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Moody’s Embargoed Research

Added on August 07, 2015

“Client may redistribute insubstantial portions of Data to Client’s clients in its own business applications, reports, presentations, graphs and other publications without Moody’s prior written consent, provided, however, that the Data utilized is only supportive and incidental in nature to the substance of such presentations, reports and exhibits, (ii) Client agrees that Client will assume full liability for any such redistribution of the Data, (iii) Client may not redistribute Data supplied by Moody’s third party licensors absent the separate written consent of such third party licensor; and (iv) Client agrees not to use the limited right to redistribute the Data granted hereunder either (a) on a recurrent basis; (b) to develop for sale and/or distribution or otherwise a product that competes with any product or service of Moody’s or its Affiliates, or in the case of CUSIP Numbers and Standard Descriptions a product that substitutes for CUSIP Master Tape, Print, Electronic and/or CD-ROM Services; or (c) in connection with a prospectus or other offering document.  Client shall give appropriate credit to Moody’s or the appropriate third party licensor (where permitted) for the use of insubstantial portions of Data.”