DISCLAIMER OF WARRANTY
All information on this Website is provided "AS IS" without
warranty of any kind. STEPHENS INC. makes no representations,
guarantees or warranties, either express or implied, as to the
accuracy, completeness or timeliness of the information contained
on this Website and expressly disclaims any warranties of
merchantability or fitness for a particular purpose and disclaims
any obligation to update or correct any information contained in
this Website that may become inaccurate or dated.
LIMITATION OF LIABILITY
By accessing this Website, you assume all of the risk associated
with using it. STEPHENS INC. is not liable for any losses or harm
to you and/or any third parties as a result of visiting this
Website and/or the use of information obtained on this site,
including but not limited to, personal or business financial
losses, damage to computer hardware, software, or destruction of
data due to a virus. In no event will STEPHENS INC., its
affiliates, officers, directors, employees, agents, contractors,
suppliers, licensors or successors be liable to you for damages of
any kind, including, but not limited to, direct, special, indirect,
consequential, or incidental damages arising from your use of this
Website even if you notify STEPHENS INC. of such possibility.
When using this site, you agree not to use E-mail to send
messages to STEPHENS INC. giving instructions about your account,
including, but not limited to, any order to buy or sell any
security, contract or financial instrument of any kind, to transfer
funds or to transmit any other time-sensitive instructions.
STEPHENS INC. will not be liable for any act or failure to act
based on an E-mail message that you have sent to STEPHENS INC. You
agree to assume sole responsibility for any action taken in good
faith by STEPHENS INC. based upon any E-mail message received by
STEPHENS INC. from you. WARNING: All E-mail sent to or from this
Website address will be received or otherwise recorded by the
STEPHENS INC. corporate E-mail system and is subject to archival,
monitoring or review by, and/or disclosure to, someone other than
STEPHENS INC. may from time-to-time provide "hypertext links"
and/or "hyperlinks" on its website for your convenience but it has
not reviewed these linked sites for accuracy of contents and makes
no warranty nor assumes any responsibility for the content or use
of a linked site. Your use of a linked site is at your own peril,
and STEPHENS INC. assumes no responsibility or liability for any
losses or adverse consequences resulting from your and/or a third
party’s use of a linked site.
LIMITATION TO U.S. RESIDENTS
This Website is intended for use by residents of the United
States only. Investors outside of the United States are governed by
different regulations and laws that have not been included in this
site. Therefore, STEPHENS INC. may request proof of citizenship
from persons accessing this site.
The information contained on this Website is protected by a
copyright. If you download any information from this site, you
agree that you will not copy it or re-distribute it to any other
person or persons or remove or conceal the copyright on such
Additionally, The Dow Jones Indexes (sm), to the extent
available on this site, are compiled, calculated and distributed by
Dow Jones & Company, Inc. and have been licensed for use. All
content of The Dow Jones Indexes (sm) is owned and copyrighted by
Dow Jones & Company, Inc.
TRADEMARK/SERVICE MARK NOTICES
Stephens Advantage Account ®, Asset Maximizer ®, Direct Broker ®
, When You're in the Market for Success ® and
StephensAccess (registration pending) are registered
trademarks/service marks of Stephens Inc. or its affiliates.
Other brand and product names which appear on this site are the
trademarks/service marks of their respective owners, including:
- NYSE is a registered trademark of the New York Stock
- DOW JONES is a service mark of Dow Jones & Company,
- SIPC is a registered trademark of the Securities Investor
- VISA is a registered trademark of VISA International.
- Microsoft VB Script, Windows, Microsoft SQL and Microsoft are
registered service/trademarks of Microsoft Corporation.
- FINRA, CRD, BrokerCheck, ADF, PROCTOR and FINRA Investor
Education Foundation are registered service/trademarks of FINRA.
FINRA, FINRA Investor Education Foundation, IARD, TRACE, CRCP, TRF,
Trade Reporting Facility, OTC, OTCBB and Over-the-counter are
service/trademarks of FINRA.
- FINRA is a trademark of the Financial Industry Regulatory
- Adobe and Acrobat Reader are registered trademarks of Adobe
- IPIX is a registered Service/Trademark of Interactive Pictures
- All other trademarks/service marks cited here are the property
of their respective owners and may not be used without written
permission. Featured logos are service/trademarks of their
respective owners and may not be used without written
Participation by Issuers/ Conduit Borrowers in Municipal
Auction Rate Securities
Certain Municipal Issuers or Conduit Borrowers have determined
to participate in the auction of their own auction rate securities
pursuant to recent guidance from the U.S. Securities & Exchange
Commission. These Issuers/Conduit Borrowers are required to provide
a notice of their intent to participate in the auction and the
interest rate and amounts that they will bid for and certain other
detailed bidding information. The Issuer/Conduit Borrower's
interests are different from any other bondholder in that they want
the lowest possible interest rate. This information will be
available to you at www.dacbond.com.
By accessing the STEPHENS INC. Website, you agree to the
following additional terms and conditions:
1) SERVICES PROVIDED
STEPHENS INC. provides electronic access to certain services and
information ("Services") to you through its website. The Services
include, but are not necessarily limited to, the provision of
information ("Information") through the Site. STEPHENS INC. may
cancel or change the Services or registration requirements at any
time upon printed or electronic notice to you. Your use of the
Services following the posting or notice of any changes will
constitute acceptance of any such changes.
2) USE CODES
As part of the registration process, you may be asked to select
a user name and password. The user name and password are for your
personal use only. You shall at all times maintain the
confidentiality of the user name and password and shall not
disclose them to any third party. You shall be fully responsible
for all statements made and acts or omissions that occur while your
user name and password are being used. STEPHENS INC. shall not be
responsible for any breach of security caused by your failure to
maintain the confidentiality of the user name or password. You
shall notify your Registered Representative at STEPHENS INC.
immediately in the event of loss, theft, disclosure or unauthorized
use of your user name or password. STEPHENS INC. may terminate your
access to the Services in connection with unauthorized use of your
user name or password or at any time without prior notice.
You acknowledge and consent to the tape recording or any form of
electronic recording by STEPHENS INC. for its uses and purposes of
any communication, information or data used or input in connection
with your use of the Services, whether electronic or otherwise.
4) ELECTRONIC COMMUNICATION
If you communicate electronically by sending an E-mail message
to STEPHENS INC., you shall not use E-mail for the transmission of
orders to purchase or sell a security or to transfer funds or
securities, or to transmit any personal credit information
(including credit card numbers), to give notice of a change of
address, or to give any time-sensitive instruction or any
instruction affecting any account(s) at STEPHENS INC. STEPHENS INC.
shall have no liability for any actions taken or any omissions to
act as a result of any E-mail message sent to STEPHENS INC.
5) PROPERTY RIGHTS IN INFORMATION AND SERVICES;
SUITABILITY AND COMPLIANCE WITH LAW
a)The Services and any Information associated with the Services
are for personal, non-commercial use only. You may download the
Information to your computer or other electronic data processing
equipment and print out a hard copy for personal reference and use
by you only. You shall never remove any copyright or other notices
contained on any such Information.
b) You acknowledge that the Services and the Information are the
property of STEPHENS INC. or of third-parties that have supplied or
licensed information to Stephens Inc. and are protected by
applicable copyright, patent, trademark or other intellectual
property law. Except as expressly authorized herein, you shall not
reproduce, transmit, sell, display, distribute, publish, broadcast,
circulate, modify, disseminate, or commercially exploit any of such
Information or any of the Services provided in any manner
(including electronic, print or other media now known or hereafter
developed) without the prior written consent of STEPHENS INC. You
shall not use the Information or Services for any unlawful purpose.
You shall comply with any request made by STEPHENS INC. for the
purpose of protecting rights in the Information and Services.
c) Although the Information includes material about the
investment process generally as well as research commentary
relating to specific securities, STEPHENS INC. does not intend to
provide investment advice through the Site, does not represent that
any such securities are suitable for you or for any particular
person and does not through this Site recommend the purchase, sale
or holding of any securities mentioned in the Information. Any
rating assigned by STEPHENS INC. to any security represents
STEPHENS INC.'s analysis as of the date of the rating assignment of
the likely future performance of the security, and does not
constitute a recommendation or guaranty of any kind regarding the
actual subsequent market performance of such security. You shall
make an independent evaluation of the investment merits and
suitability of any such securities for your particular situation.
Such Information shall not be deemed to be a solicitation of a
transaction by STEPHENS INC. or any other person.
The research analyses included in the Information contained on
the Site reflects the authors' analyses as of the date written. The
accuracy, completeness or timeliness of any Information contained
on the site cannot be guaranteed and is subject to change. Further,
the price for any security contained in any section of the Site may
differ from the then-current price for that security. STEPHENS INC.
shall have no obligation to update the Information to reflect
circumstances that may occur after the earlier of the date first
appearing on the Site or the date contained on the Information.
Neither the Services nor any of the Information is intended to be
used as tax or legal advice. You shall consult with your tax and
legal advisors for such advice and shall not rely on any
Information at the Site.
d) In the event any of the Services or any links included on the
Site provide access to any World Wide Web site or Internet location
or provide information obtained from any company, organization or
person other than STEPHENS INC., or any access to any other
Internet location, you acknowledge and agree that STEPHENS INC.
shall not be responsible for any such information or for any
information found in or at any such World Wide Web site or Internet
location or source of information, or for your use of such
information. Such information and links, if any, are provided only
as a convenience and not as a result of any endorsement of the site
or its contents by STEPHENS INC. There are inherent risks in the
use of any software or information found on the Internet, all of
which risks are assumed fully by you by making any use of the
e) Transmission or use of any material in violation of this
Agreement, or any applicable law, rule or regulation (whether of
the United States or other countries), or the rights of any third
party is prohibited. This includes, but is not limited to,
copyrighted material, material which is defamatory, threatening,
obscene, lewd or indecent, material protected by trademark, trade
secret or patent laws, or material that results in an invasion of
6) WARRANTIES AND LIMITATION OF LIABILITY REGARDING THE
a) THE ACCURACY, COMPLETENESS, SEQUENCE OR TIMELINESS OF THE
INFORMATION CANNOT BE GUARANTEED. STEPHENS INC. AND ITS AFFILIATES,
AGENTS, CONTRACTORS, SUPPLIERS AND LICENSORS SHALL NOT HAVE ANY
RESPONSIBILITY FOR DIRECT, INDIRECT, CONSEQUENTIAL, SPECIAL, OR
OTHER DAMAGES YOU MAY INCUR FOR ANY RELIANCE BY YOU ON INFORMATION
CONTAINED IN THE STEPHENS INC. SITE OR FOR THE RELIABILITY,
ACCURACY, COMPLETENESS, SEQUENCE OR TIMELINESS THEREOF, OR FOR ANY
DELAYS OR ERRORS IN SUCH INFORMATION OR IN THE TRANSMISSION OR
DELIVERY OF ANY PART OF THE INFORMATION OR SERVICES, OR FOR ANY
UNAUTHORIZED USE OF E-MAIL OR ANY OTHER SERVICES.
b) ANY SECURITIES PRICE QUOTATIONS PROVIDED AS PART OF THE
SERVICES MAY BE DELAYED AND MAY NOT REFLECT THE PRICES AT WHICH THE
QUOTED SECURITIES MAY BE BOUGHT OR SOLD AT THAT TIME. NO DECISIONS
TO BUY OR SELL SECURITIES SHOULD BE MADE BASED ON SUCH QUOTATIONS
OR ON ANY OTHER INFORMATION ACCESSED ON OR THROUGH THE SITE.
STEPHENS INC. MAY MODIFY OR DISCONTINUE THE AVAILABILITY OF THE
SERVICES TO ANY PERSON AT ANY TIME. YOU AGREE NOT TO ASSERT ANY
CLAIM AGAINST STEPHENS INC. OR ANY OF ITS AFFILIATES, CONTRACTORS,
SUPPLIERS OR LICENSORS FOR ANY DAMAGES ARISING FROM YOUR USE OF ANY
OF THE SERVICES OR FROM ANY DISCONTINUATION OR MODIFICATION OF ALL
OR PART OF THE SERVICES OR INFORMATION.
c) EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, STEPHENS
INC. AND ITS AFFILIATES, AGENTS, CONTRACTORS, SUPPLIERS AND
LICENSORS PROVIDE THE INFORMATION "AS IS" AND HEREBY EXPRESSLY
DISCLAIM ALL EXPRESS AND IMPLIED WARRANTIES, INCLUDING WITHOUT
LIMITATION, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR
PURPOSE, AND ERROR-FREE AND UNINTERRUPTED SERVICES. NEITHER
STEPHENS INC. NOR ITS AGENTS, CONTRACTORS, SUPPLIERS OR LICENSORS
MAKES ANY DOES NOT WARRANTY, GUARANTY, OR MAKE ANY REPRESENTATIONS
OR WARRANTIES WHATSOEVER, EXPRESS OR IMPLIED, OR ASSUMES ANY
LIABILITY WHATSOEVER REGARDING (i) THE USE OR THE RESULTS OF THE
USE OF THE SERVICES, INCLUDING WITHOUT LIMITATION ANY FINANCIAL
RESULTS BASED ON USE OF THE SERVICES OR INFORMATION OR ANY DELAY OR
LOSS OF USE OF THE SERVICES, OR (ii) SYSTEM PERFORMANCE AND EFFECTS
ON OR DAMAGES TO SOFTWARE AND HARDWARE IN CONNECTION WITH ANY USE
OF THE SITE, SERVICES, AND INFORMATION.
d) IN ADDITION TO AND WITHOUT LIMITING THE FOREGOING, YOU AGREE
THAT STEPHENS INC. SHALL NOT BE LIABLE FOR ANY HARM CAUSED BY THE
TRANSMISSION, THROUGH THE SERVICES OR INFORMATION, OF A COMPUTER
VIRUS, OR OTHER COMPUTER CODE OR PROGRAMMING DEVICE THAT MIGHT BE
USED TO ACCESS, MODIFY, DELETE, DAMAGE, CORRUPT, DEACTIVATE,
DISABLE, DISRUPT, OR OTHERWISE IMPEDE IN ANY MANNER THE OPERATION
OF THE SERVICES OR ANY SOFTWARE, HARDWARE, DATA OR PROPERTY OF
YOURS OR ANY OTHER PERSON.
e) IN ADDITION TO AND WITHOUT LIMITING THE FOREGOING, STEPHENS
INC. MAKES NO REPRESENTATION OR WARRANTY AND ASSUMES NO LIABILITY
REGARDING THE QUALITY, SAFETY, ACCURACY, OR SUITABILITY OF ANY
INFORMATION OR SOFTWARE FOUND ON ANY WORLD WIDE WEB OR INTERNET
SITE NOT UNDER STEPHENS INC.'S CONTROL, INCLUDING, BUT NOT LIMITED
TO, ANY SITE THAT MAY BE ACCESSED THROUGH A LINK AVAILABLE ON THE
STEPHENS INC. SITE.
f) STEPHENS INC. AND ITS AFFILIATES, AGENTS, SUPPLIERS,
CONTRACTORS AND LICENSORS SHALL NOT BE LIABLE FOR ANY LOSSES OR
DAMAGES INCURRED BY YOU OR BY ANY PERSON UTILIZING YOUR USER NAME
AND PASSWORD RELATED IN ANY WAY TO USE OF THE SERVICES AND
INFORMATION OR FOR LOSSES CAUSED BY THE NEGLIGENCE, ACTIONS OR
FAILURE TO ACT OF ANY THIRD PERSON OR FOR ANY INDIRECT, SPECIAL,
INCIDENTAL OR CONSEQUENTIAL DAMAGES (REGARDLESS OF WHETHER SUCH
DAMAGES ARE REASONABLY FORESEEABLE), OR FOR ANY LOSS THAT RESULTS
FROM A CAUSE OVER WHICH STEPHENS INC. OR ANY OTHER SUCH ENTITY DOES
NOT HAVE CONTROL, INCLUDING, BUT NOT LIMITED TO, FAILURE OF
ELECTRONIC OR MECHANICAL EQUIPMENT, UNAUTHORIZED ACCESS, STRIKES,
FAILURES OF COMMON CARRIER OR UTILITY SYSTEMS, SEVERE WEATHER, OR
OTHER CAUSES BEYOND THEIR STEPHENS INC.'S CONTROL.
You acknowledge that information created, input or developed in
connection with the use of the Services can be accessed through the
Internet and that there can be no assurance that such information,
any Information provided through the Services, or any communication
through E-mail will remain secure. STEPHENS INC. may disclose such
information to its employees, representatives, officers, agents,
contractors and affiliates, as well as governmental entities (a)
for any purpose related to the conduct of STEPHENS INC.'s business
or to the offering, providing or maintaining of the Services, (b)
to comply with applicable rules, orders, subpoenas or other legal
process, or in order to give information to any regulatory
authority, government agency or official requesting such
information, or (c) for any other legitimate business purpose.
8) GOVERNING LAW
This Agreement and all the terms herein shall be governed by and
construed in accordance with the laws of the State of Arkansas
without giving effect to principles of conflicts of law.
Resale and/or any commercial redistribution of the Services or
Information is not permitted. Your rights and obligations under
this Agreement may not be assigned without the prior written
permission of STEPHENS INC.
STEPHENS INC. may modify this Agreement at any time upon written
notice or posting to the Site. If you use the Services (or any of
them) after such notification of changes in the Agreement, you
shall be bound by all such changes. Should any term or provision of
this Agreement be deemed or held to be invalid or unenforceable,
the remaining terms and provisions shall continue in full force and
STEPHENS INC.'s failure to insist at any time upon strict
compliance with any term of this Agreement, or any delay or failure
on STEPHENS INC.'s part to exercise any power or right given to
STEPHENS INC. in this Agreement, or a continued course of such
conduct on STEPHENS INC.'s part, or any combination of the
foregoing shall at no time operate as a waiver of such power or
right, nor shall any single or partial exercise preclude any other
future exercise. All rights and remedies of STEPHENS INC. in this
Agreement are cumulative and not exclusive of any other rights or
remedies which STEPHENS INC. otherwise has at law or equity.
You hereby agree to indemnify and hold harmless STEPHENS INC.
and all of its directors, officers, employees, control persons,
vendors, contractors, suppliers, licensors and agents from and
against any and all claims, losses, liabilities, damages, costs and
expenses (including reasonable attorney's fees and costs) arising
out of or related to your breach of agreements, representations and
warranties contained in this Agreement or the use of the Services
or Information under your user name or password (i) in violation of
this Agreement, (ii) in violation of any rights of STEPHENS INC. or
any other person indemnified hereunder, including (but not limited
to) copyright, patent, trade secret, trademark, or other
intellectual property rights and publicity and privacy rights, or
(iii) in violation of any applicable law, rule or regulation, or
(iv) in violation of your agreement to maintain the security of
your user name and password in accordance with the Agreement. This
indemnification shall be binding upon you and your executors,
heirs, successors and assigns.
10) LINKED SITES
You may access additional information through the accompanying
links, subject to these conditions: Such information was not
prepared by STEPHENS INC. and is not subject to the control of
STEPHENS INC. STEPHENS INC. shall have no liability for any loss or
damage resulting in any manner from such information or from any
access to, or use of, such information, whether as to its accuracy,
timeliness, currency, sequence, display, usefulness, completeness,
suitability for any purpose or otherwise, including (but not
limited to) any losses arising from any investment transaction made
on the basis of any such information.
DISCLAIMER OF WARRANTY AND LIMITATION OF
Quicken is a registered trademark of Intuit Inc., which is not
associated or related to Stephens Inc. Stephens is making this
service available as a convenience to you. It is not your official
account statement or tax reporting document. For those purposes,
please refer to your statements and tax forms that are mailed to
you from us.
All information downloaded from Stephensaccess is provided "AS
IS" without warranty of any kind. STEPHENS INC. makes no
representations, guarantees or warranties, either express or
implied, as to the accuracy, completeness or timeliness of the
information and expressly disclaims any warranties of
merchantability or fitness for a particular purpose and disclaims
any obligation to update or correct any information that may become
inaccurate or dated.
By downloading this information, you assume all of the risk
associated with using it. STEPHENS INC. is not liable for any
losses or harm to you and/or any third parties as a result of use
of information downloaded including but not limited to, personal or
business financial losses, damage to computer hardware, software,
or destruction of data due to a virus. In no event will STEPHENS
INC., its affiliates, officers, directors, employees, agents,
contractors, suppliers, licensors or successors be liable to you
for damages of any kind, including, but not limited to, direct,
special, indirect, consequential, or incidental damages arising
from your use of this information even if you notify STEPHENS INC.
of such possibility.
Stephens Inc. ("Stephens") is furnishing this document to you to
provide some basic facts about purchasing securities on margin, and
to alert you to the risks involved with trading securities in a
margin account. Before trading stocks in a margin account, you
should carefully review the margin agreement provided by Stephens.
Contact your financial consultant regarding any questions or
concerns you may have with your margin account(s).
When you purchase securities, you may pay for the securities in
full or you may borrow part of the purchase price from Stephens. If
you choose to borrow funds, you will open a margin account with
Stephens. The securities purchased are Stephens' collateral for the
loan to you. If the securities in your account decline in value, so
does the value of the collateral supporting your loan, and, as a
result, Stephens can take action, such as issue a margin call
and/or sell securities or other assets in any of your accounts held
with Stephens, in order to maintain the required equity in the
It is important that you fully understand the risks involved in
trading securities on margin. These risks include the
You can lose more funds than you deposit in the margin account.
A decline in the value of securities that are purchased on margin
may require you to provide additional funds to Stephens to avoid
the forced sale of those securities or other securities or assets
in your account(s).
Stephens can force the sale of securities or other assets in
your account(s). If the equity in your account falls below the
maintenance margin requirements or Stephens' higher "house"
requirements, Stephens can sell the securities or other assets in
any of your accounts held at Stephens to cover the margin
deficiency. You also will be responsible for any short fall in the
account after such sale.
Stephens can sell your securities or other assets without
contacting you. Some investors mistakenly believe that Stephens
must contact them for a margin call to be valid, and that Stephens
cannot liquidate securities or other assets in their accounts to
meet the call unless Stephens has contacted them first. This is not
the case. Stephens will attempt to notify its customers of margin
calls, but we are not required to do so. However, even if Stephens
has contacted a customer and provided a specific date by which the
customer can meet a margin call, Stephens can still take necessary
steps to protect its financial interests, including immediately
selling the securities without notice to the customer.
You are not entitled to choose which securities or other assets
in your account(s) are liquidated or sold to meet a margin call.
Because the securities are collateral for the margin loan, Stephens
has the right to decide which security to sell in order to protect
Stephens can increase its "house" maintenance margin
requirements at any time and is not required to provide you advance
written notice. These changes in Stephens' policy often take effect
immediately and may result in the issuance of a maintenance margin
call. Your failure to satisfy the call may cause Stephens to
liquidate or sell securities in your account(s).
You are not entitled to an extension of time on a margin call.
While an extension of time to meet margin requirements may be
available to customers under certain conditions, a customer does
not have a right to the extension.