申博菲律宾app银行业 and 贷款服务 are provided by 申博菲律宾app银行, Member FDIC, 和斯蒂尔银行 & 信任, Member FDIC, Equal Housing Lender, NMLS# 375103 (collectively, “申博菲律宾app银行”). 信托和受托服务由申博菲律宾app 信任 公司, N提供.A.美国联邦存款保险公司(FDIC)和申博菲律宾app 信任 公司成员.A.， FDIC成员(统称“申博菲律宾app信托公司”). 申博菲律宾app银行 and 申博菲律宾app 信任 Companies are affiliated with 申博菲律宾app, Nicolaus & 公司，股份有限公司，成员SIPC & 它们都是申慱sunbet手机版 Corp .的全资子公司. 除非另有规定, references to “申博菲律宾app” may mean 申慱sunbet手机版 Corp. 和/或其任何子公司. 除非另有规定, 从申博菲律宾app购买或持有的产品, 申博菲律宾app银行, 及/或申博菲律宾app信托公司 are not deposits or other obligations of 申博菲律宾app, 申博菲律宾app银行, 或申博菲律宾app信托公司, 是申博菲律宾app不保证的吗, 申博菲律宾app银行, 及/或申博菲律宾app信托公司, 并且存在投资风险, 包括可能损失的投资本金. None of 申博菲律宾app, 申博菲律宾app银行, 或申博菲律宾app信托公司 provide legal or tax advice.

为申博菲律宾app, Nicolaus的客户提供住宅抵押贷款服务 & 公司, Incorporated are performed exclusively by 申博菲律宾app银行 和斯蒂尔银行 & 信托(申博菲律宾app银行). 斯蒂菲尔的财务顾问，尼古拉斯 & 公司, 公司不提供按揭贷款, 提供按揭贷款资料, 或接受住宅按揭贷款申请.

Understanding the potential risks of a 申博菲律宾app Pledged Asset (SPA) Line of Credit
和你的财务顾问谈谈你的风险承受水平, 市场波动, specifically the potential risks associated with a 申博菲律宾app SPA Line of Credit.

Securities-based lines of credit involve risk and is not appropriate for all borrowers. SPA信贷额度是一种完全追索权, demand loan using the assets in a brokerage account as collateral and can be called at any time. 利率的上升将影响借款的总成本. The return on your securities must be higher than your financing cost in order for you generate a positive return in your securities account. 你的证券的市场价值可能会下降, which may result in the value of that collateral no longer covering the outstanding loan amount. 无论如何, the borrower may be required to post additional collateral and/or repay part or all of any outstanding loan, 和斯蒂尔银行 & 信任可以 call the loan and sell or force the sale of the assets in the collateral account, 或者其他抵押品, 不与借方联系. The borrower can lose more assets than the borrower is required to deposit in the collateral account. The borrower is responsible for satisfying any amount not covered by the collateral.

申博菲律宾app银行 & 信托可以随时增加其抵押品的维护要求. 申博菲律宾app银行 & 信任可以, 由其全权决定, 随时要求全额或部分支付SPA信贷额度, 没有通知支付贷款余额和任何利息. The borrower is not entitled to an extension of time to meet a collateral maintenance call.

如果抵押证券需要出售, 它们可以在不通知的情况下出售, the borrower may not be offered a chance to deposit cash or additional collateral, 而且借款人可能无法选择出售哪些证券, 哪些因素会中断借款人的长期投资策略. If pledged securities are sold, this could trigger an unfavorable taxable event for the borrower. 也不是斯蒂尔银行 & 信托或我们的关联公司不提供税务或法律建议. 借款人应向税务专业人士咨询.

The borrower is entitled to draw against their SPA Line of Credit only if loan terms and collateral requirements are met and the draw request is approved by 申博菲律宾app银行 & 信任.

There may be alternative ways of borrowing funds that are less expensive and involve less risk. 您的财务顾问可能会收到SPA贷款余额的补偿. Your Financial Advisor benefits when the borrower uses the available balance on his or her loan to meet liquidity needs in lieu of selling securities or other investments.

信托和受托服务由申博菲律宾app 信任 公司, N提供.A. 和申博菲律宾app 信任 公司特拉华州，N.A. (申博菲律宾app信托公司) 申博菲律宾app金融公司的全资子公司. 以及申博菲律宾app, Nicolaus的附属公司 & 公司，股份有限公司，成员SIPC & 纽交所. 除非另有规定, 从申博菲律宾app购买或持有的产品 信任 Companies are not insured by the FDIC or any other government agency, 申博菲律宾app信托公司的存款或其他义务不是吗, 不受申博菲律宾app信托公司担保, 并且存在投资风险, 包括可能损失的投资本金. 申博菲律宾app信托公司不提供法律或税务建议.