There's more to it than that. You're not allowed to use their logo in a link, true. However, you're also not allowed make them look bad with any such link. "You may not use any link to the Site as a method of creating an unauthorised association..., and agree that no such link shall portray us... in a false, misleading, derogatory or otherwise objectionable manner."

(Sorry for the snipping, but it was pretty long otherwise. I don't believe I've removed anything that changes the fundamental meaning.)