- Sunday, February 28th, 2016
- Monday, February 29th, 2016
- Tuesday, March 1st, 2016
- Wednesday, March 2nd, 2016
- My Agenda
To view your agenda you must be signed in
Pre-conference registration will be open on Saturday, February 27th from 3:00pm - 5:00pm
- What is an asset-backed securitization?
- What are the benefits and burdens for issuers and sponsors of securitizations?
- Analyzing the basics of a securitization, with an emphasis on core concepts and terminology
- Overview of the structure of a residential mortgage-backed securitization
- Core mortgage securitization concepts and terminology
- GSE sponsored versus private label RMBS
- Typical ABCP structures
- Why ABCP?
- Past performance
- Future prospects
- Regulatory and other issues that may impact ABCP
- Overview of the structure of a commercial mortgage-backed securitization
- Core commercial mortgage securitization concepts and terminology
- Key terminology, parties and benefits
- Marketplace lenders vs traditional banks
- Growth and size
- Product features and borrower experiences
- Introduction to the various platforms, their strategies and business models
- Case study: Credit card ABS vs MPL data
- Rating Agency considerations
- Where does the institutional borrower fit
- Who do we have in the audience?
- From 2010 to 2015, there has been rapid growth in marketplace loan originations. What percent increase in the U.S. do you think the two major marketplace platforms experienced in loan origination:
- The biggest risk to marketplace lending is:
- The most compelling factor about marketplace lending is:
- Examples of esoteric ABS that are not yet "mainstream"
- Attributes necessary to make assets appropriate for the securitization market
- Pending transactions
- Case study: specific types of esoteric ABS and the business case for securitizing the particular asset
- Structural and legal issues to be resolved, and how the resulting structure responds to those issues
- Tobacco legal fees and tobacco escrow securitization
- Franchise royalty and whole business securitization
- Music/film copyright royalty securitization
- Patent/trademark royalty securitization
- Energy efficiency securitization
- Difficulties in bondholder communication and possible solutions
- Existing tools and how to make them more effective
- Role of trustees and Deal Agents in facilitating bondholder communications
- Expediting implementation and market adoption of tools
*Advance Registration Required
- Defining key terms
- What are the benefits and burdens for issuers and sponsors of CLOs?
- Analyzing the basics of a CLO with an emphasis on core concepts and terminology
- Understanding the various types of solar assets ripe for securitization
- Tax equity considerations
- Overview of a solar ABS structure
- Potential size and scope of the solar asset class
- What is the origin of the HQS label and how has it evolved? SST, etc.
- Overview of the various labeling initiatives and proposals to date
- Implications for U.S. issuers
- Timeline for implementation
- How Fast and How Far Will FinTech Upend Capital Flow?
- Peer to Peer Lending and Currency
- Likely Winners and Losers in the New Paradigm
John Heck III
- History and Role of Fannie Mae and Freddie Mac
- The Financial Crisis and the Conservatorship
- Administrative Actions During the Conservatorship
- How Could the Conservatorship End
- Legislative Proposals for Reform
- Key regulatory developments post Dodd-Frank
- Understanding the alphabet soup of regulations: the key acronyms to know and what sector they impact
- Who will they impact most and how
- What best describes your role in the ABS markets?
- Do you believe the new Risk Retention requirements will help align incentives between issuers and investors?
- Do you feel that the benefits of loan level information required by Reg AB II outweigh the costs?
- Should the new 3 day waiting period for publicly offered ABS securities apply to:
- Does the benefit of investors having more time to review the transaction outweigh the increased exposure to market risk?
- Do you think that the omission of high quality ABS from treatment as a HQLA will impact the market liquidity for ABS?
- What do you think will be the impact to ABS of the implementation of the new Fundamental Review of the Trading Book (FRTB) rules?
- Do you agree that ABS transactions that meet the Simple Transparent and Comparable Securitization framework should have lower capital requirements?
- Who should make the determination of whether an ABS transaction meets the Simple Transparent and Comparable Securitization framework?
- How does ABS fit into our daily lives and help to fund key milestones?
- What regulations have been most helpful in restoring confidence in this market? Most harmful? (Basel 3/REG AB 2/GSE Reform/Derivatives Rulings/Risk Retention)
- Do any of the regulations have unintended consequences? If so, which ones? How?
Nancy Mueller Handal
- Of the following types of organizations, which one is more likely to report diversity and gender statistics externally and consistently?
- While many corporations are highlighting an emphasis on gender diversity, the number of women reaching leadership positions continues to lag. Do you feel this is due to:
- In your organization, are women paid equally? I.e., all things being considered—education, experience, job responsibilities, are women paid the same as men?
- Within your organization, what is the percentage of women in leadership/board positions?
- Would a Hilary Clinton presidency help or hinder the female work force?
- Today's US market for CLOs and leveraged loans amid credit volatilty and a declining energy sector
- Economic variables: corporate credit, interest rate increase, China slowdown, impact on liquidity
- How has the sector navigated Volcker, Risk Retention and beyond thus far?
- Investor trends : AAA, mezz, equity amid decreasing arbitrage opportunities
- Portfolio manager roles
- Interim financings/warehousings
- Primary issuance forecast for 2016
- Multiple initiatives for a unified market
- Are we truly at RMBS 3.0 or closer to RMBS 2.3?
- What parts of 3.0 are ready to go now? How long before we see it begin to be introduced to market practices?
- Overview of the key areas of progress: Reps and Warranties, Deal Manager Framework
- Strategies for issuer adoptions and widespread implementation
- Structural elements
- Current state of the market & developments
- How will this develop and evolve?
- What's available? What do investors want?
- What structuring model will make sense in the long term?
- Relative value of ABS vs. other funding options
- Which asset classes/sectors are most impacted? CLOs, CMBS
- Implementation challenges to date
- In investors' opinion, will risk retention make a difference?
- Compare and contrast with European Risk Retention Rulings
- Goals and burdens of risk retention
- Potential for unintended consequences
- How have managers responded to Risk Retention? New structures and funding partnerships
- Impact of new capital charges and risk retention on new CLO manager launches
- Challenges with aligning the conflicting investor interests: Triple AAA vs. Equity
- Comparing and contrasting different management styles
- Key differences in managing CLOs vs. loan funds
- Update on single security and the Common Securitization Platform
- Standardization of origination channel
- Why are consumers using these lenders vs. traditional banks?
- Customer Service: variations in the sector
- What does the borrower provide on the underwriting process
- Credit decision parameters & underwriting standards?
- How are platforms funding their lending activities?
- New disclosure requirements in the U.S. and in Europe (CRA regulation Article 8b and Reg AB II)
- Are current ABS disclosure initiatives reasonable or do they impose duplicative burdens to hinder the market?
- What are the cost and compliance issues for issuers of the new rules?
- Should private financings require full public disclosure?
- Are investors benefitting from current disclosure initiatives or should we stop to take stock before additional regulations are drafted?
- Are current ABS disclosure initiatives reasonable or do they impose unreasonable burdens that hinder the market?
- How much have do you think it would cost an investor to ingest all of the newly available data disclosures?
- Should full public disclosures be required in unregistered financings?
- Should regulators take stock of the effect of existing disclosure rules before adopting new ones?
- How will rising interest rates affect debt investors? Equity investors?
- Risk/return profile of CLO warehouse trades
- How do the various strategies employed to comply with Risk Retention create agency conflicts? Among the equity investors? The AAA investors?
- Investing in non-risk retention compliant CLOs
- Where can investors find value?
- Primary versus secondary
- U.S. versus Europe
- Cash versus synthetic deals
- Current trends in NPL / RPL
- Risk Factors
- What are they seeing as additional areas of opportunity and relative value?
- Are investors viewing this as a sustainable sector?
- How are investors assessing risk in the sector?
- Evolution of investor attitude: how have investors gotten comfortable in this sector?
- How have CRAs evolved their ratings methodologies since the crisis?
- Avoiding conflicts of interest
- CRA self- appraisal: how accurate have the ratings proven to be?
- Non-HQS: how will the ratings of non- qualifying deals be impacted, if at all?
- Future reforms in the cards and timeline for implementation
- How are the countrys' demographics changing, and how will this change housing finance demand?
- How will these needs be met? GSE reform, return of PLS RMBS
- Rising role and influence of millennials
- Providing solutions for affordable housing and the role of ABS
- How will underwriting standards evolve with the need for expanded credit?
- What impact has the China market slowdown had on European and US CLO Markets?
- Relative value of investing in U.S. CLOs versus overseas
- Overview of the European market and issuance outlook for 2016
- Why are U.S. managers expanding overseas?
- Risk retention in the US vs. globally; efforts at harmonizing conflicting global regulations
Steven T. Kolyer
- Small business: issues and developments
- Unsecured consumer lending: who should regulate it?
- What does the regulatory environment mean for investors?
- Position of banks in regulatory field
- How have issuers fared under the Reg AB II regime?
- SEC scorecard: which sectors have successfully complied with the new rulings and what were the key aspects of successful filings?
Michael S. Piwowar
- Underwriting and performance standards; are credit standards changing? What are the ratings agencies seeing?
- How realistic are cap rates?
- Issuance volume in 2016
- How will issuance handle the pending wave of re-financings?
- Potential interest rate increase and impact on refinancing activity
- Impact of the return of in CMBS ratings
- Single asset/single borrower under Risk Retention Rulings
- Comparing relative value across the various sectors: What are the most promising sectors for investment in 2016?
- Assessing prime/subprime auto, student loans, credit cards, commercial leasing
- Solar ABS to takeoff with fundamentals and market shifts: Federal ITC Extenders Package, community solar legislation, and battery/fuel cell LCOS (levelized cost of storage)
o Growth rate of solar development
o Inefficiently funded solar assets in the current market
o Breakdown of other capital markets funding mechanisms (i.e. YieldCos)
o Multiple new solar ABS issuers
- Evaluating the trends of existing solar ABS deals in the market
- Understanding risks of investing in Solar ABS
- What are investors asking to see in terms of underlying loan level data?
- What impact has the new online lending marketplace for student loans have on disclosure standards?
- Impact of proposed legislation on rate fixing, income based repayment schedules, and other proposed changes to the government guaranteed market
- How are the CRAs viewing these possible solutions and how can they impact the ratings?
- Single asset/single borrower
- Ratings shopping concerns
- Have underwriting standards reverted to 2006 levels? Are current credit fundamentals and safeguards slipping?
- The refinancing wave: near term outlook
- How will Risk Retention affect the B piece buyer? Has the alignment of interest conflict been resolved?
Marielle Jan De Beur
- ABS backdrop - supply, fundamentals, new regulations, spread context
- Are there any sectors where we see material spread tightening? What sectors offer out performance?
- Breadth and depth of investor participation in the sector; how has it changed as the market has evolved; where is it presently?
- How liquid is the secondary market; what is the relationship with the secondary market and the new issue market, especially in the presence of TRACE reporting?
- How will the advent of TRACE for ABS impact the new issue market?
- Solar ABS Risk Unbundling
- Power production risk
- Credit risk and renegotiation
- Regulatory risk
- Solar ABS structuring mechanisms
- Tax equity considerations
- Sculpted pay-downs
- Risk mitigation and structuring tools
- Making data actionable
- Stressing power production,credit, and renegotiation risk efficiently
- Performance and investor feedback on existing deals
- Liquidity - issuance and spread performance, tiering, impact of regulatory changes and outlook
- Automotive Leasing - market, residual value trends and enhancements
- Subprime auto - performance and ratings outlook
- Regulatory Considerations - Reg AB II, risk retention and more
- Can auto ABS retain its reputation as an extremely liquid asset class?
- How many vehicles do you expect to come off lease in 2016?
- How much total initial Class A enhancement did Ford Credit and World Omni have in their most recent public term lease deals?
- At what level would cumulative base residual losses have to rise for lease noteholders of Ford Credit and World Omni AAA notes to suffer a loss?
- How do investors and/or ratings agencies get comfortable with the modest amount of historical and consistently reported data, particularly as it relates to multi-borrower deals? Is there a good proxy out there?
- Are there any new twists or structures being brought to market to cater to specific investor demands or to provide structural flexibility?
- How viable is this business is this an HPI trade or a long-term business to manage?
- Has the emergence of the large-scale buyer/owner of single-family rental properties changed the traditional dynamics of rent vs. buy for individual homeowners?
- Understanding the initiative and what the label really means
- Is this label important to investors?
- Are issuers seeking the label? Why or why not?
- Implications for U.S. based cross - border Euro issuers
- What is the size/scope of the commercial/ residential PACE sector?
- What are the key underwriting criteria unique to PACE deals?
- Is the PACE market expected to grow in volume?
- What are the key lessons learned from the industry's first PACE securitizations?
- What is the rating agency perspective on PACE?
Elizabeth Bellis Wolfe
- Large ticket leasing securitization volume outlook
- Deals in the pipeline
- Role of private equity in the equipment leasing marketplace
- Finding relative value in the commercial finance sector
- What is being financed and what are the various models? Private Student loans, individual consumer credit
- How are these non-bank lenders vetting the borrowers? Examining underwriting criteria
- Where do these lenders see value in ABS as a funding source?
- Online versus offline lending, comparing each lending platforms relative risks, advantages and disadvantages and how it compares to other traditional consumer ABS assets
- What will be the role of banks going forward in a new lending landscape?
- The expanded and integral role of due diligence in post-crisis RMBS
- Overview of current pre-offering loan-level due diligence and the impact of TRID
- Balancing privacy concerns and investor interest in more granularity regarding loan level data and due diligence reports
- What constitutes due diligence reports that are required to be made publicly available
- Ongoing SFIG efforts to develop disclosure and due diligence standards
- Defining a green bond
- Why bother to obtain the green bond label?
- The role of green bonds in the socially responsible investment portfolio
- What are the major risks inherent to this sector?
- Can a slowdown in China mean trouble for shipping ABS?
- How does this asset class differ from the traditional ABS structure?
- Deals in the pipeline
- Will the RMBS 3.0 framework apply to non-QM product?
- Who is doing what, and how?
- What are the key risks when securitizing non-QM assets?
- Exploring the emerging role of asset managers as lenders
- What will be the future of bank financing given the emergence of alternative lender?
Jerry van Koolbergen
- What is currently happening, and what's under consideration
- Broadening the investor base
- Building liquidity in STACR and CAS
- Experimenting with alternatives
- Assessing lessons learned and strategies going forward, actual losses, selling first loss, upfront risk transfer,non-TBA products
- Why is this sector seeing a strong resurgence of activity?
- Assessing global demand for air travel in the near and long term and how it will be financed
- What makes this such an appealing asset class? Lessor diversity, deal sizes
- Opportunities for fixed income investors
- Which capital markets in Africa are developing rapidly?
- What is the likelihood of securitization expanding beyond South Africa? Covered Bonds?
- Regulatory landscape and developments
- Assets being securitized
- Outlook for total issuance volume
- Spotlight on India, Singapore, Malaysia and other ex-China emerging ABS markets
Save sessions of interest, print for onsite use and insert to calendar for auto reminders.
TERMS AND CONDITIONS OF USEBelow are the terms and conditions governing your use of EIMN, LLC ("IMN") this website and any products or services connected therewith. By using the website or services connected with the website, you acknowledge and agree to the following:
*Your Obligations. You represent and warrant that you have the capacity to agree to these Terms and you are at least eighteen (18) years of age. To the extent any individual accesses a Site or uses a Service as an employee, partner, director, agent or representative ("Agent") of any legal entity which is a Subscriber, the Agent warrants that he or she has authority to agree to these Terms on behalf of the relevant legal entity.
You will procure that you and any licensed user under your subscription will: (a) comply with all applicable laws in relation to the site and services, including without limitation, laws relating to the use of Intellectual Property; (b) not use the site or the content outside the scope of permitted use and will not infringe any Intellectual Property or other rights in or relating to the site or the services or of any third party; (c) not copy, reproduce, recompile, decompile, disassemble, reverse engineer, upload, download, transmit, create derivative works from or otherwise exploit or tamper with the site or any software embodied in any site or service; (d) not prevent or restrict the use of any site or service by other authorized users nor hack into or cause damage to any server or other equipment operated by us; and (e) comply fully with these Terms.
*No IMN Warranties or Representations. IMN makes no warranty, express or implied, concerning any use of this website or any service or product provided in connection with this website. The services and products provided by IMN are provided on an "AS IS" basis. IMN disclaims any implied warranty of merchantability or fitness for a particular purpose, including any warranty for the use or the results of the use of the products or services. IMN is not responsible for correcting, maintaining or updating the data and services made available on this website.
Any material and analysis provided by or through IMN or this website is not a recommendation that must be followed or an offer, or solicitation of an offer to buy or sell any financial product; IMN does not recommend that you enter into a particular transaction or represent that any product or service described on this website is suitable for you or your company. Nor is any information displayed here promoting any particular financial product, service or trading strategy in any jurisdiction where such an offer or solicitation, or trading strategy may be prohibited. As all prudent investors know, some transactions, including but without limitation, those involving high-yield securities, give rise to substantial risk and any investment decision you may make is your own. You should not enter into any transactions unless you have fully understood all such risks and have independently determined that such transactions are appropriate for you. Any discussion of the risks contained herein with respect to any product should not be considered to be a disclosure of all risks or complete discussion of the risks mentioned.
*Restricted Use. As a user of this website, you are not permitted to display, modify, copy, print or otherwise use the information made available to you here only for your own use. You are not permitted to publish, transmit, or otherwise make this information available in any format to any third party without the prior express written consent of IMN. You also are not permitted to change or remove any copyright (©), trademark (®, SM, TM) any other notices displayed with the information. IMN can modify the information at any time and for any reason at its sole discretion. Unless expressly stated otherwise herein, no rights are granted to you regarding the information on this website from IMN or any other source, including third party providers of information for this website, which shall under no circumstances be liable to you in any way.
*IMN Monitoring. Your use of the products and services on this Web site may be monitored by IMN in any lawful manner, and that the resulting information may be used by IMN for its internal business purposes or in accordance with the rules of any applicable regulatory or self-regulatory organization.
*Website or Internet failure. IMN shall have no liability, contingent or otherwise, to you or to third parties, or any responsibility whatsoever, for the failure of any connection or communication service to provide or maintain your access to this service, or for any interruption or disruption of such access or any erroneous communication between IMN and you. IMN also does not warrant or represent that the website shall be completely secure, specifically including without limitation, that no unauthorized person shall intercept or access information transmitted by you.
*Website Access. Access to this website is restricted by password and only authorized IMN registrants may use the website. Any unauthorized access shall be the responsibility of the Registrant and his or her company and IMN shall not be liable for any damages arising out of such unauthorized access. You agree to: (1) Keep your password confidential; (2) prohibit others from using your account; (3) refrain from using other Users’ accounts; (4) refrain from selling, trading, or otherwise transferring your account to another party; and (5) refrain from charging anyone for access to any portion of DirectConnect, or any information arising therefrom. You are also responsible for anything that happens through your account unless you can demonstrate that your account was accessed without your knowledge or fault.
*User Communication. To the extent permitted while using DirectConnect, you can use and participate in groups, free to post and delete comment on the website. You are solely responsible for your interactions with other users. IMN may limit the number of connections you may have to other users and may at its sole discretion prohibit you from contacting other users through use of the Services or otherwise limit your use of the Services.
If you violate this Agreement while posting, that content may be removed without further notice or the rights of others posting here. Nothing you post here is confidential or proprietary and you are cautioned that other posters or viewers may use any information posted here. By posting here you agree that IMN is not responsible for the misappropriation or misuse of any information posted on this website.
*Privacy. Any submissions, including private personal information, like names, addresses and so on, are voluntary and you waive any and all rights you have to the protection of that information. By submitting ideas, suggestions, documents or other matter ("Submissions"), you agree that: (a) the Submissions are not confidential or proprietary information; (b) IMN has no obligation to keep the submissions confidential; (c) IMN can use or disclose the Submissions for any purpose, in any way, in any media worldwide; (d) if asked, you will irrevocably assign to IMN all rights to your Submissions; and (f) you are not entitled to any compensation of any kind from IMN under any circumstances.
*Content by Becoming a User of DirectConnect: As part of obtaining registration access to DirectConnect, unless you opt out, you may receive invitations to network from other conference attendees. We may also send you emails to keep you updated on developments in the site and services. Your registration for and/or subscription to such an email service and your use of the content received through these email services will be subject to these terms. You can unsubscribe to our email service by changing your email preferences on the website.
*License. If you comply with all your obligations under this Agreement, IMN grants you a limited, revocable, nonexclusive license and right to access the Services, through a generally available web browser, mobile device or application view information and use the web pages and in accordance with this Agreement for your use only. Any other use of DirectConnect is strictly prohibited. All rights not expressly granted in this Agreement, including, without limitation, title, ownership, intellectual property rights, and all other rights are retained by IMN.
*Anti-Hacking. You expressly agree not to use or attempt to use any "virus," "spyware," "malware," "adware," "Trojan horse" "deep-link," "scraper," "bot," "spider," "data-mining," "computer code" or any other automated device, program, tool, algorithm, process, or methodology or manual process having similar processes or functionality, to access, acquire, copy, or monitor any portion of this website or content. You also agree not to obtain or attempt to obtain through any means any materials or information on the website that have not been intentionally made available either by their public display on the Web Site or through their accessibility by a visible link or portal. You further agree not to violate the security of the website or attempt to gain unauthorized access to the website, data, materials, information, computer systems or networks connected to any server, through hacking, password mining or any other method.
*No Linkage. You expressly agree not to link or attempt to link to this website or the web pages contained herein.
*Third Party Information. Some of the information you access here is the property of third parties, made available here with the express permission of those third parties. IMN is not responsible for the content of any third party information provided on this website. You are cautioned that any further use of that information by you may be subject to the rights of those third parties and you may be required to obtain a license to use any such information. Failure to obtain third party permission may be a violation of federal law. You should contact the third party provider of the information to ascertain the requirements for using the information.
*Copyright and Trademarks. The layout of the website pages, graphics and pictures used and the collection of individual contributions are protected by copyright. All copyrights belong either to IMN, the third-party content providers or both. Either IMN or the third-party content providers own all trademarks and service marks depicted here.
*Indemnification. You agree to indemnify hold harmless and defend IMN, including our employees, officers, agents and contractors and our related entities and their employees, officers, partners, agents and contractors ("Indemnified") and continue to keep the Indemnified indemnified from and against any actions, proceedings, claims, demands, costs (on a full indemnity basis including, without limitation, reasonable legal and accounting fees) brought or made against the Indemnified by any person arising in connection with your use of the Website or content, or a breach of your representations and warranties in the Terms and Conditions of Use or this Agreement, or your violation of any of the Terms and Conditions of Use or this Agreement or any other activity in which you engage on or through, and from and against any damage, loss(whether personal or property, and whether direct or consequential, including without limitation consequential financial loss), cost or expense suffered or incurred by any Indemnified as a direct or indirect consequence thereof.
*Changes in Terms and Conditions. IMN may at any time revise the terms and conditions by which you may access the website or use IMN products or services. By using this website and IMN products and services, you agree to be bound by any such revisions and should therefore periodically visit this page to determine the then current version of this document.
*Limitation of Liability. Neither we, nor any of our suppliers, officers, employees, partners, affiliates, subsidiaries, successors and assigns, agents or representatives (our "Representatives") will be liable to you for:
(a) any incidental, punitive, indirect, special or consequential damage, loss or expenses, including but not limited to any loss of business, contracts, revenue, or profits, any business interruption, security breach, loss of data, loss of goodwill or reputation or other pecuniary loss suffered by you, even if we or any of our Representatives have been advised of their possible existence; nor? (b) any direct damage loss or expenses arising from loss of customers, loss of profits, loss of anticipated profits or loss of savings.
*Termination. You may terminate this Agreement, for any or no reason, at any time, when IMN receives notice from you. IMN may terminate the Agreement and your account for any reason or no reason, at any time, with or without notice. This cancellation shall be effective immediately or as may be specified in the notice and may include disabling your current and future access to DirectConnect. IMN may also suspend or terminate this Agreement if you invite other users with whom you do not know to connect; abuse the any DirectConnect messaging services; creating multiple or false profiles; infringe on any intellectual property rights, violating any provisions in this Agreement, disparage IMN or its executives, Board members, affiliates, staff or other related entities or persons, or exhibit any other behavior that IMN, in its sole discretion, deems contrary to the purpose of the website.
*No Waiver. Failure by either party to exercise any right or remedy under these Terms does not constitute a waiver of that right or remedy.
*Entire Agreement. These terms (including any terms incorporated by reference in these terms), constitute the entire agreement between you and us with respect to your access to and use of the website or receipt of any service and supersede all prior agreements, negotiations and discussions between you and us relating to the same.
*Law and Jurisdiction. Where you visit, register and/or subscribe to a this site or related service (as indicated on this website or otherwise notified to you), these terms (and any dispute or claim arising out of or in connection with these terms, including non-contractual disputes or claims), to the maximum extent permissible under the law of the territory that you are located in, will be governed by the laws of the State of New York. Any action to enforce these terms shall be brought in a federal court or a state court located in the state of New York, county of New York, and you agree to submit yourself to the personal jurisdiction of those courts in any such action.
*Force Majeure. We shall not be deemed to be in breach of these Terms by reason of any delay in performing, or any failure to perform any service or our obligations in relation to these Terms, if the delay or failure was due to any cause beyond our reasonable control, including but not limited to acts of God, explosions, floods, fire or accident, war or threat of war, terrorism or threat of terrorism, sabotage, civil disturbance, epidemics, prohibitions or measures of any kind on the part of any governmental, parliamentary or local authority, import or export regulations or embargoes, or industrial actions or trade disputes (whether involving our employees or of third parties).
*Severability. If any provision of these Terms is found to be wholly or partially invalid, void or unenforceable by any court having competent jurisdiction or by virtue of any legislation or any other reason, that provision shall be invalid, void or unenforceable to that extent only and no further and the validity and enforceability of the remaining provisions of these Terms shall not be affected.
*Notices. Any notice given pursuant to these Terms shall be made by email or first class post, in the case of you, to the address provided on your registration form and, in the case of us, to the address posted on the website or otherwise notified to you in relation to any relevant service. Any such notice shall be deemed to have arrived if sent by post within three (3) days of posting and if sent by email at the time of transmission.
This email already exists, please use "Forgot Password" page to reset a password for an existing account.
(Click "Reset Password" button below and email with password reset instruction will be emailed to you.)
This email you entered is not in valid format.