Terms of Use


By entering the Watershed Asset Management, L.L.C. (together with its affiliates, “Watershed”) website, you accept and agree to follow the terms, conditions and notices described in this user agreement (“User Agreement”) without modification. Your use of this website constitutes your agreement to all such terms, conditions, and notices. Watershed reserves the right to, and may at any time, change the terms, conditions and notices under which this website is offered. You are bound by any such revisions and should therefore periodically visit this page to review the then current terms and conditions to which you are bound. You may contact Watershed at the address provided below with questions about the terms and conditions of this User Agreement.

PLEASE READ THIS USER AGREEMENT CAREFULLY BEFORE USING THIS WEBSITE. EACH TIME YOU USE THIS WEBSITE, YOUR USE INDICATES YOUR FULL ACCEPTANCE OF AND AGREEMENT TO ABIDE BY THIS USER AGREEMENT IN ITS THEN CURRENT FORM. IF YOU DO NOT ACCEPT THE TERMS AND CONDITIONS STATED IN THIS USER AGREEMENT, DO NOT USE THIS WEBSITE.

Representations and Warranties


By using this website, you make certain representations and warranties to Watershed. You represent and warrant that you have full authority and all rights necessary to enter into and fully perform all of your obligations pursuant to this User Agreement; you have not and you will not enter into any agreement or perform any act which might contravene the purpose and/or effects of this User Agreement; and you will not delete any content

Limited License; Restrictions on Use of Materials and Trademarks


Except as provided herein, Watershed reserves all rights with respect to copyright and trademark ownership of all material contained within this website, and will enforce such rights to the full extent of the law. Watershed grants you a limited right to use of this website only for your own private, non-commercial informational purposes, and to print pages from this website only in connection with that use. You may discuss information that you learn from this website with your financial, legal or tax advisors, and others with whom you share investment decisions. No act of downloading or otherwise copying from this website will transfer title to any software or material contained within this website to you. Anything that you transmit to this website becomes the property of Watershed, may be used by Watershed for any lawful purpose, and is further subject to disclosure as deemed appropriate by Watershed, including to any legal or regulatory authority to which Watershed is subject. You may not modify, distribute, transmit, perform, reproduce, publish, license, create derivative works from, transfer or sell any text, graphics, logos and other source-identifying symbols, designs, icons, images, or other information, software or code obtained from this website. You are prohibited from removing any copyright, trademark or other proprietary notice or legend contained on (or printed from) this website or on any printed pages. In addition, you are prohibited from decomposing, decompiling, reverse engineering, disassembling or otherwise deconstructing all or any portion of this website.

No Offer of Securities


All content provided on this website is for informational purposes only. The material on this website does not constitute an offer to sell, or the solicitation of an offer to buy, advisory services or any securities or any interests in investment funds managed by Watershed. Offerings of securities are made only by prospectus or private offering memoranda by persons who are registered, or not required to be registered as broker-dealers or agents in the particular jurisdiction. Such offerings are made, and such investment advisory services are offered, only to pre-qualified persons who are “accredited investors” as defined in Rule 501 (a) under the Securities Act of 1933, as amended. This website is not intended for distribution to or use by any person in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Watershed makes no representations or warranties that the content of this website is applicable or appropriate for use in locations outside of the United States of America.

Nothing on this website is intended to be, and you should not consider anything on this website to be, investment, accounting, tax or legal advice. You are encouraged to discuss information that you learn from this website with your financial, legal or tax advisors and others with whom you share investment decisions.

No Warranty; Limitation of Liability


While Watershed uses reasonable efforts to include accurate and up to date information on this website, errors or omissions sometimes occur.

WATERSHED DISCLAIMS ALL WARRANTIES WITH RESPECT TO THIS WEBSITE THAT THE LAW ALLOWS IT TO DISCLAIM. THIS WEBSITE IS PROVIDED "AS IS" AND "AS AVAILABLE." WE DISCLAIM ALL REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, OF ANY KIND WITH RESPECT TO THIS WEBSITE INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT OF INTELLECTUAL PROPERTY AND PROPRIETARY RIGHTS. WITHOUT LIMITING OUR GENERAL DISCLAIMER, WE DO NOT WARRANT THE AVAILABILITY, ACCURACY, COMPLETENESS, SECURITY, FREEDOM FROM COMPUTER VIRUSES, TIMELINESS, FUNCTIONALITY, RELIABILITY, SEQUENCING OR SPEED OF DELIVERY OF THIS WEBSITE OR ANY PART OF THE CONTENT. WATERSHED’S LIABILITY WITH RESPECT TO THE SITE IS LIMITED TO THE MAXIMUM EXTENT PERMITTED BY LAW. UNDER NO CIRCUMSTANCES SHALL WATERSHED NOR ANY PARTY OR PERSON INVOLVED IN CREATING, PRODUCING, OR DELIVERING THIS WEBSITE BE LIABILE FOR ANY DIRECT, INCIDENTIAL, CONSEQUENTIAL, INDIRECT, OR PUNITIVE DAMAGES THAT RESULT FROM THE USE OF, OR THE INABILITY TO USE, THE MATERIALS ON THIS WEBSITE, EVEN IF A WATERSHED AUTHORIZED REPRESENTATIVE HAS BEEN ADVISED OF THE POSSIBLITY OF SUCH DAMAGES.

Third Party Links; Account Access; Confidentiality


Watershed is not responsible for any information on any third party website that is referred in, or accessible or connected by hyperlink to, this website. If you access any third party website through this website, you do so at your own risk. Hyperlinks to or from this website do not constitute third party endorsement of, sponsorship by or affiliation with us.

Certain portions of this website are password protected and the content of such areas are subject to the confidentiality provisions of the respective Watershed fund documents. By entering those portions of this website you are agreeing to be bound by the confidentiality provisions of the respective fund documents. If you are provided a password by Watershed, you must keep your password confidential. You may not disclose your password to any third party without obtaining the express approval of Watershed. You agree to notify Watershed immediately of any actual or suspected loss, theft or unauthorized use of your password. Watershed is not responsible for any loss to you that arises from such use or action or from your failure to comply with these provisions regarding maintaining the security and confidentiality of your password.

Performance Data


Any performance data expressed on this website is an indication of past performance and does not indicate or guarantee future results. Any estimates, projections or predictions on this website are intended to be forward-looking statements. Although Watershed believes that the expectations in such forward-looking statements are reasonable, it can give no assurance that any forward-looking statements will prove to be correct. Such estimates are subject to actual known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those projected. Watershed expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in its expectations or any change in circumstances upon which such statement is based. Watershed advises all users of this website that there is a possibility of loss on all investments and investor principal is not guaranteed. Additionally, Watershed engages in certain strategies that may involve investments that are illiquid and may be subject to heightened risk of loss, as such these investments may not be suitable for many investors. Performance information provided should not be used in making investment decisions.

Governing Law; Certain Other General Conditions


THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT REGARD TO ITS CHOICE OF LAW RULES. ANY LEGAL ACTION BROUGHT HEREUNDER SHALL BE BROUGHT EXCLUSIVELY IN THE COURTS IN SAN FRANCISCO, CALIFORNIA, AND IT IS AGREED THAT SUCH COURTS SHALL HAVE JURISDICTION OVER THE PARTIES TO THIS AGREEMENT AND ANY DISPUTE ARISING HEREUNDER.

We may assign this User Agreement in while or in part at any time without your consent. You may not assign this User Agreement or delegate any of your obligations under this User Agreement. Any purported assignment of this User Agreement in violation of its terms is void. If any provision of this User Agreement is found invalid or unenforceable, that provision shall be enforced to the maximum extent possible and the remaining provisions of the User Agreement shall remain in full force and effect. This User Agreement constitutes the entire understanding, and supersedes all other understandings, between you and Watershed concerning the subject matter hereof.
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