Terms and Conditions – Subscriptions


1.1. The definitions and rules of interpretation in this clause apply in this agreement.

Affiliate: in relation to a company, that company, any subsidiary or holding company from time to time of that company, and any subsidiary from time to time of a holding company of that company.

Articles: any written articles, news reports, essays or written content which is made available by Pageant to Authorised Users as part of the Services.

Applicable Data Protection Laws: to the extent the UK GDPR applies, the law of the United Kingdom or of a part of the United Kingdom which relates to the protection of personal data or, to the extent the EU GDPR applies, the law of the law of the European Union or any member state of the European Union to which the Client is subject, which relates to the protection of personal data.

Authorised Users: those employees, agents and independent contractors of the Client who are authorised by the Client to use the Services in accordance with the terms of this agreement. 

Business Day: a day other than a Saturday, Sunday or public holiday in England when banks in London are open for business.

Brand: the brand under which the Services are provided to the Client, as is indicated at the top of the Order Form.

Confidential Information: any information that is proprietary or confidential and is either clearly labelled as such or identified as Confidential Information in clause 12.

Client Data: any data inputted onto the Software by the Client, Authorised Users, or Pageant on the Client’s behalf for the purpose of using the Services or facilitating the Client’s use of the Services.

Client Personal Data: has the meaning given to it in clause 5.1.

Data: any data, content or information which is provided to the Client through a Data Product.

Data Product: a service which is expressly marked on the Order Form as a Data Product.

Derived Data: analytics, models, and/or statistics created by the Client and/or its Authorised Users as the result of the any aggregation, analysis, manipulation or interpretation of the Data carried out by an Authorised User.

Effective Date: the date of this agreement.

EU GDPR:  means the General Data Protection Regulation ((EU) 2016/679), as it has effect in EU law.

Initial Term: the period between Start Date and End Date as is set out on the Order Form. 

Merger Fee: revised Subscription Fees for the Services based on the increased benefit the Client may receive from the Services due to the enlarged size and nature of the Client’s business following a Transfer.

Order Form: the signed order form to which these Terms and Conditions are attached which describes the Services which will be provided by Pageant.

Renewal Period: any additional one year period that the agreement is renewed for at the end of the Initial Term or any subsequent Renewal Period in accordance with clause 14.1.

Services: the subscription services provided by Pageant to the Client under this agreement as is set out on the Order Form. 

Software: the online software applications provided by Pageant as part of the Services.

Subscription Fees: the subscription fees payable by the Client to Pageant for the User Subscriptions, as is set out on the Order Form. 

Term: the term of this agreement, being the Initial Term and plus any Renewal Periods.

Transfer: where the Client or an Affiliate of the Client merges with or acquires any interest, shares or otherwise obtains control of a third party or if any third party merges with or acquires such an interest in or control over the Client or an Affiliate of the Client.

UK GDPR:  has the meaning given to it in section 3(10) (as supplemented by section 205(4)) of the Data Protection Act 2018.

User Subscriptions: the user subscriptions purchased by the Client in accordance with the Order Form which permit Authorised Users to access and use the Services in accordance with the terms of this agreement.

1.2. A person includes an individual, corporate or unincorporated body (whether or not having separate legal personality) and that person’s legal and personal representatives, successors or permitted assigns.

1.3. A reference to a company shall include any company, corporation, limited liability partnership or other body corporate, wherever and however incorporated or established.

1.4. A reference to writing or written includes e-mail.


2.1. Subject to the Client paying the Subscription Fees in accordance with clause 10.1 and the Client’s strict compliance with the terms and conditions of this agreement, Pageant hereby grants to the Client a non-exclusive, non-transferable, limited right to permit the Authorised Users to use the Services during the Term in accordance with the terms of this agreement.

2.2. The Client shall ensure that:

a. the maximum number of Authorised Users that it authorises to access and use the Services shall not exceed the number of User Subscriptions it has purchased from time to time;

b. it will not allow or suffer any User Subscription to be used by more than one individual Authorised User unless it has been reassigned in its entirety to another individual Authorised User, in which case the Client shall ensure that the previous Authorised User shall cease all use of the Services;

c. it shall maintain a written, up to date list of current Authorised Users and provide such list to Pageant within five (5) Business Days of Pageant’s written request;

d. each Authorised User shall not provide copies of any Article to any individual who is not also an Authorised User; and 

e. the Authorised Users do not download or print more than one copy of each Article and, where an Authorised User does download or print such a copy, they may do so only for the sole purpose of reading the Article themselves. Any electronic copy made by an Authorised User may only be saved on that Authorised User’s local device or their personal cloud-based user area which only that Authorised User can access. No more than ten Articles may be held by each Authorised User at any one time and no more than one copy of any Article may be held by an Authorised User at any one time.

2.3. Except as may be required by any applicable law or permitted by any other clause of this agreement, the Client shall not and shall ensure that the Authorised Users shall not:

a. attempt to copy, modify, duplicate, create derivative works from, frame, mirror, republish, download, display, transmit, or distribute all or any portion of the Software (as applicable) in any form or media or by any means, except that the Client may quote or cite up to 5% of the total word count of each Article in reports or presentations which are distributed or shared internally at the Client or to customers or clients of the Client who are either accredited investors or fund management professionals, provided that Pageant and the relevant Brand are acknowledged as the copyright owner of the Article from which such quote or citation is derived; 

b. attempt to reverse compile, disassemble, reverse engineer or otherwise reduce to human-perceivable form all or any part of the Software; 

c. access all or any part of the Services in order to build a product or service which competes with, is similar to or analogous to with the Services; 

d. sell, resell, license, rent, lease, transfer, assign, distribute, display, disclose, commercially exploit or otherwise provide, grant access or make the Services available to any third party; 

e. download and store any Articles on a company/cloud network which can be accessed by anyone who is not an Authorised User; or

f. use or create any software or programs to automatically download, access, scrape, ‘harvest’, parse or otherwise process Articles or Data.

2.4. The Client shall use all reasonable endeavours to prevent any unauthorised access to, or use of, the Services and in the event that the Client discovers any such unauthorised access or use the Client shall notify Pageant immediately.

2.5. Any breach by the Client of this clause 2 shall be deemed to be a material breach of this agreement.


3.1. Authorised Users will each be given a username and password. As part of the initial set-up, each Authorised User will be asked to change their password. The Client shall ensure that each Authorised User keeps their password private and confidential and that they do not share such details with any other person.

3.2. Pageant may suspend or disable any username or password immediately if it reasonably believes that the Client or an Authorised User has breached any of the terms of this agreement, including but not limited to a breach of this clause 3. If Pageant reasonably believes that the Client or an Authorised User is in breach of clause 3.1 above then, without prejudice to any other rights or remedies that Pageant may have, Pageant may immediately (i) terminate that Authorised User’s access or, where Pageant reasonably believes that such unauthorised use was caused by the Client, all Authorised Users’ access to the Services; and (ii) charge the Client for an additional User Subscription for each third party who used or accessed the Services using an Authorised User’s username and password.


4.1. Pageant shall, during the Term, provide the Services to the Client on and subject to the terms of this agreement.

4.2. Pageant shall use commercially reasonable endeavours to make the Services available 24 hours a day, seven days a week, except for:

a. any period of planned maintenance, the details of which will be notified to the Client in advance; and

b. the duration of any unscheduled maintenance which is the result of an unexpected outage or error in the Services, in the event of which Pageant shall complete such maintenance as soon as is reasonably practicable and possible to do so.


5.1. If Pageant processes any personal data on the Client’s behalf, including the personal data that is set out in Schedule 1 to this agreement (Client Personal Data), when performing its obligations under this agreement, the parties record their determination that the Client shall be the data controller and Pageant shall be a data processor (as those terms are defined by the UK GDPR) and in any such case:

a. the Client acknowledges and agrees that the Client Personal Data may be transferred or stored outside the EEA, the United Kingdom and the country where the Client and/or the Authorised Users are located in order to carry out the Services and Pageant’s other obligations under this agreement, provided that Pageant shall ensure that all such transfers are carried out in accordance with Applicable Data Protection Laws;

b. the Client shall ensure that it has identified a relevant lawful basis to enable it to transfer the Client Personal Data to Pageant so that Pageant may use, process and transfer the personal data in accordance with this agreement on the Client’s behalf;

c. the Client shall ensure that the relevant third parties have been informed of, and where necessary have given their consent to, such use, processing, and cross border transfer as may be required by any applicable data protection legislation; 

d. each party shall take appropriate technical and organisational measures against unauthorised or unlawful processing of the personal data or its accidental loss, destruction or damage; and

e. both parties will comply with all applicable requirements of the Applicable Data Protection Laws. This clause 5 is in addition to, and does not relieve, remove or replace a party’s obligations or rights under Applicable Data Protection Laws.

5.2. Pageant may appoint sub-processors to process the Client Personal Data, provided that Pageant shall (i) ensure that the terms on which it appoints such sub-processors comply with Applicable Data Protection Laws, and are consistent with the obligations imposed on Pageant in this agreement; and (ii) remain responsible for the acts and omission of any such sub-processor as if they were the acts and omissions of Pageant.

5.3. The parties agree that in the event Pageant acts as a controller in respect of the Client Personal Data and the Client acts as a processor, the parties shall ensure that such processing is conducted in compliance with Applicable Data Protection Laws and to use all reasonable endeavours to make any changes that are necessary to this clause 5 and any related definitions.

5.4. The Client consents to, (and shall procure all required consents, from the Authorised Users, its personnel, representatives and agents, in respect of) all actions taken by Pageant in connection with the processing of Client Personal Data, provided that such processing is in compliance with the then-current version of Pageant’s privacy policy available at https://www.pageantmedia.com/privacy/. Without prejudice to clause 5.1.e, in the event of any inconsistency or conflict between the terms of Pageant’s privacy policy and this agreement, the privacy policy will take precedence. 

5.5. Pageant shall process all Client Personal Data in accordance with the scope, nature and purpose of the processing, the duration of the processing and the types of personal data and categories of data subject that are set out in Schedule 1.

5.6. Where Pageant is relying on any applicable laws as the basis for processing Client Personal Data, Pageant shall notify the Client of this before performing the processing required by the relevant applicable law unless those laws prohibit Pageant from so notifying the Client on important grounds of public interest.

5.7. Without prejudice to Clause 5.1.e, Pageant shall, in relation to Client Personal Data:

a. process that Client Personal Data only on the documented instructions of the Client. Pageant shall inform the Client if, in the opinion of Pageant, the instructions of the Client infringe Applicable Data Protection Laws;

b. ensure that any personnel engaged and authorised by Pageant to process Client Personal Data have committed themselves to contractual confidentiality obligations or are under an appropriate statutory or common law obligation of confidentiality;

c. assist the Client insofar as this is possible (taking into account the nature of the processing and the information available to Pageant), and at the Client’s cost and written request, in responding to any request from a data subject and in ensuring the Client’s compliance with its obligations under Applicable Data Protection Laws with respect to security, breach notifications, impact assessments and consultations with supervisory authorities or regulators;

d. notify the Client without undue delay on becoming aware of a personal data breach involving the Client Personal Data;

e. at the written direction of the Client, delete or return Client Personal Data and copies thereof to the Client on termination of the agreement unless Pageant is required by any applicable laws to continue to process that Client Personal Data; and

f. maintain records to demonstrate its compliance with this clause 5.

5.8. The Client shall indemnify Pageant on demand from any cost, charge, damages, expense or loss (including all interest, penalties and legal costs and all other professional costs and expenses) which Pageant suffers as a result of the Client’s breach of (i) this clause 5; or (ii) any Applicable Data Protection Laws.


6.1. This clause 6 shall apply to any Services which are indicated on the Order Form as being a Data Product.

6.2. Subscriptions to Data Products shall be delivered exclusively online.

6.3. Each Authorised User of a Data Product is permitted to access, print, reproduce, display, download or store the Data to the extent reasonably necessary, which may include aggregation, analysis and interpretation of the Data.

6.4. Any Derived Data may be used and disclosed in reports and presentations of the Client provided that:

a. Pageant and the relevant Brand are acknowledged as the source of the original data upon which the Derived Data is based, and such reports and presentations are only distributed or shared internally or to customers or clients of the Client who are either accredited investors or fund management professionals; 

b. the Derived Data is only disclosed for the purpose of supporting the analysis or findings of such reports or presentations and the Client shall only disclose the Derived Data to the minimum extent required to achieve that purpose;

c. the disclosure or dissemination of the Derived Data is not in itself the primary purpose of such reports or presentations; and

d. any disclosure of the Derived Data does not occur on a systematic basis or as part of an automated process.

6.5. Authorised Users may input the Data onto the Client’s internal or proprietary industry specific data processing applications provided that by doing so the Data does not become available in unmodified form or readily extractible by any persons other than Authorised Users.

6.6. Authorised Users shall not disclose, disseminate, distribute or make available to anyone who is not an Authorised User any unmodified Data or Data which has been modified but remains identifiable or readily extractible to any other person in any way other than except as is permitted by clause 6.4 above.


7.1. The Client acknowledges that the Services may enable or assist it to access the website content of, correspond with, and purchase products and services from, third parties and that where the Client or an Authorised User does so, they do so solely at their own risk. Pageant makes no representation or commitment and shall have no liability or obligation whatsoever in relation to the content or use of, or correspondence with, any such third-party website, or any transactions completed, with any such third party. Pageant does not endorse or approve any third-party website nor the content of any of the third-party website made available via the Services.


8.1. Pageant shall perform the Services with reasonable skill and care.

8.2. Pageant owes no obligations to the Client to the extent that: (i) the Client’s use of the Services is in breach of any law, the terms this agreement or contrary to Pageant’s instructions, or (ii) where the Client or any third party modifies or alters the Services or any Article in any way except as is expressly approved by Pageant in writing. 

8.3. If the Services are not delivered in conformance with clause 8.1 then Pageant shall use its reasonable commercial endeavours to promptly correct any such non-conformance. Such correction constitutes the Client’s sole and exclusive remedy for any breach of clause 8.1. Notwithstanding the foregoing:

a. All Services, Data and Articles are provided on an ‘as is’ basis.

b. Pageant does not warrant that the Client’s use of the Services will be uninterrupted or error-free nor that the Services and/or the information obtained by the Client through the Services will meet the Client’s requirements or expectations, whether or not such requirements or expectations were made known to Pageant on or prior to the Effective Date; 

c. Pageant is not responsible for any delays, delivery failures, or any other loss or damage resulting from the transfer of data over communications networks; and

d. the Client acknowledges that all Articles are essentially journalistic in their nature and may, in part, be based upon the personal opinions of the writer. 

8.4. Pageant warrants that it has and will maintain all necessary licences, consents, and permissions necessary for the performance of its obligations under this agreement.


9.1.  The Client shall:

a. promptly provide Pageant with:

i. all necessary co-operation in relation to this agreement;

ii. all necessary access to such information and systems of the Client as may be reasonably required by Pageant for the purpose of delivering or providing the Services, including but not limited to Client Data, Client Personal Data and any security access information necessary for the purpose of configuring the Services;

b. comply with all applicable laws and regulations with respect to its activities under this agreement;

c. ensure that the Authorised Users use the Services in accordance with the terms of this agreement and shall be responsible for any Authorised User’s breach of this agreement and any act or omission of an Authorised User which relates to the Services; 

d. be solely responsible for procuring and maintaining such network connections and telecommunications links as may be necessary to access the Services; and

e. not be entitled to access the Services if it is based in the United States of America unless it has completed Schedule 2 to this agreement. 


10.1. The Client shall pay the Subscription Fees to Pageant for the User Subscriptions in accordance with this clause 10 and the Order Form.

10.2. If Pageant has not received payment in accordance with the payment terms attached to the invoice and by the due date indicated then, without prejudice to any other rights and remedies of Pageant:

a. Pageant may, without liability to the Client, suspend all or part of the Services until such time that any amounts owing to Pageant are paid; and

b. interest shall accrue on a daily basis on such due amounts at an annual rate equal to 3% over the then current base lending rate of Barclays Bank Plc from time to time, commencing from and including the due date and continuing until fully paid, whether before or after judgment.

10.3. All amounts and fees stated or referred to in this agreement:

a. shall be payable in pounds sterling unless otherwise stated on the Order Form or agreed in writing by Pageant;

b. are non-cancellable and non-refundable; and

c. are exclusive of value added tax, which shall be added to Pageant’s invoices at the appropriate rate.

10.4. Pageant shall upon giving 30 days’ prior notice to the Client be entitled to increase (i) the Subscription Fees; and (ii) the fees payable in respect of any additional User Subscriptions which the Client is obliged to purchase pursuant to clause 3.2 or has chosen to purchase at the start of each Renewal Period and the Order Form shall be deemed to have been amended accordingly.

10.5. In the event that the Client or any Affiliate of the Client that has a right to access the Services is a party to a Transfer:

a. this agreement shall remain in full force and effect; 

b. Pageant may offer the Client a Merger Fee; and

c. unless and until the Client pays the Merger Fee, the Client agrees that no person who was (or, after the Transfer, is) an employee, contractor or other personnel of the relevant third party prior to the Transfer shall access, use or benefit in any way from the Services or shall otherwise be deemed to be Authorised User(s) under this agreement.


11.1. The Client acknowledges and agrees that Pageant and/or its licensors shall at all times retain full ownership of all intellectual property rights in the Articles, the Data and the Services. Except as expressly stated herein, this agreement does not grant the Client any rights or licences to or in any copyright, database right, patents, trade secrets, trade names or trademarks or other intellectual property rights (whether registered or unregistered) that Pageant owns, controls or has licensed from a third party.


12.1. Each party may be given access to Confidential Information relating to the other party in order to perform its obligations under this agreement. A party’s Confidential Information shall not be deemed to include information that:

a. is or becomes publicly known other than through any act or omission of the receiving party;

b. was in the other party’s lawful possession before the disclosure;

c. is lawfully disclosed to the receiving party by a third party without restriction on disclosure;

d. is independently developed by the receiving party, which independent development can be shown by written evidence; or 

e. is required to be disclosed by law, by any court of competent jurisdiction or by any regulatory or administrative body.

12.2. Each party shall hold the other’s Confidential Information in confidence and, unless required by law, not make the other’s Confidential Information available to any third party or use the other’s Confidential Information for any purpose other than the implementation of this agreement.

12.3. Each party shall take all reasonable steps to ensure that the other’s Confidential Information to which it has access is not disclosed or distributed by its employees or agents in violation of the terms of this agreement.

12.4. Neither party shall be responsible for any loss, destruction, alteration or disclosure of Confidential Information caused by any third party.

12.5. This clause 12 shall survive termination of this agreement, however arising.


13.1. This clause 13 sets out the entire financial liability of Pageant (including any liability of Pageant for the acts or omissions of its employees, agents and sub-contractors) to the Client:

a. arising under or in connection with this agreement;

b. in respect of any use made by the Client of the Services or any part of them; and

c. in respect of any representation, statement or tortious act or omission (including negligence) arising under or in connection with this agreement.

13.2. Except as expressly and specifically provided in this agreement:

a. the Client assumes sole responsibility for results obtained from the use of the Services, and for conclusions drawn from such use, including but not limited to any trading, investment or commercial decisions; 

b. Pageant shall have no liability for any damage caused by errors or omissions in any information, instructions, advice, opinion, recommendation, guidance, forecast, judgment, publication, conclusion or any course of action (or inaction) of the Client or any client of Client or for any scripts provided to the Client Pageant in connection with the Services, or any actions taken by the Client, made or taken in reliance of, or based on, any of the Services (including in any Data or Derived Data) at Pageant’s direction or suggestion;

c. all warranties, representations, conditions and all other terms of any kind whatsoever implied by statute or common law are, to the fullest extent permitted by applicable law, excluded from this agreement; and

d. the Services are provided to the Client on an “as is” basis in accordance with clause 8.3.a.

13.3. Nothing in this agreement excludes the liability of either party:

a. for death or personal injury caused by that party’s negligence; or

b. for fraud, fraudulent misrepresentation or wilful misconduct.

13.4. Subject to clause 13.2 and clause 13.3:

a. Neither party shall be liable to the other whether in tort (including for negligence or breach of statutory duty), contract, misrepresentation, restitution or otherwise for any loss of profits, loss of business, depletion of goodwill and/or similar losses or loss or corruption of data or information, or pure economic loss, or for any special, indirect or consequential loss, costs, damages, charges or expenses however arising under this agreement; 

b. Pageant’s total aggregate liability in contract, tort (including negligence or breach of statutory duty), misrepresentation, restitution or otherwise, arising in connection with the performance or contemplated performance of this agreement shall be limited to the greater of (i) the total Subscription Fees paid for the User Subscriptions during the 12 months immediately preceding the date on which the claim arose; and (ii) £500; and

c. Pageant shall not be liable to the Client in the event that the Client is in breach of any of its obligations under this agreement, including but not limited to those set out at clause 9.

13.5. Pageant shall indemnify the Client against any damages, liabilities, costs and losses incurred as a direct result of any successful claim, action or proceeding brought by a third party that the Client’s use of the Services constitutes an infringement of that third party’s intellectual property rights.


14.1. The Services shall be provided for the Initial Term and, unless otherwise expressly agreed, shall automatically renew at the end of the Initial Period for a Renewal Period unless this agreement is terminated in accordance with clause 14.2 of this agreement. 

14.2. Either party may terminate this agreement if: (a) that party gives at least 30 days written notice to the other party, such notice to take effect at the end of the Initial Term or any subsequent Renewal Period; (b) Pageant no longer has the right to license or distribute a material party of the Services; (c) the other party commits a breach of any material term or condition of this agreement and does not cure such breach within 30 days’ written notice to do so; or (d) the other party’s assets are transferred to an assignee for the benefit of creditors, to a receiver or to a trustee in bankruptcy, a proceeding is commenced by or against the other party for relief under bankruptcy or similar laws and such proceeding is not dismissed within 60 days, or the other party is adjudged bankrupt.

14.3. Any termination does not relieve either Party of any liability incurred prior to such termination, or for Client’s payment for unaffected Services. Upon the termination of this agreement, or any Order Form; all Subscription Fees and any other sums owed by the Client at the date of termination shall automatically and immediately become due and payable.

14.4. Upon any expiration or other termination of an Order Form, all licenses granted under same immediately will terminate. All terms and conditions of the agreement will continue to apply to any Order Forms that have not been so terminated.

14.5. Except as is otherwise expressly stated in this agreement, the Client may not permanently retain any Data or Articles, including: (a) in any file or on any hard drive, server or other form of memory; or (b) in any printed form. The Client represents and warrants that upon any expiration or termination of this agreement or an Order Form, as applicable, the Client will immediately: (i) discontinue all use of Services, Articles, Data associated with any expired or terminated Order Forms; (ii) destroy any items relating to the Services, (including but not limited to Data, Software, Articles) and purge any Articles, Data from all electronic media; and (iii) upon request from Pageant provide written certification to Pageant that the Client has complied with this clause 14.5. Pageant reserves the right to audit the Client’s databases and systems to ensure its compliance with this clause 14.5. In the event that Pageant learns that the Client has not complied with the terms of this 14.5 then Pageant may invoice the Client for a Renewal Period for each year that the Client is or has been in breach of this clause 14.5.

14.6. In the event that the Client terminates this agreement pursuant to clause 14.2 (b), (c) or (d) then Pageant shall refund the Client a pro-rated amount in respect of any prepaid Subscription Fees.


15.1. Neither party be in breach of this agreement or shall owe any liability to the other if it is prevented from or delayed in performing its obligations or from carrying on its business, by acts, events, omissions or accidents beyond its reasonable control, including but not limited to strikes, lock-outs or other industrial disputes (whether involving the workforce of Pageant or any other party), failure of a utility service or transport or telecommunications network, pandemic, epidemic, public health emergency, act of God, war, riot, civil commotion, malicious damage, compliance with any law or governmental order, rule, regulation or direction, accident, breakdown of plant or machinery, fire, flood, storm or default of suppliers or sub- contractors, provided that the other is notified of such an event and its expected duration. If the period of delay or non-performance continues for three months, the party not affected may terminate this agreement by giving 30 days’ written notice to the affected party.


16.1. No variation of this agreement shall be effective unless it is in writing and signed by the parties (or their authorised representatives).

16.2. No failure or delay by a party to exercise any right or remedy provided under this agreement or by law shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or remedy. 

16.3. If any provision (or part of a provision) of this agreement is found by any court or administrative body of competent jurisdiction to be invalid, unenforceable or illegal, the other provisions shall remain in force.

16.4. If any invalid, unenforceable or illegal provision would be valid, enforceable or legal if some part of it were deleted, the provision shall apply with whatever modification is necessary to give effect to the commercial intention of the parties.

16.5. This agreement, and any documents referred to in it, constitute the whole agreement between the parties and supersede any previous arrangement, understanding or agreement between them relating to the subject matter they cover.

16.6. Neither party shall, without the prior written consent of the other, assign, transfer, charge, or deal in any other manner with all or any of its rights or obligations under this agreement except that either party may, after having given prior written notice to the other party, assign or transfer any or all of its rights and obligations under this agreement to: 

a. an Affiliate for so long as the assignee remains an Affiliate; or

b. to any person to whom it transfers the part of its business to which this agreement relates, provided that the assignee undertakes in writing to the non-assigning party to be bound by the assignor’s obligations under this agreement.

16.7. Nothing in this agreement is intended to or shall operate to create a partnership between the parties or authorise either party to act as agent for the other, and neither party shall have the authority to act in the name or on behalf of or otherwise to bind the other in any way.

16.8. This agreement does not confer any rights on any person or party (other than the parties to this agreement and, where applicable, their successors and permitted assigns) pursuant to the Contracts (Rights of Third Parties) Act 1999.

16.9. Any notice required to be given under this agreement shall be in writing and shall be delivered by hand or sent by pre-paid first-class post or recorded delivery post to the other party at its address set out in this agreement, or such other address as may have been notified by that party for such purposes or sent by email to the other email address as is set out on the Order Form.

16.10. A notice delivered by hand shall be deemed to have been received when delivered (or if delivery is not in business hours, at 9am on the first business day following delivery). A correctly addressed notice sent by pre-paid first-class post or recorded delivery post shall be deemed to have been received at the time at which it would have been delivered in the normal course of post. A notice sent by email shall be deemed to have been received at the time of transmission.

16.11. In the event that there is any conflict between the terms of this agreement and any general terms and conditions set out on a Pageant website, the terms of this agreement shall prevail.

16.12. All amounts due under this agreement shall be paid in full without any set-off, counterclaim, deduction or withholding (other than any deduction or withholding of tax which is required by law).


17.1. This agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales and each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to settle such dispute or claim.

This agreement has been entered into on the date stated at the beginning of it.

Pageant Media Limited is registered in England with company number 03429596 and its registered office at One London Wall, LONDON, EC2Y 5BD, United Kingdom

Pageant Gaming Media Limited registered in England with company number 03429596 and its registered office at One London Wall, LONDON, EC2Y 5BD, United Kingdom

Schedule 1 – Data processing


Where Pageant acts as a processor when processing:

1. Obtaining the personal details of the Authorised Users or any employee or contractor of the Client who acts as an administrator in respect of the Services;

2. Setting up Authorised Users with accounts and providing the Authorised Users with access to the Services; 

3. Communicating any period of planned or unplanned maintenance to the Client and the Authorised Users; and

4. Providing customer support to any Authorised Users and/or the Client, as may be applicable.

Nature and purpose of processing: To enable Pageant, as a service provider, to provide the Services pursuant to the terms of this agreement, to permit the Authorised Users to access the Services and to administer, update and improve the Services.

Duration of the processing: During the Term.

Types of personal data: First name, surnames, title, job title, email address, postal address, telephone number.

Categories of data subject: Employees, contractors and directors of the Client (and, where applicable, Affiliates of the Client). 

Schedule 2 – Additional terms and conditions for subscribers in the USA

1. In the US, SEC regulations require that subscribers fall into one of the following categories. In order that Pageant may confirm the Client’s eligibility please tick the appropriate description below. The Client hereby certifies that it is:

□ not resident in the United States of America;

□ a qualifying individual: a natural person whose net worth or joint net worth with their spouse, exceeds $1,000,000 or who had an individual income in excess of $200,000 in each of the last two calendar years, or whose joint income with their spouse was in excess of $300,000 in each of such years, and the Client reasonably expect to reach the same income level in this calendar year;

□ a qualifying entity: a corporation, partnership, limited liability company, business trust or a tax-exempt organisation described in Section 501(c)(3) of the Internal Revenue Code of 1986, amended, with total assets in excess of $5,000,000 and which was not formed for the purpose of investing in any of the funds listed within the Services (each, a “Fund”; collectively the “Funds”);

□ a qualifying personal trust: a personal (non-business) trust with total assets in excess of $5,000,000 and which was not formed for the purpose of investing in any of the Funds. Any decision by the Client to invest in the Funds will be directed by a person who has such knowledge and experience in financial and business matters so as to be capable of evaluating the risks of an investment in a Fund; 

□ a qualifying employee benefit plan: an employee benefit plan within the meaning of Title 1 of the Employee Retirement Income Security Act of 1974, as amended (ERISA), and which satisfies at least one of the following conditions:

(i) the Client’s total assets exceed $5,000,000; or

(ii) investment decisions are made by a plan fiduciary, as such term is defined in Section 3(21) of ERISA, and such fiduciary is a bank, savings and loan association, insurance company or registered investment adviser; or

(iii) it is a self-directed plan (i.e., a tax-qualified, defined contribution plan in which a participant may exercise control over the investment of assets credited to his or her account) and the decision to invest is made solely by the participants investing, and each such participant is an accredited investor,

□ a qualifying individual retirement account: An Individual Retirement Account in which all of the participant(s) are accredited investors because each participant has a net worth in excess of $1,000,000 or has had an individual income of in excess of $200,000 (or a joint income with spouse in excess of $300,000) in each of the last two calendar years and reasonably expects to reach the same income level in the current year;

□ a qualifying state benefit plan: an employee benefit plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, and which has total assets in excess of $5,000,000;

□ a qualifying insurance company or small business investment company: licensed, or subject to supervision, by U.S. Federal or state examining authorities as a “savings and loan association”, “insurance company” or “small business investment company” (as such terms are used and defined in 17 CFR §230.501 (a)) or an account for which a bank or savings and loan association is subscribing in a fiduciary capacity and over which such fiduciary exercises investment discretion;

□ a qualifying broker or investment company: registered with the U.S. Securities and Exchange Commission as a broker or an investment company; or elected to be treated or qualifies as a “business development company” (within meaning of Section 2(a) (48) of the Investment Company Act of 1940, as amended (the “Company Act”));

□ a qualifying entity in which all equity owners are each qualified as one of the above; or

□ an industry professional (please specify) ………………………………

By completing the above, the Client represents, warrants and certifies its status. Pageant will rely on this certificate in determining the Client’s eligibility to receive the Services and the Funds will rely on this certificate in determining their compliance with US federal and state security laws.

2. The Client agree not to and shall procure that Authorised Users shall not invest in any Fund whose performance is published in the Services for at least 30 days after receipt of such Services, unless the Client or its Affiliates or Authorised Users already invest in, have already been solicited for, or are already actively considering an investment in such Fund.

3. The Client agree not to and shall procure that Authorised Users shall not deliver, disseminate or otherwise redistribute the Services to anyone other than as permitted under the terms this agreement. The Client agree and acknowledge that any other redistribution of such information could constitute or result in any of the following with respect to one or more of the Funds: (i) making a public offering of securities that would be required to be registered under Section 5 of the Securities Act of 1933, as amended; (ii) making a public offering of securities within the meaning of Sections 3(c)(1) or 3(c)(7) of the Company Act, that would render unavailable to a Fund the exclusion from the definition of “investment company” provided by those sections; and (iii) the investment manager of any Fund holding itself out generally to the public as an investment adviser within the meaning of Section 203(b)(3) of the Investment Advisers Act of 1940, as amended.

4. The Client shall indemnify Pageant and any Fund so affected against all liabilities, costs, expenses, damages and losses (including any direct, indirect or consequential losses, loss of profit, loss of reputation and all interest, penalties and legal and other professional costs and expenses) suffered or incurred by Pageant or the Fund arising out of or in connection with:

(a) the Client’s certificate provided under paragraph 1 to this Schedule 2 being untrue or inaccurate such that the Client is not a Qualifying Person;

(b) the Client ceases to be a Qualifying Person and continues to receive the Services; or

(c) any breach of the Client’s obligations under Schedule 2.

5. The Client agree to notify Pageant promptly if the Client’s qualification status under paragraph 1 to this Schedule 2 changes and shall be required to certify compliance with the provisions of this agreement upon request.