Go behind the scenes to hear from food entrepreneurs dreaming of how they can help more people have access to nutritional food and the new technologies that are defining the future of farming—and food.
The Power to Recreate Food
The World to Come - Episode 2: The Power to Recreate Food
TESS VIGELAND: Little Leaf Farms is not your average farm. There are bright, leafy greens growing as far as the eye can see… but they’re not in soil. And on our first trip here -- about an hour’s drive from Boston -- the weather was in the 30s!
PAUL SELLEW: The idea here is that you’re eating lettuce in the middle of winter here in New England and that just doesn’t happen. We’re so used to having the stuff being driven across the country. It’s crazy. And I think right now we're at the beginning of using technology to grow food locally.
TESS VIGELAND: Coming up -- the founder of Little Leaf Farms, and other entrepreneurs -- on innovations in food production. They’re motivated by big goals: being more sustainable, and feeding more people. The U-N projects the world’s population will reach nearly 10 billion by 2050.
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.
And in this second episode, the power to recreate food.
FELIX TRAN: You know going forwards we need 70 percent more food production towards 2050.
TESS VIGELAND: Bank of America Global Research Analyst Felix Tran is based in London. He looks at global megatrends, including food production.
TESS VIGELAND: Let's talk about why you went into a career of studying and analyzing food. How did that start for you?
FELIX TRAN: Sure so you know when I joined BankAmerica about five years ago is actually um, I was tasked with my colleagues there exploring this idea of the food security challenge. Fascinating trends on sort of New Moon Shot ideas whether that's vertical farming, lab grown meat. But for me it's you know the personal angle I guess. You know, what’s delivered on your plate. And how, through various supply chains actually gets to you and how sustainable it is. And then just thinking more long term.
TESS VIGELAND: Felix says one way to boost the production of produce is to expand the use of hydroponics.
That’s where you grow plants in a nutrient solution instead of soil. He thinks hydroponic greenhouses could change what it means to “eat local.”
FELIX TRAN: With greenhouses right going forwards, I think you can be very nimble with where you place them because obviously when we think of greenhouses we think of natural sunlight. But we have seen so of greenhouses being developed where more so using artificial light powered by renewable energy from solar panels on the rooftops to make the process, again, more environmentally friendly. So I think that the evolution as it were of the greenhouse, combined with hydroponics and clean energy is could be a very interesting development in this area.
TESS VIGELAND: Several companies are already testing this concept. That’s why our producer was able to taste freshly-picked baby greens in Massachusetts... despite freezing rain outside.
PAUL SELLEW: [Greenhouse SOT] I want you to taste the lettuce
MARY DOOE: Oh my gosh
PAUL SELLEW: You taste that crunch?
MARY DOOE: Yeah
PAUL SELLEW: That sweet flavor?
TESS VIGELAND: Paul Sellew is the founder of Little Leaf Farms.
PAUL SELLEW: In New England, we import over 90 percent of the food that we eat is grown elsewhere. So I've always been a big proponent of growing local and I looked at the lettuce category and I said, ‘wow. I mean it's so concentrated out in the West Coast between Salinas California and Yuma Arizona where according to the USDA over 95 percent of the lettuce has grown.’ I thought there was an opportunity to focus in on lettuce and leafy greens and that's when I started Little Leaf Farms in 2015 and we've been off to the races ever since.
TESS: You know I am always fascinated by origin stories. So I would love it if you would take us back to a time before Little Leaf Farms you know where did your dream begin. How I'm going to be really cheesy here but how was the seed planted so to speak.
PAUL: So I grew up associated with my family's farming business located in Connecticut. So that's where I guess you could say the farming and the growing bug you know sort of was that was planted the seed was planted so to speak. And I built a greenhouse business called Backyard Farms which we built into a 42-acre greenhouse complex in Madison, Maine where we introduced a locally-grown vine ripened tomato into the New England marketplace.
And I saw the enormous reception and sort of the passion that the that all the New England consumers had about supporting a higher quality locally grown product.
TESS VIGELAND: After that, Paul’s goal was to set up the world’s most technologically-advanced greenhouse and try his hand at farming lettuce, year round, in New England.
PAUL SELLEW: So what you're looking at is our Phase 1 greenhouse which is one hectare, or 2.5 acres, and then that's contiguous to our Phase 2 greenhouse which is another one hectare or 2.5 acres.
TESS VIGELAND: The operation relies on a system of intelligent automation that keeps the temperature and light optimal, all the time. The plants themselves grow out of a series of 19-foot-long gutters.
PAUL SELLEW: We grow in a substrate called stone wool which is made from the basalt rock. So it's a mineral based substrate but you fundamentally feed the plants through a process called fertigation where you're taking water soluble nutrients mixing it with recycled rainwater that we capture off of our roof and we then supply that to the plants based on the needs of the plant.
TESS VIGELAND: This greenhouse is so densely populated with lettuce, you can hardly see the separation between plants -- or even the opposite end of the greenhouse.
PAUL SELLEW: On a per square foot basis we're growing about 25 times the amount of lettuce that is being grown in that square foot in California. We're at the beginning of more and more controlled environment systems that are going to be growing food at the doorstep of where the people live.
TESS VIGELAND: Can you describe for me why a company like yours, why a product like yours, is important to the whole notion of community and keeping the community healthy?
PAUL: So what happens if something happens in Salinas or Yuma, right? With that level of concentration of food there's risk associated with that. So just from that standpoint, distributing where the food is grown I think you're going to be a more resilient society and certainly a more resilient community. And then also part of that is we’re hiring local people these are year round jobs with benefits so you know you're investing back in the community by growing it local.
TESS: Look in the future and what would you hope people would be saying about Little Leaf 10 years down the line maybe even 50 years down the line. What do you imagine them saying?
PAUL SELLEW: That we were part of this next generation reinvention of our food system using state of the art sustainable technology growing food close to the population centers building more resilient communities producing the highest quality most nutritious leafy greens, a brand that people trust. They know that when they eat our product they’re eating something that’s sustainably grown in an ethical manner and basically is of the highest quality and being a part of the diversification of our food system.
TESS VIGELAND: OK, let’s go from our salad course to the main course: Protein. We’re going to the other side of the country -- to a big warehouse in the Mission District of San Francisco.
This is the headquarters of a start-up called JUST, Inc. One of the things they do here is study plants from all over the world to see how they can be transformed into all kinds of foods.
They’ve built up an archive of plant specimens.
UDI LAZIMY: We are headed to the JUST plant library which represents a culmination of years of work and thousands and thousands of miles of scouring the world for plants that can be used in our research.
This is Udi Lazimy, the Plant Sourcing Director at JUST. He joined the team after
a career advocating for environmental and sustainable agriculture policy.
Now Udi travels the globe to forage for plants and establish relationships with farmers.
UDI LAZIMY: Most of these things come from, I mean, you know some of them I had to literally put in a backpack and so you know every one of these has a different story and it’s really fun.
TESS VIGELAND: And once he brings these plants back to the JUST offices, I wanted to know… what are they looking for?
UDI LAZIMY: We take a wide diversity of plants within thousands of species and we are looking at them at a molecular level to discover potential functional applications. Could a plant protein of some sort emulsify oils or foam up in a creamy kind of application or gel in a pan like an egg?
Figuring out how to create an egg substitute was a longtime project for JUST. And they hit on a surprising answer: mung beans.
That’s M-U-N-G.
Mung beans are round and green, and about the size of a lentil. They’re a good source of protein and really popular in Asia.
UDI LAZIMY: What we love about it is that to grow mung beans and use it in an egg type of application requires a tiny fraction of the water and greenhouse gas emissions that egg production requires so that’s a huge benefit, that’s something that I love about it.
TESS VIGELAND: But can little green beans satisfy your taste buds when you’re craving eggs? That’s a question Chris Jones, a chef at JUST, takes very seriously.
CHRIS JONES: My favorite food is actually egg. And that’s why it’s so important to me of a mission that we’re doing it.
TESS VIGELAND: Eggs are one of the cheapest sources of protein in the world and global demand skyrocketed over the past few decades. Chris understands how important eggs are as a food source, especially as the population increases.
CHRIS JONES: I was fortunate enough to work in some of the best restaurants in the world, so I got to eat some of the best food. You know coming from kitchens you don't have a lot of money, eggs are very, very affordable. So I can get a dozen eggs, that’s great protein… how do we do that without all the extra effort that goes into doing that. This really is the future.
TESS VIGELAND: After high school, Chris studied under chefs who were cooking in the classic French style. He went on to work in an award-winning molecular gastronomy restaurant in Chicago, and even competed on “Top Chef.”
Then he decided he wanted to do more than prepare delicious food. He wanted to INNOVATE delicious food and help make our food system more sustainable.
CHRIS JONES: I'm a little bit of a crusader so it's not about the business or the money for me
TESS VIGELAND: The company recently put a product on the market called “JUST Egg.”
Another one of the company’s chefs, Josh Hyman, offered to scramble some up in the company kitchen for our producer LAUREN SILVERMAN. Josh had a small bowl of Udi’s mung beans on display next to his frying pan.
JOSH HYMAN: For your viewing pleasure…
TESS VIGELAND: It’s all about presentation, right? He also had a small bottle with a yellow liquid -- similar to the color of real eggs after you whisk them.
JOSH HYMAN: Luckily for us the actual mung beans protein once you mill them and hull them actually ranges from a darker yellow to a paler yellow. So, I'm just going to heat the pan and add my fat.
LAUREN SILVERMAN: There’s some butter in there. Is this how you make eggs at
Home?
JOSH HYMAN: Absolutely.
TESS VIGELAND: What’s in the pan LOOKS like scrambled eggs but… they don’t SMELL like eggs. You know that smell of sulphur? This has been a challenge for JUST -- they haven’t been able to recreate it.
JOSH HYMAN: Which, depending on how small and ventilated your kitchen is, is a good thing or a bad thing. So, it looks done so I’m going to kill the heat and we’re going to serve this now for you to give it a try.
TESS VIGELAND: He seasoned it with a little salt and pepper…
LAUREN SILVERMAN: hmm… It’s good, it’s chewier than eggs. It has the same sort of texture overall. It’s strangely similar to the flavor of eggs.
JOSH: And that’s the intention.
TESS VIGELAND: Now that it’s figured out eggs… the company’s moonshot… is MEAT.
They’re using the cells of animals to GROW MEAT.
At JUST, they’re working on making chicken nuggets.
Here’s how it works: a scientist harvests cells from a chicken feather. Then, those cells go into a bioreactor which is a kind of high-tech mixing vessel, along with nutrients to feed the bird cells. Over the next few weeks, the cells multiply and grow.
And the result is something that looks like ground-up chicken meat, then it’s formed into a nugget.
CHRIS JONES: We've got the pot of oil going. This is just canola and we heat up to 350, then we're just going to deep fry one more time get it GBD or golden brown delicious and have you give a try.
Lauren was our taste-tester again.
LAUREN SILVERMAN: I’m going to give it a try [bites] it’s very good, it’s very good...it tastes like chicken [laughs].
TESS VIGELAND: Those GBD chicken nuggets received rave reviews from Lauren, which didn’t surprise Chris. He’s already faced his toughest critic.
CHRIS JONES: My daughter, she's 8, she was in a rainbow unicorn onesie just skating around and I go ‘Hey Savannah you want to try a nugget?’ She said ‘sure dad’ she loves -- kids are chicken chicken nugget connoisseurs. And I gave her one and she ate it. And she just wheeled off and I'm like ‘What’d you think?’ She just gave me a thumbs up. And just wheeled away. Now I’m like we're on the right path if an eight-year-old thinks this is delicious, that’s a pretty good sign.
TESS VIGELAND: So, eggless eggs, laboratory-grown meat, and hydroponic lettuce. With all this in mind, I wanted to turn back to Bank of America Global Research Analyst Felix Tran. What are other ways we might recreate food going forward?
FELIX TRAN: I think increasingly a lot of our food will be coming from localized production that we've talked about basically incrementally less from rural farms and more from a mixture of domestic lab grown produce, meat through to these green warehouses we've seen. And also forsee the food coming increasingly from different sources of protein, right? Potentially edible insects as sort of hidden source of protein as it were. Again have to educate consumers. You know pushing back in the day probably don’t want to eat insects...
TESS VIGELAND: Right of course, but then again you have populations in Southeast Asia that eat them every day. So, you’re right it’s changing tastes.
FELIX TRAN: Exactly. So, it's probably educating the Western consumer there mind another source of protein. And being able to tailor a meal directly for this individual is, I think, you know, where we're heading towards, but the vast majority of the population will always remain you know very much seeing food as another part of enjoying.
There’s a socializing aspect...don’t forget you know there will still be restaurants in our future world where we still want to go out with our friends, families to a restaurant and have a nice steak with a glass of wine.
TESS VIGELAND: A few decades from now, the food on our plates might not look a whole lot different, or even taste all that different.
But as we’ve been hearing -- more and more, we’ll need to leverage technology and innovation to answer the unprecedented challenges facing our food ecosystem. And to feed the world’s growing population sustainably.
Entrepreneurship in the food industry… the power to make major contributions to the health and well-being of generations to come.
TESS VIGELAND: Here’s to the menu of the future. What would you like the power to do?
TESS VIGELAND: On the next episode of The World to Come….
Would you rather collect your water on a net in your backyard?
DAN FERNANDEZ: Water's going to cling onto and then drip down from it kind of like a spiderweb.
TESS VIGELAND: Or filter it out of the ocean?
HAYES BARNARD: OK 98 percent of the water in the world is in the ocean. And so we’ve got to think through other ways in which we can get this water and deploy it to the people that need it the most.
TESS VIGELAND: That’s next time on The World to Come. I’m Tess Vigeland.
BofA 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.
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In this episode
As the world’s population increases, the future of farming, and the question of how more people can access nutritional food is becoming more critical. BofA Global Research Analyst Felix Tran thinks that “going forward, we need 70 percent more food production by 2050…increasingly, a lot of our food will be coming from localized production, incrementally less from rural farms and more from a mixture of domestic lab grown produce and these green warehouses we've seen.” In this episode, we go behind the scenes with entrepreneurs dreaming of how they can help—from a high-tech hydroponic greenhouse, to a start-up experimenting with new protein technologies.
Guests
Felix Tran
BofA Global Research Analyst
Paul Sellew
CEO of Little Leaf Farms
Udi Lazimy
Senior Sustainability Manager at JUST
Chris Jones
VP of Product Development at JUST
Host
Tess Vigeland
Veteran US Journalist,
NPR Host, Author
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.
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- 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.
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