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Disclaimer
The information provided on this site or in any
communication containing a link to this site is not intended for
distribution to, or use by, any person or entity in any jurisdiction
or country where such distribution or use would be contrary to law
or regulation or which would subject Merrill Lynch or its affiliates
to any registration requirement within such jurisdiction or country.
Neither the information, nor any opinion contained in this site
constitutes a solicitation or offer by Merrill Lynch or its affiliates
to buy or sell any securities, futures, options or other financial
instruments or provide any investment advice or service.
The information on this site is provided "AS IS". Merrill Lynch
does not warrant the accuracy of the materials provided herein,
either expressly or impliedly, for any particular purpose and expressly
disclaims any warranties of merchantability or fitness for a particular
purpose. Merrill Lynch will not be responsible for any loss or damage
that could result from interception by third parties of any information
made available to you via this site. Although the information provided
to you on this site is obtained or compiled from sources we believe
to be reliable, Merrill Lynch cannot and does not guarantee the
accuracy, validity, timeliness or completeness of any information
or data made available to you for any particular purpose. Neither
Merrill Lynch, nor any of its affiliates, directors, officers or
employees, nor any third party vendor will be liable or have any
responsibility of any kind for any loss or damage that you incur
in the event of any failure or interruption of this site, or resulting
from the act or omission of any other party involved in making this
site or the data contained therein available to you, or from any
other cause relating to your access to, inability to access, or
use of the site or these materials, whether or not the circumstances
giving rise to such cause may have been within the control of Merrill
Lynch or of any vendor providing software or services support. In
no event will Merrill Lynch, its affiliates or any such parties
be liable to you for any direct, special, indirect, consequential,
incidental damages or any other damages of any kind even if Merrill
Lynch or any other party have been advised of the possibility thereof.
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Broadcort
Neither the information nor any opinion contained
on the Merrill Lynch Broadcort pages constitute a solicitation or
offer by Merrill Lynch to buy or sell any security, futures contract,
options contract, financial instrument or service. Certain products
and services may not be available to you. The information on this
page is not intended for distribution to or use by any person or
entity in any jurisdiction where (a) distribution or use of such
information would be contrary to law or regulations, or (b) Merrill
Lynch would become subject to new or additional legal or regulatory
requirements. If you have a contractual relationship with a Merrill
Lynch entity that extends to products and services referenced on
the Merrill Lynch Global Broadcort pages, the communications made
hereby are and shall be deemed made, as the context may require,
by such entity.
Broadcort is a service mark of Merrill Lynch, Pierce, Fenner & Smith
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Commercial Real Estate
Neither the information nor any opinion contained
on this page constitutes a solicitation or offer by Merrill Lynch
to buy or sell any security, futures contract, options contract,
financial instrument or service. Certain products and services may
not be available to you. Specific loan or investment options, terms
and features may not be available in all states and jurisdictions,
are subject to change and may vary by deal. Certain conditions,
limitations and restrictions may apply. Any indicated terms are
for illustrative purposes only. This document does not represent
an offer or commitment to make any mortgage loans or investments.
Mortgage loans and investments are offered by affiliates of Merrill
Lynch only to qualified commercial borrowers and investors and only
in those states and jurisdictions where licensed and permitted by
applicable laws and regulations. California Loans are made pursuant
to a Department of Corporations California Finance Lenders License.
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Defeasance
The information, materials and tools provided on this site or
in any communication containing a link to this site (i) are provided
for informational purposes only and are not a quote or a confirmation
of official terms, (ii) are provided on an “as-is”
basis for use at your own risk, and (iii) are not intended for
distribution to, or use by, any person or entity in any jurisdiction
or country where such distribution or use would be contrary to
law or regulation or which would subject Merrill Lynch or its
affiliates to any registration requirement within such jurisdiction
or country. Neither the information, nor any opinion contained
in this site constitutes a solicitation or offer by Merrill Lynch
or its affiliates to buy or sell any securities, futures, options
or other financial instruments or provide any investment advise,
recommendation or service.
The information derived from the tools provided on this site
is merely a non-binding estimate of what may occur in a defeasance
using hypothetical assumptions as of the time of calculation.
Assumptions, criteria, associated costs and the fixed income markets
are subject to change without notice. Securities costs are estimated
based on the loan terms input by the website user and a reference
Treasury yield curve which may not approximate the relevant yield
curve in effect at a particular point in time. The estimate generated
may vary based on specific language and covenants in the borrower’s
original loan documents and fluctuations in the prices of Treasury
and other securities. The actual cost to purchase the securities
is subject to actual market conditions and security availability
at the time of the purchase. The actual cost to purchase the securities
cannot be finalized until the actual date and time of purchase.
Transaction fees vary in accordance with the requirements of the
loan servicer and other parties involved in the transaction. The
timeframe and complexity of the transaction will also have an
impact on the amount of transaction fees. Accordingly, fees in
addition to those described in this website may be required to
be paid by the borrower.
Merrill Lynch and its affiliates (collectively, “ML”)
make no representation or warranty of any kind with respect to
the completeness, quality, accuracy, timeliness, performance,
reliability or comprehensiveness of the data, materials and information
set forth in this website. ML expressly disclaims any warranties
of merchantability or fitness for a particular purpose, and ML.
IN NO EVENT SHALL ML BE LIABLE TO ANY PERSON OR ENTITY FOR ANY
DIRECT, INDIRECT, SPECIAL, CONSEQUENTIAL OR OTHER LOSSES, COSTS
OR DAMAGES (INCLUDING, WITHOUT LIMITATION, ANY LOST PROFITS, BUSINESS
INTERRUPTION, LOSS OR INTERCEPTION OF INFORMATION, PROGRAMS OR
OTHER DATA) THAT ARE RELATED TO THE USE OF, OR THE INABILITY TO
USE, THE CONTENT, MATERIALS, INFORMATION, DATA AND FUNCTIONS OF
THIS WEBSITE OR ANY LINKED WEBSITE, EVEN IF ML HAS BEEN MADE AWARE
OF THE POSSIBILITY OF SUCH LOSSES, COSTS OR DAMAGES.
The Successor Borrower formed in connection with the defeasance
transaction may be owned by Merrill Lynch or one of its affiliates.
The defeasance customer will have no ownership or other interest
in, or right to direct the operations or matters of, the Successor
Borrower, its property, accounts or assets (including, without
limitation, the defeasance securities). The Successor Borrower
will retain all amounts (the “Residual”), if any,
remaining after payment of the monthly and final loan payments
under the defeased loan. Thedefeasance customer will have no rights,
interests or claims of any kind in, to or against the Residual.
No party may publish, transmit, or otherwise reproduce the information,
data and materials contained in this website in whole or in part,
in any format to any third party without the express written consent
of Merrill Lynch.
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Direct Access to NYSE
Neither the information nor any opinion contained
on the Merrill Lynch Direct Access to the NYSE pages constitute
a solicitation or offer by Merrill Lynch to buy or sell any security,
futures contract, options contract, financial instrument or service.
Certain products and services may not be available to you. The information
on this page is not intended for distribution to or use by any person
or entity in any jurisdiction where (a) distribution or use of such
information would be contrary to law or regulations, or (b) Merrill
Lynch would become subject to new or additional legal or regulatory
requirements. If you have a contractual relationship with a Merrill
Lynch entity that extends to products and services referenced on
the Merrill Lynch Direct Access to the NYSE pages, the communications
made hereby are and shall be deemed made, as the context may require,
by such entity.
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Execution Services
Neither the information nor any opinion contained
on the Execution Services pages constitutes a solicitation or offer
by Merrill Lynch to buy or sell any security, futures contract,
options contract, financial instrument or service. Certain products
and services may not be available to you. The information on this
page is not intended for distribution to or use by any person or
entity in any jurisdiction where (a) distribution or use of such
information would be contrary to law or regulations, or (b) Merrill
Lynch would become subject to new or additional legal or regulatory
requirements. If you have a contractual relationship with a Merrill
Lynch entity that extends to products and services referenced on
the Execution Services pages, the communications made hereby are
and shall be deemed made, as the context may require, by such entity.
For further details, please click "Privacy Statement" and "Legal
Information" below.
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MLX Trade
Merrill Lynch makes no representation, warranty
or guarantee, express or implied, concerning this document and its
contents, including whether the document and its contents are accurate,
complete or current. In addition, Merrill Lynch will not be responsible
or liable, whether directly or indirectly, for any losses, including
loss of profits, damages, costs, claims or expenses, relating to
or arising from your reliance upon any part of this document.
The descriptions in this document are not a guarantee that any particular
service or application will be available for your use, nor are the
descriptions a guarantee that any service or application will perform
in accordance with such descriptions or help you to achieve particular
results. Before determining to use any service or application offered
by Merrill Lynch, you should consult with your independent advisors
to review and consider any associated risks and consequences.
This document does not constitute an offer or agreement, or a solicitation
of an offer or agreement, to enter into any particular contractual
relationship with Merrill Lynch. Any use of the electronic trading
services and applications offered by Merrill Lynch must be preceded
by your acceptance of binding legal terms and conditions.
This document is provided to you solely for informational purposes
by Merrill Lynch. This document is designed to serve as a general
summary of the electronic trading services and applications that
Merrill Lynch may offer from time-to-time. This document is not
intended to constitute advertising or advice of any kind.
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Futures and Options
This site is intended for informational purposes
only and the opinions set forth herein should not be viewed as an
offer or solicitation to buy, sell or otherwise trade futures and/or
options. All opinions and information contained in this site constitute
Merrill Lynch Pierce Fenner & Smith’s (“Merrill Lynch”) judgment
as of the date of this document and are subject to change without
notice. Merrill Lynch, persons connected with it, affiliates of
Merrill Lynch ("Merrill Lynch Affiliate") and their respective directors
and employees may, directly or indirectly, effect or have effected
a transaction for their own account in the investments referred
to in the material contained herein before or after the material
is published to any customer of a Merrill Lynch Affiliate or may
give advice to customers which may differ from or be inconsistent
with the information and opinions contained herein. While the information
contained herein was obtained from sources believed to be reliable,
no Merrill Lynch Affiliate accepts any liability whatsoever for
any direct, indirect or consequential loss arising from any inaccuracy
herein or from any use of this document or its contents. PAST PERFORMANCE
IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. THE RISK OF LOSS
ASSOCIATED WITH FUTURES AND OPTIONS TRADING CAN BE SUBSTANTIAL.
Outside of the United States, this site is intended solely for distribution
to professional investors. Further information may be obtained upon
request and for this purpose, persons outside the United States
should contact the Merrill Lynch office located in or nearest to
the country in which they reside.
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Special Notice to Clients Regarding SEC Emergency Order Temporarily Banning Short Sales in Financial Stocks (September 22, 2008)
On September 18, 2008, the SEC issued an Emergency Order prohibiting the short selling of securities issued by certain financial firms ("Covered Securities"). The Emergency Order, as amended on September 21, 2008, provides an exception to the prohibition for bona fide market makers in derivatives, including over-the-counter market makers, that effect short sales as part of their bona fide market making and hedging activity related directly to bona fide market making in: (a) derivative securities based on Covered Securities, or (b) exchange traded funds and exchange traded notes of which Covered Securities are a component.
Importantly, the exception for derivatives market makers does not apply to market maker short sales if the market maker knows the customer's/counterparty's transaction will result in the customer/counterparty establishing or increasing an "economic net short position" in the Covered Securities. In determining an economic net position, a person should include positions in the physical common shares, as well as positions/exposures arising from derivative instruments such as options, convertible bonds, or equity swaps relating to a Covered Security.
In its capacity as a market maker in derivatives, Merrill Lynch is relying upon the market maker exception under the amended Emergency Order. Merrill Lynch's derivatives customers/counterparties are hereby advised that Merrill Lynch may not knowingly effect a short sale as part of Merrill Lynch's bona fide market making and hedging activity in a derivative security based on a Covered Security or ETF/ETN, if the transaction will result in the customer/counterparty either establishing or increasing an economic net short position in a Covered Security. Therefore, any customer/counterparty seeking to transact in a manner inconsistent with this limitation should NOT contact or solicit Merrill Lynch for quotes or prices.
For transactions in which Merrill Lynch acts as a derivatives market maker, customers/counterparties should presume that Merrill Lynch will effect short sales in the underlying securities to hedge its exposure. Therefore, customers/counterparties to Merrill Lynch market maker transactions in Covered Securities will be deemed to have represented and warranted that the transaction will NOT result in the customer/counterparty establishing or increasing an "economic net short position" in the Covered Securities and that the customer/counterparty is complying with the terms of the SEC's Emergency Order, as amended
In addition, customers/counterparties entering into any derivative transaction with Merrill Lynch will be deemed to have represented and warranted that: (i) on or prior to the date of the derivative transaction in Covered Securities, customer/counterparty has consulted with its legal advisors regarding the SEC Emergency Order requiring the disclosure of short positions in certain publicly traded securities (the "Disclosure Order"); and (ii) customer/counterparty is not entering into the derivative transaction with the intent to avoid or circumvent the disclosure obligations imposed by the Disclosure Order. Customers/counterparties to derivative transactions will also be deemed to have acknowledged that Merrill Lynch may determine to: (i) disclose sales of Covered Securities sold short to hedge the Merrill Lynch exposure related to the derivative transaction on any disclosure form provided under the Disclosure Order; (ii) identify in such disclosure form that any short position in the Covered Securities is a hedge for Merrill Lynch’s exposure under a derivative transaction; and (iii) notwithstanding any other agreement between or among customer/counterparty and Merrill Lynch to the contrary, if requested by a regulator having jurisdiction over Merrill Lynch or the Disclosure Order, provide such other information related to such short position or disclosure as such regulator may request.
The amended Emergency Order may be found at http://www.sec.gov/rules/other/2008/34-58611.pdf. The Disclosure Order may be found at http://www.sec.gov/rules/other/2008/34-58591a.pdf
We encourage you to consult your own legal counsel regarding the scope and application of the Emergency Order and the Disclosure Order. Please contact your Merrill Lynch representative if you have any questions regarding this Special Notice.
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Global Commodities
Neither the information nor any opinion contained
on the Merrill Lynch Global Commodities pages constitute a solicitation
or offer by Merrill Lynch to buy or sell any security, futures contract,
options contract, financial instrument or service. Certain products
and services may not be available to you. The information on this
page is not intended for distribution to or use by any person or
entity in any jurisdiction where (a) distribution or use of such
information would be contrary to law or regulations, or (b) Merrill
Lynch would become subject to new or additional legal or regulatory
requirements. If you have a contractual relationship with a Merrill
Lynch entity that extends to products and services referenced on
the Merrill Lynch Global Commodities pages, the communications made
hereby are and shall be deemed made, as the context may require,
by such entity.
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Global Markets
Neither the information nor any opinion contained
on the Global Markets pages constitutes a solicitation or offer
by Merrill Lynch to buy or sell any security, futures contract,
options contract, financial instrument or service. Certain products
and services may not be available to you. The information on this
page is not intended for distribution to or use by any person or
entity in any jurisdiction where (a) distribution or use of such
information would be contrary to law or regulations, or (b) Merrill
Lynch would become subject to new or additional legal or regulatory
requirements. If you have a contractual relationship with a Merrill
Lynch entity that extends to products and services referenced on
the Global Markets pages, the communications made hereby are and
shall be deemed made, as the context may require, by such entity.
For further details, please click "Privacy Statement"
and "Legal Information" below.
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Investment Banking
Neither the information nor any opinion contained
on this page constitutes a solicitation or offer by Merrill Lynch
to buy or sell any security, futures contract, options contract,
financial instrument or service. Certain products and services may
not be available to you. The information on this page is not intended
for distribution to or use by any person or entity in any jurisdiction
where (a) distribution or use of such information would be contrary
to law or regulations, or (b) Merrill Lynch would become subject
to new or additional legal or regulatory requirements. If you have
a contractual relationship with a Merrill Lynch entity that extends
to products and services referenced on this page, the communications
made hereby are and shall be deemed made, as the context may require,
by such entity. For further details, please click "Privacy
Statement" and "Legal Information" below.
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Money Manager Services
Neither the information nor any opinion contained
on the Money Manager Services page constitutes a solicitation or
offer by Merrill Lynch to buy or sell any security, futures contract,
options contract, financial instrument or service. Certain products
and services may not be available to you. The information on this
page is not intended for distribution to or use by any person or
entity in any jurisdiction where (a) distribution or use of such
information would be contrary to law or regulations, or (b) Merrill
Lynch would become subject to new or additional legal or regulatory
requirements. If you have a contractual relationship with a Merrill
Lynch entity that extends to products and services referenced on
the Money Manager Services pages, the communications made hereby
are and shall be deemed made, as the context may require, by such
entity. For further details, please click "Privacy Statement"
and "Legal Information" below.
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Private Equity
Neither the information nor any opinion contained
on this page constitutes a solicitation or offer by Merrill Lynch
to buy or sell any security, futures contract, options contract,
financial instrument or service. Certain products and services may
not be available to you. The information on this page is not intended
for distribution to or use by any person or entity in any jurisdiction
where (a) distribution or use of such information would be contrary
to law or regulations, or (b) Merrill Lynch would become subject
to new or additional legal or regulatory requirements. If you have
a contractual relationship with a Merrill Lynch entity that extends
to products and services referenced on this page, the communications
made hereby are and shall be deemed made, as the context may require,
by such entity. For further details, please click "Privacy
Statement" and "Legal Information" below.
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Soft Dollar and Directed Activity
Neither the information nor any opinion contained
on the Merrill Lynch Soft Dollar and Directed Activity pages constitute
a solicitation or offer by Merrill Lynch to buy or sell any security,
futures contract, options contract, financial instrument or service.
Certain products and services may not be available to you. The information
on this page is not intended for distribution to or use by any person
or entity in any jurisdiction where (a) distribution or use of such
information would be contrary to law or regulations, or (b) Merrill
Lynch would become subject to new or additional legal or regulatory
requirements. If you have a contractual relationship with a Merrill
Lynch entity that extends to products and services referenced on
the Merrill Lynch Soft Dollar and Directed Activity pages, the communications
made hereby are and shall be deemed made, as the context may require,
by such entity.
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