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Bloomberg Index Services Limited - ISDA Fallback Data

Usage Terms for use of ISDA Fallback Data:

1. License. Client and its Affiliates agree to the following additional terms governing the use of the ISDA Fallback Data provided by Bloomberg Index Services Limited (BISL): 

(a)      The Fallback Rate(s) shall be used solely as a reference rate or fallback reference rate in Financial Products;

(b)     With respect to such Financial Products, use of the Fallback Rate(s) may include use in valuation and pricing activities, including, but not limited to, use in collateral calculations, interest rate fixings, and the creation of pricing, discount and forward curves; and

(c)      Use of the mark “Bloomberg” shall be solely to the extent necessary to indicate “calculated by Bloomberg” as the source of the Fallback Rates.

Anything to the contrary notwithstanding, prior to the fixing of the Spread Adjustment with respect to a Fallback Rate(s) in accordance with the conventions established for such Spread Adjustment becoming fixed in the ISDA Documentation (each, a “Fixing Event”), use of such Fallback Rate(s) shall be limited to a secondary, fallback reference rate only, and not as a primary reference, within any Financial Product.

2. No Redistribution. The license granted under clause 1 does not permit Client to distribute or re-distribute the Fallback Rates other than to its Affiliates for use in connection with clause 1 above. Notwithstanding the foregoing, Client and/or one of its Affiliates may disclose the Fallback Rate(s) used as a reference rate in a transaction or Financial Product to its counterparty to such transaction or Financial Product solely for the purposes of identifying the reference rate so used.  Clients may create charts, tables and graphs using or referring to the Fallback Data; provided such output: (i) does not constitute, and is not intended to create or support a functional substitute for the Fallback Data or any portion thereof; and (ii) is limited to use by individual Clients for individual use and not distributed to other Clients or externally except for insubstantial portions on a non-systematic basis.  Except as permitted by the preceding sentence, no derived works are permitted using the Fallbacks Data.

3. Liability. A Client receiving the Fallback Rate(s) from a Vendor hereby acknowledges and agrees that the disclaimers, indemnity obligations, limitations on liability and other such terms for the benefit of Vendor under such Client’s agreement with Vendor shall apply and be for the benefit of BISL and its Affiliates as third party beneficiaries, including for the use of the Fallback Rate(s) as permitted under these additional Usage Terms.

Updates. These Usage Terms, including the fees set forth above, may be updated from time to time by BISL and shall take effect upon ninety (90) days after they are posted on the following website: https://www.bloomberg.com/professional/solution/libor-transition/