general

Cutwater Asset Management (Cutwater) operates this website (the "Site") and provides services, including, without limitation, on behalf of itself and its affiliates ("Cutwater" or "we"). You, as the user of the Site, are referred to herein as "you" or "user." Set forth below are the Terms and Conditions of Use and the Acceptable Use Policy, which explain how you may use the Site. Our Privacy Policy explains how we collect information from you on the Site, what we do with such information and how you can contact us regarding such information. Please click here to read the Privacy Policy. The Terms and Conditions of Use, the Acceptable Use Policy and the Privacy Policy are collectively referred to herein as the "Online Terms."

The Online Terms are effective as of January 2010. Please read all of the Online Terms carefully before using the Site, as they may have been revised since you last used the Site.

By using the Site, including, but not limited to, downloading materials from the Site, you signify your agreement to the Online Terms.

If you do not agree to the Online Terms, do not download materials from the Site or use the Site in any manner.

Cutwater reserves the right, in its sole discretion, to change, modify, add or remove any portion of the Online Terms in whole or in part, at any time. You should review the Online Terms regularly as changes will be effective when made.

You hereby acknowledge and agree that your continued use of the Site after a change has been made to the Online Terms shall constitute your acceptance of such changes.

We will notify you, either through email or by posting a notice on the homepage of the Site, of any material changes to the Online Terms.

Nothing contained on this Site constitutes tax, legal, insurance or investment advice. Neither the information, nor any opinion, contained on this Site constitutes a solicitation or offer by Cutwater to buy or sell any securities, futures, options or other financial instruments, nor shall any such security be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction. Decisions based on information contained on this Site are the sole responsibility of the visitor.
Investments in a Cutwater product or client account are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency or any bank. Investments in a Cutwater product or client account are not guaranteed by Cutwater or any of its affiliates and are subject to investment risks, including the possible loss of principal invested.

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terms & conditions of use

LIMITED LICENSE: Subject to your compliance with the Terms and Conditions of Use and the Acceptable Use Policy, Cutwater grants to you a non-exclusive, non-transferable, limited right to access and use the Site and the information and materials contained therein (collectively, the "Materials"). Cutwater authorizes you to view and download the Materials only for your own use, except as otherwise expressly provided herein. The authorization granted in the prior sentence (a) does not constitute a transfer of title in the Materials and (b) is subject to the following restrictions: (1) you may not remove any copyright or other proprietary notices contained in the Materials and (2) you may not modify the Materials in any way or reproduce or publicly display, perform, or distribute the Materials for any public or commercial purpose. Cutwater may terminate the authorization, rights and license given above, in its sole discretion and for any or no reason. Upon notice to you of such termination, including, but not limited to, through the posting of such changes on the Site, you agree to immediately destroy copies of all Materials, in electronic form or otherwise, then in your possession.

PROPRIETARY RIGHTS AND TRADEMARKS: You acknowledge and agree that the Site, and all content included therein (including, but not limited to, all text, images, photographs, illustrations, multimedia (e.g., combinations of graphics, audio and/or video), charts, indices, reports, data, software, HTML code and screens contained therein), is owned by, licensed to, or otherwise used under permission by Cutwater and its business partners and information providers is subject to the intellectual property laws of the United States and other countries, including laws governing patent rights, copyrights, trade secrets, trade names, trademarks, service marks, moral rights, know-how and any other similar rights or intangible assets. Any information collected, displayed, stored and archived on the Site and on our systems is owned by Cutwater, our affiliates or our business partners. Unauthorized use of any Trademarks, including reproduction, imitation, dilution or confusing or misleading uses, is prohibited under the trademark laws of the United States. The Trademarks may not be used in connection with any product or service that does not originate with Cutwater, in any manner that is likely to cause confusion among users, or in any manner that disparages or discredits Cutwater. All other trademarks appearing on the Site are the property of their respective owners.

INFORMATION PROVIDED BY YOU: : Other than certain personally identifiable information (as described in our Privacy Policy), Cutwater does not want you to, and you should not, provide to Cutwater via the Site any information that you regard as confidential or proprietary to you or any other person. If you send any such information to us, you lose all rights to such information, and you agree that any such information that you or an individual acting on your behalf provide to Cutwater through the Site will not be considered confidential or proprietary.

INFORMATIONAL PURPOSES ONLY: : The Materials are provided for informational purposes only and are not an offer to sell or a solicitation of an offer to buy any security or any insurance product. Cutwater's products and services are subject solely to the terms of the documentation that accompanies provision of any such products and services and you should refer to this documentation for complete information. Not all of the products or services described on this Site are available in all jurisdictions or to all potential customers or investors. Nothing on this Site is intended as, or should be taken to be, investment advice or an offer or a solicitation of any kind, including, but not limited to, information supplied on this Site in any jurisdiction or to any potential customer or investor where any information regarding products and services might be construed as an offer or solicitation not otherwise qualified or exempt from regulation.

FORWARD LOOKING STATEMENTS: This Site contains statements about future results that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that these statements are not guarantees of future performance. There are a variety of factors, many of which are beyond the control of MBIA Inc., which is the ultimate parent company of Cutwater Asset Management, that affect the operations, performance, business strategy and results and could cause its actual results to differ materially from the expectations and objectives expressed in any forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements which speak only as of the date they are made. Cutwater and MBIA Inc. do not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements are made.

CONTENT AND OPERATION OF SITE: The information contained on the Site is subject to change without notification to you or any other person. Cutwater undertakes no obligation to maintain or ensure that the information on the Site is the most current information available. Cutwater may terminate, change, suspend or discontinue any aspect of the Site, including the availability of any features of the Site, at any time. Cutwater may also impose limits, for any or no reason, on certain features and services or restrict your access to parts or all of the Site without notice or liability.

REQUESTS FOR INFORMATION: Other than in connection with responding to takedown notices or responding to questions about your personally identifiable information (as described in our Privacy Policy), Cutwater has no obligation to respond to any requests for information or other requests sent by you to Cutwater, and Cutwater expressly disclaims all liability for responding or failing to respond to such requests. Cutwater also expressly disclaims any liability for sending you alerts or investor information at your request and disclaims any liability for the content of such alerts and investor information.

DISCLAIMER OF WARRANTIES: THIS SITE IS PROVIDED TO YOU STRICTLY ON AN "AS IS" BASIS WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED. YOU EXPRESSLY UNDERSTAND AND AGREE THAT CUTWATER MAKES NO REPRESENTATION, WARRANTY, OR GUARANTY AS TO THE RELIABILITY, TIMELINESS, QUALITY, SUITABILITY, AVAILABILITY, ACCURACY OR COMPLETENESS OF THE SITE OR ANY CONTENT ON THE SITE. CUTWATER DOES NOT REPRESENT OR WARRANT, AND DISCLAIMS, ANY REPRESENTATION OR WARRANTY THAT: (A) THE USE OF THE SITE WILL BE TIMELY; UNINTERRUPTED OR ERROR-FREE OR WILL OPERATE IN COMBINATION WITH ANY OTHER HARDWARE, SOFTWARE, SYSTEM OR DATA, (B) THE SITE WILL MEET YOUR REQUIREMENTS OR EXPECTATIONS, (C) THE QUALITY OF ANY PRODUCTS, SERVICES, INFORMATION, OR OTHER MATERIAL OBTAINED BY YOU THROUH THE SITE WILL MEET YOUR REQUIREMENTS OR EXPECTATIONS, (D) ERRORS OR DEFECTS WILL BE CORRECTED, AND (E) YOUR USE OF THE SITE, OR THE SERVERS(S) THAT MAKE THE SITE AVAILABLE, ARE FREE OF "WORMS," "TROJAN HORSES," VIRUSES OR OTHER HARMFUL COMPONENTS. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, WE DISCLAIM ALL CONDITIONS, REPRESENTATIONS AND WARRANTIES OF ANY KIND WHATSOEVER, DIRECTLY OR INDIRECTLY, WHETHER EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF TITLE, IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT OF THIRD-PARTY RIGHTS, WITH RESPECT TO ANY GOODS OR SERVICES TO BE PROVIDED HEREUNDER. NO ORAL OR WRITTEN INFORMATION OR ADVICE GIVEN BY US OR ANY OF OUR REPRESENTATIVES SHALL CREATE ANY WARRANTY WITH RESPECT TO THE SITE.

LIMITATION OF LIABILITY: IN NO EVENT SHALL WE OR ANY OF OUR AFFILIATES, OR ANY OF OUR OR THEIR OFFICERS, DIRECTORS, SHAREHOLDERS, EMPLOYEES, AGENTS, REPRESENTATIVES, PARTNERS OR LICENSORS (THE "CUTWATER PARTIES"), BE LIABLE (1) FOR ANY LOSS OR DAMAGE ARISING OUT OF YOUR FAILURE TO COMPLY WITH THE TERMS AND CONDITIONS OF USE OR THE ACCEPTABLE USE POLICY, (2) UNDER ANY THEORY OF LIABILITY WHATSOEVER (INCLUDING, BUT NOT LIMITED TO, NEGLIGENCE AND STRICT LIABILITY) FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE OR CONSEQUENTIAL DAMAGES OR FOR LOSS OF PROFITS OR REVENUE (WHETHER IN AN ACTION BASED IN CONTRACT, TORT, PRODUCT LIABILITY, STATUTE OR OTHERWISE (EVEN IF WE HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES)) ARISING OUT OF (A) YOUR USE OF THE SITE, INCLUDING, BUT NOT LIMITED TO, ANY LOSS OR DAMAGE CAUSED BY ANY RELIANCE ON, OR ANY DELAYS, INACCURACIES, ERRORS OR OMISSIONS IN, ANY INFORMATION ACCESSED ON OR THROUGH THE SITE; (B) ANY TRANSACTION ENTERED INTO THROUGH OR FROM THE SITE; (C) YOUR INABILITY TO USE THE SITE OR THE INFORMATION CONTAINED THEREIN FOR WHATEVER REASON, INCLUDING, BUT NOT LIMITED TO, COMMUNICATIONS FAILURE OR ANY OTHER FAILURE WITH TRANSMISSION OR DELIVERY OF ANY INFORMATION ACCESSED ON OR THOUGH THE SITE; (D) THE DELETION, CORRECTION, DESTRUCTION, DAMAGE, LOSS OR FAILURE TO STORE ANY INFORMATION; (E) THE USE OF ANY PRODUCTS OR SERVICES OBTAINED ON OR THROUGH THE SITE; (F) UNAUTHORIZED ACCESS TO THE SITE AND UNAUTHORIZED ALTERATION TO YOUR TRANSMISSIONS OR DATA; (G) STATEMENTS OR CONDUCT OF ANY THIRD PARTY ON THE SITE; OR (H) ANY OTHER MATTER RELATING TO THE SITE OR YOUR USE OF THE SITE.
BECAUSE SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF CERTAIN WARRANTIES OR LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES, IN SUCH JURISDICTIONS OUR AGGREGATE LIABILITY WILL BE LIMITED TO THE EXTENT PERMITTED BY THE LAWS OF THAT JURISDICTION. IN NO EVENT SHALL OUR TOTAL LIABILITY TO YOU FOR ALL LOSS OR DAMAGE WITH RESPECT TO THE SITE EXCEED $50.00.

INDEMNITY: You agree to indemnify, hold harmless and, at our option, defend any Cutwater Parties from all damages, costs, liabilities, suits, judgments, penalties, expenses, obligations, losses, claims, actions, costs and expenses (including, but not limited to, attorneys' fees and expenses), relating to or arising out of (a) your breach of these Terms and Conditions of Use and/or the Acceptable Use Policy, and/or (b) any use of the Site by you, by any person authorized by you or by an individual using the Site with your password, whether or not you have authorized such use.

THIRD-PARTY SITES: This Site includes content served by third parties and may include links to websites operated by parties other than Cutwater, including our business partners, information providers, advertisers and other third parties. Such content and links are provided solely for your convenience. Cutwater does not endorse and does not take responsibility for any information, advertising, services or products made available by third parties, on or through their websites, or for any of the privacy practices or terms of use of such third parties. If you use such content or sites, you will leave this Site. If you decide to review content on a third-party site, you do so at your own risk and it is your responsibility to take all protective measures to guard against viruses or other harmful or destructive properties, including, but not limited to, those which might cause system failure or malfunction, upon transferring to other sites. We reserve the right to remove content served by third parties and terminate any link to a third-party site at any time. Content provided by a third party, or links to a third-party site, do not imply that Cutwater sponsors, endorses, is affiliated or associated with, or is legally authorized to use any trademark, trade name, logo or copyright symbol displayed in such content or accessible through such links, or that any third party providing content or operating a linked site is authorized to use any trademark, trade name, logo or copyright symbol of Cutwater or any of its affiliates or subsidiaries.

WITHOUT LIMITING THE FOREGOING, YOU AGREE THAT IF YOU USE INFORMATION, SERVICES OR PRODUCTS FROM A THIRD PARTY OFFERED ON A WEBSITE LINKED TO OR THAT IS OTHERWISE REFERRED TO ON OR THROUGH THE SITE, SUCH THIRD PARTY IS SOLELY RESPONSIBLE FOR SUCH INFORMATION, SERVICES OR PRODUCTS, AND YOU HEREBY RELEASE ALL OF THE CUTWATER PARTIES FROM ANY CLAIMS, DEMANDS AND DAMAGES (INCLUDING, BUT NOT LIMITED TO, DIRECT, INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE OR CONSEQUENTIAL DAMAGES) OF EVERY KIND AND NATURE, KNOWN AND UNKNOWN, SUSPECTED AND UNSUSPECTED, DISCLOSED AND UNDISCLOSED, ARISING OUT OF OR IN ANY WAY CONNECTED WITH SUCH INFORMATION, SERVICES OR PRODUCTS, ANY TRANSACTIONS BETWEEN YOU AND SUCH THIRD PARTY AND ANY DISPUTES BETWEEN YOU AND SUCH THIRD PARTY.

COPYRIGHT COMPLAINTS AND DESIGNATED AGENT: We respect the intellectual property rights of others and require that the persons and entities using the Site do the same. In our sole discretion, we reserve the right to terminate the access to the Site of any person or entity whom we believe is or may be responsible for copyright infringement.
The Digital Millennium Copyright Act ("DMCA") provides a mechanism for notifying service providers of claims of unauthorized use of copyrighted materials. Under the DMCA, a claim must be sent to the service provider's Designated Agent. If you believe in good faith that Cutwater should be notified of a possible online copyright infringement involving the Site, please notify Cutwater's Designated Agent using the following contact information:

Cutwater Asset Management
Attention: General Counsel
113 King Street
Armonk, NY 10504
Info@cutwater.com


Please be aware that, in order to be effective, your notice of claim must comply with the detailed requirements set forth in the DMCA. You are encouraged to review them (see 17 U.S.C. Sec. 512 (3)) before sending your claim.

Please do not send any other notices or communications to the Designated Agent, who is appointed solely for the purposes of receiving notices of copyright claims under the DMCA.

USERS OUTSIDE THE UNITED STATES AND CHOICE OF LAW: This Site is controlled, operated and administered by us from our offices within the United States of America and all information you send to us is stored on servers in the United States. Cutwater makes no representation that the Materials are appropriate or available for use at other locations outside of the United States, and access to the Materials from territories where their contents are illegal is prohibited. If you access this Site from a location outside of the United States, you are responsible for compliance with all local laws. These Terms and Conditions of Use and the Acceptable Use Policy shall be governed by the laws of the State of New York, without giving effect to its principles or rules of conflict of laws to the extent such principles or rules are not mandatorily applicable by statute and would require or permit the application of the laws of another jurisdiction. Without limiting Cutwater's right to bring an action against you in any jurisdiction, you further agree to submit to the non-exclusive jurisdiction of, and acknowledge and agree that proper venue shall lie in, the federal and state courts located in New York County, New York or Westchester County, White Plains, New York, with respect to any claim, action or proceeding arising out of or relating to this Agreement.

PASSWORD SECURITY AND NOTIFICATION: Certain parts of the Site are protected by passwords or require a login and are restricted to authorized users only. You may not obtain unauthorized access to such parts of the Site, or to any other protected materials or information, through any means not intentionally made available by Cutwater for your specific use. If you have a Personal Identification Number (PIN) for access to non-public areas of the Site, you are solely responsible for all activities that occur in connection with your PIN. Accordingly, you should take all reasonable steps to protect the confidentiality of your PIN. Notify Cutwater immediately if you become aware of any disclosure, loss, theft or unauthorized use of your PIN.

ADDITIONAL TERMS: These Online Terms constitute the entire agreement between Cutwater and you with respect to your use of the Site. Any cause of action you may have with respect to your use of the Site must be commenced within one (1) year after the cause of action arises, and you hereby waive any right, statutorily or otherwise, to any further extension of time beyond such one (1) year period. If for any reason a court of competent jurisdiction finds any provision of these Online Terms to be unenforceable, the remainder of the provisions set forth herein shall continue in full force and effect.

113 King Street
Armonk, NY 10504
Info@cutwater.com

Where possible, all complaints should include details that would assist Cutwater in investigating and resolving the complaint (e.g., a copy of the offending material).