encumbrances or restrictions of any kind
(including legends or restrictions on transfer), both when they are offered or
sold and upon their delivery at settlement.
(d) You are not and shall not be, at any time when You offer, buy or sell
any security using the Services, an "affiliate" of the issuer thereof or, in the
case of convertible or exchangeable securities, the issuer of the underlying
security.
(e) Each representation and warranty made by You under any Rules shall be
deemed to have been made for the benefit of Morgan Stanley.
(f) You shall not introduce, nor permit any person to introduce into the
Services, any code, malicious or hidden mechanisms that would impair the
operation of the Services or of Morgan Stanley's computers or other devices or
software, or would permit other users access to the Services, nor shall You use
the Services to gain any unauthorized access to any computer system.
10. DISCLAIMER OF WARRANTIES. THE SERVICES ARE PROVIDED "AS IS", AND NONE
OF MORGAN STANLEY, THE VENDORS, OR ANY THIRD PARTY THAT CONTRIBUTES IN ANY
MANNER TO THE SERVICES MAKE ANY REPRESENTATION OR WARRANTY WHATSOEVER, INCLUDING
WARRANTIES (I) WITH RESPECT TO THE ACCURACY, COMPLETENESS OR TIMELINESS OF THE
SERVICES; OR (II) THAT THE SERVICES SHALL BE UNINTERRUPTED OR ERROR FREE.
FURTHER, MORGAN STANLEY, THE VENDORS AND ANY THIRD PARTY THAT CONTRIBUTES IN ANY
MANNER TO THE SERVICES DISCLAIM ANY EXPRESS OR IMPLIED WARRANTIES, INCLUDING ANY
IMPLIED WARRANTIES OF TITLE, NON-INFRINGEMENT, MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE RELATING TO THE SERVICES. ANY HYPERLINK TO ANOTHER SITE IS
NOT AND DOES NOT IMPLY AN ENDORSEMENT, INVESTIGATION, VERIFICATION OR MONITORING
BY MORGAN STANLEY OF ANY INFORMATION ON THAT SITE.
11. LIMITATION OF LIABILITY. TO THE FULLEST EXTENT PERMITTED BY LAW, IN NO
EVENT SHALL MORGAN STANLEY, THE VENDORS, CONTRACTORS OR TECHNOLOGY OR CONTENT
PROVIDERS OR THEIR RESPECTIVE OFFICERS, DIRECTORS, OWNERS, AGENTS AND EMPLOYEES
(THE "MORGAN STANLEY PARTIES") HAVE ANY LIABILITY TO YOU OR ANY OTHER PERSON FOR
ANY COSTS, LIABILITIES OR DAMAGES OF ANY KIND, WHETHER DIRECT, INDIRECT,
CONSEQUENTIAL OR PUNITIVE (TOGETHER, "COSTS"), ARISING OUT OF, OR IN CONNECTION
WITH, THIS AGREEMENT OR THE PERFORMANCE OR BREACH OF THIS AGREEMENT, OR YOUR OR
ANY OTHER PERSON'S USE OF, OR INABILITY TO USE, THE SERVICES. THESE LIMITATIONS
SHALL APPLY REGARDLESS OF THE FORM OF ACTION, WHETHER BASED ON STATUTE OR
ARISING IN CONTRACT, INDEMNITY, WARRANTY, STRICT LIABILITY OR TORT (INCLUDING
NEGLIGENCE), AND REGARDLESS OF WHETHER ANY MORGAN STANLEY PARTY KNOWS OR HAS
REASON TO KNOW OF THE POSSIBILITY OF SUCH DAMAGES. NOTWITHSTANDING ANY OTHER
PROVISIONS OF THIS AGREEMENT AND WITHOUT LIMITING THE FOREGOING, THE MAXIMUM
AGGREGATE LIABILITY OF THE MORGAN STANLEY PARTIES UNDER THIS AGREEMENT AND WITH
RESPECT TO THE SERVICES SHALL NOT EXCEED THE AMOUNT EARNED (INCLUDING ANY
MARK-UP), IF ANY, BY MORGAN STANLEY FROM YOU IN CONNECTION WITH THE SPECIFIC
EVENT GIVING RISE TO YOUR LOSS OR DAMAGES, UNLESS CAUSED DIRECTLY BY THE MORGAN
STANLEY PARTIES' GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. THIS LIMITATION OF
LIABILITY IS