The Power to Reimagine Plastic
The World to Come - Episode 1: The Power to Reimagine Plastic
BARRY SHORE: So the sound that you're hearing is once the chip’s been chopped up, we’re actually washing and cooling that chip before it goes to the next process.
TESS VIGELAND: What’s happening on this factory floor is a giant goal in progress: A company called Unifi is hoping to recycle tens of billions of plastic bottles in the next few years.
BARRY SHORE: If you look at the number of bottles - which to me is hard to believe - we’ve recycled 14 billion bottles. It's hard to believe that we've kept that many bottles out of the landfill.
TESS VIGELAND: Coming up -- we’ll go inside Unifi -- to hear how they’re leading an effort to change our relationship with plastic. We'll also hear about current global challenges as scientists estimate that the world produces 400 million tons of plastic a year. With that number growing, we need new approaches to curb consumption, and more effectively reuse plastic.
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 first episode, the power to reimagine plastic.
SAMEER CHOPRA: I think we need to reimagine and come up with new products where plastic can be consumed and often used as a substitute can we use recycled plastic as a substitute. Can we make a large consumer products houses that use recycled plastic. To try and ensure that we don't need to sort of dispose of plastic in landfills or end up incinerating it.
TESS VIGELAND: Bank of America’s Global Research Analyst Sameer Chopra studies some of the world’s biggest challenges and talks to leaders working on cutting edge solutions.
SAMEER CHOPRA: I'm based in Sydney, Australia and I'm head of research. I also head up our ESG research in Asia Pac and ESG stands for environmental social and corporate governance.
TESS VIGELAND: OK, so how did we get to this point where it’s become critical to think of the future of plastics?
SAMEER CHOPRA: 95 percent of plastic is single use, so you use it once and then you throw it away. And so you know as time goes on there is more and more of this plastic waste or rubbish being created. And the issue with plastic is it doesn't decompose as easily.
TESS VIGELAND: So, we already have over eight billion tons of plastic in the world and more and more of it is polluting our waterways, or ending up in landfills. Not even 10-percent of the plastic in the world has been recycled.
Why is there more urgency around this now?
SAMEER CHOPRA: You know, if you look at this over the last five, ten years it was an unseen problem, in other words, people didn’t see it, because a lot of the plastic waste from the United States was sent to China to try and recycle it or to sort of destroy it, incinerate it.
TESS VIGELAND: So for all of us, it was out of sight out of mind.
SAMEER CHOPRA: That's right. It was out of sight out of mind. You didn't see it. It ended up on a ship and it would be sent to China. And in January 2018 the Chinese government started to ban plastic waste import as a whole. And so now suddenly you know our countries have had to figure out what are we going to do with this plastic?
TESS VIGELAND: To see where we need to go with plastic, let’s take a quick look at how we got here.
One of the first popular plastics was nylon -- which revolutionized women’s stockings in the late 1930s, and then was used to make everything from parachutes to ropes during World War II.
Large-scale production of other plastics started to really ramp up in the 1950s.
It was an exciting new way to preserve food. It was being molded into furniture and holiday decorations.
It was soon making cars and airplanes lighter.
And today, all sorts of modern conveniences are keeping demand strong.
SAMEER CHOPRA: People are doing new things. You know e-commerce and buying products online is relatively new, food delivery is relatively new. Six percent of all the oil production in the world right now goes into making plastics. The way demand is growing we think 20 percent of all oil in the world will be used for plastic packaging by 2050.
TESS VIGELAND: That’s staggering...Yet Sameer says what he’s seeing and hearing in his work, gives him hope. One example he points to is a recent shift in the beverage industry.
SAMEER CHOPRA: Five years ago if you if you bought a bottle it was hard to crush it but today if you buy a bottle of water or a soft drink it's very easy to crush. It's because what the companies have done is to cut back on plastic. They have light weighted the bottles. Five years ago the amount of plastic in a typical bottle would have been about 70 grams. And today the amount of plastic sitting in these bottles is about 30 grams.
TESS VIGELAND: He says the ultimate goal is to build a sustainable future on a circular economy -- giving us the power to limit waste and reuse materials on a different scale.
SAMEER CHOPRA: I'd say you know using recycled plastic and creating a whole industry around that would be an awesome outcome.
TESS VIGELAND: That idea is at the heart of what Unifi is doing.
BARRY SHORE: You can drink a bottle today, in a couple weeks you can wear it.
TESS VIGELAND: Remember that sound we heard at the very beginning?
[AMBI EXTRUSION MACHINE]
TESS VIGELAND: Unifi makes synthetic fiber out of plastic bottles. You can find this fiber in everything from furniture, to car interiors, shoes, and clothing. Operations Manager Barry Shore showed us around the company’s recycling facility in Yadkinville, North Carolina.
BARRY SHORE: We have big silos that we house the flake in, so we’ll convey the flake…..
TESS VIGELAND: Barry’s been with Unifi for more than 40 years. Back when he started, polyester was the epitome of fabric-chic.
Yes, the old, heavy, stain-prone polyester of the 1970s. Today, the company is among those leading the way with its sustainable fiber.
BARRY SHORE: I look at where we’re at today, and say, I can’t believe we made it this far. Because I don’t believe you could have convinced that we could have done that. I mean, it’s not what we would’ve expected.
TESS VIGELAND: Unifi calls its recycled fiber “Repreve.” Richard Gerstein is the company’s Global Chief Marketing and Innovation Officer. He says it came out of the company taking a hard look at its own production process.
RICHARD GERSTEIN: Repreve started about 12 years ago and it started with our own internal Unifi sustainability goals.
RICHARD GERSTEIN: We have these big manufacturing lines and when we start them up, we get them going and you have scrapped that comes out before good polyester gets going-- that was going into landfills.
TESS VIGELAND: Unifi saw an opportunity here… not only to reduce waste, but to capitalize on it.
RICHARD GERSTEIN: And our team here challenged why are we going to landfill and can we reuse that polyester and bring it back. And they were able to do that. Once they did that they said ‘hmm what else could I put in my system that’d be recyclable?’ And that's where the idea came up for using plastic water bottles the same way.
TESS VIGELAND: The next step was to figure out how to turn the bottles into fiber. How did they do it?
RICHARD GERSTEIN: So we're literally just taking the same ingredient that goes into new polyester fiber that also goes into bottles and rather in those bottles go into landfills or go into oceans we take those bottles and we have a huge automated process that rips off all the labels takes off all the caps takes those bottles and chops them up into little pieces, cleans them and then melts them down into little we called chip which then gets input it into the extrusion machine that makes the yarn. So really if I came out and showed you two pieces of yarn at the end you shouldn't see any different. There's no physical different properties there's no visual different properties. That's the whole idea of Repreve it's like you're starting anew again.
TESS VIGELAND: Unifi also had to show its customers that this wasn’t just a sustainable product, it was a good one.
RICHARD GERSTEIN: When we talk to people one of the first questions is oh it's made from plastic bottles. How does it feel so good? I thought it would feel different. I thought I would feel plasticky.
TESS VIGELAND: And Richard says now that Unifi’s Repreve fiber has proven itself…they’re influencing major clothing companies that are now adding it to their own sustainability goals.
RICHARD GERSTEIN: You'll hear brands making large declarations that by 2022 or 2024 or 2026 that they're going to convert, convert over to 100 percent recycled polyester. That's going to be transformative in the market and really make a huge difference.
TESS VIGELAND: I was surprised to hear about one challenge that Unifi is grappling with as a result of this success…
RICHARD GERSTEIN: There's starting to be actually more demand than there is supply because we're not recycling at the rates we need to.
TESS VIGELAND: He says having better recycling systems is only the beginning -- this extends beyond tossing a plastic container in the right bin.
RICHARD GERSTEIN: If you take a plastic bottle that was created to hold a drink and you recycle that and turn that into a piece of apparel you've closed a loop. But then even better would be then to take that piece of apparel at the end of its life, and recycle it and turn it into maybe another piece of apparel or a park bench or whatever it might be, or something that goes into automotive. So now brands are really moving from end of life to end of use.
And so they're taking back apparel at their stores and they're asking how do I go recycle these garments and turn them back into new fibers or other things.
TESS VIGELAND: To Richard -- THIS is how we can reimagine our use of plastic.
And you can really start to understand how our relationship with things like clothes, and shoes -- might change.
RICHARD GERSTEIN: I think that things that we wear will not go in the garbage. There will be a secondary use for them that will be much more an existing process that people go through. And I think everything in our lives we will look at it from the standpoint of is there a second life a third life a fourth life for it. But I think ultimately what people wear is going to be driven by the brand and performance and design. And I think sustainability just becomes that fundamental differentiation and core element that sort of it needs to be there like comfort.
TESS VIGELAND: This is the shift from a linear economy to a circular economy that Bank of America analyst Sameer Chopra was talking about.
SAMEER CHOPRA: Can we make large consumer products, houses that use recycled plastic. There is a trend in the world toward building roads that use a lot of recycled plastic in it. I think you know if you think 30, 50 years out we will still have plastic, plastic will still be used in packaging but old plastic packaging will be recycled. So, society will be working off a circular economy. So you use it, you’ll dispose of it in a in a recycling bin that’s marked plastic. And that same plastic then re-finds its way back into new products. That's where I see the world sort of, you know, not even 50, I’d say 30 years out from now. I don't think we have that long to wait for the world needs to sort of adopt and change.
RICHARD GERSTEIN: When you talk about looking back I think this whole recyclability sustainability 40 years from now will be the same way that I had a discussion with my son this morning. He's 15 years old and we were talking about whether I had a color TV or I had a cell phone. Right? And how could you world be like, how did you get around?
And I said to him, I said we looked up things in the encyclopedia and what really changed things was the Internet. And my son looked at me and goes What do you mean what changed things was the internet. I said well the Internet was invented. You know like in the 90s. And he goes I'm sorry what are you talking about? But for him the internet was like air and water. It was like a basic element of society. And I think we'll look back at sustainability the same way and say it's just so fundamental to us having a world and a planet that is healthy and alive, that it will just be what we do every day and can't imagine a world where people threw things in the landfills or threw garbage on the streets or let it go into our precious oceans.
TESS VIGELAND: For Richard and Sameer, the power to reimagine plastic begins with extending its use and giving it a new life – not once or twice, but several times over. They say it’s an exciting opportunity that is essential for our future.
MUSIC OUT
When YOU think about the future, what would you like the power to do?
TEASER MUSIC IN
On the next episode of The World to Come…
[SIZZLE]
TESS VIGELAND: Which would you rather eat... an egg made from mung beans?
LAUREN SILVERMAN: Hmm… It’s good, It’s strangely similar to the flavor of eggs.
TESS VIGELAND: Or chicken nuggets grown in a laboratory?
LAUREN SILVERMAN: I’m gonna give it a try. [Bites] it’s very good, it’s very good… it tastes like chicken [laughs]
TESS VIGELAND: What our future might taste like -- that’s next time. This has been The World to Come. I’m Tess Vigeland.
TESS VIGELAND: B-of-A Merrill Lynch Global Research is research produced by B-of-A Securities, Inc. (“B-of-A-S”) and/or one or more of its non-U.S. affiliates. B-of-A-S 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 TranscriptIn this episode, we go inside a company based in North Carolina that’s making a sustainable polyester fiber out of water bottles to cut down on plastic pollution.
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In this episode
Imagine a world where most plastic gets recycled and then it’s used—and reused—in multiple ways. In this episode, we go inside a company based in North Carolina called Unifi that’s making a sustainable polyester fiber out of water bottles to cut down on plastic pollution. We’ll also hear from a BofA Global Research Analyst, Sameer Chopra, on what he thinks is crucial for plastic innovation as we prepare for the future. “I think we need to reimagine and come up with new products where plastic can be consumed and often used as a substitute. Can we make large consumer products or houses that use recycled plastic?” You’ll hear his question and more as our featured guests share what they’re dreaming for a future based on a circular economy.
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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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.
© 2020 Bank of America Corporation.
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