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IMPORTANT INFORMATION 

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Please read the Terms of Use below. Use of and access to www.watermarkgroup.com and www.parsectrading.com (collectively, the “Web site”) is conditioned on your acceptance of the Terms of Use. By using or accessing the Web site, you expressly acknowledge that you have read and understood the Terms of Use, and that you agree to be bound by them. If you do not agree to be bound by the Terms of Use, you are not permitted to use or access the Web site.

 

The Watermark Group (“Watermark”) may modify these Terms of Use at any time in its sole discretion, with or without advance notice. Each time you use or access the Web site, you are responsible for being familiar with, and are bound by, the then-current version of the Terms of Use.

If you use or access (or attempt to use or access) the Web site in breach of any of the Terms of Use, neither Watermark nor any of its associates or affiliates will be liable to you for any loss or damage that may result to you or a third party (including without limitation, any direct, indirect, incidental or consequential loss or damage, or any loss of revenue, business profits, goodwill, data, or any opportunity) in connection with such use or access (or attempt to use or access) of the Web site. 

 

PLEASE READ THESE TERMS CAREFULLY BEFORE VISITING THE WEB SITE. BY UTILIZING THE WEB SITE, YOU ACKNOWLEDGE THAT YOU HAVE READ THESE TERMS AND CONDITIONS, AND THAT YOU AGREE TO BE BOUND BY THEM. IF YOU DO NOT AGREE TO ALL OF THE TERMS AND CONDITIONS, YOU ARE NOT AN AUTHORIZED USER OF THESE SERVICES AND PRODUCTS AND YOU SHOULD NOT USE THE WEB SITE.

 

UNAUTHORIZED USE OF THIS WEB SITE, INCLUDING BUT NOT LIMITED TO MISUSE OF PASSWORDS OR POSTED INFORMATION, IS STRICTLY PROHIBITED. AUTHORIZED USERS OF THE WEB SITE INCLUDE ANY USERS VISITING THE WEB SITE FOR PERSONAL AND/OR INFORMATIONAL PURPOSES, CLIENTS AND POTENTIAL CLIENTS OF WATERMARK, WATERMARK EMPLOYEES, CANDIDATES FOR EMPLOYMENT, SERVICE PROVIDERS, AND ANY OTHER USERS AUTHORIZED BY WATERMARK.

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TERMS OF USE

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Unless otherwise indicated, in these Terms of Use (“Terms of Use”), references to “you” and “your” are references to any person using or accessing (or attempting to use or access) the Web site.

 

Purpose and Accuracy of Information on the Web site

 

The information on the Web site (the “Content”) is directed only at persons or entities in any jurisdiction or country where access to Content and use of such Content is not contrary to local law or regulation. Accordingly, you are responsible for informing yourself of and complying with any such restrictions.

 

The Content is for informational use only and is not intended to be, nor should it be construed or used as, tax, legal or investment advice, a recommendation of any kind, or an offer or solicitation to buy or sell securities or related investments products or services, including interests or shares in funds managed by Watermark (each, a “Fund,” and together, the “Funds”), where any such offer is not permitted.  

 

The Content is provided without obligation on the part of Watermark and its affiliates and on the understanding that any person who acts upon it or changes his or her investment position in reliance on it does so entirely at his or her own risk. The Content is current only as at the date it is first posted and may no longer be true or complete when viewed by you. Additionally, the Content may be changed or amended without prior notice.

 

Furthermore, the information available on the Web site is not complete and does not contain certain material information regarding the Funds, including specific information relating to an investment in the Funds and related important risk disclosures. Investors should thoroughly review each Fund’s confidential offering documents with their professional advisor(s) to determine whether an investment in such Fund is suitable in light of their investment objectives and financial situation. An investment in a Fund is not suitable for all investors. See “Certain Risk Factors” in each such Fund’s confidential private placement memorandum. 

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If made available through the Web site, all performance figures, portfolio positions, portfolio holdings and related data, are unaudited and are subject to adjustment. Watermark is under no obligation to update or revise any such data.  Investments for the Funds are selected by, and will vary at the discretion of Watermark, and it should not be assumed that Watermark will continue to invest in such instruments. Furthermore, such investments are subject to availability and market conditions, among other things, and it should not be assumed that such investments or similar investment opportunities will become available to the Funds in the future. No representation is made that Watermark’s or a Fund’s risk management, investment process or investment objectives will or are likely to be achieved or will be successful or that a Fund will make any profit or will not sustain losses. 

Nothing in these Terms of Use is intended to exclude or restrict any duty or liability that Watermark has to its customers under applicable law.

Information on the Web site

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The Web site contains general information about Watermark, its principal employees, and its research.

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No Advice

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The Content is provided solely on the basis that you make your own investment decisions and does not constitute a personal recommendation or investment advice or create a business or professional services relationship. 

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Limitations to Use

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You warrant that you will not use the Web site to conduct or engage in unlawful activities, to violate any law or regulation, or to violate or infringe upon the rights of Watermark, or any third party, including without limitation, contractual rights, intellectual property rights, and privacy rights. You shall not use or introduce into the Web site any device, software, or routine that could damage or interfere with the proper operation of the Web site.  You shall not directly or indirectly take any action to unduly stress the Web site, including by way of example and not limitation, incurring session lengths or conducting search queries that Watermark reasonably determines to be abusive, or use any scraper, robot, spider, or other automated mechanism to access the Web site or download the Content.

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Watermark reserves the right to monitor your use of the Web site to provide guidance and assistance in the use of the Web site, and to monitor your conformance with these Terms of Use. You acknowledge and hereby consent to such monitoring.  Watermark reserves the right to terminate your access to and use of the Web site if, in Watermark’s reasonable belief, you have violated the usage limitations set forth in these Terms of Use.

 

Third-party Information

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The Web site may contain information provided by third parties, which although believed to be reliable, has not been independently verified.  The accuracy or completeness of such information cannot be guaranteed. Watermark is under no obligation to update or revise any such information, and Watermark does not accept any liability arising out of the information contained on any linked website or information on the Web site provided by a third party.

 

Indemnity

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You agree to indemnify, defend, and hold harmless Watermark, its affiliates and licensors, and the officers, partners, employees, and agents of Watermark and its affiliates and licensors, from and against any and all claims, liabilities, damages, losses, or expenses, including legal fees and costs, arising out of or in any way connected with your access to or use, or attempted access or use, of the Web site.

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Disclaimers

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EXCEPT AS EXPRESSLY PROVIDED HEREUNDER, THE WEB SITE, INCLUDING WITHOUT LIMITATION ALL CONTENT AND INFORMATION PROVIDED IN CONNECTION WITH THE WEB SITE, IS PROVIDED “AS IS,” WITH ALL FAULTS, AND WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESSED OR IMPLIED. TO THE GREATEST EXTENT PERMITTED BY LAW, WATERMARK EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, EXPECTED RESULTS, OR ARISING FROM A COURSE OF DEALING, USAGE, OR TRADE PRACTICE. NO REPRESENTATION, WARRANTY OR UNDERTAKING IS GIVEN AS TO THE ACCURACY OR COMPLETENESS OF THE CONTENT BY WATERMARK OR ANY OF ITS AFFILIATES AND NO LIABILITY IS ACCEPTED BY SUCH PERSONS FOR THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION. IN NO EVENT WILL WATERMARK OR ANY OF ITS AFFILIATES BE LIABLE TO YOU FOR ANY CLAIM OR LOSS CLAIMED BY YOU OR ANY THIRD PARTY RELATING TO BUSINESS DECISIONS MADE BY YOU AS A RESULT OF YOUR USE OF THE WEB SITE OR THE CONTENT. THE INTERNET IS NOT A COMPLETELY RELIABLE TRANSMISSION MEDIUM, AND WATERMARK SHALL NOT BE LIABLE FOR ANY DATA TRANSMISSION ERRORS SUCH AS DATA LOSS, DAMAGE OR ALTERATION OF ANY KIND.  WATERMARK DOES NOT GUARANTEE CONTINUOUS, UNINTERRUPTED OR SECURE ACCESS TO THE WEB SITE OR ANY CONTENT CONTAINED THEREIN. UNDER NO CIRCUMSTANCES SHALL WATERMARK OR ANY OF ITS AFFILIATES BE LIABLE TO YOU OR ANY OTHER PARTY FOR INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, OR EXEMPLARY DAMAGES (EVEN IF SUCH DAMAGES ARE FORESEEABLE OR WHERE WATERMARK HAS BEEN ADVISED OR HAS KNOWLEDGE OF THE POSSIBILITY OF SUCH DAMAGES) ARISING FROM YOUR USE OR MISUSE OF THE WEB SITE, ANY CONTENT, OR ANY INFORMATION CONTAINED ON ANY OTHER WEB SITE.

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Copyright, Trademarks and Other Rights

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Nothing on the Web site should be considered as granting any license or right under any trademark of Watermark or any third party.

 

The Web site and all intellectual property rights in it and in the Content (including, but in no way limited to, rights under the copyright law, trademark law or patent law of any jurisdiction) are owned by Watermark and/or its associates or affiliates or licensed to Watermark by relevant third-party content providers. Watermark grants you the limited, nonexclusive, nontransferable, and non-sublicenseable right to access the Content for your own personal or internal business use, and the right to reproduce the Content in hard copy for your own reference.  Notwithstanding the foregoing sentence, nothing in these Terms of Use shall be construed as conferring upon you any license to use, modify, reproduce, distribute or transmit the Content, to create derivative works based upon the Content, or to incorporate the Content into other databases, documents or other materials.

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All product names, trademarks, logos, service marks and trade names (collectively referred to as “Trademarks”) displayed on the Web site are property of Watermark and/or its associates or affiliates, related companies, licensors or business partners. The Trademarks are protected under U.S. and/or international law. Except as permitted within these Terms of Use or otherwise indicated in writing by Watermark, any use of the Trademarks by you is expressly prohibited.

 

The layout and design of the Web site, as well as images of people or places displayed on the Web site, are either property of Watermark or used with the permission of the copyright owner. Except as permitted within these Terms of Use or otherwise indicated in writing by Watermark, any use of such layout, design or images by you is expressly prohibited.

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Privacy

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Watermark takes precautions to maintain the privacy of your nonpublic personal information (“Nonpublic Personal Information”). These precautions include the adoption of certain physical, technical and/or administrative procedures designed to maintain and secure such Nonpublic Personal Information from inappropriate disclosure to third parties. The Web site may use cookies by default. A “cookie” is a small text file that a web site stores on a user’s hard drive containing information about how that user uses the web site. Cookies may be used in order to enhance user experience of the Web site and/or provide Watermark with data that can help to improve the Web site. By using the Web site, you agree to the use of cookies for such purposes. You can refuse to accept cookies by modifying the settings in your browser. 

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Privacy for California Consumers

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These disclosures are required by the California Consumer Privacy Act (“CCPA”), are only relevant to residents of California, and apply only to the collection or other use of “personal information” that is subject to the CCPA.  

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Watermark may collect the following categories of personal information about California consumers: 

  • Identifiers 

    • A real name, alias, email address, postal address, Internet Protocol (IP) address, account name, Social Security number, driver’s license number, passport number, or other similar personal identifiers.

  • Other personal information categories, as listed in the California Customer Records statute 

    • A signature, telephone number, bank account number, or any other financial information.

  • Internet or other similar network activity 

    • Browsing history, search history, information on a consumer’s interaction with a website, application, or advertisement.

 

Watermark does not knowingly collect, solicit or sell personal information from anyone under the age of 16.

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Watermark collects personal information from the following categories of sources:  

  • Your communications with Watermark; and

  • Service providers, including, but not limited to administrators, banks, brokers, auditors, law firms, consultants, and custodians.

 

Use of Personal Information.  Watermark may use the personal information it collects for one or more of the following purposes:

  • Providing you with information about the Funds;

  • Providing performance and other updates; 

  • One or more of the following business purposes: 

    • Performing services (by Watermark or another service provider) such as account servicing, processing orders and payments, and analytics;

    • Legal compliance;

    • Detecting and protecting against security incidents, fraud, and illegal activity;

    • Internal operations;

    • Activities to maintain and improve Watermark’s services; and 

    • Short-term, transient use, provided that the personal information is not disclosed to another third party and is not used to build a profile about a consumer.  

 

Sharing Personal Information.  Watermark may disclose personal information in one or more of the categories identified above to: 

  • Service providers, including but not limited to administrators, banks, auditors, law firms and consultants; 

  • Legal or government regulatory authorities as required by applicable law; and

  • In connection with a potential business transfer.

 

Watermark does not sell any personal information it collects to third parties, and Watermark will only share personal information it collects as set forth above. 

 

Rights of California Consumers.  The CCPA provides a California consumer the following rights, subject to certain exceptions and limitations: 

  • The right to request (a) the categories and specific pieces of personal information about you that Watermark collects, uses, and discloses, (b) the categories of sources from which Watermark collects your personal information, (c) Watermark’s purposes for collecting your personal information, (d) the categories of your personal information (if any) that Watermark discloses for a business purpose, and (e) the categories of third parties with which Watermark shares personal information;

  • For certain categories of personal information, the right to request a list of what personal information (if any) Watermark discloses to third parties for their own direct marketing purposes in the past 12 months and the names and addresses of those third parties;

  • The right to request that Watermark deletes the personal information it has collected from you or maintain about you;

  • The right to opt out of Watermark’s sale(s) (if any) of your personal information; and 

  • The right not to receive discriminatory treatment for the exercise of the privacy rights conferred by the CCPA.

 

You may submit requests relating to your exercise of rights under the CCPA to Watermark:

     via phone – (609) 683-8200;

     or 

     email – wmcompliance@watermarkgroup.com.

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Watermark may need to request additional information from you to verify your identity or understand the scope of your request.  If Watermark is unable to verify your identify, it will need to deny your request.

 

You may designate an authorized agent to make a CCPA request on your behalf by mailing two forms of identification showing your first name, last name, and current address, and a signed authorization allowing an agent to request information on your behalf.

 

Additional information relating to Watermark’s privacy policy is available on the Web site.

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Confidentiality

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You agree to exercise at least the same degree of care with respect to the confidentiality of the Content as you would exercise in respect of your own confidential information. You agree that you shall only use the Content for the purpose of evaluating a Fund for investment or legitimate business purposes.

 

You agree that you may disclose Content, subject to the terms hereof, only to your affiliates and your and their respective employees, officers, partners, members, consultants, directors, advisors and agents (such recipients of Content, collectively, your “Representatives”) who are subject to obligations of confidentiality.  You shall be responsible for any unauthorized disclosure of Content by you or your Representatives.  You shall not, without Watermark’s prior written consent, disclose Content to any persons other than your Representatives, including, for the avoidance of doubt, any unaffiliated individuals and/or entities to whom you provide investment management services, except to the extent you are required by a legal, governmental or regulatory authority. 

 

In the event of any conflict between the terms hereof and any separate confidentiality agreement entered into between you and Watermark before, on or after the date hereof, the terms of the separate confidentiality agreement shall prevail with respect to the subject matter and time period thereof.

 

You are solely responsible for the confidentiality and security of your password. You accept full responsibility for any use of your password. You must notify Watermark immediately of any actual or suspected loss, theft or unauthorized use of your password.

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Watermark is not obligated to inquire as to the authority or propriety of any use of or action taken under your password. Watermark will not be responsible for any loss to you that arises from such use or action or from your failure to comply with these provisions.

 

Termination

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Watermark reserves the right, in its sole discretion, to restrict, suspend or terminate these Terms of Use and your access to all or any part of the Web site, at any time and for any reason without prior notice or liability. Watermark reserves the right to change, suspend or discontinue all or any part of the Web site at any time without prior notice or liability.

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Unauthorized Access

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Actual or attempted unauthorized use of the Web site may result in criminal and/or civil prosecution. Watermark reserves the right to view, monitor and record activity on the Web site without notice or permission from you and such information obtained by monitoring, reviewing or recording is subject to review by law enforcement organizations in connection with investigation or prosecution of possible illegal activity on the Web site. Watermark will also comply with all court orders as well as all law enforcement and regulatory inquiries involving requests for such information.

 

Linking and Framing

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Watermark prohibits the use of any links to the Web site from any other web sites unless establishment of such a link is approved in advance by Watermark. You may not frame any elements of the Web site with any other web site. The Web site may periodically provide links to third party web sites. These Terms of Use govern only the Web site and not any such third-party web sites. Watermark’s decision to link to a third-party web site is not an endorsement of the content or services in that linked third party web site. If you decide to access linked third-party web sites, you do so at your own risk. You should direct any concerns regarding any third-party web sites to the administrator of the applicable third-party web site.

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Enforceability and Governing Law

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In the event any provision or portion of these Terms of Use is held to be invalid or unenforceable for any reason, in whole or in part, the remaining provisions and/or portions shall be unaffected thereby and shall remain in full force and effect to the fullest extent permitted by applicable law. Your access to and use of the Web site and these Terms of Use are governed by the laws of the State of New Jersey and disputes arising from or related to your access to and use of the Web site shall be adjudicated exclusively in a forum located in the State of New Jersey.

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Force Majeure

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Watermark’s failure to maintain the Web site and/or provide the Content as a result of conditions beyond its control such as, but not limited to, war, strikes, fires, floods, acts of God, governmental restrictions, power failures, natural disasters, acts of terrorism, or damage or destruction of any network facilities or servers, shall not be deemed a breach of these Terms of Use.

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Certain Risks

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INVESTMENT IN ANY OF THE FUNDS AND/OR STRATEGIES DESCRIBED ON THE WEB SITE CARRIES SUBSTANTIAL RISK, INCLUDING THE POSSIBLE LOSS OF CAPITAL. THERE IS NO GUARANTEE THAT THE INVESTMENT OBJECTIVES OF THE FUNDS AND/OR STRATEGIES WILL BE ACHIEVED AND RETURNS MAY VARY SIGNIFICANTLY OVER TIME. INVESTMENT IN THE FUNDS AND/OR STRATEGIES DESCRIBED ON THE WEB SITE IS NOT SUITABLE FOR ALL INVESTORS.

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PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

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FUND OFFERING DOCUMENTS CONTAIN RISK WARNINGS THAT ARE SPECIFIC TO EACH FUND THAT MAY BE DESCRIBED ON THE WEB SITE.

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INVESTORS SHOULD ONLY INVEST IN A FUND ONCE THEY HAVE THOROUGHLY REVIEWED THE CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM AND OTHER OFFERING DOCUMENTS FOR THE FUND AND CAREFULLY CONSIDERED THE RELEVANT INVESTMENT OBJECTIVES, RISKS, CHARGES AND FEES. INVESTORS MAY WISH TO CONSULT AN INDEPENDENT FINANCIAL ADVISOR FOR PERSONAL AND SPECIFIC INVESTMENT ADVICE BEFORE INVESTING.

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An investment in a Fund is subject to limited liquidity and significant restrictions on transferability and resale. Investors will be required to bear the financial risks of an investment in a Fund for an indefinite period of time. An investment in a Fund involves the risk of loss of an investor's entire value of investment in such Fund. No guarantee or representation is made that a Fund’s investment program, including, without limitation, a Fund’s investment objective, diversification strategies or risk monitoring goals, will be successful. Investment results may vary substantially over time.  The success of a Fund’s activities will be affected by general economic and market conditions.  Volatility or illiquidity could impair a Fund’s profitability or result in losses. To the extent a Fund uses leverage, the effect of the use of leverage in a market that moves adversely to its investments could result in substantial losses to such Fund.  The loss of the services of Watermark or its key personnel could have a material adverse effect on a Fund and the investors' interests therein.  No assurance can be made that profits will be achieved or that substantial or complete losses will not be incurred. Past investment results of a Fund and Watermark (or investments otherwise made by the investment professionals of Watermark) are not indicative of their future performance.

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