THE POWER TO

renew energy

Episode length: 17:57 | September 7, 2019

The Power to Renew Energy

View transcript

The World to Come - Episode 4: The Power to Renew Energy

 

TESS VIGELAND: Scientists say that energy accounts for about 60-percent of greenhouse gas emissions. But imagine a world of clean, reliable power -- available to everyone. Innovators are working right now on groundbreaking ways to help make that happen.

 

JOHN MANKINS: I think Space Solar Power in particular has the potential to be one of those new sources that can help fill in the gap when the seasons or the weather don't cooperate with delivering the energy that we need to run society.

 

TESS VIGELAND: Coming up -- we’ll hear about this dream of harnessing solar power from space, and then go to entrepreneurs working on efforts to expand current technologies here on earth.

 

TESS VIGELAND: This is The World To Come, a podcast brought to you by Bank of America -- exploring life in the future, starting with the visionaries of today. Featuring clients and partners affiliated with Bank of America.

 

I’m Tess Vigeland.

 

TESS VIGELAND: In this fourth episode, the power to renew energy.

 

PINAKI DAS: The biggest issue in energy obviously, is the reliance on fossil fuels across the value chains. Whether you look at electricity, or transport, or heating you know a vast majority of that energy use is fossil fuel.

 

TESS VIGELAND: Bank of America Global Research analyst Pinaki Das is based in London and has been tracking the global energy picture for a long time.

 

PINAKI DAS: I've been with the bank for about 10 years now and I've been mainly involved in the utilities, energy, and renewable sector.

 

TESS VIGELAND: So again, there are two big goals when it comes to energy: to counter global warming, and to get energy to everyone in the world, especially electricity. The International Energy Agency estimates that nearly a billion people are without it.

 

And Pinaki, you have a pretty optimistic view about where the world is headed with energy. How come?

 

PINAKI: There's been incredible progress and me as a renewable analyst even I'm amazed, and I was already very, very bullish that things will become better in terms of solution. Even I’m surprised by how quickly the costs for some of the different technologies like wind and solar have fallen.

 

PINAKI DAS: I think wind costs have fallen by about 70 percent in the last six, seven years and solar has fallen like 80 percent.

TESS VIGELAND: That is extraordinary.

 

PINAKI DAS: 2018-2019 are probably the first year of across the world when we  see that wind and solar are cheaper or at par with fossil fuel. Now this is quite important because till now the solution was not available or it was not cost effective. Now when you look at it, it's cost effective, it makes financial sense to actually shift to wind and solar.

 

TESS VIGELAND: He says solar and wind power technologies will continue to be part of the future because, despite their limitations, they work.

 

There are also huge efforts underway to generate OTHER non-carbon energy sources.

 

This would be a good place to bring back the voice we heard at the very beginning.

 

JOHN MANKINS: My name is John C. Mankins. I am one of the world's leading experts in the field of space solar power. I worked for twenty five years at NASA, ten years at the Jet Propulsion Laboratory and 15 years at NASA headquarters in Washington D.C.

 

TESS VIGELAND: John thinks it’s possible to reach those two big goals by harnessing energy from space for a very simple reason: the sun is always shining there.

 

JOHN MANKINS: Rooftop solar and wind are intermittent, they're occasional not continuous and you cannot run a civilization, you can't run schools and hospitals and factories and the Internet and so on, if you go for a month at a time with no sunlight, with no power. So there has to be some mix of ground-based sustainable energy that we know now, like wind and solar, and new sources.

 

TESS VIGELAND: So let’s break down how space-based solar would work. A satellite would be launched into space. It would then have to self-assemble in space with the use of advanced robotics. When it was all set-up, there would be these huge mirrors reflecting the sun’s radiation onto solar panels. Then that energy would be turned into a microwave signal beamed back down to earth.

 

JOHN MANKINS: So if you think conceptually about when you when you go and you turn on the wireless router in your home, electricity is coming in from the wall and it's going into the wireless router and the wireless router is putting out a microwave signal which then goes in all directions, and it permeates your house and you connect to your computer to that wireless microwave signal without really thinking about it. Well in the case of the solar power satellite -- in comes the sunlight, the energy of the sunlight is converted into electricity. The electricity is processed in onboard electronics, in space and is turned into a microwave signal and sent out through antennas in a wave, like a beam from a spotlight, to a receiver on the ground and where that energy is converted back into electricity and is then delivered to whatever is the local market to the local market either city or factory or what have you.

 

TESS VIGELAND: This idea actually goes back to work NASA was doing in the 1970s but John says the technology wasn’t where it needed to be.

 

JOHN MANKINS: If you think about the technologies of that era, you know 8 bit computers and robots that had to be controlled by you know people with their hands on joysticks, no autonomy, the efficiency of a solar cell was like 10 percent, the cost of getting into space was enormous. At that time, the space shuttle had not even flown yet.

 

TESS VIGELAND: John says that today, a platform in space that could deliver enough electricity for about two million homes would cost around 10 to 15-billion dollars. It’s a lot of money but he says it’s in line with other massive infrastructure projects that initially seemed daunting… from the Big Dig and the Channel Tunnel, to the Golden Gate Bridge.

 

JOHN MANKINS: Back when San Francisco built the Golden Gate Bridge they were able to access, and as I recall with substantial financial leadership from Bank of America, they were able to finance through public debt and bonds and so on the building of the Golden Gate Bridge when it was an unthinkably huge project of the day and in that in that moment BofA transformed California.

 

TESS VIGELAND: John says he can imagine a future where a game-changing energy source would complement a world in which solar panels on homes were the norm, wherever you went.

 

We’re going to hear from someone now who’s working on that idea in a place where you wouldn’t expect: rainy, cloudy… London. That’s where Agamemnon Otero is working to both lower C02 emissions and help people keep their lights on.

 

AGAMEMNON OTERO: If you can use access to clean energy and allow people to buy into it and have a financial return from that, then they can address those needs of communities with their own two hands.

 

TESS VIGELAND: A few years back, he learned that people in a low-income housing community near him were having trouble paying for their electricity. He had an idea.

 

AGAMEMNON OTERO: Well let's generate our own energy. We could literally do that on all the buildings with solar.

 

TESS VIGELAND: This was the very beginning of what would become his nonprofit energy cooperative, Repowering London. He figured if the housing community could make its own energy, financed in part by the residents, they wouldn’t have to pay for electricity from the grid.

 

So he and some volunteers started going door-to-door with their plan. 

 

AGAMEMNON OTERO: We just literally rolled up and we're like ‘Hi. I live right around the corner and I was thinkin’ what do you reckon we put solar panels on your rooftop?’ And I can honestly tell you that most people shut the door.

 

They say, ‘I'm choosing between heating my home and eating food.’

 

TESS VIGELAND: And yet -- this idea could help with that untenable choice. Residents wouldn’t just get energy from the panels to use themselves. They could also make money by selling excess energy to London’s main electrical grid. So, he and his team modified their pitch:

 

AGAMEMNON OTERO: And we said ‘Hi. I know that you might think I'm from the local government or a private company but I'm not. I live around here and I want to see us come together. What are the problems that you're facing?’ And then wait and they’d be like ‘I’m busy.’ And they're like well though ‘the roof is leaking and then there's the door. The cold wind comes in through these doors and I don't have childcare.’ And we’re like, ‘Oh okay. Well what if we said that we were trying to build a co-operative that would give you money to address those three things and they would go ‘it would never happen.’ And then you’d say, ‘Look if we build the co-op and put solar panels on the rooftop that we could have a co-op.’

 

TESS VIGELAND: Within months, more than 100 residents had chipped in. It’s an investment model so people buy the amount of shares they can afford.

 

The solar panels went live in March of 2012. To date, Repowering London has worked with five government-subsidized housing complexes and two schools -- giving more than 27-hundred people access to solar power.

 

LEILA FORTUNATO: My name is Leila Fortunato. I'm a volunteer director for Bannister House Solar which is in Hackney, east London.

 

When the people saw the panels being put up it was quite a shock I think for some people because a lot of my neighbors were like wow we’ve actually done something. Something’s actually happened on this estate. Because even though it was being talked about, I don’t think anyone really, a lot of people didn’t believe that it would actually happen.

 

TESS VIGELAND: Leila is a history and geography teacher and a single mom. By the time Agamemnon and Repowering London came to her building with their pitch, the organization had grown. They had started to offer paid internships and she was excited for that opportunity for her kids. But her first motivator was the environment.

 

LEILA FORTUNATO: I think initially when I found out about it was to do with climate change so something that I was really worried about also being a geography teacher, you're more aware of it I suppose. And then when I found out that the project was also something that would help build communities and be something that my older two children could be involved in so it's paid internship. That also became a massive motivator. So it was something that for me was nice that young people could be involved in a project like this and be off the streets do something meaningful be engaging with local communities because I think a lot of the children feel that they don't have a voice. And also for the community themselves a lot of people are from low income backgrounds and again feel that they're not listened to.

 

TESS VIGELAND: And the heart of this idea - bringing renewable energy sources to people who need them is something I talked about with Bank of America Global Research Analyst Pinaki Das. He says that can have huge implications around the world -- especially in areas where people lack modern electricity.

 

PINAKI DAS: What is interesting is that you know in places like Africa, some of these renewable technologies are much better placed to provide a solution. So, you don't have to actually go the traditional way of building these huge grids and centralized power plants. What you can do is you can go and build distributed solar and that becomes a much more sustainable and lower-cost solution.

 

TESS VIGELAND: Off-grid technology is now booming in Africa -- some experts say a distributed solar revolution is underway there. And we’re going to turn now to one of the guys leading it:

 

JESSE MOORE: My name is Jesse Moore and I'm the CEO and co-founder of M- Kopa, a renewable energy platform company based in Nairobi, Kenya with operations around East Africa.

 

TESS VIGELAND: Jesse’s company, M-Kopa, started eight years ago. At that point, Jesse had already spent years working on emerging tech in East Africa. He had been in plenty of homes without electricity -- where people have to rely on kerosene.

 

JESSE MOORE: You don't want to really be close to that for too long because the fumes start to mess with your breathing and they start to mess with your eyesight. It makes people's eyes very itchy and red. there's a lot of smoke and that smoke ends up literally making the walls black and gray.

 

TESS VIGELAND: Many Kenyans living in rural areas only earn about two dollars a day. And it can sometimes cost up to 50 cents a day to get enough kerosene to light a home.

 

Jesse saw a way to give people a better option for the same price, or less.

 

JESSE MOORE: There are great technology advances that have happened over the last 10, 20 years where solar panels and lithium ion batteries and correctly designed appliances like lighting and tv's and fans and fridges can all run off the grid on a on a solar system. The problem is if I'm going to buy that solar system for cash it's going to cost me a couple hundred dollars, if not more. And so just like in the West if I'm trying to buy an apartment, if I'm trying to buy a house, that's a really big one time expense that I'm probably not going to be able to save up for. However, if I can get a mortgage and if I can put down a deposit and get hold of that property and move in I'm going to save rent every month and instead of paying rent I'll pay a mortgage that eventually helps me buy the property.

 

TESS VIGELAND: Jesse took this concept and applied it to solar systems. His customers put down a deposit, take their system home, and it works right away. They make mobile phone payments every day to keep the system running and they will own it outright after a year or two. The mobile payment platform is connected to a SIM card that M-Kopa embeds into each solar system.

 

TESS VIGELAND: This pay-as-you-go set-up has been transformative for Joyce Mwende.

 

When we met her, she was standing outside -- near her home in Machakos, Kenya. An interpreter was with her.

 

SWAHILI INTERPRETER: She says that she used to take her phone to the shopping center to charge and she used to use a lot of kerosene.

 

TESS VIGELAND: Now she makes the small daily payments to keep her M-Kopa solar system operating. A single 60-watt solar panel on her roof can power her phone charger, a radio, her first television, and two lights.

 

SWAHILI INTERPRETER: Her life has changed because her kid can now read at night. The kid performs better in school than previously when they didn’t own the device and the village generally has more lighting.

 

TESS VIGELAND: By the end of 2018, M-Kopa had installed solar systems in more than 700-thousand homes throughout East Africa. Jesse thinks they’ll hit a million soon. 

 

JESSE MOORE: Where we get up every morning is, the M-Kopa team, is trying to bring leapfrogging innovation and technology to the lives of those who have been neglected as customers but are very much great customers with whom we can build a true business with.

 

TESS VIGELAND: In other words, working towards more universal access to energy. This is actually one of the UN’s Sustainability Goals -- to ensure full access and substantially increase the share of renewable energy by 2030. I wanted to know whether Jesse thought this was possible...

 

JESSE MOORE: Absolutely. Like absolutely it's possible we know we have the technology. I think the real question is whether the full force of global budgets of, you know, the investment capital that are required will be put in the right direction. There's no reason why you know the technologies that M-Kopa offers and others offer can't be in hundreds of millions of homes in a decade. 

 

TESS VIGELAND: Agamemnon Otero says our future lies in new ways of thinking.

 

AGAMEMNON OTERO: It's all about having these moving, open, transparent structures that allow people to open and close the relationship between their energy and as soon as that happens we come up with new solutions it might be fuel cells it might be battery storage it might be energy efficiency but what we have to have the flexibility to move or we've just become the paradigm that we're moving away from.

 

TESS VIGELAND: Bank of America’s Pinaki Das says he can ALSO imagine rapid advancements for energy storage, along with electric cars, and beyond.

 

PINAKI DAS: So for example you know in nuclear you could have a major discovery or you could have micro small nuclear reactors or fission or you could have some breakthrough there.

 

TESS VIGELAND: He says shifts in human behavior are just as important -- he says we need to consider our own carbon footprints. As we’ve been hearing throughout this series, there isn’t just one answer. And that’s keeping scientist John Mankins optimistic too.

 

JOHN C. MANKINS: Oh, I'm hopeful because I think that the problems, although they are enormous, I think they can be solved. But only if we actually work to solve them.

 

TESS VIGELAND: What would you like the power to do?

 

On the next episode of The World to Come…

 

TESS VIGELAND: Would you rather take on a superbug with current treatments?

 

STEPHANIE STRATHDEE: hopefully his immune system will be able to kick in and fight it - you know, it's the best option we have.

 

TESS VIGELAND: Or take a chance on virus injections?

 

PATRICK WOOD: phage therapy is the use of viruses that attack bacteria, hostile bacteria to you, and so, they’re viruses that are on your side. Friendly viruses, if you like.

 

TESS VIGELAND:  That’s the World to Come. I’m Tess Vigeland. Thanks for listening.

 

Merrill Lynch Global Research is research produced by BofA Securities, Inc. (“BofAS”) and/or one or more of its non-U.S. affiliates. BofAS is a registered broker-dealer, Member SIPC, and wholly owned subsidiary of Bank of America Corporation.  Any opinions or other information correspond to the date of this recording and are subject to change. This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice.    

Hide Transcript

In this episode, we’ll meet visionaries who are striving to bring clean, reliable energy to people around the world, from space solar power to new technologies here on earth.

 

Listen and subscribe to this podcast via: iTunes Spotify Stitcher Google Play

 

In this episode

Is it possible to provide clean, reliable energy to people around the world? Repowering London’s Founder, Agamemnon Otero, believes that clean energy is about more than access—it’s about improving entire communities: “If you can use access to clean energy and allow people to buy into it and have a financial return from that, then they can address needs of communities with their own two hands.” We’ll hear from him and other guests in this episode who are finding innovative ways to improve access to clean energy. From a scientist who thinks we should harness solar power from space to entrepreneurs who are working to expand technologies here on earth to power underserved communities.

Guests
Pinaki Das
BofA Global Research Analyst
John Mankins
President of Artemis Innovation Management Solutions LLC; Former NASA Physicist
Agamemnon Otero
Founder of Repowering London
Leila Fortunato
Repowering London Customer/Volunteer
Jesse Moore
CEO of M-Kopa
Joyce Mwende
M-Kopa Customer
Host
Tess Vigeland
Veteran US Journalist,
NPR Host, Author

A well-known voice for millions of American radio listeners, Tess spent 11 years as an anchor for public radio’s Marketplace. Over her career, she has received numerous national awards, including most recently a 2019 Gracie Award as Best Host/Anchor, and a 2019 National Murrow Award for Continuing Coverage.

Bank of America Merrill Lynch X

You are now leaving Bank of America Merrill Lynch.

By clicking Continue, you will be taken to a website that is not affiliated with Bank of America Merrill Lynch and may offer a different privacy policy and level of security. Bank of America Merrill Lynch is not responsible for and does not endorse, guarantee or monitor content, availability, viewpoints, products or services that are offered or expressed on other websites.

You can click the Cancel button now to return to the previous page.

Cancel Continue

With FINRA'S BrokerCheck, You can find out:

- If a broker or brokerage firm is registered

- What has been disclosed to regulators

- About a broker's past experience

- What a broker or brokerage firm is qualified to do

You are leaving Bank of America Merrill Lynch's website and being redirected to FINRA'S BrokerCheck. The website is not owned by Bank of America Merrill Lynch®, Bank of America® or their affiliates and is subject to separate terms and privacy policies.

Cancel Continue
X

General Disclaimer for Bank of America Merrill Lynch

“Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Merrill Lynch Professional Clearing Corp., all of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.

Investment products offered by Investment Banking Affiliates:

Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed.

© 2019 Bank of America Corporation.

Disclaimer for Australia:

"Bank of America Merrill Lynch" is the marketing name for the global banking and global markets businesses of Bank of America Corporation ("BAC"). Lending and other commercial banking activities are performed globally by banking affiliates of BAC and in Australia by Bank of America, N.A. Australian Branch ("BANA Australia"). Securities, corporate advisory and capital markets services are performed in Australia by Merrill Lynch Markets (Australia) Pty. Limited, Merrill Lynch (Australia) Futures Limited, Merrill Lynch Equities (Australia) Limited and their related bodies corporate (together "BofAML") which hold, or are exempt from the requirement to hold, an Australian Financial Services Licence. Apart from BANA Australia, none of the other BofAML entities including BAC are Authorised Deposit-taking Institutions authorised under the Banking Act 1959 of Australia nor regulated by the Australian Prudential Regulation Authority. The obligations of BofAML entities (other than BANA Australia) do not represent deposits or other liabilities of BANA Australia and are not guaranteed by BANA Australia.

©2019 Bank of America Corporation. Published in Australia by BANA Australia.

Disclaimer for India:

Bank of America, N.A. is a subsidiary of Bank of America Corporation, operating in India. Bank of America provides the following banking products in India: working capital and term loans, structured finance, export finance, global cash management, trade products, foreign exchange services and currency solutions. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC.

Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in India by DSP Merrill Lynch Ltd, which provides the following services in India: Research, Equity Sales & Trading, Futures & Options, Electronic Trading, Equity Capital Markets, Debt Capital Markets and M&A. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured . May Lose Value . Are Not Bank Guaranteed.

©2019 Bank of America Corporation.

Disclaimer for Brazil:

"Bank of America Merrill Lynch" is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Merrill Lynch Professional Clearing Corp., all of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.

Ouvidoria Bank of America Merrill Lynch1 | DDG: 0800 886 2000

1 Bank of America Merrill Lynch Banco Múltiplo S.A. e Merrill Lynch S.A. Corretora de Títulos e Valores Mobiliários

Investment products offered by Investment Banking Affiliates:

Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed.

© 2019 Bank of America Corporation.

Disclaimer for Latin America:

"Bank of America Merrill Lynch" is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., all of which are registered broker-dealers and members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.

Bank of America Corporation and its affiliates do not perform in any jurisdiction banking activities that are reserved by local law to licensed banks, except in those jurisdictions where its banking affiliates have procured the necessary licenses.

Unless otherwise indicated, all services/products are conducted on an offshore basis for Latin America. Some or all of the products may not be available in certain jurisdictions and are subject to change without notice.

This document and its content are for information purposes and shall not be interpreted as banking or financial intermediation, business solicitation and/or public offering of any kind.

Ouvidoria Bank of America Merrill Lynch1 | DDG: 0800 886 2000

1 Bank of America Merrill Lynch Banco Múltiplo S.A. e Merrill Lynch S.A. Corretora de Títulos e Valores Mobiliários

"Merrill Lynch" is the trademark that Bank of America Corporation uses in the Republic of Argentina for its capital market, financial advisory and investment businesses, which are conducted by and through Merrill Lynch Argentina S.A.. This entity does not conduct any activities subject to banking license, such as capturing deposits from the public.

Bank of America México, S.A., Institución de Banca Múltiple is a banking affiliate in Mexico of Bank of America Corporation.

Bank of America N.A., Oficina de Representacion (Colombia), is a representative office in Colombia of Bank of America N.A., supervised by the Superintendencia Financiera de Colombia and authorized to promote in Colombia select products and services that

Bank of America N.A. provides outside of Colombia. Neither Bank of America, N.A., nor its Representative Office in Colombia, is authorized to carry out in Colombia any activities that are reserved by Colombian law to locally licensed banks.

Bank of America N.A., Oficina de Representacion (Peru), is a representative office in Peru of Bank of America N.A., supervised by the Superintendencia de Banca, Seguros y Administradoras Privadas de Fondos de Pensiones and authorized to promote in Peru select products and services that Bank of America N.A. provides outside of Peru. Neither Bank of America, N.A., nor its Representative Office in Peru, is authorized to carry out in Peru any activities that are reserved by Peruvian law to locally licensed banks.

Bank of America N.A., Oficina de Representacion (Chile), is a representative office in Chile of Bank of America N.A., supervised by the Superintendencia de Bancos e Instituciones Financieras and authorized to promote in Chile select products and services that Bank of America N.A. provides outside of Chile. Neither Bank of America, N.A., nor its Representative Office in Chile, is authorized to carry out in Chile any activities that are reserved by Chilean law to locally licensed banks.

Bank of America Corporation does not have banking affiliates, branches or bank representative offices in any other jurisdiction in Latin America.

Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., which are registered broker-dealers and members of FINRA and SIPC, and in other jurisdictions, by locally registered entities.

Investment products offered by Investment Banking Affiliates:

Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.

© 2019 Bank of America Corporation.

Disclaimer for France:

BofA Securities Europe SA (“BofASE”) with registered address at 51, rue La Boétie, 75008 Paris, registered under n° 842 602 690 RCS Paris, is governed by articles L. 531-1 and following of the monetary and financial code. BofASE is authorized as an investment firm by the Autorité de Contrôle Prudentiel et de Résolution (“ACPR”), is regulated by the ACPR and the Autorité des Marchés Financiers, and is not a credit institution. BofASE’s share capital is 5,276,300,000 €.

©2019 Bank of America Corporation.

Disclaimer for Hong Kong:

“Bank of America Merrill Lynch" is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Merrill Lynch Professional Clearing Corp., all of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.

Bank of America, National Association, Hong Kong Branch, is a branch of a national banking association organized and existing with limited liability under the laws of the United States of America.

Disclaimer for Canada:

"Bank of America Merrill Lynch" is the marketing name for the global banking and global markets business of Bank of America Corporation. Lending, derivatives and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation including Bank of America, National Association, Canada Branch (BANA CB ) which is a foreign bank branch regulated by the Office of the Superintendent of Financial Institutions. Deposits with BANA CB are not insured with the Canada Deposit Insurance Corporation. BANA CB shall not impose undue pressure on, or coerce, a person to obtain a product or service from a particular person, including bank and any of its affiliates, as a condition for obtaining another product or service from BANA CB.

Securities, strategic advisory and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation including in Canada by Merrill Lynch Canada Inc. which is a registered broker-dealer regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and a member of the Canadian Investor Protection Fund (CIPF).

X

Terms and Conditions

These Terms and Conditions ("Terms and Conditions") are for the Bank of America Corporation ("Bank of America") website and those websites of its affiliates (collectively the "Sites") including Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, BofA Securities, Inc., Bank of America Capital Management and certain other affiliates enumerated herein (collectively "Affiliates") that are available through the Bank of America Sites and apply to all services, programs, information and products (collectively "Service") that you ("Client") may use or otherwise access from time to time through the Sites ("Agreement").

USE OF SITES

Client agrees that any trade confirmation, account statement or other document delivered through the Sites by "clicking" on the designated spaces in or relating to such document shall be deemed to be "in writing" and to have been "signed" and delivered for all purposes by Client. Any record of such transaction or confirmation (including, without limitation, electronic records) shall be deemed to be "in writing." Client further agrees that it shall not contest the legally binding nature, validity or enforceability of any transaction, document or confirmation based on the fact that it has been executed by "clicking" on the designated spaces and expressly waives any and all rights it may have to assert such claim.

Bank of America hereby grants to Client a worldwide, non-exclusive, non-sublicensable, non-transferable, non-assignable, personal right and license to access and use the Sites solely for Client's internal use in accordance with the terms of this Agreement. Client accepts the right and license granted herein to access and use the Sites solely in accordance with this Agreement and any rules or restrictions or procedures published by Bank of America on the Sites from time to time. Client acknowledges and agrees that the Sites, and all intellectual property and proprietary rights therein and thereto, anywhere worldwide, including such rights in copyrights, trademarks, service marks, trade dress, patents, patent applications and trade secrets and other proprietary and/or confidential information (collectively, "IP"), are the valuable property of Bank of America and/or its affiliates and licensors. Other than the license granted hereunder, Client obtains no rights to the Sites. Client may not access or use the Sites in any way that may infringe any IP right of Bank of America or its Affiliates or licensors. Client promptly shall notify Bank of America of any actual or threatened infringement or misappropriation of IP, or any portion thereof, of which it becomes aware. Client acknowledges and agrees that it will not use, or allow the use of the Sites in contravention of, and will comply with, any applicable laws, rules, regulations or interpretations (collectively, "Applicable Law").

Client agrees that it will not, and will not authorize or permit any person ("Authorized Person") under its control, under any circumstance to:

  • sell, lease, transfer, recirculate, republish, redistribute, make available or otherwise provide access to the Sites, or any portion thereof or data thereon, to any person other than its Authorized Persons, including through oral, written, or electronic means whether as a demonstration or otherwise;
  • photocopy, download or otherwise reproduce in any medium any portion of the Sites, except that Client may download into Client's internal computer system, or print a hard copy of, content on the Sites, in whole or in part, provided that, in each case, all copyright and other proprietary notices are retained and complied with; or
  • alter, decompile or reverse engineer any software component of the Sites.

All cost and expense of equipment, operating platforms, and software necessary to access and use the Sites, and the maintenance thereof shall be the sole responsibility of Client.

No provision of these Terms and Conditions shall restrict Client from taking any action required by any Applicable Law, any self-regulatory organization or any governmental entity to which it is subject. Prior to taking any such action, Client shall, to the extent reasonably practicable given the then-current circumstances, notify Bank of America in writing thereof and consult with Bank of America regarding the steps to be taken to ensure compliance with Applicable Law.

CLIENT ACKNOWLEDGES AND AGREES THAT IT WILL BE RESPONSIBLE TO ENSURE THAT ANY ACTIVITY UNDERTAKEN BY CLIENT OR ITS AUTHORIZED PERSONS IN ANY JURISDICTION AND WITH ANY PERSON IN WHOLE OR IN PART ON OR THROUGH THE SITES IS IN COMPLIANCE WITH APPLICABLE LAW.

Client agrees to provide Bank of America with all information, cooperation and assistance, documents and data as shall reasonably be requested by Bank of America in order to enable Bank of America to comply with any and all Applicable Law. Client understands and agrees that Bank of America may report such information to regulatory authorities to the extent necessary, in its reasonable discretion, to comply with Applicable Law.

SECURITY

Bank of America shall assign to each Authorized Person a unique User ID ("User ID") and a corresponding password and/or other access codes (each, an "Access Code") to enable Authorized Persons to access and use such functions within the Sites as Client shall authorize. Client shall (i) maintain, (ii) take appropriate steps to ensure that its officers and employees maintain, and (iii) inform all Authorized Persons of Client's obligation to maintain, the confidentiality of User IDs and Access Codes and the security of the Sites. Client shall not permit any person other than an Authorized Person to access or use the Sites on its behalf or to use any User ID or Access Code and shall educate and familiarize those Authorized Persons who access and/or use the Sites with Client's obligations under this Agreement. Client acknowledges and agrees that Client and/or its Authorized Persons may access the Sites through the World Wide Web or other Internet service which is not necessarily secure, and Bank of America does not warrant that such system is secure. Client agrees to be bound by all communications (and the consequences thereof) placed on, executed through or facilitated by the Sites that are accompanied by a valid User ID and a valid Access Code assigned to Client or an Authorized Person. Upon becoming aware of, or if Client suspects, a technical failure or any improper access to or use of the Sites or Access Codes by any Authorized Person or other person, Client shall promptly notify Bank of America of such occurrence, and shall, as promptly as practicable, to the extent any improper access or use is by an Authorized Person, take immediate actions to terminate such Authorized Person's access to and use of the Sites. Bank of America reserves the right to limit or terminate Client’s or any Authorized Person’s access to and use of the Sites immediately and without notice.

NO OFFERS

Unless specifically identified as an offer to sell or a solicitation of any offer to buy, under no circumstances should any information on the Sites be used as or considered to be an offer to sell or a solicitation of any offer to buy the securities or any other instruments of Bank of America or any other issuer. Offers can only be made where lawful under applicable law. Any information, services, or securities offered via the Sites are intended to be available only to residents of Argentina, Brazil, Canada, France, Germany, Hong Kong, Ireland, Japan, Italy, Korea, the Netherlands, Singapore, the United States and the United Kingdom. The viewing or distribution of the Sites may be restricted by law in certain jurisdictions. Persons using the Sites are required to inform themselves about and observe any legal restrictions on the use of the Sites and any restrictions set forth in the Sites. The Sites do not constitute an offer of, or a solicitation to purchase any securities in any jurisdiction in which such offer or invitation would be unlawful. If you wish to obtain further details about any information contained through the Sites, there are several areas on the Sites that will provide you with contact information.

DISCLOSURE OF INTEREST

Affiliates of Bank of America may make a market or deal as principal in the securities mentioned in these Sites or in options based thereon. In addition, Bank of America or its Affiliates, their shareholders, directors, officers and/or employees, may from time to time have long or short positions in such securities or in options, futures or other derivative instruments based thereon. One or more directors, officers and/or employees of Bank of America or its Affiliates may be a director of the issuer of the securities mentioned at these Sites. Bank of America or its Affiliates may have managed or co-managed a public offering of, or acted as initial purchaser or placement agent for a private placement of, any of the securities of any issuer mentioned on the Sites, or may from time to time perform consulting, advisory, lease, loan solicitation, investment banking or other services for, or solicit investment banking or other business from, mentioned companies.

ACCOUNT INFORMATION

Certain information from Client’s account(s) at Bank of America or its Affiliates is accessible on the Sites and can be downloaded by Client ("Account Information"). While Bank of America and its Affiliates believe that this Account Information will be accurate at the time of access and/or downloading by Client, this information may have certain technical flaws, typographical errors or other inaccuracies. Additionally, the Account Information is subject to immediate change resulting from market conditions, price fluctuations and other related factors. Bank of America and its Affiliates expressly disclaim any responsibility or liability for the accuracy or use of such Account Information upon its being downloaded by Client and will not be liable for any difficulty, damage or inaccessibility of such information due to hardware or software incompatibility.

PRICING AND MARKET INFORMATION

Actual prices can be obtained only on a real-time, expressly agreed-upon basis. Any indicative valuations on the Sites are provided for information only. They are not an offer to enter into, transfer and assign or terminate any transaction, or a commitment by Bank of America or its Affiliates to make such an offer. An indicative valuation may differ substantially from an actual value. Such estimates do not necessarily reflect Bank of America’s or its Affiliates’ internal bookkeeping or theoretical model-based valuations. Certain factors, which may not have been assessed for purposes of these valuations, including, for example, notional amounts, credit spreads, underlying volatility, costs of carry or use of capital and profit, may substantially affect a stated valuation. Indicative valuations may vary significantly from indicative valuations available from other sources. While Bank of America and its Affiliates have obtained the information on which these evaluations are based from sources they believe are reliable, Bank of America and its Affiliates make no representations or warranties with respect to any indicative valuations. Prior to the execution of a Transaction based upon the Content of these Sites, Client is advised to consult with its broker or other financial representative to verify pricing information.

HYPOTHETICAL OR PAST PERFORMANCE

Hypothetical or simulated performance results have inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are designed with the benefit of hindsight. Past performance is not indicative of future results; no representation is being made that any account will or is likely to achieve profits or losses similar to those shown.

MATERIAL IN ITS ENTIRETY

All materials at these Sites are meant to be reviewed in their entirety, including any footnotes, legal disclaimers, restrictions or disclosures, or any copyright or proprietary notices. Any disclaimers, restrictions, disclosure or hedge clauses apply to any partial document or material in the same manner as they do to the whole, and will be deemed incorporated in the portion of any material or document that you consult or download.

LINKED SITES

Certain hyperlinks on the Sites may link websites maintained by the Affiliates, which are not to be considered a part of the Sites. Certain other links on the Sites to non-affiliated third-party sites may contain information over which we have no control. We take no responsibility for the content, accuracy, content, completeness, timeliness, current value or any aspect of the information on these sites and disclaim any liability to Client for it or for any consequence of your decision to use the links provided or your use of such information. Links to non-Bank of America sites do not imply any endorsement of or responsibility for the opinions, ideas, products, information or services offered at such sites, or any representation regarding the content at such sites. We also disclaim all liability and make no representations or warranties for any products or services sold or provided to Bank of America or its Affiliates by any third party. Your purchase of products or services through one of those other sites is subject to agreements and/or the terms and conditions in effect between Client and the providers of products and services at those other sites. Client agrees that it shall not bring a suit or claim against Bank of America or its Affiliates arising from or based on your purchase or use of products or services through those other sites. Links do not imply that Bank of America, its Affiliates or the Sites sponsors, endorses, is affiliated or associated with, or is legally authorized to use any trademark, trade name, logo or copyright symbol displayed in or accessible through the links, or that any linked sites is authorized to use any trademark, trade name, logo or copyright symbol of Bank of America or its Affiliates.

CONTENT AND SERVICE AVAILABILITY

Bank of America or its Affiliates may make changes to the Sites and reserves the right to do so without prior notice to you. Client acknowledges that not all products and services listed or discussed in the Sites are available in all geographic areas. Your eligibility for particular products and services is subject to final determination and acceptance by Bank of America or its Affiliates.

CONSENT TO ELECTRONIC DELIVERY

You agree to receive certain documents and information provided by Bank of America and its Affiliates through the Sites and/or through email provided to you via the Sites. This delivery will generally consist of certain Content on the Sites, and certain other documents relating to Bank of America and its Affiliate’s business. This electronic provision and delivery will be regarded by you as appropriate delivery pursuant to any delivery requirements under the various statutes and rules, where applicable, of the Securities and Exchange Commission, the National Association of Securities Dealers and any state or other jurisdiction. You acknowledge that you have the appropriate technological equipment to use the Sites and to receive email via the Internet and understand that your use of the Internet may incur certain operational costs such as monthly fees for a service provider. You agree to notify Bank of America or the applicable Affiliate in the event that you no longer desire to receive content through this delivery procedure and will allow a reasonable amount of time to permit proper delivery to you through other means.

NO WARRANTY

Client acknowledges that any information provided through the Sites is not intended to be a recommendation, offer or solicitation of any particular products or services. In addition, all research, analysis and similar market information from non-affiliated third parties provided represent the views and opinions solely of the author or the indicated source. Bank of America and its Affiliates do not independently verify the accuracy or completeness of such information, nor does Bank of America and its Affiliates endorse any particular views expressed therein. Except for offering memoranda, Bank of America and its Affiliates disclaim any liability to Client for this information or for any consequence of your decision to use it. Client agrees that it shall independently confirm any such information presented through the Sites before relying on such information. Bank of America, its Affiliates and their respective employees, contractors, agents and various contributors to the Sites have no duty to correct or update any inaccurate or out-of-date information on the Sites.

Client acknowledges that it is acting for its own account, and it has made its own independent decisions to enter into a Transaction and as to whether a Transaction is appropriate or proper for it based upon its own judgment and upon advice from such advisors as it has deemed necessary. Client is not relying on any communication (written or oral) of Bank of America or its Affiliates as investment advice or as a recommendation to enter into a Transaction; it being understood that information and explanations related to the terms and conditions of a Transaction shall not be considered investment advice or a recommendation to enter into that Transaction. Further, Client has not received from Bank of America or its Affiliates any assurance or guarantee as to the expected results of a Transaction.

COMPLIANCE WITH LAWS AND INDEMNITY

The Sites may be used only for lawful purposes. Client’s conduct may be subject to local, state, national and international laws. Client agrees that it and any of its Authorized Persons shall comply with this Agreement, applicable laws, rules, regulations, ordinances and other similar national and international requirements of the country, state and province in which you are accessing and using the Sites.

Client agrees to abide by applicable export control laws and not to transfer, by electronic transmission or otherwise, any content on the Sites subject to restrictions under such laws to a national destination prohibited under such laws, without first obtaining, and then complying with, any requisites government authorization. Client further agrees not to upload to the Sites any data or software that cannot be exported without prior written government authorization, including, but not limited to, certain encryption software. This assurance and commitment shall survive termination of these Terms and Conditions. Offices, residents and operations of your organization in Cuba, Iran, Iraq, Libya, North Korea, Sudan, Syria and any other countries that are the subject of sanctions by the United States Office of Foreign Asset Control or other general U.S. embargo restrictions are not permitted to access and use the Sites, and any such access and use is a violation of these Terms and Conditions.

Upon request by Bank of America or its Affiliates, you agree to defend, indemnify and hold harmless Bank of America, its Affiliates, their officers, directors, employees, agents, contractors or other suppliers from all liabilities, claims and expenses, including attorneys fees, that arise from a breach of these Terms and Conditions for which you are responsible, or from third-party claims arising from your use of the Sites. Bank of America and its Affiliates reserve the right to assume the exclusive defense and control of any matter otherwise subject to indemnification by you. Notwithstanding the foregoing, you are not required to indemnify Bank of America or its Affiliates for its own violations of applicable laws.

  • FOR RESIDENTS OF BRAZIL:

    The information contained here does not constitute a public offering or distribution of securities in Brazil and no registration or filing with respect to any securities or financial products available on the Sites has been made with Commisao de Valores Mobiliarios.

  • FOR RESIDENTS OF CANADA:

    The information contained here does not constitute a public offering or distribution of securities in Canada or any of its provinces. No registration or filing with respect to any securities or financial products available on the Sites has been made with any regulatory agency thereof.

  • FOR RESIDENTS OF FRANCE:

    The Sites do not constitute a solicitation to enter into a transaction involving financial instruments, is not being distributed in the context of a public offer in France within the meaning of Article L. 411–1 of the Monetary and Financial Code, and has thus not been submitted to the COB for prior approval and clearance procedure. Any offers, sales or distribution of financial instruments through the Sites shall only be made in France to qualified investors (investisseurs qualifi?s) as defined in and in accordance with Article L. 411-2 of the Monetary and Financial Code and d?cret no. 98–880 dated 1st October, 1998. The contents of the Sites may not be redistributed or reproduced (in whole or in part) by any User. The Sites are made available with the understanding that Users will make investment decisions for their own account with the conditions set out in d?cret no. 98–880 dated 1st October, 1998. By using the Sites, Users undertake not to transfer, directly or indirectly, any financial instrument acquired through the Sites to the public in France, other than in compliance with applicable laws and regulation. Services hereunder may be provided by Banc of America Securities, Limited, as agent or otherwise.

  • FOR RESIDENTS OF GERMANY:

    The Sites are made available only to professional investors as such term is defined in the Securities Sales Prospectus Act.

  • FOR RESIDENTS OF HONG KONG:

    Access to the Sites is by invitation only to institutional investors. No information or material contained in the Sites is or should be construed as amounting to an offer to enter into any transaction or investment whatsoever. The information on these Sites is provided by the Hong Kong branch of Bank of America, N.A., and is compiled from information prepared by subsidiaries and affiliates of Bank of America Corporation. Your agreement for the use of this Site is with the Hong Kong branch of Bank of America, N.A.

  • FOR RESIDENTS OF IRELAND:

    Access to the Sites is by invitation only to professional investors.

  • FOR RESIDENTS OF ITALY:

    Access to the Sites is by invitation only to professional investors as defined in article 31 of CONSOB regulation no. 11522 of July 1, 1998.

  • FOR RESIDENTS OF JAPAN:

    Access to the Sites is by invitation only to financial institutions as defined under the Law Concerning Foreign Securities Firms.

  • FOR RESIDENTS OF KOREA:

    Access to the Sites is by invitation only to professional investors with a valid password. The information contained here does not constitute a public offering or distribution of securities in Korea.

  • FOR RESIDENTS OF NETHERLANDS:

    Access to the Sites is by invitation only to professional market parties as defined in the Dutch Securities Transactions Supervision Act 1995. Securities or other instruments on these Sites are only offered to professional market parties.

  • FOR RESIDENTS OF SINGAPORE:

    Access to the Sites is by invitation only to institutional investors. The information contained here does not constitute a public offering or distribution of securities in Singapore. The information in these Sites is provided by Bank of America Singapore Limited and is compiled from information prepared by subsidiaries and affiliates of Bank of America Corporation. Your agreement for the use of these Sites is with Bank of America Singapore Limited.

LIMITATION OF LIABILITY

THE FOLLOWING LIMITATIONS OF LIABILITY IN THIS SECTION SHALL NOT APPLY TO VIOLATIONS OF LAWS RELATING TO THE OFFER AND SALE OF SECURITIES. YOU ACKNOWLEDGE THAT NEITHER Bank of America, ITS AFFILIATES NOR THEIR OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, CONTRACTORS OR OTHER SUPPLIERS MAKES ANY WARRANTIES OR GUARANTEES WITH RESPECT TO THE SITES, INCLUDING WITHOUT LIMITATION, WARRANTIES REGARDING THE ACCURACY OR COMPLETENESS OF ANY CONTENT, OR WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT OF INTELLECTUAL PROPERTY, TITLE OR FITNESS FOR A PARTICULAR PURPOSE. Bank of America, ITS AFFILIATES AND SUCH PERSONS SHALL NOT BE LIABLE TO YOU FOR ANY LOSS, COST, DAMAGE OR OTHER INJURY, WHETHER IN CONTRACT, TORT, NEGLIGENCE OR OTHERWISE, ARISING OUT OF OR CAUSED IN WHOLE OR IN PART BY (I) CLIENT'S USE OF OR RELIANCE ON THE SITES, OR (II) Bank of America’s PERFORMANCE OF ITS OBLIGATIONS UNDER OR IN CONNECTION WITH THESE TERMS AND CONDITIONS. Bank of America DOES NOT REPRESENT, WARRANT OR GUARANTEE THAT THE SITES WILL BE FREE FROM ERRORS OR WILL BE AVAILABLE. FURTHERMORE, Bank of America WILL NOT BE LIABLE FOR ANY DELAY, DIFFICULTY IN USE, INACCURACY OF INFORMATION, COMPUTER VIRUSES, MALICIOUS CODE OR OTHER DEFECT IN THE SITES, OR FOR THE INCOMPATIBILITY BETWEEN THE SITES AND FILES AND THE USER'S BROWSER OR OTHER SITES ACCESSING PROGRAM. NOR WILL Bank of America BE LIABLE FOR ANY OTHER PROBLEMS EXPERIENCED BY THE USER DUE TO CAUSES BEYOND THE Bank of America’s CONTROL. IN NO EVENT WILL Bank of America, ITS OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, CONTRACTORS OR OTHER SUPPLIERS BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY PUNITIVE, INCIDENTAL, CONSEQUENTIAL, SPECIAL OR SIMILAR DAMAGES, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGE.

Because some states or jurisdictions do not allow the exclusion or limitation of liability for certain damages, in such states or jurisdictions, the liability of the Bank of America, its officers, directors, employees, agents, contractors or other suppliers shall be limited in accordance with this agreement to the extent permitted by law.

Neither Bank of America, its Affiliates nor any of their officers, directors, employees, agents, contractors or other suppliers shall be liable in any way, and you agree to indemnify and hold harmless Bank of America, its Affiliates and such persons for (1) any inaccuracy, error, or delay in, or omission of (a) any information on the Sites, or (b) the transmission or delivery of any information on the Sites; (2) any loss or damage arising from or occasioned by (a) any such inaccuracy, error, delay, or omission, (b) non-performance, (c) interruption of use of the Sites due either to any negligent act or omission by Bank of America, its Affiliates, their officers, directors, employees, agents, contractors or other suppliers or to any "force majeure" (i.e., flood, extraordinary weather conditions, earthquake, or other act of God, fire, war, insurrection, riot, labor dispute, accident, action of government, communications, power failure, or equipment or software malfunction) or any other cause beyond the control of the Bank of America, its Affiliates, their officers, directors, employees, agents, contractors or other suppliers. You understand that Bank of America accepts no responsibility for security of information on the Internet.

UK CONDITIONS

Banc of America Securities Limited has approved the Sites for the purpose of Section 57 of the Financial Services Act of 1986. Banc of America Securities Limited is regulated for the conduct of investment business in the United Kingdom by the Securities and Futures Authority Limited. No access to the Sites shall be given in the United Kingdom to Private Customers, as that term is defined under the rules of The Securities and Futures Authority Limited; and any investments will not be made by us to any Private Customer.

CHANGES TO AGREEMENT

Bank of America may make changes to this Agreement at any time, without prior notice to you. Your continued use of the Sites indicates your continued agreement to be bound by this Agreement, as changed from time to time. You should view these Terms and Conditions often to stay informed of changes that may affect you.

GOVERNING LAW

This Agreement shall be governed by and construed under the law of the State of New York and the Federal law of the United States. You hereby consent and submit to jurisdiction in the Federal or state courts of the State of New York, U.S.A. You hereby irrevocably waive your rights to a jury trial.

THIRD-PARTY LICENSORS

The Sites may, from time to time, provide Client with various licensed programs ("Licensed Programs") from third-party vendors ("Vendors") which have been licensed by Bank of America for Client use and/or which require Client to sign a third-party license agreement ("License Agreement"). In using the Licensed Programs, Client agrees that it will

  • protect any confidential information of Bank of America, its Affiliates or Vendors contained in the Licensed Programs;
  • restrict the use of the Licensed Programs by Client solely to conditions agreed upon in the Agreement and the License Agreement;
  • restrict the copying of Licensed Programs to that number reasonably required for Client use and backup purposes
  • include Bank of America and Vendor copyright and all other proprietary notices in the use of all Licensed Programs;
  • prohibit the sale, relicensing, leasing, rental, lending and transferring of Licensed Programs;
  • prohibit, and take reasonable measures to prevent, the decompiling, disassembly, reverse engineering or modification of Licensed Programs;
  • comply with all export laws in respect of Licensed programs;
  • disclaim any liability on the part of Vendors for damages, liabilities, costs or expenses incurred by Client in the use of License Programs; and
  • make all vendors a third-party beneficiary of all Client waivers, disclaimers, limitation of liabilities, confidentiality and IP provisions contained in the Agreement.

BOFA SECURITIES, INC. – FURTHER INFORMATION

"Bank of America Merrill Lynch" is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., all of which are registered as broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed.

© 2019 Bank of America Corporation.

Recent History

Saved Content

Select the plus icon on the tile to save content to the utility tray.

    Enable cookies.

    Please enable cookies on your browser preferences to save content to your utility tray.

    Close

    This content has been saved to the utility tray.

    Please note, if you clear your cache it will be lost.

    Close
    Close