Terms of Use

1. INTRODUCTION

Highland Capital Management, L.P. along with its affiliates, affiliated advisers and service providers (collectively referred to herein as “Highland Capital” “we” or “us”) provide the information on this web site (the “website”) as a service to our customers and other visitors to be used for informational purposes only. This Agreement on the Terms and Conditions of Use (this “Agreement”) describes the terms and conditions under which Highland Capital will permit persons who visit this website (the “website”) to use the site and the services that we make available on or through it (the “Services”), including, without limitation, (1) persons who are authorized to use specified secure areas of this site (“Authorized Users”) and (2) other persons who visit the website but who are not authorized to use such secure areas (Authorized Users and other visitors collectively referred to as “you”). Please read this Agreement carefully and refer to it as often as necessary. This Agreement provides all of the applicable Highland Capital requirements and comprise the entire agreement between you and Highland Capital with respect to the website and the Services.

2. ACCEPTANCE OF TERMS THROUGH USE; ACKNOWLEDGEMENTS AND DISCLOSURES

By accessing and using the website, you signify your agreement to all terms, conditions, disclosures and notices contained or referenced in this Agreement, as well as our Privacy Policy. If you do not agree to this Agreement, you are not permitted to use the website. Not all products and Services are available in all geographic areas. Your eligibility for particular products and Services is subject to determination by and the approval of Highland Capital.

Highland Capital reserves the right, at its discretion, to update or revise this Agreement without notice. Please check this Agreement periodically for changes. You acknowledge that the information, materials, products and Services on this website are subject to change. Your continued use of the website following the posting of any changes to this Agreement constitutes acceptance of those changes.

You acknowledge that investment products and Services available through Highland Capital (i) are not FDIC-insured, (ii) are not deposits or obligations of, or guaranteed by, any bank, and (iii) involve investment risks, including: performance can be volatile, and an investor could lose a substantial amount of his or her investment. Our strategies may use leverage. The investor does not retain any trading authority over assets placed with us. None of our strategies is intended, by itself, to provide an investor with an investment program that is diversified or otherwise tailored to suit any investor’s overall investment needs. An investor’s account may not be liquid or transferable. Fees and expenses may offset trading profits. We may be subject to certain conflicts of interest.

This the information herein is provided as general information only and is in no way intended as investment advice, investment research, research report or a recommendation. Any decision to invest or take any other action with respect to the securities discussed in this commentary may involve risks not discussed herein and such decisions should not be based solely on the information contained in this document. It should not be assumed that any securities discussed in this commentary will increase in value. Highland Capital will not accept liability for any loss or damage, including, without limitation, any loss of profit that may arise directly or indirectly from use of or reliance on such information.

You understand that the materials contained herein are for informational purposes only, and does not constitute a distribution, an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction in which such distribution or offer is not authorized. In particular, the information herein is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States (“US”) to or for the benefit of any US person (being residents of the US or partnerships or corporations or any entity organized under the laws of the US).

For members of the public, neither the receipt nor the distribution of information though this website constitutes the formation of an investment advisory relationship, or any similar client relationship. No information in this website constitutes investment, legal, tax or other advice nor is it to be relied upon in making an investment decision. Subscriptions for shares or units in any Highland Capital portfolios, funds or other investment products will only be made on the basis of the current relevant prospectus, offering circular or other offering document. Accessing the information herein does not create any partnership, or client relationship.  Any broker, agent, investment advisor, financial planner or other financial intermediary using this website remains solely responsible for protecting the interests of its clients in connection with any communication via this website.

Highland Capital and/or certain of its affiliates and/or clients hold and may, in the future, hold a financial interest in securities that are the same as or substantially similar to the securities discussed in this commentary. No claims are made as to the profitability of such financial interests, now, in the past or in the future and Highland Capital and/or its clients may sell such financial interests at any time.

The information provided herein is not intended to be, nor should it be construed as an offer to sell or a solicitation of any offer to buy any securities. This commentary has not been reviewed or approved by any regulatory authority and has been prepared without regard to the individual financial circumstances or objectives of persons who may receive it. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives. Highland Capital encourages any person considering any action relating to the securities discussed herein to seek the advice of a financial advisor.

The Highland Capital website may contain performance and other data. Unless otherwise specified (i) all figures are estimated and unaudited, (ii) net results reflect the net realized and unrealized returns after deduction of all operational expenses (including brokerage commissions), management fees and incentive compensation, and (iii) performance data assume reinvestment of all distributions. Actual returns will vary from one client to the next. Past performance is not necessarily indicative of future results and investors risk loss of their investment. Highland Capital makes no representations or warranties that any future performance will produce results that are the same or similar to any past performance. Investors should seek financial advice regarding the appropriateness of making any investments discussed in this website and should understand that statements regarding future prospects may not be realized. Investors should note that income from such investments may fluctuate and that the value of each investment may rise or fall. Accordingly, investors may receive back less than originally invested. Past performance is not necessary a guide to future performance.

This website may contain forward-looking statements on our current expectations and projections about future events and/or may be based on various assumptions. Statements that are predicative in nature, that depend upon or refer to future events or conditions or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “thinks,” and similar expressions are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results and performance to be materially different from any future results or performance expressed or implied by these forward-looking statements. These factors include, among other things, those matters discussed as “Risk Factors,” in our materials, as well as (1) general economic and business conditions; (2) new governmental regulations and changes in, or the failure to comply with existing governmental regulation, (3) legislative proposals that impact our industry or the way we do business, (4) competition, and (5) our ability to attract and retain qualified personnel.

The forward-looking statements and other views or opinions expressed herein are made as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated and there is no guarantee that any particular outcome will come to pass. The statements made herein are subject to change at any time. Highland Capital disclaims any obligation to update or revise any statements or views expressed herein.

In considering any performance information included in this commentary, it should be noted that past performance is not a guarantee of future results and there can be no assurance that future results will be realized. Nothing contained herein should be deemed to be a prediction, projection or guarantee of future performance.

Although we believe that these statements are based upon reasonable assumptions, we can give no assurance that our goals will be achieved. Given these uncertainties, prospective clients are cautioned not to place undue reliance on these forward-looking statements. We assume no obligation to update or revise any forward-looking statements contained on the Highland Capital web site or provide reasons why actual results may differ.  Any transactions reference herein are provided for illustrative purposes only, and, therefore, should not be relied upon.

3. USER CONDUCT

If you are an Authorized User, your user name and password will be your identity for purposes of interacting with the website. You will use your password solely in accordance with this Agreement and notify Highland Capital if you learn of or suspect any loss, theft or unauthorized use of your password.

All content on this website is owned by Highland Capital, and is protected under their respective copyright, trademarks, trade names, trade dress, licensing, and intellectual property laws.  You agree not to use or attempt to use the website for any unlawful purpose.  You agree not to attempt to gain access to any area of the website and any information for which you have not previously received authorization in writing. You also acknowledge and agree that Highland Capital has put into place security measures designed to prevent unauthorized access to the information of other Authorized Users, and should you gain access to any information for which you have not received prior authorization, you will not view, download, print, harvest or collect, or attempt to view, download, print, harvest or collect, any such information. You also agree that you will not upload or attempt to upload any content (including text, communications, software, images, sounds, data, or other information) that contains software viruses or any other computer code, files, or programs that are designed or intended to disrupt, damage, or limit the functioning of any software, hardware, or telecommunications equipment or to damage or obtain unauthorized access to any data or other information of any third party.

You acknowledge and agree that, although Highland Capital has implemented and uses its best efforts to maintain security measures designed to prevent the unauthorized access by visitors and other Authorized Users to the information that you are authorized to access and use, no security measures are available that can be 100% guaranteed to prevent such unauthorized access. Highland Capital therefore does not warrant that such security measures will prevent such unauthorized access in each and every instance.

You further agree that you will not harvest or collect, or attempt to harvest or collect, information about other Authorized Users and other visitors to the website or use such information for the purpose of transmitting or facilitating transmission of unsolicited bulk electronic mail or communications.  Highland Capital has the discretion to monitor the website for any irregularities, unapproved or disagreeable usage, and deny you usage of the website for such unauthorized conduct.

4. THIRD PARTY SITES

The website may link you to other sites on the Internet.  Highland Capital does not review or monitor any of the websites that link you to third party sites. These sites may contain information or material that some people may find inappropriate or offensive. These other sites are not under the control of Highland Capital, and you acknowledge that Highland Capital is not responsible for the accuracy, copyright compliance, legality, decency, or any other aspect of the content of such sites, nor will Highland Capital be liable for any damages arising out of your access to such third party sites.  The links herein are only for your convenience.  The inclusion of such a link does not imply endorsement, representation or warranty of the site or any of the site’s content, products or services by Highland Capital or any association with its operators.  Highland Capital disclaims any responsibility for the private policy, terms of use, and customer information practices of the linked third party sites.

5. PROPRIETARY RIGHTS

You acknowledge and agree that all content and materials available on the website are protected by copyrights, trademarks, service marks, patents, trade secrets, or other proprietary rights and laws. Except as may be expressly authorized by Highland Capital under a separate written agreement, you agree not to sell, license, rent, modify, distribute, copy, reproduce, transmit, publicly display, publicly perform, publish, adapt, edit, or create derivative works from such materials or content. Notwithstanding the foregoing sentence, and unless Highland Capital grants you broader rights under such separate written agreement, you are granted a limited license to print or download one copy of the materials or content on the Website on any single computer for your personal, non-commercial use, provided you keep intact all copyright and other proprietary notices; subject, however, to any express terms and conditions displayed with such materials or content. Systematic retrieval of data or other content from the website to create or compile, directly or indirectly, a collection, compilation, database or directory without written permission from Highland Capital is prohibited. In addition, use of the content or materials for any purpose not expressly permitted in this Agreement is prohibited. Except as expressly provided above, all rights are reserved.

As discussed above, reproduction, copying, or redistribution for commercial purposes of any materials or design elements on the website is strictly prohibited without the express written permission of Highland Capital or as provided in a separate written agreement with Highland Capital. Among other things, except to the extent required for the limited purpose of reviewing material on the website, electronic reproduction, adaptation, distribution, performance or display is prohibited. Use of any of Highland Capital’s trademarks as metatags on other websites also is strictly prohibited. You may not display this website in frames (or any of the content or materials via in-line links) without our express written permission. Permission to use certain content or materials in a manner prohibited by this Section 5 is granted only when certain limited criteria are met.

6. DISCLAIMER OF WARRANTIES

ALL MATERIALS, INFORMATION, SOFTWARE, PRODUCTS, AND SERVICES INCLUDED IN OR AVAILABLE THROUGH THE WEBSITE (THE “CONTENT”) ARE PROVIDED “AS IS” AND “AS AVAILABLE” FOR YOUR USE. THE CONTENT IS PROVIDED WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NONINFRINGEMENT.  TO THE FULLLEST EXTENT PERMITTED UNDER APPLICALBE LAW, HIGHLAND CAPITAL DISCLAIMS ALL WARRANTIES, EITHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, ACCURACY, OR COMPLETENESS WITH RESPECT TO ALL INFORMATION AND MATERIALS ON THIS WEBSITE.

HIGHLAND CAPITAL AND ITS LICENSORS DO NOT WARRANT THAT THE CONTENT IS ACCURATE, RELIABLE OR CORRECT; THAT THE WEBSITE WILL BE AVAILABLE AT ANY PARTICULAR TIME OR LOCATION; THAT ANY DEFECTS OR ERRORS WILL BE CORRECTED; THAT UNAUTHORIZED ACCESS TO OR MISAPPROPRIATION OF THE CONTENT WILL NOT OCCUR; OR THAT THE CONTENT IS FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. YOUR USE OF THE WEBSITE IS SOLELY AT YOUR RISK. BECAUSE SOME JURISDICTIONS DO NOT PERMIT THE EXCLUSION OF CERTAIN WARRANTIES, THESE EXCLUSIONS MAY NOT APPLY TO YOU.

NO REPRESENTATION OR WARRANTY IS MADE CONCERNING THE COMPLETENESS OR ACCURACY OF THE INFORMATION CONTAINED HEREIN.  SOME OR ALL OF THE INFORMATION PROVIDED HEREIN MAY BE OR BE BASED ON STATEMENTS OF OPINION.  IN ADDITION, CERTAIN INFORMATION PROVIDED HEREIN MAY BE BASED ON THIRD-PARTY SOURCES, WHICH INFOMRATION, ALTHOUGH BELIEVED TO BE ACCURATE, HAS NOT BEEN INDEPENDENTLY VERFIED.

HIGHLAND CAPITAL MAKES NO REPRESENTATIONS OR WARRANTIES THAT THE WEBSITE WILL BE FREE OF VIRUSES, ERRORS, INTERRUPTIONS, DEFECTS, OR ANY HARMFUL COMPOENTENTS.  HIGHLAND CAPITAL DISCLAIMS ALL LIABLITY FOR DAMAGES TO YOUR COMPUTER, SERVER, ELECTRONIC MAIL, ELECTRONIC COMMUNICATIONS, OR OTHER TECHNICAL DIFFICULTIES THAT MAY ARISE FROM USE OF THIS WEBSITE.

7. LIMITATION OF LIABILITY

UNDER NO CIRCUMSTANCES OR EVENT SHALL HIGHLAND CAPITAL, ITS SUBSIDIARIES, OFFICERS, DIRECTORS, PRINCIPALS, AGENTS, EMPLOYEES, LICENSORS, AFFILAITES OR RELATED PERSONS BE LIABLE FOR ANY DIRECT, INDIRECT, PUNITIVE, INCIDENTAL, SPECIAL, OR CONSEQUENTIAL DAMAGES THAT RESULT FROM THE USE OF, OR INABILITY TO USE, THE WEBSITE, OR THE UNAUTHORIZED ACCESS TO OR THE MISAPPROPRIATION OF ANY CONTENT MADE AVAILABLE ON OR THROUGH THE WEBSITE. THIS LIMITATION APPLIES WHETHER THE ALLEGED LIABILITY IS BASED ON CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR ANY OTHER BASIS, EVEN IF HIGHLAND CAPITAL HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGE. BECAUSE SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL DAMAGES, HIGHLAND CAPITAL’S LIABILITY IN SUCH JURISDICTIONS WILL BE LIMITED TO THE EXTENT PERMITTED BY LAW.

8. INDEMNIFICATION

Upon a request by Highland Capital, you agree to defend, indemnify, and hold harmless Highland Capital, its subsidiaries, related persons or affiliated companies, and the employees, contractors, officers, directors, principals, and agents of each of them from all liabilities, claims, and expenses, including attorney’s fees that arise from your use or misuse of the Website, or in violation of any website policies. Highland Capital reserves the right, at its own expense, to assume the exclusive defense and control of any matter otherwise subject to indemnification by you, in which event you will cooperate with Highland Capital in asserting any available defenses.

9. INTERNATIONAL USE

Highland Capital makes no representation that materials on the website are appropriate or available for use in locations outside the United States, and accessing them from territories where their contents are illegal is prohibited.   This website may not be used in any location outside of the United States, which would require Highland Capital to register with such jurisdiction.  Highland Capital may restrict access to this website from any country or jurisdiction.  Those who choose to access the website from other locations do so on their own initiative and are responsible for compliance with local laws.

10. CHOICE OF LAW AND FORUM

This Agreement will be governed by and construed in accordance with the laws of the State of Texas, excluding its conflicts of law rules. You expressly agree that the exclusive jurisdiction for any claim or action arising out of or relating to this Agreement or your use of the website will be filed only in the state or federal courts located in the State of Texas, and you further agree and submit to the exercise of personal jurisdiction of such courts for the purpose of litigating any such claim or action.

11. DISPUTE RESOLUTION

All disputes arising out of or relating to this Agreement or your use of the website (“Disputes”) will be settled by final and binding arbitration conducted in Dallas, Texas, by a neutral arbitrator, in accordance with this Agreement and the then-current commercial arbitration rules of the American Arbitration Association. Each party will bear its own expenses, except that the prevailing party may recover the filing costs and the expenses of the arbitrator from the other party. Any award of the arbitrator will be in writing and will state the reasons for the award. Judgment upon an award may be entered in any court having competent jurisdiction. The arbitrator will not have the power to order pre-hearing discovery of documents or the taking of depositions, but may compel attendance of witnesses and the production of documents at the hearing. The parties, their representatives and participants and the arbitrator will hold the existence, content and result of the arbitration in confidence, except to the limited extent necessary to enforce a final settlement agreement or to obtain or enforce a judgment on an arbitration decision and award. Any Disputes relating to your failure to pay billed charges for the Services are exempt from the requirement of binding arbitration. You agree that Highland Capital will be entitled to obtain preliminary injunctive relief to enforce any of the terms of this Agreement against you pending a final determination in arbitration.

12. SEVERABILITY AND INTEGRATION

Unless otherwise specified herein, this Agreement under which you are authorized to use the Services (as such obligations are set forth in Section 1), constitutes the entire agreement between you and Highland Capital with respect to the website and the Services, and supersedes all other prior or contemporaneous communications and proposals (whether oral, written, or electronic) between you and Highland Capital with respect to the website and the Services. If any part of this Agreement is held invalid or unenforceable, that portion will be construed in a manner consistent with applicable law to reflect, as nearly as possible, the original intentions of the parties, and the remaining portions will remain in full force and effect.

13. TERMINATION

Highland Capital reserves the right, in its sole discretion, to terminate your access to all or part of the Website, with or without notice.

Last Updated: August 28, 2014