Common use of Leverage Disclosure Clause in Contracts

Leverage Disclosure. Using borrowed money to finance the purchase of securities involves greater risk than using cash resources only and may not be suitable for all investors. If you borrow money to purchase securities, your responsibility to repay the loan and pay interest as required by its terms remains the same even if the value of the securities purchased declines. There are some risks and factors that you should consider before borrowing to invest, including: (a) Is it Right for You? Borrowing money to invest is risky. You should only consider borrowing to invest if:  You are comfortable with taking risk.  You are comfortable taking on debt to buy investments that may go up or down in value.  You are investing for the long-term.  You have a stable income. You should not borrow to invest if:  You have a low tolerance for risk.  You are investing for a short period of time.  You intend to rely on income from the investments to pay living expenses.  You intend to rely on income from the investments to repay the loan.  If this income stops or decreases you may not be able to pay back the loan.

Leverage Disclosure. Using borrowed money to finance the purchase of securities involves greater risk than using cash resources only and may not be suitable for all investors. If you borrow money to purchase securities, your responsibility to repay the loan and pay interest as required by its terms remains the same even if the value of the securities purchased declines. There are some risks and factors that you should consider before borrowing to invest, including: (a) Is it Right for You? Borrowing money to invest is risky. You should only consider borrowing to invest if:  ▪ You are comfortable with taking risk.  ▪ You are comfortable taking on debt to buy investments that may go up or down in value.  ▪ You are investing for the long-term.  ▪ You have a stable income. You should not borrow to invest if:  ▪ You have a low tolerance for risk.  ▪ You are investing for a short period of time.  ▪ You intend to rely on income from the investments to pay living expenses.  ▪ You intend to rely on income from the investments to repay the loan.  ▪ If this income stops or decreases decreases, you may not be able to pay back the loan.

Leverage Disclosure. Using borrowed money to finance the purchase of securities involves greater risk than using cash resources only and may not be suitable for all investors. If you borrow money to purchase securities, your responsibility to repay the loan and pay interest as required by its terms remains the same even if the value of the securities purchased declines. There are some risks and factors that you should consider before borrowing to invest, including: (a) Is it Right for You? Borrowing money to invest is risky. You should only consider borrowing to invest if:  ▪ You are comfortable with taking risk.  ▪ You are comfortable taking on debt to buy investments that may go up or down in value.  ▪ You are investing for the long-term.  ▪ You have a stable income. You should not borrow to invest if:  ▪ You have a low tolerance for risk.  ▪ You are investing for a short period of time.  ▪ You intend to rely on income from the investments to pay living expenses.  ▪ You intend to rely on income from the investments to repay the loan.  ▪ If this income stops or decreases you may not be able to pay back the loan.