Common use of AUTHORIZATION TO DEBIT ACCOUNT Clause in Contracts

AUTHORIZATION TO DEBIT ACCOUNT. Client hereby authorizes LPL to debit all fees and charges payable pursuant to Section 4 and any other fees or charges associated with Client’s Account herein directly from the Account. It is agreed by Client, SMA Portfolio Manager (exclusively in the case of the SMA Platform), and LPL that the Account Fee will be payable, first, from free credit balances, if any, in the Account; second, from the liquidation or withdrawal (which Client hereby authorizes) by LPL of Client’s shares of any money market fund or balances in any money market account; third, from funds in the insured cash account (“ICA”) or deposit cash account (“DCA”), if applicable, and fourth, from the liquidation (which Client hereby authorizes) by LPL of any other securities or assets in Account. Client acknowledges that the liquidation of securities or assets as described in this Section may result in additional transactions and/or other fees or charges and may have tax consequences. Accounts may establish procedures to pay the Account Fee directly rather than through a debit to the Account. Any different method of billing Account Fees may result in the imposition of additional charges to cover the administrative costs of billing.

AUTHORIZATION TO DEBIT ACCOUNT. Client hereby authorizes LPL to debit all fees and charges payable pursuant to Section 4 and any other fees or charges associated with Client’s Account herein directly from the Account. It is agreed by Client, SMA Portfolio Manager (exclusively in the case of the SMA Platform), and LPL that the Account Fee will be payable, first, from free credit balances, if any, in the Accountaccount; second, from the liquidation or withdrawal (which Client hereby authorizes) by LPL of Client’s shares of any money market fund or balances in any money market account; third, from funds in the insured cash account (“ICA”) or deposit cash account (“DCA”), if applicable, and fourth, from the liquidation (which Client hereby authorizes) by LPL of any other securities or assets in Account. Client acknowledges that the liquidation of securities or assets as described in this Section may result in additional transactions and/or other fees or charges and may have tax consequences. Accounts may establish procedures to pay the Account Fee directly rather than through a debit to the Account. Any different method of billing Account Fees may result in the imposition of additional charges to cover the administrative costs of billing.