Common use of Foreign Securities Clause in Contracts

Foreign Securities. With respect to debt or equity securities of non-U.S. issuers, or debt or deposit instruments of non-U.S. banks (“Foreign Securities”), You acknowledge and understand that: (i) Foreign Securities are, in most cases, not registered with the Securities and Exchange Commission or listed on a U.S. securities exchange; (ii) Foreign Securities, particularly those of issuers in the so- called “emerging markets” are often illiquid, are sometimes subject to legal and/or contractual transfer restrictions, and it may be difficult or impossible to dispose of such Foreign Securities prior to the maturity thereof, or to determine the market price thereof, for valuation purposes; (iii) Foreign Securities, and the issuer, guarantors, or other obligors with respect thereto (“Obligors”), are subject to a variety of risks in addition to those typically faced in the case of U.S. securities and issuers, including, among other things, currency risk, exchange controls, confiscatory taxation, withholding, limitations on the rights of security holders, civil unrest, hyperinflation, discriminatory treatment of foreign investors, etc.; (iv) there is often less information available regarding Obligors, and such information may be more difficult to interpret, than is the case with U.S. issuers whose securities are subject to the periodic reporting requirements under U.S. securities laws; (v) there may be no effective means to determine if an Obligor is in default of its obligations in respect of its debt securities or other financial obligations (and You specifically acknowledge that Foreign Securities purchased by You may be in default at the time of purchase); (vi) the Foreign Securities in question may be unrated; and (vii) such securities are not suitable for all investors. You authorize BB&T Securities to purchase Foreign Securities (and, in the case of Foreign Securities denominated in foreign currencies, the relevant foreign currencies) from or sell Foreign Securities (and foreign exchange) to any of its affiliates. In dealing with such affiliates, such affiliates may take their normal commissions, spreads, or other fees without regard to BB&T Securities’ relationship with You.

Foreign Securities. With respect to debt or equity securities of non-U.S. issuers, issuers or debt or deposit instruments of non-U.S. banks (“"Foreign Securities”"), You I acknowledge and understand that: (i) Foreign Securities are, in most cases, not registered with the Securities and Exchange Commission or listed on a U.S. securities exchange; (ii) Foreign Securities, particularly those of issuers in the so- so-called “"emerging markets” " are often illiquid, are sometimes subject to legal and/or contractual transfer restrictions, and it may be difficult or impossible to dispose of such Foreign Securities prior to the maturity thereof, thereof or to determine the market price thereof, thereof for valuation purposes; (iii) Foreign Securities, and the issuer, guarantors, guarantors or other obligors with respect thereto (“"Obligors”), ") are subject to a variety of or risks in addition to those typically faced in the case of U.S. securities and issuers, including, among other things, currency risk, exchange controls, confiscatory taxation, withholding, limitations on the rights of security holders, civil unrest, hyperinflation, discriminatory treatment of foreign investors, etc.; (iv) there is often less information available regarding Obligors, and such information may be more difficult to interpret, than is the case with U.S. issuers whose securities are subject to the periodic reporting requirements under U.S. securities laws; (v) there may be no effective means to determine if an Obligor is in default of its obligations in respect of its debt securities or other financial obligations (and You you specifically acknowledge that Foreign Securities purchased by You you may be in default at the time of purchase); (vi) the Foreign Securities in question may be unrated; and (vii) such securities are not suitable for all investors. You authorize BB&T Securities to purchase Foreign Securities (and, in the case of Foreign Securities denominated in foreign currencies, the relevant foreign currencies) from or sell Foreign Securities (and foreign exchange) to any of its affiliates. In dealing with such affiliates, such affiliates may take their normal commissions, spreads, or other fees without regard to BB&T Securities’ relationship with You.