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July 29th, 2008 4:22PM by Brendon Kensel

ACCEPTANCE OF TERMS

This site (“Kensel & Co.”) and its contents are provided to you, subject to the following Terms of Service (“TOS”), which may be updated by us from time to time without notice to you. You can review the most current version of the TOS at any time at http://kenselandco.com/blog_legal_notices. If you do not agree to these TOS, please do not use Kensel & Co. We reserve the right, at our discretion, to update or revise these TOS. Please check the Terms periodically for changes. Your continued use of this site following the posting of any changes to the TOS constitutes acceptance of those changes.

THIRD PARTY SITES

Kensel & Co. provides links to other Websites on the Internet. Kensel & Co. does not assume any responsibility for such content and makes no express or implied warranty about the accuracy, copyright compliance, legality, merchantability, or any other aspect of the content of such sites. Kensel & Co. is not responsible or liable for any advertising, products, or other materials on or available from such Websites or resources. The inclusion of such a link does not imply endorsement of the Websites by Kensel & Co. or any association with their operators.

OPINIONS EXPRESSLY THOSE OF AUTHORS

The opinions expressed in Kensel & Co. state only those opinions of the author of such post (as is clearly designated). While the authors of Kensel & Co. are current or former analysts, investment bankers and equity investors with various equity partnerships, the opinions they express in Kensel & Co. do not necessarily reflect the opinions of such equity partnerships and should not be taken as such.

DISCLAIMER OF WARRANTIES

YOU EXPRESSLY UNDERSTAND AND AGREE THAT:

a. YOUR USE OF KENSEL CO. IS AT YOUR SOLE RISK. KENSEL CO. IS PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS. KENSEL VENTURES EXPRESSLY DISCLAIMS ALL WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT.

b. KENSEL CO. MAKES NO WARRANTY THAT (i) IT WILL MEET YOUR REQUIREMENTS, (ii) IT WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE, (iii) THE INFORMATION THAT MAY BE OBTAINED FROM THE USE OF KENSEL CO. WILL BE ACCURATE OR RELIABLE, (iv) THE QUALITY OF ANY PRODUCTS, SERVICES, INFORMATION, OR OTHER MATERIAL OBTAINED BY YOU THROUGH KENSEL CO. WILL MEET YOUR EXPECTATIONS, AND (v) ANY ERRORS IN THE SOFTWARE WILL BE CORRECTED.

c. NO ADVICE OR INFORMATION, WHETHER ORAL OR WRITTEN, OBTAINED BY YOU THROUGH OR FROM KENSEL CO. SHALL CREATE ANY WARRANTY NOT EXPRESSLY STATED IN THE TOS.

LIMITATION OF LIABILITY

YOU EXPRESSLY UNDERSTAND AND AGREE THAT KENSEL CO. SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES, INCLUDING BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA OR OTHER INTANGIBLE LOSSES (EVEN IF KENSEL CO. HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES), RESULTING FROM: (i) THE USE OR THE INABILITY TO USE KENSEL CO.; (ii) THE COST OF PROCUREMENT OF SUBSTITUTE GOODS AND SERVICES RESULTING FROM ANY GOODS, DATA, INFORMATION OR SERVICES OBTAINED OR MESSAGES RECEIVED OR TRANSACTIONS ENTERED INTO THROUGH OR FROM KENSEL CO.; (iii) UNAUTHORIZED ACCESS TO OR ALTERATION OF YOUR TRANSMISSIONS OR DATA; (iv) STATEMENTS OR CONDUCT OF ANY THIRD PARTY ON KENSEL CO.; OR (v) ANY OTHER MATTER RELATING TO KENSEL CO.

EXCLUSIONS AND LIMITATIONS

SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF CERTAIN WARRANTIES OR THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES. ACCORDINGLY, SOME OF THE ABOVE LIMITATIONS OF SECTIONS 4 AND 5 MAY NOT APPLY TO YOU BUT ONLY TO THE EXTENT REQUIRED BY APPLICABLE LAW.

SPECIAL ADMONITION REGARDING FINANCIAL INFORMATION

You understand that Kensel Co. is furnished for informational purposes only, and that no mention of a particular company or security in Kensel Co. constitutes a recommendation to buy, sell, or hold that or any other security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. You further understand that Kensel Co. will not advise you personally concerning the nature, potential, value or suitability of any particular security, portfolio of securities, transaction, investment strategy or other matter. To the extent any of the information contained on Kensel Co. may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person.

Kensel Co. may contain opinions from time to time with regard to securities and any or all contributors to Kensel Co., or their affiliates, may hold positions in securities. The contents of Kensel Co. are written by current or former analysts, investment bankers and equity investors. It is their business to buy and sell securities. Kensel Co. will use reasonable efforts to disclose when an author writes about a company in which that author has an interest, or about a competitor thereof. Kensel Co.’s principle authors are analysts, investment bankers and equity investors with their respective partnerships, so you should assume that the authors have an interest in all companies in their partnerships’ publicly disclosed portfolios, which can be viewed at such partnerships’ websites. Kensel Co. will make no efforts to update past posts to reflect current interests.

KENSEL CO. IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY, AND NO CONTENT INCLUDED IN KENSEL CO. IS INTENDED FOR TRADING OR INVESTING PURPOSES. KENSEL CO. AND ITS LICENSORS SHALL NOT BE RESPONSIBLE OR LIABLE FOR THE ACCURACY, USEFULNESS OR AVAILABILITY OF ANY INFORMATION TRANSMITTED OR MADE AVAILABLE VIA KENSEL CO. , AND SHALL NOT BE RESPONSIBLE OR LIABLE FOR ANY TRADING OR INVESTMENT DECISIONS MADE BASED ON SUCH INFORMATION.

INDEMNITY

You agree to indemnify and hold Kensel Co., and its affiliates, officers or other partners, and employees, harmless from any claim or demand, including reasonable attorneys’ fees, made by any third party due to or arising out of content you submit, post, transmit or make available through Kensel Co., your use of Kensel Co., your connection to Kensel Co., your violation of the TOS, or your violation of any rights of another.