION. You shall assure that any person authorized in writing by NYSE has access at any reasonable time to any of your premises or premises of your Affiliates or Service Facilitators (if any) where Market Data was received. In the presence of officials in charge of the premises, the authorized person may (i) examine any component of equipment and software used for the purpose of receiving, storing and utilizing Market Data and located at the premises and (ii) observe the use of Market Data and all operations located or conducted at the premises, solely to monitor compliance with these Terms & Conditions.
4. a. SERVICE FACILITATORS. NYSE will determine in its sole discretion whether any person assisting you for the purposes of receiving Market Data is a "Service Facilitator" and, therefore is excused from entering into a separate agreement with NYSE. NYSE will base its determination upon such criteria as (i) the nature and quantity of the Market Data-related functions that the person performs and (ii) the extent to which you own or are under common ownership with, the person. You shall not permit any person other than FactSet or a common carrier to assist you in receiving the Market Data unless the person has entered into an agreement with NYSE governing the assistance.
b. AFFILIATES. NYSE will determine in its sole discretion whether any "control relationship" between you and any person qualifies the person as your Affiliate for the purposes of these Terms & Conditions. If you choose to provide the Market Data to partners or officers and employees of your Affiliates, any such partner, officer or employee will be deemed to be your partner, officer or employee.
c. GUARANTEE. You unconditionally guarantee that each Service Facilitator and Affiliate (i) will fully comply with the provisions of these Terms & Conditions that protect against unauthorized access to Market Data that relate to installation, maintenance and inspection or that otherwise apply in respect of the Service Facilitator or Affiliate to the same extent as if it had agreed to these Terms & Conditions, and (ii) will not cause you to fail to comply with these Terms & Conditions. You shall inform each Service Facilitator and Affiliate of all relevant provisions of these Terms & Conditions and shall promptly provide NYSE with a full description whenever it learns that a Service Facilitator or Affiliate has failed to so comply or has caused you to fail to comply.
d. CURE AND DISCONTINUATION OF ACCESS. Whenever NYSE notifies you in writing that it has determined that a Service Facilitator or Affiliate has failed to act in accordance with, or in the manner specified in, these Terms & Conditions, you shall promptly cure the breach or rectify the failure. If NYSE so instructs, you shall discontinue giving Market Data access to the partners, officers and employees of the Affiliate, or using the Service Facilitator, under these Terms & Conditions.
5. a. PREVENTION AND DISCOVERY. You shall use best efforts to assure that no "Unauthorized Recipient" obtains Market Data from you or from your equipment and software. An "Unauthorized Recipient" is any person other than you, an Affiliate or Service Facilitator in its authorized access to that type of Market Data. If an Unauthorized Recipient does so obtain Market Data, you shall use best efforts to ascertain the source and manner of acquisition, shall fully and promptly brief NYSE and shall promptly pay the applicable amounts described in Paragraph 5(d) below. You shall otherwise cooperate and assist in any investigation relating to any unauthorized receipt of Market Data made available pursuant to you under these Terms & Conditions.
b. YOUR COOPERATION AND ASSIGNMENT. Any one or more Suppliers may sue or otherwise proceed against any Unauthorized Recipient, including suing or proceeding to prevent the Unauthorized Recipient from obtaining, or from using any type of Market Data that it or they, make available. If any one or more Suppliers institute any suit or other proceeding against the Unauthorized Recipient, you, unless made a defendant in the suit or proceeding,
(i) shall assure that you and Affiliates and Service Facilitators (if any) cooperate with and assist the Suppliers in the suit or proceeding in all reasonable respects, provided that the Suppliers reimburse you for reasonable out-of-pocket expenses; and
ii) if the one or more Suppliers so elect in writing, you shall assure that all of your, Affiliates' and Service Facilitators' right, title and interest in the suit or proceeding and in its subject matter will be assigned to the Suppliers.
If the one or more Suppliers elect the assignment, it or they shall indemnify, hold harmless and defend you against any cost, liability or expense (including reasonable attorneys' fees) that arises out of or results from the suit or proceeding.
c. THIRD PARTY SUITS AGAINST YOU. If any person brings a suit or other proceeding to enjoin you, any Affiliate or any Service Facilitator from refusing to furnish any type of Market Data to any Unauthorized Recipient, you shall promptly notify NYSE. The Suppliers that make that type of Market Data available may intervene in the suit or proceeding in the name of you, the Affiliate or the Service Facilitator, as appropriate, and, through counsel chosen by the intervening Suppliers, may assume the defense of the action on behalf of you, the Affiliate or the Service Facilitator. Intervening Suppliers shall jointly and severally indemnify, hold harmless and defend you against any loss, liability or expense (including reasonable attorneys' fees) that arises out of or results from the suit or proceeding.
d. CHARGES FOR UNAUTHORIZE INSTALLATIONS. If NYSE notifies you that it has
determined in its sole discretion that you have made any unauthorized provision or use of Market Data made available to you under these Terms & Conditions, you shall pay (i) any applicable charge(s) that would have been imposed on you or an Unauthorized Recipient in respect of a provision or use, whether by you or by an Unauthorized Recipient, had it been authorized or reported and (ii) an administrative fee equal to ten percent of those charges. You payment obligations apply regardless of whether a person responsible for an unauthorized provision or use received the Market Data from you directly or from a person in the chain of dissemination that began with an unauthorized provision or use by you. The Suppliers reserve the right to recover punitive damages for any deliberate breach of good faith and the like.
e. WITHDRAWAL OF RECIPIENT APPROVAL. If NYSE notifies you in writing that any of the Suppliers have terminated your right or the right of any previously authorized recipient to receive any type of Market Data, you (i) shall cease receiving or furnishing that type of Market Data to the person within five business days of the notice, as applicable, and (ii) shall, within ten business days, confirm the cessation, and inform NYSE of the cessation date, by notice.
f. INDEMNIFICATION. If you refuse to furnish, or to continue to furnish, to any previously authorized person any type of Market Data solely because NYSE has notified you in writing that any of the Suppliers do not authorize, or no longer authorize, the person to receive that type of Market Data, the Suppliers shall jointly and severally indemnify, hold harmless and defend you from and against (i) any suit or other proceeding that arises from the refusal, and (ii) any liability, loss, cost, damage or expense (including reasonable attorneys' fees) that you incur as a result of the suit or proceeding. The Suppliers shall have sole control of the defense of any such suit or proceeding and of all negotiations for its settlement or compromise. Your prompt notice to NYSE of any such suit or proceeding is a condition to your rights hereunder. Those rights do not apply when you cease to furnish Market Data to a person, or in a manner, not authorized by NYSE.
6. PROHIBITED USE AND PATENT INDEMNIFICATION. You shall indemnify, hold harmless and defend each of NYSE and the Suppliers from and against any suit or other proceeding at law or in equity, claim, liability, loss, cost, damage, or expense (including reasonable attorneys' fees) incurred by or threatened against NYSE or any of the Suppliers that arises out of or relates to
(a) any use of Market Data other than as provided in these Terms & Conditions by you, an Affiliate or a Service Facilitator, or
(b) any claim that either any component of the equipment and software used for the purposes of receiving the Market Data (excluding any equipment and software you or Service Facilitators (if any) do not supply, install or make available to, or operate or maintain receiving the Market Data) or the manner of the use made of the component or of Market Data provided pursuant to these Terms & Conditions infringes any United States or foreign patent or copyright or violates any other property right.
NYSE's provision to you of prompt written notice of the suit or proceeding is a condition to you obligations hereunder. You shall have sole control of the defense of the suit or proceeding and all negotiations for its settlement or compromise.
7. NYSE and the Suppliers do not guarantee the timeliness, sequence, accuracy or completeness of Market Data made available or of other market information or messages disseminated by NYSE or any of the Suppliers. NYSE and the Suppliers will not be liable in any way to you or to any other person for:
(a) any inaccuracy, error or delay in, or omission of, (i) any such data, information or message, or (ii) the transmission or delivery of any such data, information or message, or
(b) any loss or damage arising from or occasioned by (i) any such inaccuracy, error, delay or omission, (ii) non-performance, or (iii) interruption in any such data, information or message,
due either to any negligent act or omission by NYSE or any of the Suppliers or to any "Force Majeure" (i.e., any flood, extraordinary weather conditions, earthquake or other act of God, fire. war, insurrection, riot, labor dispute, accident, action of government, communications or power failure, or equipment or software malfunction) or any other cause beyond the reasonable control of any NYSE or any of the Suppliers.
NZFMA End User Subscription Agreement
Copyright, The Nigerian Stock Exchange. Your use of any information from The Nigerian Stock Exchange is subject to your obligation not to delete any copyright or proprietary notice contained therein.
Recipients of real-time market data of NSE Data & Analytics Limited (Previously NSE DotEx) are not permitted to use the data for trading, settling derivative products, issuance of overseas derivatives instruments and/or structured products on exchange-traded derivative contracts on Indian Securities which are traded on foreign exchange and/or foreign exchange platforms.
OECD grants you the right to use these OECD databases and associated materials for information, personal use and non-commercial purpose only. Unauthorised reproduction, lending, hiring, transmission or distribution of all or part of these OECD databases and associated materials is prohibited. You must treat these OECD databases and associated materials and any elements thereof like any other copyrighted material.
Applications for permission to reproduce all or part of these OECD databases should be made to:
2 rue Andre-Pascal
75775 PARIS Cedex 16
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Professional subscriber agreement for the Options Price Reporting Authority (OPRA), which includes options and index data from the following participating exchanges: AMEX, BATS, BSE, CBOE, ISE, NASDAQ, NYSE Arca, PHLX
OTC Markets Subscriber Agreement for real-time access
User shall abide by the following conditions regarding the use of news, etc. provided by NIKKEI Inc., the Supplier (“NIKKEI”), and its affiliated companies.
1. News Provided by NIKKEI (“NIKKEI NEWS”)
(1) User abides by the following restriction provisions in respect of Data which Licensor procures from NIKKEI.
(i) User shall not process news included in Service nor store such news for ninety (90) days or more even in its terminal which receives such Data.
(ii) User may store the indexes included in such Data only transiently and in small way in the disk unit attached to its terminal which receives such indexes.
(2) User shall use NIKKEI NEWS only for the purpose of conducting its business (except the business on providing information), and shall not disclose or make available to any third party NIKKEI NEWS, excluding the case if one of the following event occurs:
(i) If User makes available to customers visiting the premises of User (including potential customers. The same shall apply hereinafter.) NIKKEI NEWS in its terminal which receives the Service or by printing out the terminal screen;
(ii) If User makes available to customers NIKKEI NEWS in the portable PC terminal or the tablet terminal which receives the Service at the places other than the premises of User;
(iii) If User prints out NIKKEI NEWS of which User has been granted a sublicense right to distribute by NIKKEI in writing, and distributes it to a third party pursuant to the sublicense conditions; or
(iv) If User displays NIKKEI NEWS on the digital signage display without search function and make it available to any third party.
(3) If whole or part of the business of User comes under mass media such as newspaper, broadcast, telecommunication, magazine, User shall notify QUICK thereof and separately execute a special contract with QUICK to ensure that User does not use NIKKEI NEWS in its media.
2. Index Calculated and Published by NIKKEI and Related Basic Information Data
(1) If User utilizes stock price index calculated and published by NIKKEI (including, but not limited to Nikkei Stock Average), User shall separately execute an agreement for the use of index with NIKKEI.
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