Ratings / Surveillance | Structured Finance

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Terms and Conditions

Table of Contents

Terms of Use Generally.
Copyrights, Trademarks and Service Marks.
Privacy Policy.
Access Restrictions.
Content Restrictions.
Links to Other Websites.
Disclaimers; Limitation of Liability; Indemnification; Exclusive Jurisdiction and Venue; Waiver of Jury Trial.
CUSIP® Information.

Terms of Use Generally.
1. These Terms of Use (the "Terms of Use") contain terms, provisions, covenants and conditions to which you are subject when you access or use any or all of this Website. You are also subject to applicable laws, rules and regulations when you access and use this Website. References herein to this "Website" means ratingagency.morningstar.com and all of its website content (the "Content"), including, without limitation, any and all credit ratings and other opinions, services, products, software, reports, information, data and other content displayed, provided or accessed by or through ratingagency.morningstar.com. This Website is the property of, and is operated by, Morningstar Credit Ratings LLC ("Morningstar").
2. Morningstar is no longer a credit rating agency. Effective November 23, 2020, Morningstar is no longer registered with the United States Securities and Exchange Commission as a nationally recognized statistical rating organization (“NRSRO”); nor does it operate as a credit rating affiliate of DBRS, Inc. (DBRS). Morningstar no longer issues or monitors credit ratings. Previous Morningstar credit ratings have been withdrawn and there are no Morningstar credit ratings outstanding. Notwithstanding any disclosure or information to the contrary that may appear in any rating letter, presale report, post-sale report, press release, rating announcement, research or commentary published, delivered or disseminated by or on behalf of Morningstar prior to November 23, 2020, previous Morningstar credit ratings no longer maintain their status as NRSRO ratings. As of November 23, 2020, Morningstar no longer updates or maintains the historical content or information regarding previously withdrawn Morningstar credit ratings that is available on this website. At any time the terms "credit ratings", "letter-grade ratings", "rating opinions", "rating outlook" or terms of similar import are used in this Terms of Use, each such term shall include all of the preceding terms collectively, as well as any other rating opinions provided by Morningstar.
3. Each time you access or use this Website, you thereby acknowledge and agree that you have read, understood and agreed to observe and be bound by the Terms of Use. If you do not agree to the Terms of Use, you may not use this Website.
4. The Terms of Use and this Website are subject to revision at any time, from time to time, with or without notice. In furtherance and not in limitation of the foregoing, the Terms of Use and this Website are subject to revision by reason of new laws, rules or regulations, or amendments, modifications or other changes to existing laws, rule or regulations, or interpretations thereof, any of which may be implemented or apply to any of the Terms of Use, this Website, NRSROs, Morningstar, or related items or matters at any time and may apply retroactively. The Terms of Use shall be interpreted, as determined by Morningstar, in a manner to comply with the foregoing.
5. Your rights to use certain pages or areas of this Website may be subject to a separate subscription or other form of agreement with Morningstar (each, a "Separate Agreement"). Your Separate Agreement governs in the event of any express conflict therein with the Terms of Use unless you receive notice and agree otherwise. For the avoidance of doubt, if your Separate Agreement is silent on terms covered by this Terms of Use, this Terms of Use governs such terms. Except as expressly provided by your Separate Agreement(s), if any, the Terms of Use represent your entire agreement with Morningstar with respect to this Website and supersede all prior or contemporaneous communications and proposals, whether electronic, oral, or written between Morningstar and you with respect to this Website.
Copyrights, Trademarks and Service Marks.
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Privacy Policy.
1. Each time you access or use this Website, you agree and consent to the applicability, to you, of Morningstar’s practices regarding the collection, retention and use of data and information from access or use of this Website.
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Access Restrictions.
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Content Restrictions.
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2. You acknowledge, understand and agree that, with respect to all Content that is based on or incorporates information and data provided by third parties ("Third-Party Information") including, without limitation, issuers, sponsors, arrangers, servicers, special servicers, trustees, asset managers, securities administrators, paying agents, data vendors, subcontractors, and other third-party sources of reports, information or data, including, without limitation, engineering reports, environmental reports, appraisals, and rent rolls : (a) each such third party is solely responsible for its respective Third Party Information including, without limitation, the accuracy, completeness or reliability thereof; (b) the provision of Third-Party Information is not intended, does not imply and shall not be construed as any form of recommendation or endorsement of or responsibility for any Third-Party Information; (c) no Third-Party Information has been verified by Morningstar; (d) ALL THIRD-PARTY INFORMATION IS PROVIDED "AS IS" WITHOUT ANY REPRESENTATION, GUARANTY OR WARRANTY OF ANY KIND; (e) Morningstar has no responsibility or liability for or control over, third-party information; and (f) MORNINGSTAR DOES NOT WARRANT OR GUARANTEE, AND EXPRESSLY DISCLAIMS ALL LIABILITY, REPRESENTATIONS, GUARANTIES AND WARRANTIES (INCLUDING, WITHOUT LIMITATION, ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY, ACCURACY, COMPLETENESS, RELIABILITY OR SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE) FOR OR WITH RESPECT TO ALL THIRD-PARTY INFORMATION.
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6. You acknowledge, understand and agree that in connection with any letter-grade ratings or rating outlook or similar opinion provided by Morningstar, you shall solely consider such rating opinion based on the qualifications, procedures, methodology and caveats corresponding to such rating opinion as set forth on this website, including, without limitation the Morningstar Analysis and Considerations link at ratingagency.morningstar.com and Ratings Reports at ratingagency.morningstar.com and/or in the related ratings letters, related reports or other communication provided by Morningstar on the website or by other means determined by Morningstar. You agree that you have reviewed and understand such qualifications, procedures, methodology and caveats and related items as they relate to any rating opinion you have viewed. Any rating opinion should not be considered without an understanding and review of the preceding factors. In addition, you understand and agree that any rating opinions, analysis, projections, observations, Content or other items constituting part of any information provided by Morningstar on this website or otherwise are and must be construed solely as statements of opinion and not statements of fact.
Links to Other Websites.
1. Morningstar may provide links to other websites or Third-Party Information. You acknowledge, understand and agree that, with respect to such links, other websites or Third-Party Information: (a) Morningstar has no responsibility or liability therefore or control thereof including, without limitation, the accuracy, completeness or reliability thereof; (b) Morningstar’s provision thereof is not intended, does not imply and shall not be construed as any form of recommendation or endorsement thereof or responsibility therefore; (c) no such other link or website or Third-Party Information has been verified by Morningstar; (d) EACH SUCH OTHER LINK, WEBSITE OR THIRD-PARTY INFORMATION IS PROVIDED "AS IS" WITHOUT ANY REPRESENTATION, GUARANTY OR WARRANTY OF ANY KIND; and (e) MORNINGSTAR DOES NOT WARRANT OR GUARANTEE, AND EXPRESSLY DISCLAIMS ALL LIABILITY, REPRESENTATIONS, GUARANTIES AND WARRANTIES (INCLUDING, WITHOUT LIMITATION, ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY, ACCURACY, COMPLETENESS, RELIABILITY OR SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE) FOR OR WITH RESPECT TO ALL SUCH OTHER LINKS, WEBSITES OR THIRD-PARTY INFORMATION. ALL TERMS, PROVISIONS, COVENANTS, CONDITIONS, RESTRICTIONS, DISCLAIMERS AND LIMITATIONS OF LIABILITY SET FORTH THEREIN OR IN THE TERMS OF USE APPLY THERETO.
Disclaimers; Limitation of Liability; Indemnification; Exclusive Jurisdiction and Venue; Waiver of Jury Trial.
1. THIS WEBSITE AND ALL CONTENT ARE PROVIDED "AS IS" WITHOUT ANY REPRESENTATION, GUARANTY OR WARRANTY OF ANY KIND. MORNINGSTAR, AND ITS INFORMATION OR SERVICE PROVIDERS, DO NOT WARRANT OR GUARANTEE, AND EXPRESSLY DISCLAIM ALL LIABILITY, REPRESENTATIONS, GUARANTIES AND WARRANTIES (INCLUDING, WITHOUT LIMITATION, ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY, ACCURACY, COMPLETENESS, RELIABILITY OR SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE) FOR OR WITH RESPECT TO ANY AND ALL OF THE FOLLOWING (COLLECTIVELY, THE "NON-WARRANTED MATTERS"): (A) THIS WEBSITE; (B) ALL CONTENT; (C) ANY FINANCIAL, INVESTMENT, TAX OR OTHER DECISION, ACT OR OMISSION MADE IN RELIANCE ON OR BASED ON ANY OF THIS WEBSITE OR ANY CONTENT; (D) WHETHER ANY OF THIS WEBSITE OR ANY CONTENT INFRINGES UPON ANY COPYRIGHT, TRADEMARK, SERVICE MARK OR OTHER INTELLECTUAL PROPERTY OR OTHER PROPERTY RIGHTS OF ANY THIRD PARTY OR IS DEFAMATORY TO OR INVASIVE OF ANY RIGHTS OF ANY THIRD PARTY; (E) ANY ACCURACY, COMPLETENESS, RELIABILITY, TIMELINESS, OR CORRECT SEQUENCING, OR ANY FAILURES, DELAYS, INTERRUPTIONS, ERRORS, OMISSIONS, OR INACCURACIES, OF ANY OR ALL CREDIT RATINGS, OTHER OPINIONS, SERVICES, PRODUCTS, SOFTWARE, REPORTS, INFORMATION, DATA AND OTHER CONTENT, WHETHER ORIGINATED BY MORNINGSTAR, LICENSED BY MORNINGSTAR FROM ANY SUCH INFORMATION OR SERVICE PROVIDER, OBTAINED BY MORNINGSTAR FROM THIRD PARTIES OR PUBLICLY-AVAILABLE SOURCES, OR OTHERWISE; OR (F) ANY AND ALL ACCESS TO OR USE OF ANY OF THIS WEBSITE OR ANY CONTENT, INCLUDING, WITHOUT LIMITATION, WHETHER ANY OF THIS WEBSITE OR ANY CONTENT SHALL BE FREE OF (I) FAILURES, DELAYS, INTERRUPTIONS, ERRORS, OMISSIONS, OR INACCURACIES, OR (II) ANY COMPUTER CODE OR FILE THAT CONTAINS ANY VIRUS, WORM, TROJAN HORSE OR OTHER PROGRAM THAT MAY HARM, IMPAIR OR BE DETRIMENTAL TO ANY OTHER COMPUTER, SYSTEM, SERVER OR NETWORK.
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CUSIP® Information.
1. CUSIP® is a registered trademark of the American Bankers Association ("ABA"). CUSIP identifiers have been provided by CUSIP Global Services ("CGS"), formerly known as CUSIP Service Bureau, managed by Standard & Poor’s Financial Services, on behalf of the ABA and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP Service. The CUSIP Database, © 2010 American Bankers Association. CUSIP information, such as security identifiers and related descriptive information (the "CUSIP Database"), is protected under copyright laws. From time to time, Morningstar obtains CUSIP information from Third-Party Information.
2. Certain SEC rules applicable to NRSROs may require an NRSRO to maintain a record of CUSIP information of securities rated by the NRSRO and to publish CUSIP information of securities rated by the NRSRO for which a rating, rating history, rating action or other information is made publicly available on its website (collectively, the "Ratings History").
3. You acknowledge, understand and agree that the CUSIP Database and all CUSIP information contained therein is and shall remain valuable intellectual property owned by, or licensed to, CGS and the 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 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 CUSIP information contained therein or summaries or subsets thereof to any person (individual or entity) except in connection with the normal clearing and settlement of security transactions. You 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 any current or future services developed by CGS.
4. You acknowledge and understand that certain information will be provided to CGS in connection with your downloading, or access or use, of the CUSIP Database and CUSIP information contained therein, which may include your IP address, number of bytes downloaded, phone and e-mail address. This information will be used solely for purposes of monitoring compliance with these Terms of Use. This information will be stored securely in the U.S. and may be reviewed and corrected by contacting cusip_custservice@cusip.com. For additional information about CGS’s Customer Privacy practices, please go to www.cusip.com.
5. 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 VISITORS AND USERS 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.
6. You acknowledge, understand and agree that the foregoing terms and conditions shall survive any termination of your right of access to or use of the materials identified above.

Copyright © 2020 by Morningstar Credit Ratings, LLC (“Morningstar”). All rights reserved. Reproduction or transmission in whole or in part is prohibited except by permission from Morningstar. Morningstar is no longer a credit rating agency. Effective November 23, 2020, Morningstar is no longer registered with the United States Securities and Exchange Commission (“SEC”) as a nationally recognized statistical rating organization (“NRSRO”); nor does it operate as a credit rating affiliate of DBRS, Inc. Morningstar no longer issues or monitors credit ratings. Previous Morningstar credit ratings have been withdrawn and there are no Morningstar credit ratings outstanding. Notwithstanding any disclosure or information to the contrary that may appear in any rating letter, presale report, post-sale report, press release, rating announcement, research or commentary published, delivered or disseminated by or on behalf of Morningstar prior to November 23, 2020, previous Morningstar credit ratings no longer maintain their status as NRSRO ratings. As of November 23, 2020, Morningstar no longer updates or maintains the historical content or information regarding previous Morningstar credit ratings that is available on this website. https://ratingagency.morningstar.com/mcr .

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