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Wall Street Oasis » Forums » I-Banking Bullpen
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Ask Tech Buyout:
 

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Slaying Alpha's picture
Slaying Alpha
     
 
 
(Senior Gorilla, 751
 
Points)
 on 12/21/09 at 5:23pm

If you got a legitimate question, feel free to ask it. I'm no longer responding to PMs.

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Slaying Alpha's picture

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Slaying Alpha
     
 
 
(Senior Gorilla, 751
 
Points)
 on 12/21/09 at 5:28pm

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SirBankalot's picture

2 monkey shits to you for

SirBankalot
      IB
 
(Orangutan, 304
 
Points)
 on 12/21/09 at 5:39pm

2 monkey shits to you for wanting to be helpful

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WallStreetOasis.com's picture

guys - no need to worry. If

WallStreetOasis.com
      EN
 
 
(Human, 12,068
 
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 on 12/21/09 at 5:46pm

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jonx8262's picture

Why do so many people here

jonx8262
      IB
 
(Monkey, 43
 
Points)
 on 12/21/09 at 6:24pm

Why do so many people here hate capital markets? So odd. Seems like a cool area from what I've heard of it.

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TheKing's picture

Sure. This is open-ended,

TheKing
      O
 
 
(Senior Neanderthal, 5,141
 
Points)
 on 12/21/09 at 6:36pm

Sure. This is open-ended, but...do you like your job?

If so, why?

Check out my WSO Blog

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theMonkkkey's picture

Hello, I will be in a tech

theMonkkkey
      IB
 
(Senior Chimp, 29
 
Points)
 on 12/21/09 at 6:46pm

Hello,

I will be in a tech M&A shop next year. However, this is not MS or GS, more like a tier below the top boutiques.

Since I am not going to have headhunters knocking on my door, do you have any advice on how i can reach out to tech buyout shops or pe growth shop?

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Slaying Alpha's picture

jonx8262 wrote: Why do so

Slaying Alpha
     
 
 
(Senior Gorilla, 751
 
Points)
 on 12/21/09 at 7:22pm
jonx8262:

Why do so many people here hate capital markets? So odd. Seems like a cool area from what I've heard of it.

It all depends what you're looking for, desk jobs are great in that they are usually less hours and it's easier job function. If you work on a pitch with a coverage group, you send of the pages and they just drop your pages into the book. Execution is minimal too, since the group is often just an intermediary. I think it's a good spot if you want an easier lifestyle and still be under the IBD umbrella (at most banks). however, cap markets groups often get hit hard in downsizing.

I think it gets hated on because, the exit opps from a capital markets group make it tough to have a broad reach in terms of buyside recruiting.

If you're in ECMG you might have a shot at some fund that has a strong foothold in receiving IPO allocations or if you specialize in the convert product you may end up at convert arb fund...

If you're in DCMG you might end up in a debt fund or a HY trading fund...

So it essentially limits your exit opps. A guy/gal from M&A / Sponsors will be more sought after and will get 5x as many interviews.

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Slaying Alpha's picture

TheKing wrote: Sure. This is

Slaying Alpha
     
 
 
(Senior Gorilla, 751
 
Points)
 on 12/21/09 at 7:35pm
TheKing:

Sure. This is open-ended, but...do you like your job?

If so, why?

I'll compare and contrast my current job with my prior jobs.

The benefits of working as an analyst covering a sector(s) is that you have free reign in how you approach your investment ideas. You attend trade shows, sellside conferences for both debt and equity, talk to research analysts and company management and you choose how to allocate the majority of your time. Your job essentially is to pitch your ideas to a fund manager or whoever gets the allocation of your sector and hope they bite. Assuming they do allow you to make the make the trade you better hold onto your seat because its a wild ride, since public securities are marked to market.

The diligence is on public information for the most part (unless you're dealing in a private deal), and your information may be incomplete at times. This can be annoying as you'll have to spend alot of time doing research, talking to analysts, asking questions on conference calls etc.
--
In private equity (especially at a large fund) you're managing tons of moving pieces and you're responsible if shit goes wrong (as an analyst in banking you might get bitched out by someone, but more often than not you're not the last line of defense). First you're responsible for the financial model, which is going to be detailed beyond believe and you'll have to layer on tons of cases and cap structures, since you'll be working with McK/Bain who will help validate your drivers, you'll have banks, hedge funds, Mezz funds, offering you financing packages and you'll have to mix and match the best cap structures and quickly toggle and tweak each component. Then you have to deal with diligence and you'll have benefits/pension consultants, legal diligence accounting diligence and you'll be running around doing site visits and multiple management meetings.

The thing that sucks is half the time you lose in the bidding process unless your firm was lucky enough to get a jump on the process, partner with another potential buyer, etc. Working with another PE firm is annoying since each side thinks they are way better than the other team even though you're both at top firms and the information flow can be fucked up.

Also the deals in PE take much more time and are often much more draining in terms of getting the deal to the finish line.

However, monitoring and valuation of the investment can be less stressful since valuations are quarterly and you're not watching share prices move daily and hunkering over sellside research and investor calls. If the privately owned company hits a bump in a quarter you may monitor it more closely but you aren't shitting bricks because the share price fell 25%.
--
Personally, I like the fast paced action of working at a hedge fund, we can pull the trigger 100x faster than in PE, which takes much more time doing diligence, going through multiple ICs and you may not even end up winning the deal.

Oh yea Hedge Funds Pay $$$

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Slaying Alpha's picture

Since I don't know all the

Slaying Alpha
     
 
 
(Senior Gorilla, 751
 
Points)
 on 12/21/09 at 7:45pm

Since I don't know all the details I'll lay out some scenarios and you can dive into one if you see fit.

Tier below top boutiques (Moelis/Blackstone.... Lazard/Evercore/Greenhill/Gleacher/Centerview)
--
1) You're at JPM/CS/BarCap/UBS' Tech M&A group, you'll be fine headhunters will still get you interviews and you'll be in the running for most jobs. You'll have an edge at the Franciscos, Vectors, Accel/KKRs, TCV, type gigs since (they're tech focused)... Silver Lake, Elevation, are more picky in terms of pedigree so they may not offer you an interview... I for a fact know that SLP cares about school and bank.

2) You're at Wells, Cowen, Thomas Weisel, RBC, Jefferies, Montgomery, etc. You're going to have to reach out to the headhunters and let them know who you are. Your friends at bulge banks will get contacted (since the headhunters get the analyst facebooks) so you're going to have to ask them to forward the analyst data sheet. Fill it out and get a meeting with the headhunters. They usually host meeting days at hotels in various cities or at a minimum will give you a phone call.

3) You're bank is obscure and unknown, then you're going to have to pitch them a bit talk about your deal experience and your school is definitely going to come into play here. It's tough to break into the buyside with no name / no school. But it can be done, you're going to have to be able to show that you understand the deal process, use of leverage, and be able to show that you can think like an investor. It helps if your shop also works with debt alot of M&A boutiques just are sell-side shops, which will make it a little tougher.

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SAC's picture

Very informative thread. Just

SAC
      HF
 
(King Kong, 1,171
 
Points)
 on 12/21/09 at 10:49pm

Very informative thread. Just curious, how exactly did you land this gig at the HF ? Were you actively looking to move into a more markets oriented role ? Also, where do the Analysts junior to you typically come from ? IB ? ER ? other L/S HFs ? Are they the ones reading the footnotes and helping you prepare your thesis ?

Thanks

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PooSlinger's picture

Noooooo!

PooSlinger
      IB
 
(Monkey, 39
 
Points)
 on 12/21/09 at 10:55pm

Noooooo!

-----------------
Will throw some poo for silver. Just send me a PM.

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Stringer Bell's picture

Tech Buyout, I have a couple

Stringer Bell
      PE
 
 
(King Kong, 1,679
 
Points)
 on 12/21/09 at 10:59pm

Tech Buyout, I have a couple really good friends who are/is working at a smaller hedge fund & at 28 are running their own books and are making a ton of money. Most guys trying to pursue the whole PE route at that age would be back at biz school at that age. If you feel your quick enough on your feet to work at a HF is it a much better choice? For the longest time my goal was to do venture capital, but seems like it takes forever to get paid (most investments in VC aren't realized for 5+ years). I have an engineering degree which I've heard is favorable in the HF world; but I've been so hell bent IBD->Start Up->Biz School->VC that I wouldn't know where to switch/start at. Do I need to try to get a job on a trading floor? Also I was also thinking that working for a smaller MM PE fund in my hometown (Denver) after my 2 yrs in banking would be nice, but what would the pay be like? Would I become a country finance bumkin from there on out?

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NoLongerActiveHere's picture

You can generally find a fund

NoLongerActiveHere
      IB
 
(Senior Baboon, 189
 
Points)
 on 12/22/09 at 2:28am

You can generally find a fund that fits your experience. A tech buyout has stated, a lot of our experience will not only give us deal expreience but also teach us how to approach a problem and that varies from fund to fund. IF you have a relevant set of qualifications, you should form an opinion about what kind of fund you think / want to join and go after those first before casting a much broader net

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chimpb's picture

Any general advice for

chimpb
      O
 
(Senior Monkey, 80
 
Points)
 on 12/22/09 at 1:47am

Any general advice for incoming analysts?

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themonkeybandit's picture

Can you get HF experience

themonkeybandit
      PE
 
(Senior Monkey, 70
 
Points)
 on 12/22/09 at 2:32am

Can you get HF experience inside a traditional BB?

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Slaying Alpha's picture

I worked with alot of the

Slaying Alpha
     
 
 
(Senior Gorilla, 751
 
Points)
 on 12/22/09 at 3:54am
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Slaying Alpha's picture

?

Slaying Alpha
     
 
 
(Senior Gorilla, 751
 
Points)
 on 12/22/09 at 3:55am

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Slaying Alpha's picture

westfald wrote: Tech Buyout,

Slaying Alpha
     
 
 
(Senior Gorilla, 751
 
Points)
 on 12/22/09 at 4:03am

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Slaying Alpha's picture

chimpb wrote: Any general

Slaying Alpha
     
 
 
(Senior Gorilla, 751
 
Points)
 on 12/22/09 at 4:07am

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Slaying Alpha's picture

themonkeybandit wrote: Can

Slaying Alpha
     
 
 
(Senior Gorilla, 751
 
Points)
 on 12/22/09 at 4:08am

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monkeyinasuit's picture

Given your background at

monkeyinasuit
      O
 
(Baboon, 137
 
Points)
 on 12/22/09 at 4:20am
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Slaying Alpha's picture

monkeyinasuit wrote: Given

Slaying Alpha
     
 
 
(Senior Gorilla, 751
 
Points)
 on 12/22/09 at 10:17am

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Mzz's picture

Are you still on the WC? If

Mzz
      O
 
 
(King Kong, 1,506
 
Points)
 on 12/22/09 at 11:29am
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zykke's picture

Sorry I'm a noob, but can

zykke
      ST
 
(Monkey, 55
 
Points)
 on 12/22/09 at 12:39pm
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whateverittakes's picture

Do you know which MM PE shops

whateverittakes
      IB
 
(King Kong, 1,056
 
Points)
 on 12/22/09 at 1:03pm
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Slaying Alpha's picture

Mezz wrote: Are you still on

Slaying Alpha
     
 
 
(Senior Gorilla, 751
 
Points)
 on 12/22/09 at 1:09pm

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Slaying Alpha's picture

zykke wrote: Sorry I'm a

Slaying Alpha
     
 
 
(Senior Gorilla, 751
 
Points)
 on 12/22/09 at 1:10pm

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Slaying Alpha's picture

whateverittakes wrote: Do you

Slaying Alpha
     
 
 
(Senior Gorilla, 751
 
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 on 12/22/09 at 1:23pm

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Stringer Bell's picture

Tech Buyout wrote: IBD->Start

Stringer Bell
      PE
 
 
(King Kong, 1,679
 
Points)
 on 12/22/09 at 1:30pm
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SirBikealot's picture

3 questions: Tech Buyout

SirBikealot
      IB
 
(Senior Monkey, 90
 
Points)
 on 12/22/09 at 1:39pm

"Ride your bike. Drink good beer."
- Fat Tire Amber Ale

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bankingplease's picture

i know there is alot of

bankingplease
      IB
 
(Chimp, 10
 
Points)
 on 12/22/09 at 1:39pm
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Slaying Alpha's picture

westfald wrote: Tech Buyout

Slaying Alpha
     
 
 
(Senior Gorilla, 751
 
Points)
 on 12/22/09 at 6:58pm

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Slaying Alpha's picture

Quote: 1) Why don't people

Slaying Alpha
     
 
 
(Senior Gorilla, 751
 
Points)
 on 12/22/09 at 7:11pm

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Slaying Alpha's picture

bankingplease wrote: i know

Slaying Alpha
     
 
 
(Senior Gorilla, 751
 
Points)
 on 12/22/09 at 7:12pm

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anonrock's picture

How seamless did you find the

anonrock
      IB
 
(Baboon, 157
 
Points)
 on 12/22/09 at 7:48pm
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zykke's picture

Ouch... I didn't do that well

zykke
      ST
 
(Monkey, 55
 
Points)
 on 12/22/09 at 8:31pm
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lakers88's picture

Coming from a

lakers88
      IB
 
(Chimp, 4
 
Points)
 on 12/22/09 at 8:32pm
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chimpb's picture

Is there no flexibility in

chimpb
      O
 
(Senior Monkey, 80
 
Points)
 on 12/22/09 at 9:56pm
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Slaying Alpha's picture

Kasanova wrote: How seamless

Slaying Alpha
     
 
 
(Senior Gorilla, 751
 
Points)
 on 12/23/09 at 2:11am

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Slaying Alpha's picture

zykke wrote: Ouch... I didn't

Slaying Alpha
     
 
 
(Senior Gorilla, 751
 
Points)
 on 12/23/09 at 2:11am

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Slaying Alpha's picture

chimpb wrote: Is there no

Slaying Alpha
     
 
 
(Senior Gorilla, 751
 
Points)
 on 12/23/09 at 2:14am

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the_situation_09's picture

what kind of fund are you at,

the_situation_09
      IB
 
(Chimp, 1
 
Points)
 on 12/23/09 at 2:44pm
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Mzz's picture

Glad you're still answering

Mzz
      O
 
 
(King Kong, 1,506
 
Points)
 on 12/23/09 at 3:29pm
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Blackacre22's picture

Hey - I've read some of your

Blackacre22
     
 
(Monkey, 62
 
Points)
 on 12/23/09 at 3:33pm
  • 0
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Slaying Alpha's picture

Blackacre22 wrote: Hey - I've

Slaying Alpha
     
 
 
(Senior Gorilla, 751
 
Points)
 on 12/29/09 at 11:24am

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Slaying Alpha's picture

the_situation_09 wrote: what

Slaying Alpha
     
 
 
(Senior Gorilla, 751
 
Points)
 on 12/29/09 at 11:26am

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1styearBanker's picture

O look he's back. When will

1styearBanker
      IB
 
(Senior Orangutan, 417
 
Points)
 on 12/29/09 at 12:13pm
  • -1
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12345's picture

What if the best group at my

12345
      IB
 
(Senior Baboon, 233
 
Points)
 on 12/29/09 at 1:04pm
  • 0
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Slaying Alpha's picture

12345 wrote: What if the best

Slaying Alpha
     
 
 
(Senior Gorilla, 751
 
Points)
 on 12/29/09 at 7:22pm

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TheHivMonkey's picture

Not sure if you have info b/c

TheHivMonkey
      IB
 
(Monkey, 50
 
Points)
 on 12/29/09 at 8:40pm
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The contents of this Web Site, such as text, graphics, images, logos, button icons, software and other items (collectively, "Material"), are protected under both United States and foreign copyright, trademark and other laws. All Material is the property of the Company or its content suppliers or clients. The compilation (meaning the collection, arrangement and assembly) of all content on this Web Site is the exclusive property of the Company and protected by U.S. and international copyright laws. Unauthorized use of the Material may violate copyright, trademark, and other laws. You must retain all copyright, trademark, service-mark and other proprietary notices contained in the original Material on any copy you make of the Material. You may not sell or modify the Material or reproduce, display, publicly perform, distribute, or otherwise use the Material in any way for any public or commercial purpose. The use of the Material on any other web site or in a networked computer environment for any purpose is prohibited.

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Web Site Security Rules. Users are prohibited from violating or attempting to violate the security of the Web Site, including, without limitation, (a) accessing data not intended for such user or logging into a server or account which the user is not authorized to access, (b) attempting to probe, scan or test the vulnerability of a system or network or to breach security or authentication measures without proper authorization, (c) attempting to interfere with service to any user, host or network, including, without limitation, via means of submitting a virus to the Web Site, overloading, "flooding", "spamming", "mailbombing" or "crashing", (d) sending unsolicited e-mail, including promotions and/or advertising of products or services, or (e) forging any TCP/IP packet header or any part of the header information in any e-mail. Violations of system or network security may result in civil or criminal liability. The Company will investigate occurrences which may involve such violations and may involve, and cooperate with, law enforcement authorities in prosecuting users who are involved in such violations.

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User Information.

When you register for the Web Site, you will be asked to provide the Company with certain information including, without limitation, a valid email address (your "Information"). In addition to the terms and conditions that may be set forth in any privacy policy on this Web Site, you understand and agree that the Company may disclose to third parties, on an anonymous basis, certain aggregate information contained in your registration application. The Company reserves the right to offer third party services and products to you based on the preferences that you identify in your registration and at any time thereafter; such offers may be made by the Company or by third parties. Please see the Company's Privacy Policy below for further details regarding your Information.

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The Company's Liability.

As a condition to your use of this site, you release the Company (and our agents and employees) from claims, demands and damages (actual and consequential, direct and indirect) of every kind and nature, known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way connected with such disputes. If you are a California resident, you waive California Civil Code d1542, which says: "A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor."

We are under no legal obligation to, and generally do not, control the information provided by other users which is made available through the Web Site. By its very nature, other people?s information may be offensive, harmful or inaccurate, and in some cases will be mislabeled or deceptively labeled. We expect that you will use caution and common sense when using this Web Site.

The Material may contain inaccuracies or typographical errors. The Company makes no representations about the accuracy, reliability, completeness, or timeliness of the Web Site or the Material. The use of the Web Site and the Material is at your own risk. Changes are periodically made to the Web Site and may be made at any time.

You acknowledge and agree that you are solely responsible for the content and accuracy of any resume or material contained therein placed by you on the Web Site and you agree to let any users that are identified as recruiters (designated in the sole discretion of the Company) to have access to your resume.

The Company is not to be considered to be an employer with respect to your use of the Web Site and the Company shall not be responsible for any employment decisions, for whatever reason made, made by any entity posting jobs on the Web Site.

THE COMPANY DOES NOT WARRANT THAT THE WEB SITE WILL OPERATE ERROR-FREE OR THAT THE WEB SITE AND ITS SERVER ARE FREE OF COMPUTER VIRUSES OR OTHER HARMFUL MECHANISMS. IF YOUR USE OF THE WEB SITE OR THE MATERIAL RESULTS IN THE NEED FOR SERVICING OR REPLACING EQUIPMENT OR DATA, THE COMPANY IS NOT RESPONSIBLE FOR THOSE COSTS.

THE WEB SITE AND MATERIAL ARE PROVIDED ON AN "AS IS" BASIS WITHOUT ANY WARRANTIES OF ANY KIND. THE COMPANY, TO THE FULLEST EXTENT PERMITTED BY LAW, DISCLAIMS ALL WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING THE WARRANTY OF MERCHANTABILITY, FITNESS FOR PARTICULAR PURPOSE AND NON-INFRINGEMENT. THE COMPANY MAKES NO WARRANTIES ABOUT THE ACCURACY, RELIABILITY, COMPLETENESS, OR TIMELINESS OF THE MATERIAL, SERVICES, SOFTWARE, TEXT, GRAPHICS, AND LINKS.

Disclaimer of Consequential Damages.

IN NO EVENT SHALL THE COMPANY, ITS SUPPLIERS, OR ANY THIRD PARTIES MENTIONED ON THE WEB SITE BE LIABLE FOR ANY DAMAGES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, INCIDENTAL AND CONSEQUENTIAL DAMAGES, LOST PROFITS, OR DAMAGES RESULTING FROM LOST DATA OR BUSINESS INTERRUPTION) RESULTING FROM THE USE OR INABILITY TO USE THE WEB SITE AND THE MATERIAL, WHETHER BASED ON WARRANTY, CONTRACT, TORT, OR ANY OTHER LEGAL THEORY, AND WHETHER OR NOT THE COMPANY IS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

Links to Other Sites.

The Web Site may contain links to third party web sites. These links are provided solely as a convenience to you and not as an endorsement by the Company of the contents on such third-party Web sites. The Company is not responsible for the content of linked third-party sites and does not make any representations regarding the content or accuracy of materials on such third party Web sites. If you decide to access linked third party Web sites, you do so at your own risk.

No Resale or Unauthorized Commercial Use.

You agree not to resell or assign your rights or obligations under these Term of Use. You also agree not to make any unauthorized commercial use of the Web Site.

Limitation of Liability.

The aggregate liability for the Company to you for all claims arising from the use of the Materials is limited to $1.

Termination.

The Company reserves the right, at its sole discretion, to pursue all of its legal remedies, including but not limited to immediate termination of your registration with or ability to access the Web Site and/or any other service provided to you by the Company, upon any breach by you of these Terms and Conditions or if the Company is unable to verify or authenticate any information you submit to the Web Site registration with or ability to access the Web Site.

Indemnity.

You agree to defend, indemnify, and hold harmless the Company, its officers, directors, employees and agents, from and against any claims, actions or demands, including without limitation reasonable legal and accounting fees, alleging or resulting from your use of the Material or your breach of the terms of these Terms and Conditions. The Company shall provide notice to you promptly of any such claim, suit, or proceeding and shall assist you, at your expense, in defending any such claim, suit or proceeding.

General.

The Company makes no claims that the Materials may be lawfully viewed or downloaded outside of the United States. Access to the Materials may not be legal by certain persons or in certain countries. If you access the Web Site from outside of the United States, you do so at your own risk and are responsible for compliance with the laws of your jurisdiction. These Terms and conditions are governed by the internal substantive laws of the State of New York, without respect to its conflict of laws principles. Jurisdiction for any claims arising under this agreement shall lie exclusively with the state or federal courts within New York, New York. If any provision of these Terms and Conditions are found to be invalid by any court having competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of these Terms and Conditions, which shall remain in full force and effect. No waiver of any term of these Terms and Conditions shall be deemed a further or continuing waiver of such term or any other term. Except as expressly provided in additional terms of use for areas of the Web Site a particular "Legal Notice," or Software License or Material on particular Web pages, these Terms and Conditions constitute the entire agreement between you and the Company with respect to the use of Web Site. No changes to these Terms and Conditions shall be made except by a revised posting on this page.

PRIVACY POLICY

The Company recognizes that you are concerned about privacy. We are committed to preserving your privacy and safeguarding your sensitive information. The following statement describes the general information-gathering and usage practices of our sites.

Our staff, contractors, Internet service providers and others involved in this site follow this policy or similarly strict policies regarding your Information.

Disclosure

The Company is committed to fully disclosing our policies regarding the collection, use, maintenance, disclosure and security of personal information obtained from users of our site. The term "personal information" includes a name, address, email address, or any other information which could be used to contact you directly or to identify you personally.

Use and Disclosure Limitations

The Company only uses personal information about its Web site users for specific purposes. We do not share user information with third parties except when we have told users about the disclosures, when we have prior consent, or when required by law.

Use Policy: When the Company gathers personal information from users, we ask for permission first. We also disclose, at the time of collection, how the information will be used by us. Personal information is used for activities such as auto-completion of commonly-used forms and helping us contact you when you solicit information from us.

Disclosure Policy: We do not normally disclose personal information to anyone outside of the Company unless we have previously informed users about the disclosures. However, some data may be used from time to time by outside contractors, including auditors or consultants, to assist us in carrying out necessary financial or operational activities. These uses will be consistent with this privacy policy and all contractors using this potential personal information must agree to safeguard it, to use it only for the authorized purpose, and to return it or destroy it upon completion of the activity.

The Company might be required to disclose personal information in response to a valid legal process such as a subpoena, search warrant or court order.

Although unlikely, it is possible that we may have to make certain disclosures to ensure the security of our Web site, to protect its integrity, or to take precautions against potential liability. In any of these situations, we will take any reasonable steps to limit the scope of the data disclosed.

Web Logs: The Company maintains standard Web logs that record basic information about visitors to our Web site. These logs contain: * The Internet domain from which you came to our Web site. * Your IP address. An IP address is a series of numbers which uniquely identifies your connection to the Internet. Although it is possible in some instances, certain types of IP addresses may be used by interested persons to identify users but we do not attempt to identify users in this way. * The type of browser (e.g., Internet Explorer or Netscape) and operating system (e.g., Windows 98) you use. * The date and time you visited the site, and the pages you saw.

We use Web log information to design our Web site, identify popular features, and in similar ways. We do not try to identify individuals from Web logs or to link Web logs to other user information. However, if someone tries to damage our Web site or use it in an unauthorized or illegal way, we may share Web log information with law enforcement agencies. The Company may provide aggregate information such as the number of users who visit particular pages of the site, or the number of people who link to certain external sites from our site, to other parties.

Changes to Privacy Policy

The Company's features and services will change over time and our information-gathering practices and policies may also change.

While our philosophy of protecting user information from inappropriate uses and disclosures will not change, this policy will be updated occasionally to include any change that materially affects the collection, maintenance, use, or disclosure of personal information.

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