These Additional Service Terms Applicable to the Provision of Advanced Yale Model Services via the Service (“AYMS Additional Terms”) apply only in the event the provision of Advanced Yale Model Services via the Service is included in Customer’s Subscription per the applicable Order Form. For purposes of Customer’s Subscription for the provision of Advanced Yale Model Services via the Service, these AYMS Additional Terms supplement the Master Terms and form a part of the Agreement between Customer and Dynamo. Terms not otherwise defined herein shall have the meaning ascribed to them in the Master Terms and the applicable Order Form.

Part I – Advanced Yale Model Services (AYMS) – Powered by Aspequity

The service described herein consists of the estimation of parameters defining a specific cash flow model for forecasting the distributions from and contributions to private limited partnership funds (LP funds), as well as private investment vehicles that reasonably approximate the structure of the investment process of private LP funds. The basic form of the model was initially proposed by Dean Takahashi and Seth Alexander, formerly from the Yale Endowment Fund, and is commonly referred to as the Yale cash flow model. For brevity herein it is referred to simply as the Yale Model.
The Yale Model parameters covered by the Advanced Yale Model Services are:

1.  Life of fund (years) – Number. This is defined as the average historic life of the funds belonging to a particular fund type from the list above.
2.  Annual growth rate – Percent. This is defined as the average historic annual growth rate of the funds belonging to a particular fund type from the list above.
3.  Yield – Percent. This is defined as the minimal historical distribution rate for the funds belonging to a particular fund type from the list above.
4.   Terminal Contribution Rate – Percent. This is defined alongside the parameter Drawdown curve below.
5.  Bow Factor – Number. This is a parameter specific to the Yale cash flow model that controls how the distribution rate changes over the life of a fund.
6.  Drawdown curve – Table of specific call %s of remaining capital by year, which take effect prior to terminal contribution rate kicking in for remaining life of fund.

Advanced Yale Model Services will provide said model parameters for a variety of fund types as described below:
1.  Buyout Funds
2.  Venture Capital Funds
3.  Growth Funds
4.  Secondaries Funds (shall assume that the underlying investments are Buyout funds.
5.  Private Debt Funds – Senior Lending
6.  Private Debt Funds – Distressed Lending
7.  Real Estate Funds
8.  Infrastructure Funds
9.  Fund-of-Funds: shall assume that the underlying investments are Buyout Funds)
10.  Master Limited Partnership (MLP) Funds – a representative fund type often used to invest in oil, gas, and other natural resources

The model parameter estimation work will be performed by the private asset analytics firm Aspequity Inc. (“Aspequity”), which has extensive experience with cash flow forecasting and valuation modeling, as well as related data. Models will be estimated based on proprietary data available to Aspequity, and its research and industry knowledge on the typical deal and fund lifecycle for different types of investments. Whenever empirical data is insufficient to establish statistical significance of certain results, overriding assumptions for the estimation of the Yale Model parameters will be used based on experience and economically rational choice.

The resultant data from the Advanced Yale Model Services (“Delivered Data”) will be provided to Dynamo by Aspequity and imported into Customer’s Dynamo instance where it will be made available to Customer via the platform’s user interface.

Part II – Additional Terms Applicable to the Provision of Advanced Yale Model Services

1.  Customer acknowledges that Dynamo’s ability to provide the Delivered Data to Customer, depends on the availability of such data provided to Dynamo by Aspequity.

2.  Customer represents that it will treat the Delivered Data as proprietary to Aspequity. For the purposes of these AYMS Additional Terms, Aspequity will be treated as the sole and exclusive owner of the Delivered Data and any trade secrets, copyrights, trademarks and other intellectual property rights in or to the Delivered Data. Customer will use Delivered Data solely for internal purposes and will not redistribute the Delivered Data in any form or manner to any third party without the prior written authorization of Dynamo and/or Aspequity .

3.  CUSTOMER ACKNOWLEDGES THAT THE DELIVERED DATA WILL BE PROVIDED TO CUSTOMER ON AN “AS IS” BASIS. DYNAMO, ASPEQUITY, THEIR AFFILIATES, LICENSORS, INFORMATION PROVIDERS, AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OF THE DELIVERED DATA (I) MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, WITH RESPECT TO THE DATA (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF); AND (II) EXPRESSLY DISCLAIM ANY AND ALL IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, COMPLETENESS, NON- INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR ANY PARTICULAR PURPOSE.

4.  CUSTOMER ASSUMES THE ENTIRE RISK OF ANY USE OF DELIVERED DATA BY CUSTOMER, PERSONS AFFILIATED WITH CUSTOMER OR THIRD PARTIES TO WHICH THEY DISCLOSE SUCH DATA AND AGREES TO HOLD DYNAMO AND ASPEQUITY HARMLESS FROM ANY CLAIMS THAT MAY ARISE IN CONNECTION WITH ANY SUCH USE. IN NO EVENT SHALL DYNAMO, ASPEQUITY, THEIR AFFILIATES, LICENSORS, INFORMATION PROVIDERS OR ANY THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OF THE DELIVERED DATA, BE LIABLE TO CUSTOMER, OR ANY OTHER THIRD PARTY, FOR ANY DIRECT OR INDIRECT DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY LOST PROFITS, LOST SAVINGS OR OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THESE AYMS ADDITIONAL TERMS AND THE APPLICABLE ORDER FORM OR THE INABILITY OF CUSTOMER TO USE THE DATA, REGARDLESS OF THE FORM OF ACTION, EVEN IF DYNAMO, ASPEQUITY, THEIR AFFILIATES, LICENSORS, INFORMATION PROVIDERS OR ANY THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OF THE DELIVERED DATA HAS BEEN ADVISED OF OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF SUCH DAMAGE.

5.  Except to the extent set forth above, all existing arrangements between Dynamo and Customer remain in full force and effect.