Under the Request for Proposals ("RFP") exclusion the borrower may issue an RFP for underwriters and include in the RFP a request for specific . There are a number of exclusions to the MA Rule itself. There is the possibility of failures by persons to submit documents in a timely manner or at all, or of errors or delays in the submission and/or processing of such documents by third parties or us. In response to the proliferation of direct placements of municipal securities with financial institutions over the past decade, the Securities and Exchange Commission (SEC) has proposed a regulatory change to clarify the role that non-dealer municipal advisers can play in arranging such direct placements. Market Indicator Data are provided without representations or warranties and on an "as is" basis. You are not permitted to and shall not provide us with personal information if you are under 13 years of age. short-term financing for businesses, banks, and Federal, state, municipal, and Tribal governments. If you would like to see how Google Analytics collects and processes data, you may go to How Google uses data when you use our partners sites or apps (located at www.google.com/policies/privacy/partners/, or any other URL Google may provide from time to time). All municipal advisors became subject to Rule G-37 on August 17, 2016.tutuapp. Moodys ratings (Ratings) are proprietary to Moodys and/or its licensors and are protected by copyright and other intellectual property laws. If we notify you that you may no longer link to the Website, you must promptly (and, in any event, within three business days) remove such link from your website. Underwriters may also be exempted if they are a dual employee of an underwriting firm and a banking institution and provide advice in their capacity as a bank employee to a municipal issuer. WEBSITE USERS SHOULD BE AWARE THAT RATINGS INFORMATION APPEARING ON THE WEBSITE IS CURRENT AS OF THE "LAST UPDATED" DATE AND TIME INDICATED ON THE WEBSITE, AND THE MSRB TAKES NO RESPONSIBILITY FOR INDEPENDENTLY VERIFYING THE ACCURACY OR TIMELINESS OF THE RATINGS INFORMATION PROVIDED BY THE RATING AGENCIES THROUGH THEIR DATA FEEDS. Disclosure documents, other documents and related information (such as official statements, preliminary official statements, advance refunding documents, financial statements, material event notices and other continuing disclosure documents) provided on the Website are submitted to the MSRB by unrelated third parties, such as brokers, dealers, municipal securities dealers, banks, issuers, obligated persons and their agents. Municipal bond underwriters are excluded from the MA rules, but only in their capacity of providing underwriting services on a specific transaction for which they have been engaged. In no event shall PRD be liable for any direct, indirect, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with subscribers or others use of PRD data. Neither BondWave nor its third-party licensors and suppliers make representations or warranties of any kind, express, implied or statutory (including, without limitation, timeliness, truthfulness, sequence, completeness, accuracy, adequacy and freedom from interruption), and neither BondWave nor its third-party licensors or suppliers of intellectual property and services gives implied warranties of merchantability or fitness for any particular purpose, nor implied warranties arising by usage or trade, course of dealing or course of performance. MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000. With respect to updates subscribed to on msrb.org, subscriber e-mail information and the particular updates you selected to receive are provided to a service provider that compiles subscriber lists and delivers the updates to you via email. Nothing contained in these Terms grants you any of the proprietary rights of the MSRB or any third party. As between us and you, all right, title and interest in and to the works of authorship and other Content contained on the Website are owned, licensed or controlled by us. THE MSRB (AND ITS LICENSORS AND THIRD PARTY PROVIDERS) WILL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY OR PUNITIVE DAMAGES OF ANY KIND (WHETHER UNDER CONTRACT, NEGLIGENCE, STRICT LIABILITY OR OTHER THEORY), INCLUDING DAMAGES FOR LOSS OF PROFITS, USE, DATA OR OTHER INTANGIBLES OR FOR SECURITY OF INFORMATION YOU PROVIDED OR UNAUTHORIZED INTERCEPTION OF ANY SUCH INFORMATION BY THIRD PARTIES, EVEN IF ADVISED IN ADVANCE OF SUCH DAMAGES OR LOSSES AND WHETHER OR NOT FORESEEABLE. If you have questions or comments about this Privacy Policy or our privacy practices, you may send a message through our Contact page or write to Municipal Securities Rulemaking Board, 1300 I Street NW, Suite 1000, Washington, DC 20005, or email your request to MSRBSupport@msrb.org. . The Municipal Advisor Rule (MA Rule) approved by the Securities and Exchange Commission (SEC) went into effect on July 1, 2014. In no event shall Licensor have any liability for any unauthorized modification to or misuse of any portion of the BondWaves products or services, or for any liability resulting from use of the BondWaves products or services. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations Corporate Governance Director and Shareholder Affiliation Policy.". S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. h. you shall not screen-scrape or otherwise programmatically collect links. Such CUSIP standard securities description, as supplemented or otherwise provided, is referred to herein as the "Securities Descriptions.". On and after the date an updated Privacy Policy is posted on the Websites, your use of the Website(s) will be governed by and subject to such updated Privacy Policy. KBRA receives compensation for its rating activities from issuers, insurers, guarantors and/or underwriters of debt securities for assigning ratings and from subscribers to its website. 4 In addition, the SEC's registration rules for municipal advisors (Final Rules) 5 interpreted the statutory exclusions from the definition of "municipal . PRD does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions, regardless of the cause or for the results obtained from the use of such information. 1300 I Street NW, Suite 1000 THE DATA DOES NOT CONSTITUTE A RECOMMENDATION TO BUY OR SELL SECURITIES OF ANY KIND. If any provision of these Terms shall for any reason be invalid or unenforceable, the remaining provisions of these Terms shall be interpreted to reasonably effect the intent of the parties. To view any potential rating action that may have been taken by a rating agency on a municipal security since the last update received by the Website, or to understand the meaning of the ratings and other information provided by each rating agency, please refer to the information available on those agencies' websites. All information contained in the KBRA ratings reports is obtained by KBRA from sources believed by KBRA to be accurate and reliable; however, KBRA ratings are provided "AS IS". S&P's opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. The Commission is adopting an interim final temporary rule that establishes a means for municipal advisors, as defined in the Dodd-Frank Wall Street Reform and Consumer Protection Act [ 1] ("Dodd-Frank Act"), to satisfy temporarily the requirement that they register with the Commission by October 1, 2010. Ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. NONE OF S&P OPCO, LLC, ITS AFFILIATES OR THEIR RESPECTIVE THIRD PARTY LICENSORS SHALL BE LIABLE TO YOU FOR ANY CLAIMS AGAINST MSRB OR MSRB'S CUSTOMER(S) BY THIRD PARTIES. The MSRB, its officers, directors, employees, agents, consultants and licensors shall not be liable or responsible to you or anyone else for any losses, injuries, damages, costs, expenses or claims caused by, arising out of or relating to the following: (a) acts, omissions, occurrences or contingencies beyond their control; (b) service interruptions or performance failures, such as those that result from the use of telecommunications facilities that are outside their control, including the Internet; (c) negligence, gross negligence or willful misconduct in procuring, compiling, interpreting, editing, writing, reporting or delivering any of the content and material; (d) lost, stolen, late, corrupted, misdirected, failed, incomplete or delayed transmissions by anyone using the Service, including, but not limited to, any technical malfunctions, human error, computer viruses, lost data transmissions, omissions, interruptions, deletions, defects, hyperlink failures or line failures of any telephone network, computer equipment, software or any combination thereof; (e) damage to your computer systems, equipment, software, data or other tangible or intangible property resulting from or sustained in connection with your use of the Service; and/or (f) any disruption of business, lost sales or lost profits or any punitive, exemplary, indirect, special, incidental or consequential damages associated or in connection with, resulting from or arising out of any use of the Service or the content and material in the Service. Some ratings information available on the Website is provided by Kroll Bond Rating Agency, Inc. and/or its licensors and affiliates (together, "KBRA"). For other terms and conditions that also apply to your use of the Website(s), please read our MSRB Terms of Use and, if applicable, the supplemental MyEMMA Alerts Terms of Use. The MSRB does not review or independently verify the accuracy, completeness, timeliness, methodology used in or other aspects of Market Indicator Data. No content (including ratings, credit-related analyses and data, model, software or other application or output therefrom) or any part thereof (as used in this Standard & Poor's Financial Services LLC Disclaimer section, Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor's Financial Services LLC or its affiliates (collectively, S&P).