pivot.usbank.com Open in urlscan Pro
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U.S. BANK PIVOT

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TRUST CUSTODY FUNDS
Welcome to
 
 Pivot
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Pivot helps you make critical decisions with confidence
Announcements

U.S. Bank CFO Insights Report: Finance Leaders Shift to Defense Mode

PDF
U.S. Bank wins CLO and Securitization Trustee of the Year

PDF
Best Administrator in Hedge Fund Reporting goes to our GFS team

PDF

U.S. Bank CFO Insights Report: Finance Leaders Shift to Defense Mode

U.S. corporate finance leaders have firmly pivoted their focus from revenue
growth to cost control as they navigate through an uncertain economic
environment and rapidly changing business landscape, according to the 2023 U.S.
Bank CFO Insights Report.

 

U.S. Bank wins CLO and Securitization Trustee of the Year

Over the course of more than a century, U.S. Bank has built an exceptional
corporate trust business. The firm’s strategic acquisitions and dedicated
investment in people and technology have made it the partner of choice across
the securitization market. Standing head and shoulders above its competitors,
the bank was a clear winner in both CLO Trustee of the Year and Securitization
Trustee of the Year categories. Read the full article here.

Best Administrator in Hedge Fund Reporting goes to our GFS team

We’re excited to announce that our Global Fund Services team won Best
Administrator – Hedge Fund Reporting at this year’s Global Custodian Industry
Leaders Awards. This is an exciting recognition that speaks to the hard work and
dedication of our team.

Market News & Insights

Preparing for Central Securities Depository Regulation (CSDR) changes

PDF

The U.S. and Canada are moving to a reduced securities settlement cycle in May
2024

PDF

The U.S. and Canada are moving to a reduced securities settlement cycle in May
2024

PDF

Preparing for Central Securities Depository Regulation (CSDR) changes

PDF

https://www.usbank.com/splash/investment-services/t1-settlement-cycle.html

https://www.usbank.com/splash/investment-services/custody-solutions/csdr-faq.html


The U.S. and Canada are moving to a reduced securities settlement cycle in May
2024

PDF

Preparing for Central Securities Depository Regulation (CSDR) changes

PDF
Why Choose U.S. Bank
Learn About Our Technology
View Core Services
About U.S. Bank
Your premier global provider of expert trust services to corporate clients.
Technology
Leverage the power of technology to enhance and improve the way you do business.
Core Services
Robust products and services offering, customized solutions and exceptional
end-client performance.
About U.S. Bank
Investment Services
Partnering to strengthen your success through:
Deep product expertise
Transactional execution
Extensive market knowledge
Global network access
We support:
Investment managers
Corporations
Government entities
Financial institutions
Not-for-profit organizations

Visit us at: usbank.com/investmentservices
$10.3T
assets under custody and administration

100+
offices
73
04
3,700+
employees


As of September 30, 2023
Modern Technology
Learn why Pivot might be the best client portal in the market

Pivot Highlights
Submit cash and trade information for processing, eliminating the risk
associated with sending over email.

Validate critical account activity and asset data by uploading your data to
compare or viewing third party reconciliations.

Analyze your portfolio by running a scenario analysis or getting quick insights
at a glance in analytics tool.

Customize and schedule your own online reports across one or multiple deals
using current or historical data, and perform trend analysis.

Word On The Street
"This is perfect! This is exactly what would give us answers quickly when we
usually spend a lot of time!"
"Flexibility is always the key. Be able to select a report and then customize
it."
"Their responsiveness is a really big deal."
Full-service solutions
We partner with you to provide responsive and flexible corporate trust, custody
and fund services to help foster your growth.
Corporate trust expertise
Built on a foundation of financial strength, we provide consistent guidance and
industry-leading technology to drive you forward.

Scalable fund services
We combine customized solutions with high-quality customer service to support
even the most complex products and client needs.

Reliable custody solutions
Offering responsive services from regional teams, we maintain the highest
standards of ethics, security and transparency.
Global corporate trust solutions
Pivot gives you the
freedom to work

Business highlights
Ranked #1 U.S. Asset and Mortgage Backed Trustee (Asset-Backed Alert, June 2022)
Ranked #1 Global CLO Trustee (Asset-Backed Alert, June 2022)
Ranked #1 Municipal Trust Provider (Refinitiv, June 2022)
Ranked #1 National Corporate Trustee (Refinitiv, June 2022)
More than 2,500 employees
One of the strongest long-term debt ratings in the industry: A1/AA-/AA-/AA
(high)



CLO

Our expertise in the bank loan and securitization markets is combined with
innovative technology solutions to deliver comprehensive trustee, administration
and agency services.
Corporate and municipal

Not only will our knowledgeable team of experts help ensure the successful
execution of your transaction, but we will provide guidance to help you achieve
your long-term goals.
Structured finance

Leverage our highly experienced professionals, dedicated to supporting your
business requirements, during the issuance process and throughout the ongoing
administration of your transactions.
European services

Recognised as a leading European trustee and agency provider, we have
established our solid position by offering responsive, customised services
coupled with a steadfast commitment to integrity.

Ranked #1
ABS/MBS, CLO
Corporates, Municipals
Track Analyze Optimize
Corporate trust expertise
ContactUs
Business highlights
$7.3tr
168k+
12.6m+
AUA
issuances
collateral files

Technology
Powerful analytics. Intuitive design.
Game changing technology.

Services
5,000
clients worldwide
Full-service solutions:
We offer comprehensive CLO, corporate finance, default, document custody,
escrow, European trustee, public finance and structured finance services.

Contact us
United States
Kevin Weeks 212.951.8559

Europe
Joshua Theodore +44.207.330.2124
Learn more about trust
Enter email for further information
Thank you for your interest in the CDO portal. We will contact you shortly.
An unexpected error has occurred while processing your request. Please try again
later.
Highlights
Technology
Services
Contact Us

Delivering the tools and data that matters most
Pivot provides a secure way to access deal and account data, empowering you to
make critical decisions with confidence
Custody solutions
Innovation. Technology. Commitment.
 



Business highlights
Strong, Stable and Leading Custody Provider
One of the strongest long-term debt ratings in the industry: A1/AA-/AA-/AA
(high)
Local and national dedicated team members in 27 locations
Overseeing more than 50,000 accounts
More than 150-year history of providing trust, custody and investment services
Best-in-class customer service standards



Asset management

We offer complete, customizable asset management solutions to address your
portfolio's accounting and asset-management needs through a defined process.
Benefit payment services

Our services provide the stability and flexilbity you need to generate the most
value from your defined employee benefit plans. We have the expertise to help
you continuously enhance the services and offerings you provide to your
employees.
Custody

Our regional teams offer custody services to meet unique requirements, we
maintain the highest standards of ethics, security and transparency.
Trust

We're dedicated to overseeing your unique trustee account in the interest of
your participants and beneficiaries. Our team has decades of experience serving
trust and employee benefit clients.

#1 Ranked
Middle Market Custody Provider

Track Analyze Optimize
Reliable Custody Solutions
Business highlights

$2.3tr
No. 1
5,800+
AUA
middle market custody
clients nationwide

Technology

Powerful analytics. Intuitive Design.
Game changing technology.

Services

5,800+
clients nationwide
Your objectives are at the center of everything we do
Our services are designed with an inherent flexibility to meet your personalized
specifications.

Contact us

United States
Kevin Weeks 212.951.8559

RIA Custody
Alan Markarian 513.562.3621
Learn more about custody
Enter email for further information
Thank you for your interest in the CDO portal. We will contact you shortly.
An unexpected error has occurred while processing your request. Please try again
later.
Highlights
Technology
Services
Contact Us

Delivering financial solutions and enhanced reporting capabilities
At U.S. Bank, what matters to you, matters to us. That's why Pivot is driven by
clients and developed by experts. With easy online access to relevant account
data, we're creating efficiency and giving you the data you need to make
strategic and operational decisions to enhance your success.
Global fund services
Providing secure and powerful
data and analytics

Business highlights
Best administrator for structured debt (HFMWeek Alt Credit award, 2019)
Best administrator, single manager under $300 billion (HFMWeek European Hedge
Fund Services award, 2019)
Best administrator under $30 billion fund of hedge funds (HFMWeek US Service
Awards, 2019)
Best Fund Administrator over $100bn (Fund Intelligence Operations and Services
Awards, 2019)
Best Transfer Agent and Shareholder Services Provider (Fund Intelligence
Operations and Services Awards, 2019)
310+ mutual fund clients / 230+ alternative clients / 50+ exchange traded fund
clients
9 offices across the US and offices in Dublin, Luxembourg, and the Cayman
Islands


Alternative investments

Whether you use our complete package of alternative investment solutions or just
one, you'll get the latest in fund technology and the complete attention of our
industry experts.
Exchange-traded products

As a full-service provider, our teams support any type of ETP. From the creation
of an investment strategy or index, through the launch of your fund and beyond,
we understand the intricacies of the entire process.
Mutual funds

Since 1969, we've been providing seamless, comprehensive solutions grounded in
financial strength, expert resources and leading technology services to multiple
series trust or proprietary funds.
European Services

Our Dublin-based team provides fund administration solutions to a growing
alternative market. With an experienced team of professionals and innovative
technology, we deliver responsive and accurate results.

550+
Fund Clients

Track Analyze Optimize
Specialized fund service expertise
ContactUs
Business highlights
$1.2tr
5.5k+
4,400m+
AUA
portfolios
shareholders

Technology
Powerful analytics. Intuitive Design.
Game changing technology.

Services
700+
clients worldwide
Scalable fund services
Comprehensive administration solutions for alternative investment, ETP and
mutual fund products.

Contact us
United States
Dylan Curley 917.607.0517

Europe
Barry O'Brien +353 87 605 9591
Learn more about fund services
Enter email for further information
Thank you for your interest in the CDO portal. We will contact you shortly.
An unexpected error has occurred while processing your request. Please try again
later.
Highlights
Technology
Services
Contact Us

Efficiently manage your portfolio composition and holdings.
With a real-time dashboard, you can quickly and securely find documents and run
reports on demand. You can easily access critical information that will help you
manage your processes and operations in an integrated manner. Our data and
process management also allows you to confirm and approve NAVs and access our
reconciliations with third parties.
Home
Why Choose U.S Bank
Learn About Our Technology
View Core Services
Customer Service
Privacy Policy Terms of Use

More Client Account Portals:
SinglePoint Trust Gateway Portal (TGP)
Copyright 2024 U.S. Bank

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TERMS OF USE FOR ALL USERS OUTSIDE OF EUROPE:

Please read these terms and conditions of use carefully. These Terms of Use
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You hereby consent to the access and use of services over the internet. You
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NON-INFRINGEMENT OF THIRD-PARTY RIGHTS, OR FREEDOM FROM VIRUSES OR OTHER HARMFUL
CODE. U.S. BANK DOES NOT WARRANT THE ACCURACY, ADEQUACY, OR COMPLETENESS OF THE
MATERIALS CONTAINED ON THIS WEBSITE OR WARRANT THAT ANY DEFECTS WILL BE
CORRECTED. THIS DISCLAIMER OF WARRANTIES APPLIES TO THE FULLEST EXTENT PERMITTED
BY LAW.

LIMITATION OF LIABILITY; INDEMNIFICATION:
AS A CONDITION TO U.S. BANK PROVIDING ACCESS TO THIS WEBSITE AND TO PIVOT
CONTENT, YOU AGREE THAT IN NO EVENT SHALL U.S. BANK BE RESPONSIBLE OR LIABLE TO
YOU OR TO ANY THIRD PARTY FOR ANY DAMAGE WHATSOEVER, INCLUDING, WITHOUT
LIMITATION, DIRECT OR INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, OR PUNITIVE
DAMAGES, LOSSES, OR EXPENSES OF ANY KIND, ARISING IN CONNECTION WITH THIS
WEBSITE, ANY PIVOT CONTENT, THE USE THEREOF, OR THE INABILITY TO USE IT BY ANY
PERSON, OR IN CONNECTION WITH ANY FAILURE OF PERFORMANCE, ERROR, OMISSION,
INTERRUPTION, DEFECT, DELAY IN OPERATION OR TRANSMISSION, COMPUTER VIRUS, LINE
OR SYSTEM FAILURE, LOSS OF DATA, OR ANY OTHER THEORY OF LIABILITY, WHETHER IN AN
ACTION IN CONTRACT, TORT (INCLUDING NEGLIGENCE), WARRANTY, STRICT LIABILITY OR
OTHERWISE, EVEN IF U.S. BANK IS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES,
LOSSES, OR EXPENSES. THE SOLE REMEDY FOR YOU, ANY USER, OR ANY THIRD PARTY
AGAINST U.S. BANK FOR DISSATISFACTION WITH THS WEBSITE OR ANY PIVOT CONTENT IS
TO STOP USING THIS WEBSITE OR ANY SUCH CONTENT. THIS LIMITATION OF LIABILITY
APPLIES TO THE FULLEST EXTENT PERMITTED BY LAW.

YOU AGREE TO INDEMNIFY, DEFEND, AND HOLD U.S. BANK AND ITS AFFILIATES, OFFICERS,
DIRECTORS, EMPLOYEES, CONSULTANTS, AGENTS, OTHER SERVICE PROVIDERS, AND
LICENSORS HARMLESS FROM ANY AND ALL CLAIMS, ACTIONS, LIABILITY, DAMAGES AND/OR
COSTS (INCLUDING BUT NOT LIMITED TO REASONABLE ATTORNEYS’ FEES) ARISING FROM:
(A) A CLAIM, ACTION, OR ALLEGATION OF INFRINGEMENT, MISUSE, OR MISAPPROPRIATION
BASED ON INFORMATION, DATA, FILES, OR OTHER MATERIALS RELATED TO THIS WEBSITE
AND PIVOT CONTENT; (B) ANY FRAUD, MANIPULATION, OR OTHER BREACH OF THESE TERMS
AND CONDITIONS BY YOU; (C) A CLAIM, ACTION, OR ALLEGATIONS BROUGHT AGAINST U.S.
BANK ARISING OUT OF OR RELATING TO A DISPUTE WITH YOU OVER THE TERMS AND
CONDITIONS OF THIS AGREEMENT OR THE WEBSITE; (D) YOUR VIOLATION OF ANY LAW OR
RIGHTS OF A THIRD PARTY; OR (E) USE OF THIS WEBSITE OR USE OF YOUR ACCOUNT BY
ANY THIRD PARTY. U.S. BANK 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 U.S. BANK IN ASSERTING ANY
AVAILABLE DEFENSES. YOU WILL NOT SETTLE ANY ACTION OR CLAIMS ON U.S. BANK'S
BEHALF WITHOUT THE PRIOR WRITTEN CONSENT OF U.S. BANK.

Cross-Border Transfer; Access from Outside of the United States:
This Website and Pivot Content are controlled and operated by U.S. Bank from the
United States, and are not intended to subject us to the laws or jurisdiction of
any country or territory other than that of the United States. We may store and
process your personal information in any country where we have facilities or in
which we engage service providers, and, by using this Website or any Pivot
Content, you consent to the transfer of information to countries outside of your
country of residence, including the United States, which may have different data
protection rules than those of your country.

This Website and Pivot Content are only offered in jurisdictions where they may
be legally offered. Not all services are available in all countries and you
understand that U.S. Bank is based in the United States, and that all
information available on this Website is reflected in U.S. currency. We do not
make any representations that any content or use of this Website is appropriate
outside of the United States; and if you choose to access this Website or Pivot
Content from locations outside the United States, you do so at your own risk and
you are responsible for compliance with local laws.

Changes in Terms of Use:
We reserve the right to modify these Terms and Conditions at any time. By
accessing this Website and any Pivot Content, you agree to the most recent
version of these Terms and Conditions.

Delay or Suspension of Service:
Without limiting any other provision of these Terms and Conditions, if U.S. Bank
reasonably believes that your conduct in using this Website or Pivot Content
constitutes a "Threatening Condition" (including but not limited to, violation
of these Terms of Conditions, violation of any applicable laws, rules,
regulations, or industry standards, or otherwise poses a threat to any system,
equipment, process, intellectual property, or the reputation of U.S. Bank, we or
may provide you with a notice to cease the Threatening Condition. If, in the
reasonable and good faith determination of U.S. Bank, the Threatening Condition
poses an imminent or actual threat (including regulatory investigation, inquiry,
or penalty) to us or any of our systems, equipment, processes, or intellectual
property, you agree that we may suspend your use of this Website and Pivot
Content without notice.

Term or Termination:
U.S. Bank may terminate any person’s, entity’s, or organization’s use of the
Website and any Pivot Content for any reason and at any time with or without
prior notice as the law requires. If you terminate your access or withdraw your
consent to these Terms and Conditions, you will no longer have access to this
Website or any Pivot Content.
All applicable provisions of these Terms and Conditions shall survive
termination by either you or us, including, without limitation, provisions
related to your liability, intellectual property, warranty disclaimers,
limitations of liability, and indemnification.

Other Agreements:
These Terms of Use are subject to any other written agreement you have entered
into with U.S. Bank ("Other Agreements") and, except as expressly set forth
herein, in the event of a conflict, these Terms of Use shall control with
respect to your use of this Website and any Pivot Content. Except with respect
to such Other Agreements, these Terms of Use represent the entire understanding
and agreement between you and U.S. Bank relating to use of this Website, and
supersede any and all prior statements, understandings, and agreements whether
written or oral between you and U.S. Bank relating to use of this Website, and
shall not be modified except in a writing signed by you and U.S. Bank.

Waiver:
Any waiver of or failure to enforce any right under or term or provision of
these Terms of Use shall not be deemed to be a waiver of such right or any other
right, term or provision of the Terms of Use at any time. No delay or omission
on U.S. Bank’s part in exercising any rights or remedies will operate as a
waiver of those rights or remedies or any other rights or remedies. A waiver on
one occasion will not be construed as a bar or waiver of any rights or remedies
on future occasions.

Severability, Headings:
In the event that any portion of these Terms of Use shall be determined to be
unenforceable by a court of competent jurisdiction, the remainder of these Terms
of Use shall not be impaired, affected, nor invalidated, and the unenforceable
term or provision shall be replaced by such enforceable term or provision as
comes closest to the intention underlying the unenforceable term or condition.
The headings in these Terms and Conditions are for convenience or reference only
and do not govern the interpretation of provisions contained herein.

Governing Law and Venue:
Use of this Website and Pivot Content will be governed by and construed in
accordance with the laws of the State of Minnesota and the United States of
America, without regard to conflict of law principles. By using this Website and
Pivot Content, you agree that all legal proceedings, whether at law or in
equity, related to this Website or the Pivot Content shall be filed in and
adjudicated solely in the state or federal courts located in the State of
Minnesota. You further consent and submit to the exclusive personal jurisdiction
and venue of such courts for the purpose of litigating any such matters.

JURY TRIAL WAIVER:
EACH OF YOU AND U.S. BANK HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY ON ANY
CLAIM, COUNTERCLAIM, SETOFF, DEMAND, ACTION, OR CAUSE OF ACTION ARISING OUT OF,
OR IN ANY WAY RELATED TO, USE OF THIS WEBSITE OR ANY PIVOT CONTENT, OR IN ANY
WAY PERTAINING TO OR RELATED TO THESE TERMS OF USE.

Contact Us: If you have any questions or comments about these Terms and
Conditions or our privacy practices generally, we encourage you to contact us
via e-mail at: US.Bank.Pivot.Customer.Service@usbank.com or via telephone at
1-866-252-4360. In the event you notice suspicious activity on your account or
believe your user ID, password, or other personal information has been
compromised, please contact us immediately. Suspicious emails may be forwarded
to fraud_help@usbank.com or you can call our Fraud Liaison Center at
877-595-6256.



TERMS OF USE FOR EUROPEAN USERS ONLY:
DATA PROTECTION, PRIVACY STATEMENT, AND TERMS OF USE:

DATA PROTECTION AND PRIVACY STATEMENT
We are concerned with the protection of your privacy and this also applies for
the handling of your data during your visit to Pivot, this private client portal
website (the “Website”). The handling of your personal data, in particular the
data we collect and analyse and how such data is used, is as follows.

We use cookies on this Website. Cookies are files containing small amounts of
information which are downloaded to your computer or mobile device when visiting
this Website. They help describe your use of the Website, which improves the
browsing experience. For additional information regarding our use of cookies,
please see Section 5 of our Online Privacy Policy, which can be viewed here:
https://www.usbank.com/about-us-bank/privacy/security.html


PERSONAL DATA
In order to use the Website, you acknowledge and agree that any personal
information you submit may be stored, held, and processed on computers in the
United States, which does not have the same data protection laws and does not
provide the same protections as the laws of the Member States of the European
Economic Area. However, your information will be handled in compliance with U.S.
Bank’s Privacy Policy and applicable law.

We are committed to protecting your privacy during your visits to this Website
and recognise our responsibility to hold your information securely and
confidentially. We will do the utmost to assure that your information remains
protected.

Processing of personal data
The controller of your data is U.S. Bank National Association.  U.S. Bank will
only collect, process, and use your personal data upon your express consent,
which is granted electronically. Your consent may be withdrawn at any time with
effect for the future. Should you transmit to us personal data (such as name,
address, e-mail address, and telephone number) in order to access and utilize
this Website, you consent to our use of such data for this purpose. Your
personal data will be stored until the purpose for which they were entrusted to
us has been attained. If you no longer agree with the storage of your data
before that time or if such data has become incorrect, they will be deleted or,
as the case may be, corrected, according to your instruction. We intend to be
fully transparent with respect to any personal data that you provide to us; and
if you have questions relating to the processing of your personal data on the
Website, please contact us.

Contacting us
You have the following rights in respect of your personal data:
                1.             right to be informed about the collection and use
                2.             right of access
                3.             right to rectification
                4.             right to erasure
                5.             right to restrict processing
                6.             right to data portability
                7.             right to object
                8.             rights in relation to automated decision-making
and profiling

If you wish to exercise any of the above-named rights, please submit your
request via e-mail to:  US.Bank.Pivot.Customer.Service@usbank.com or via mail
to: U.S. Bank Trust Legal, EP-MN-WS1D, 60 Livingston Avenue, St. Paul, MN,
U.S.A., 55107.

TERMS OF USE FOR USERS IN EUROPE:
These are the terms and conditions (as amended from time to time) governing use
of the Website and the agreement that operates between us and you (the "Terms").
These Terms set out the rights and obligations of all users ("you"/"your") and
those of U.S. Bank National Association, an American bank organized under the
laws of the United States of America, and its affiliates ("us"/"our"/"we"/"U.S.
Bank") in relation to this Website. Please carefully read these Terms and our
Privacy Statement. By using the Website, you are consenting to be bound by these
Terms and our Privacy Statement. If you do not agree to all of the Terms and the
Privacy Statement, you will not be permitted to use this Website.

If you have any questions about the Terms, please contact us at
US.Bank.Pivot.Customer.Service@usbank.com. U.S. Bank is regulated by the Office
of the Comptroller of the Currency in the United States.

Grant of licence
Subject to you having agreed with and continuing to comply with these Terms,
U.S. Bank grants you a personal, revocable, and non-transferable licence to
access and use the Website. U.S. Bank reserves the right to terminate your
access to the Website at any time and without notice. Any rights not expressly
granted in these Terms are reserved.

Linked Websites
This Website may contain links to third-party websites not controlled by U.S.
Bank. We encourage you to be aware when you leave this Website to read the
privacy policies and terms of use of any such websites that may collect your
personal information, as they will likely differ from those of this site. U.S.
Bank does not guarantee and is not responsible for the privacy or security of
these websites, including the accuracy, completeness, or reliability of their
information.

Amendments to the Terms
We reserve the right to amend the contents of this Website, including these
Terms, from time to time or to suspend or discontinue the Website. Therefore,
you should acquaint yourself with the Terms (and possible amendments to such)
each time you visit this Website.

Visitor conduct and material
You may not, via this Website, participate in any activities which are illegal,
offensive, or abusive or which infringe the rights of third parties. Without
limiting the generality of the foregoing, you are prohibited from posting or
transmitting to or from the Website any material:

 * that is threatening, defamatory, obscene, indecent, seditious, offensive,
   pornographic, abusive, liable to incite racial hatred, discriminatory,
   menacing, scandalous, inflammatory, blasphemous, in breach of confidence, in
   breach of privacy, or which may cause annoyance or inconvenience; or
 * for which you have not obtained all necessary licences and/or approvals; or
 * which constitutes or encourages conduct that would be considered a criminal
   offence, give rise to civil liability, or otherwise be contrary to the law of
   or infringe the rights of any third party, in any country in the world; or
 * which is technically harmful (including, without limitation, computer
   viruses, logic bombs, Trojan horses, worms, harmful component, corrupted
   data, or other malicious software or harmful data).

Other than personally identifiable information, which is covered under our
Privacy Statement, any material you transmit or post to the Website shall be
considered non-confidential and non-proprietary. U.S. Bank shall have no
obligations with respect to such material.

You hereby consent to the access and use of services over the internet. You
acknowledge and agree that you may be required to periodically accept online
user agreements to continue to use the Website; and we may add to or eliminate
information and services at any time without notice. Information, services, and
functions are provided on an “as is/as available” basis without any
representation or warranties except as required by law. We are not liable for
any damages that result from the use of or inability to use the service, for
third party, vendor, or supplier provided information or for your errors.

As previously indicated above, in order to use the Website, you acknowledge and
agree that any personal information you submit may be stored, held, and
processed on computers in the United States, which does not have the same data
protection laws and does not provide the same protections as the laws of the
Member States of the European Economic Area. Nonetheless, we will take all
appropriate steps to protect the information that you provide us.

The content on the Website may contain mistakes or technical errors,
typographical errors, or inaccuracies or may otherwise contain errors and
out-of-date information. You are responsible for independently verifying any
information upon which you choose to rely. Information contained on this Website
should not be used to make trading decisions.

We, in various capacities and pursuant to certain contractual obligations,
provide reporting information for a variety of products and transactions on the
internet as a convenience, a courtesy, and for information purposes only. We
provide such information to current securities holders, investors, and their
authorized representatives, transaction parties, and certain third parties
(including but not limited to national recognized statistical rating agencies
and market data providers, if specified by contract, law, judicial process, or
regulation) and within the jurisdictions where we are authorized to do business.
The information is not intended and shall not constitute an offer to sell or a
solicitation to buy securities, nor is anything contained on this Website an
advertisement or promotion of any investment-related service.

We have no duty and are not required to verify information received from you or
third parties; and we do not represent or warrant the accuracy of such
information contained on the Website. Further, we warn you that the potential
exists for the alteration of information posted by third parties after
publication on this Website.

Any dated information is published as of its date only and we do not undertake
any obligation or responsibility to update or amend such information. We assume
no liability or guarantee for the timeliness, accuracy, sufficiency, or
completeness for the information on this Website.

We rely on certain representations by the users of this Website. These
representations include the authority of such users to gain access to and use
the Website. We are not responsible for any misrepresentations made by potential
users of this Website. Further, we are not responsible for the use or misuse of
the information that such users obtain on this Website due to such
misrepresentations. By agreeing to these Terms of Use, you represent that you
are authorized to: (i) access this Website and (ii) bind each organization that
you purport to represent to these Terms.

We recommend that you change your password frequently by logging in and using
the change password function. Due to emerging technologies and changes in
security practices, we reserve the right to supplement or change our security
procedures from time to time without notice. You are responsible for maintaining
the security and confidentiality of all user IDs, passwords, and other security
devices issued by us. You shall not permit unauthorized individuals to use or
access this Website and its content. Any organizations or entities using this
Website are responsible for the actions of any individuals using their user IDs,
passwords, or other security devices. If you give any other person or entity
access to your user ID or password, you agree that each such person or entity
will be acting as your agent and will be bound these Terms (and any other
agreement governing your account). You shall promptly notify us if you learn or
have knowledge that the security of this Website may have been compromised. Any
organization or entity using this website agrees, to the extent permitted by
law, to defend and indemnify U.S. Bank against any claims, losses, damages,
costs, expenses, fines, and other liabilities arising out of: (i) that
organization’s or entity’s failure to maintain the security and confidentiality
of its respective user IDs, passwords, or other security devices, (ii) the
unlawful use of this Website by such organization or entity or by any person who
obtains access to this Website using such organization’s or entity’s user IDs,
passwords, or other security devices.

For the avoidance of doubt, these Terms are hereby incorporated by reference
with respect to any information provided on this Website that originates
therefrom.

Any account information listed on the Website is not a substitute for your
official periodic account statement or other correspondence you may receive from
us. Any legal notices that normally accompany your statement will continue to be
delivered to you in accordance with your account preferences.

Intellectual property rights notice
The contents of this Website are protected by applicable copyright and trademark
laws, and are the property of U.S. Bank and/or its licensors. Unless otherwise
stated, the copyright and other intellectual property rights in all material on
this Website (including, without limitation, photographs and graphical images)
are owned by U.S. Bank and/or its licensors. You may access the materials
located within this Website only for professional use, so long as you neither
change nor delete any trademark, legend, or copyright notice.

You may not modify, copy, publish, display, transmit, adapt, or in any way
exploit the content of this Website. You must follow and observe all additional
copyright notices or other restrictions contained in any parts of this Website.

You are permitted to print and download extracts from the Website for use on the
following basis:

 * no documents or related graphics on the Website are modified in any way;
 * no graphics on the website are used separately from the corresponding text;
   and
 * U.S. Bank’s copyright and trademark notices and this permission notice appear
   in all copies.


Disclaimer and limitation of liability
While we endeavour to ensure that the information on the Website is correct, we
do not warrant the accuracy and completeness of the material on the Website.
U.S. Bank may make changes to the material on the Website, at any time without
notice. The material on the Website may be out of date, and U.S. Bank makes no
commitment to update such material.

This Website is available to all users "as is" without any representation or
warranties of any kind, either express or implied. To the maximum extent
permitted by law, U.S. Bank provides you with the Website on the basis that U.S.
Bank excludes all representations, warranties, conditions, and other terms
(including, without limitation, the conditions implied by law of
merchantability/satisfactory quality, fitness for purpose and the use of
reasonable care and skill which, but for this legal notice, might have effect in
relation to the Website).

U.S. Bank, any other party (whether or not involved in creating, producing,
maintaining, or delivering the Website), and any of U.S. Bank’s group or
affiliate companies and the officers, directors, employees, shareholders, or
agents of any of them, exclude all liability and responsibility for any amount
or kind of loss or damage that may result to you or a third party (including
without limitation, any direct, indirect, punitive, or consequential loss or
damages, or any loss of income, profits, goodwill, data, contracts, use of
money, or loss or damages arising from or connected in any way to business
interruption, and whether in tort (including without limitation, negligence,
contract or otherwise) in connection with the Website in any way or in
connection with the use, inability to use, or the results of use of this
Website, any websites linked to this Website or the material on such websites,
including but not limited to loss or damage due to viruses that may infect your
computer equipment, software, data, or other property on account of your access
to, use of, or browsing the Website or your downloading of any material from the
Website or any websites linked to the Website.

Nothing in these Terms limits in any way our liability: (a) for death or
personal injury caused by our negligence; (b) for fraud or fraudulent
misrepresentation; or (c) for any matter for which it would be illegal for us to
exclude, or attempt to exclude, our liability.

Venue; Governing law
The place of venue for any disputes in connection with these Terms or the
Website are the state and federal courts located in the State of Minnesota,
U.S.A. By using this Website and its contents, you agree that all legal
proceedings, whether at law or in equity, related to this Website shall be filed
in and adjudicated solely in the state or federal courts located in the State of
Minnesota, U.S.A., and you further consent and submit to the exclusive personal
jurisdiction and venue of such courts for the purpose of litigating any such
matters. These Terms are governed by the laws of Minnesota and the United States
of America. Any use of this Website and its content will be governed by and
construed in accordance with the laws of the State of Minnesota and the United
States of America, without regard to conflict of law principles.

Access from Outside the United States:
The Website is controlled and operated by us from the United States, and is not
intended to subject us to the laws or jurisdiction of any country or territory
other than that of the United States. We may store and process your personal
information in any country where we have facilities or in which we engage
service providers, and, by using this Website, you consent to the transfer of
information to countries outside of your country of residence, including the
United States, which may have different data protection rules than those of your
country. You acknowledge that the Website is maintained in the United States and
that the information that you submit may be stored, held, and processed on
computers in the United States.

Severability; Headings
To the extent that there are any gaps in these terms of use or that any of their
provisions are or become ineffective, the effectiveness of the remaining
provisions shall not be affected thereby. The headings in these Terms are for
convenience or reference only and do not govern the interpretation of provisions
contained herein.

Jury Trial Waiver:
Each of you and U.S. Bank hereby waives any right to a trial by jury on any
claim, counterclaim, setoff, demand, action, or cause of action arising out of,
or in any way related to, use of this Website or in any way pertaining to or
related to these Terms.

Miscellaneous
Any waiver of these Terms must be in writing and signed by U.S. Bank to be
valid. A waiver of any provision hereunder shall not operate as a waiver of any
other provision, or a continuing waiver of the same provision in the future.
These Terms represent the entire understanding and agreement between you and
U.S. Bank relating to use of this Website, and supersede any and all prior
statements, understandings, and agreements whether written or oral between you
and U.S. Bank relating to use of this Website, and shall not be modified except
in writing, signed by you and U.S. Bank.

Feedback
We welcome your feedback about these Terms, the Privacy Statement or this
Website. Please contact us at US.Bank.Pivot.Customer.Service@usbank.com with any
comments. U.S. Bank is a trademark in the United States and other countries. All
rights reserved.


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