Lehman Brothers Research

  1. Recipient acknowledges that all proprietary rights in the Research that are owned by Lehman Brothers Inc. (Lehman shall remain the property of Lehman and Recipient shall have no right or interest in such Research except the rights to use such Research upon the terms and conditions of this Agreement. Recipient acknowledges that the Research as compiled, prepared, selected and arranged by Lehman constitute an expenditure of substantial time, effort and money by Lehman and constitute valuable commercial property and/or trade secrets of Lehman. Recipient agrees that it will not remove any copyright notice disclosure, disclaimer or other notification or trade name or marks of Lehman that may appear in the Research and that any permitted reproduction and/or distribution of the Research shall contain such notices and/or marks as they appear in the Research. Recipient may not use the Lehman name or trademarks without the prior written consent of Lehman.
  2. Recipient shall not modify the Research; create derivative works based on the Research; rewrite or reprocess the Research; or redistribute the Research or any portions thereof to anyone without Lehmans prior written consent. Recipient agrees that it shall not construct or facilitate the construction of products which compete with the Research.
  3. Recipient shall comply with all applicable laws and regulations relating to use of the Research during the term of this Agreement
  4. RECIPIENT ACKNOWLEDGES AND AGREES THAT THE RESEARCH IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY. UNDER NO CIRCUMSTANCES SHOULD THE RESEARCH BE USED OR CONSIDERED AS AN OFFER TO SELL OR A SOLICITATION OF ANY OFFER TO BUY THE SECURITIES OR OTHER INSTRUMENTS MENTIONED IN IT. THE RESEARCH HAS BEEN OBTAINED FROM VARIOUS SOURCES, AND LEHMAN DOES NOT REPRESENT THAT IT IS ACCURATE OR COMPLETE AND IT SHOULD NOT BE RELIED UPON AS SUCH. OPINIONS EXPRESSED IN THE RESEARCH ARE SUBJECT TO CHANGE WITHOUT NOTICE. THE PRODUCTS MENTIONED IN THE RESEARCH MAY NOT BE ELIGIBLE FOR SALE IN SOME STATES OR COUNTRIES, NOR SUITABLE FOR ALL TYPES OF INVESTORS; THEIR VALUE AND THE INCOME THEY PRODUCE MAY FLUCTUATE AND/OR BE ADVERSELY AFFECTED BY EXCHANGE RATES. RECIPIENT further acknowledges that LEHMAN is not acting in a fiduciary capacity with respect to RECIPIENT and that LEHMAN is not assuming any duties or obligations other than those expressly set forth herein.
  5. LEHMAN makes no representations or warranties, either express or implied, with respect to the Research, including without limitation, any implied warranty of merchantability or fitness for a particular use with respect to THE RESEARCH. The RESEARCH IS provided as is and RECIPIENT expressly agrees that use of the RESEARCH is at RECIPIENTS sole risk. LEHMAN does not warrant that the RESEARCH will not be uninterrupted, delayed or error free, nor does it make any warranties as to the results to be obtained from use of the RESEARCH. Without limiting the generality of the foregoing, LEHMAN expressly disclaims any responsibility or liability for any inaccuracies or inconsistencies in the Research.