In this episode, we explore ways to provide more people with clean water in the future, including small-scale solar-powered desalination plants, sponge cities, and even extracting water from fog.
The Power to Replenish Water
The World to Come - Episode 3: The Power to Replenish Water
TESS VIGELAND: You’ve heard that proverb... “necessity is the mother of invention.”
HAYES BARNARD: Water is the most basic necessity and need every single person has before even a roof over their head or anything else. I believe that water will be the biggest issue in the world ten years from now.
TESS VIGELAND: Our existence, the sustainability of the planet… everything… relies on water. And people in a range of industries are working to increase water innovations… and encourage conservation.
HAYES BARNARD: This is why I get out of bed every day.
TESS VIGELAND: Coming up, what led an energy non-profit called GivePower to create a solar water farm that it now hopes to replicate around the world. We’ll spend time with the organization’s President, Hayes Barnard. And we’ll also hear from experts around the world about the water solutions they’re most excited about.
TESS VIGELAND: This is The World To Come, a podcast brought to you by Bank of America -- about life in the future, starting with the visionaries of today. Featuring clients and partners affiliated with Bank of America.
TESS VIGELAND: I’m Tess Vigeland. In this episode, the power to replenish water.
LAUMA KALNS TIMANS: So just to give you a picture, everyone knows that 70-plus percent of the planet is covered by water. But the problem is that actually only 2.5% of that is actually fresh water and most of that is stuck in glaciers so we don’t actually have that much water for the population. I’m Lauma Kalns Timans and I work in the thematic investing team as a strategist for Bank of America.
TESS VIGELAND: Lauma is a Research Analyst from Bank of America Global Research, where she studies long-term trends that will have big impacts on the world. She says scientists estimate that four billion people already experience severe water scarcity at least one month a year.
LAUMA KALNS TIMANS: It’s very misleading to just look at a globe and just say, great, it’s all blue, we’ve got loads of water.
TESS VIGELAND: When it comes to demand for freshwater -- how does that break down? It’s not just about how long we’re showering, or how much of it we’re drinking, right?
LAUMA KALNS TIMANS: Well yeah, you’re absolutely right. So, we as households, as residents, as citizens, technically don’t use that much water. But 70-percent of water is used by agriculture. So 70-percent of water is used to produce food, to produce food that we feed animals with, to produce the animals that we eat.
TESS VIGELAND: And also, the U-N says that other industrial uses account for about 22-percent of global water use. So, doing the quick math, that means what we use in our homes is ... about ten percent. Of course, what industry and agriculture are producing… we’re consuming. And the population is expanding rapidly.
Lauma says that’s why farming techniques like hydroponics -- which we heard about in the previous episode -- are getting more attention now, in part because they use less water. She says agriculture technology companies are also developing ways to know precisely what plants need.
LAUMA KALNS TIMANS: They’re monitoring the moisture levels and collecting the data and then from that you can really tell when you should be watering your plants, if they’re watered enough, so that you don’t have to use excess water. And on the other end what you have is other companies that are mapping the changes in elevation of various, sort of, fields and crop lands and from those elevations you can see where water might flood and kill your crops so from that you can tell where to make your ditches and optimize the sort of field drainage so that when you have too much water you’re also using that in an optimal way.
TESS VIGELAND: Lauma says urban centers are also employing new strategies for smarter water use.
LAUMA KALNS TIMANS: So one of my favorites is actually the idea of a sponge city. So Singapore is a leading country for this. They’re this like, they’re this city/state, really. And they don’t have many water resources themselves. They’re so tiny that they don’t. So where are they going to get their water from? So what they’ve done is they’ve really looked to the sky and said well hey, there’s rain so we can collect our water that way. So they’ve got this run-off capture system that collects water for them from skyscrapers, permeable concrete, and things like that, on their pavements that allows them to collect the water and reuse it.
TESS VIGELAND: There are sponge city pilots happening in China as well, to help manage urban migration. The thinking is that along with adding to the water supply, the approach can be a defense against flooding.
And this gets us to an important point.
It’s not just the demands of a growing global population. Climate change and pollution are putting an enormous stress on the ecosystems that we need for freshwater. Flooding, droughts, and contamination all have an impact on access to basic drinking water.
LAUMA KALNS TIMANS: Over 800 million people do not have access to basic drinking water.
TESS VIGELAND: This is one of the places where that’s happened… a community called Kiunga (ki EUHN ga) -- located on the coast of Kenya, near the country’s border with Somalia. Alex Migoya (mih GOY uh) lives here.
ALEX MIGOYA: These people are fishermen mostly and they don’t have any other source of income and 80 percent of the community live in the shanties. Its the area in Kenya that has the worst water problem.
TESS VIGELAND: Kiunga has been devastated by a multi-year drought. Alex says during the rainy season, villagers collect as much rain water as they can. When we met him… it was the middle of the dry season.
ALEX MIGOYA: They don't have any supply of water as we speak, because they’ve already used up their harvested water from the rains and now it’s all dry.
TESS VIGELAND: But things are different now. Villagers are able to purchase clean water from a solar-powered desalination plant. The plant removes salt and minerals from water that’s pumped out of the Indian Ocean. It was built by GivePower and Alex manages the facility.
ALEX MIGOYA: Right now I am the sole provider of fresh water in this community in case I fail, or in case one of the machines fail...
Then they do not have any supply of water.
TESS VIGELAND: Before the plant started operating in 2018 -- one of the few options was for people -- usually women and children -- to spend hours every day walking back and forth to a well a few miles away.
That’s something that struck GivePower’s founder, Hayes Barnard, who we heard at the beginning of the episode.
HAYES BARNARD: Even the water that they go fetch and they bring it back is contaminated and so you know even the water that they wash their clothes with is so contaminated, it's so brackish it has so much salt inside of it.
TESS VIGELAND: GivePower’s first big project was providing solar panels to schools around the world that didn’t have electricity. Then a friend, a local Kenyan, told Hayes about the specific challenges in Kiunga and said, hey, why don’t you use your expertise in solar and battery storage, and use it to bring clean, affordable water to this community?
HAYES BARNARD: We said this sounds like something we really want to do.
We'd like to really figure out desalination and how to power the system and so we put in a lot of time and energy. It took us about a year and a half to figure out the technology and how he'd be able to design the system in a way that would make sense from a cost perspective. And when you really look at the metrics for what you can produce the water for, for the communities.
TESS: What were your questions kind of in that moment as you were hearing this idea? What was going through your mind?
HAYES: Yeah the first thing you wonder is distribution. So if you if you have a team that's very strong in technology you wonder OK well who's going to maintain the systems… And so it was really an effort of OK you know we can build the Tech here in San Francisco, we can design this system, we can get it in containers we can ship it. We can do the engineering, procurement, construction, installation of the system but that's really only half of the job.
TESS VIGELAND: Alex had stepped forward to do the second part of the job -- managing the distribution. He was there when the plant opened for business.
ALEX MIGOYA: The first day that the plant started to work was the most amazing day... So this day we invited the community members, most of the community members -- the elders, the women, the kids, and when the first water was produced and everyone tasted it, it was amazing. It was the most amazing day.
TESS VIGELAND: The facility can process 70-thousand liters of water per day -- enough drinking water for about 35-thousand people.
GivePower is deploying another micro-grid desalination plant in Haiti. And Hayes wants to build plants in other areas. He says they’ve figured out how to counter some of the downsides of desalination. First, the price tag. By keeping their systems small, they can keep infrastructure costs down. Second, energy use. It takes a lot of energy to process the seawater but GivePower’s system can run from what’s generated by the solar panels on top of the facility. Finally, the environmental impact of the byproduct that desalination leaves behind. Hayes says that GivePower is producing a much lower level of brine compared to other plants.
HAYES BARNARD: So the very large scale systems produce a significant amount of brine and salt that you don't want to just redeploy back into the ocean. These systems are significantly smaller than that at this time. We just, we just cleanse the salt out of the system we can redeploy that salt back into the ocean in that area. And it's not at a magnitude anywhere close that would create any harm for the fish or any other animals in that area which is why we sized it this way.
TESS VIGELAND: The International Desalination Association estimates that about three hundred million people use desalinated water for all or part of their daily needs -- from San Diego County, to Saudi Arabia.
Water expert Lana Mezareh thinks that while desalination will remain part of the picture, going forward, other developments might be even more important. She’s a project leader with Boston Consulting Group. Lana worked in South Africa as the city of Capetown made its way through a historic drought… and avoided running out of water in 2018. Now she lives in Nairobi, where she’s worked with the World Wide Fund for Nature.
LANA MEZAREH: I think the future will see more environmentally friendly ways to get more water. I see the future of people who have higher awareness of the importance of this resource that they will decrease their demand before they think of increasing supply by desalination or anything else.
TESS VIGELAND: She’s been thinking about our relationship with water since she was a little girl. She grew up in Jordan, which is one of the most water-scarce countries in the world. She recalls a childhood where water balloons were instead filled with baking flour, and when it was time to brush her teeth -- her parents watched closely.
LANA: We needed to turn off the tap. The minute we're not using the water we were not allowed to just open the tap and brush our teeth and take our time.
TESS VIGELAND: And now, as she looks to the future, she believes more of the world will come to rely on reclaimed water.
LANA MEZAREH: Wastewater treatments, water recycling has been massive in some countries whether it's Australia, Jordan, or Namibia but I think this is just gonna happen all over the world the circular economy in general whether it's by using plastic, glass, water, or whatever it is making sure our economy is circular. What we use we reuse and we re-recycle and use again is going to be the future. And I think this will be the biggest source of water in many countries.
TESS VIGELAND: You said something earlier about how people will have a higher awareness of how precious water is. How does that play out beyond say, taking shorter showers?
LANA MEZAREH: If I imagine the world in 20 or 25 years with the eyes of an optimist, because I am one, I think that the first thing I imagine is that consumers and investors are going to start looking differently at businesses. Investors are going to look at companies and not just look at their credit risk and their stock market. They're going to look at the environmental impact score.
I see a world, or future, of higher education of what does water mean for us, how valuable is this resource - but also not just for our own country but globally. We are all one planet. Each country will impact the other. A lack of water in one country will impact other countries by migration, by economic impacts. Many things. We’re all connected. So I see that education and awareness of the importance and value of water it will increase drastically. This will, in my optimist eyes, lead to much lower demand of water.
TESS VIGELAND: Scientist Dan Fernandez also believes in the power of education to inspire sustainability. He teaches his students at California State University in Monterey Bay not to take water for granted. And, this is really cool -- he also teaches them how to harvest water almost out of thin air.
DAN FERNANDEZ: See all the oak trees here. These are all the saplings, there's 45 of them. And 10 of them were selected to have fog collectors placed in front of them. This one looks like it's doing pretty well actually this sapling.
TESS VIGELAND: Dan is a fog specialist. His goal is to get as much water as he can out of fog and into a bucket.
DAN FERNANDEZ: And what you see next to it is the fog collector. It's about seven feet tall from the bottom part of the mesh to the top.
TESS VIGELAND: We’re standing in the middle of a grassy field, surrounded by what look like football goal posts covered in black mesh. These are the fog collectors he’s talking about. And at the bottom of each big mesh rectangle is a container slowly filling with water.
DAN FERNANDEZ: When the water drips down off the mesh it drips into the little rain gauge at the bottom. And the rain gauge measures the amount of water that passes through it.
TESS VIGELAND: These fog collectors are a kind of outdoor lab -- a classroom.
DAN FERNANDEZ: I see fog as a tool for really getting young people excited about the world around them. The enthusiasm that that engenders and the excitement that brings to people I think is wonderful and I’m hopeful that that could be one direction fog water can play in thinking about the future - in terms of just getting people excited and engaged. And then we can make positive changes that I haven't even considered.
TESS VIGELAND: While Dan wants his work to inspire new technologies, some countries already harvest fog to help with their water needs… and he says more areas should consider it.
DAN FERNANDEZ: There are places where fog water can be practical. Some villages, maybe some horse ranches, maybe even some farms.... It just probably is not going to be the magic solution to all of our water woes. However it can provide some source of water where there otherwise wouldn't be.
TESS VIGELAND: In areas that don’t have the humidity necessary for fog, scientists are experimenting with harvesting atmospheric water using nano-scale polymers.
Bank of America Analyst Lauma Kalns Timans says there isn’t just one magic solution for our future water needs. Everything has to be on the table… the water table… and she says the innovations already underway are exciting.
She says new technologies could transform our water use. As an example, she points to a shift that’s happened in the last two decades:
LAUMA KALNS TIMANS: In the past 16, 17 years water consumption in U.S. households has fallen by so people work in things like water efficient toilets, water efficient washing machines, showers and things like that. That means that actually we're already cutting back on our water use. Now this could be cut back further. People estimate that this could be cut by nearly by over a third even more so there is a long way to go in terms of that. But there are ways to cut things down.
TESS VIGELAND: This is what motivates Hayes Barnard -- knowing that there’s such an opportunity right now to innovate and make a difference. GivePower began with a focus on helping people around the world without electricity.
And using clean power to create clean water was a no-brainer.
HAYES BARNARD: If we can provide water we can grow vegetables. If we can provide water people live longer, they can learn and get educated.
This is where I'm finding the fuel and the wind in my sail to try to inspire other people to want to be a part of something great.
TESS VIGELAND: Everyone we spoke with agrees that it will take an array of solutions to maintain our global water supply, this incredibly precious resource. And they say... it’s doable. The power to make a difference -- requires action at all levels -- including the choices we make in our homes and daily lives
What would you like the power to do?
TESS VIGELAND: On the next episode of The World to Come…What would you rather do -- convince people to harness solar energy from space?
JOHN MANKINS: I prefer to keep the photovoltaic arrays fixed onboard the spacecraft and to redirect the sunlight using mirrors large mirrors
TESS VIGELAND: Or convince people to put solar panels on their roofs?
AGEMENMOM OTERO: We just literally just like not rolled up and we're like, Hi I live right around the corner and I was thinking what do you reckon. We put solar panels on your rooftop and I can honestly tell you that most people shut the door.
TESS VIGELAND: What will light the way in the future… that’s next time. This has been The World to Come. I’m Tess Vigeland.
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
Water is essential for life, but did you know that only one percent of the world’s water is accessible freshwater? In this episode, we explore ways to provide more people with clean water in the future. We’ll meet Hayes Barnard, the Founder and CEO of Give Power who believes that “If we can provide water, we can grow vegetables. If we can provide water, people live longer, they can learn and get educated.” We’ll also hear from BofA Global Research Analyst Lauma Kalns Timans, who thinks that “the future will see more environmentally friendly ways to get more water… people who have higher awareness of the importance of this resource that they will decrease their demand before they think of increasing supply by desalination or anything else.” Join us as we explore everything from small-scale solar-powered desalination plants and sponge cities, to extracting water from fog.
Guests
Lauma Kalns Timans
BofA Global Research Analyst
Hayes Barnard
Founder and CEO of Give Power
Alex Migoya
Employee of Give Power
Lana Mezareh
Consultant at Boston Consulting Group
Dan Fernandez
Professor, California State Monterey Bay
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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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.
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