QIBs, or “qualified institutional buyers,” are a category of sophisticated investors under US securities laws. QIBs generally include regulated entities (e.g., banks, insurance companies, investment companies, etc.), retirement and employee benefit plans or trusts, registered dealers, and entities owned exclusively by QIBs, in each case, subject to the applicable minimum asset and investment qualifications (generally at least $100 million in investments in non-affiliated securities or $10 million in the case of a registered broker-dealer). The full definition of a QIB can be found under Rule 144A of the Securities Act. Given their status, as large institutional investors, QIBs are capable of fending for themselves, and generally believed to be capable of investing in, and bearing the risks associated with, securities that have not been registered under the Securities Act.

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