Data terms

These terms cover Safewaterline Intelligence data. They are short on purpose. The firewall clause is the one that matters. It appears here, in every Safewaterline engagement letter and partner credit agreement, and on the credit desk pages of this site.

1. The firewall

Safewaterline Inc. runs two activities. The credit desk appraises, underwrites and places loans against equipment. Safewaterline Intelligence publishes market level estimates and risk profiles about classes of equipment. The rule between them:

Deal level data never leaves the credit desk. No borrower's identity, fleet, serial numbers, utilisation, contracts, appraisal, pricing or terms is used to build, calibrate, test or illustrate any figure published by Safewaterline Intelligence. Published figures are built only from public sources: public filings, public listings and published prices, and the parameters listed in the methodology.

What may cross the firewall: the methodology itself, which the desk uses to appraise and Intelligence publishes. A comp from a sale that Safewaterline ran may be published only after the borrower's name, lot composition and date are generalised so that the sale cannot be identified, and only with the borrower's written consent in the loan agreement.

Who checks: a Safewaterline officer signs the quarterly risk review and the comp log. Both state that no deal level data was used. An external reviewer may be appointed when the product is licensed to a regulated buyer.

2. The clause in every engagement letter and partner credit agreement

This paragraph goes in the Safewaterline engagement letter and the partner lender's credit agreement, in the confidentiality section:

"Safewaterline publishes market level estimates and risk profiles under the name Safewaterline Intelligence. Safewaterline shall not use the Borrower's identity, collateral schedule, utilisation data, customer contracts, appraisal or the terms of this Agreement in the preparation of any published estimate, index, score or report, and shall not disclose them to any person engaged in that preparation. Nothing in this clause restricts Safewaterline's use of the Borrower's information for the appraisal, underwriting, monitoring and enforcement of this facility."

3. Permitted use

• A subscriber may use the data inside its own organisation for credit, insurance, leasing, investment and research decisions.
• A subscriber may quote a figure in a document to a client or counterparty with the source "Safewaterline Intelligence, <date>, <status>".
• A subscriber may not redistribute the data, build a competing index from it, or resell it.
• Free pages, which means the research reports and the register, may be quoted with attribution and a link.

4. Third party data

GPU rental rates are medians of public provider listings, each quoted and dated. The listings are public facts and the median is Safewaterline's. Register rows are read from public SEC filings. Each row links to the filing on sec.gov, which is the record.

5. No warranty

Every estimate is an opinion about a class of asset on a date. It is not an appraisal of any unit, not an offer to lend, and not investment advice. Safewaterline makes no warranty that any asset will sell at a published value. Register rows are filled by software and checked against the quoted text. Errors are possible.

6. Corrections

Send a correction to [email protected] with the figure, the date and the source. A corrected figure keeps its history. The change log on the methodology page records what changed and why.