Common use of COLLATERAL AND LENDING AGREEMENT Clause in Contracts

COLLATERAL AND LENDING AGREEMENT. All funds, securities, currencies, and other property of Client that Paramount or its affiliates may at any time be carrying for Client (either individually, jointly with others or as a guarantor of the account of any other person) or which may at any time be in its possession or control or carried on the books of Paramount for any purpose, including safekeeping, are to be held by Paramount as security and subject to a general lien and right of set-off for all obligations and liabilities of Client to Paramount whether or not Paramount has made advances in connection with such securities, currencies or other property, and irrespective of the number of accounts Client may have with Paramount may in its discretion, at any time and from time to time, without notice to Client, apply and/or transfer any or all funds or other property of Client between any of Client's accounts. Client hereby also grants to Paramount the right to pledge, re-pledge, hypothecate, invest or loan, either separately or with the property of other Clients, to itself as broker or to others, any securities or other property of Client held by Paramount as margin or collateral. Paramount shall at no time be required to deliver to Client the identical property delivered to or purchased by Paramount for any account of Client. Should Client take delivery of currencies through settlement of trades, Paramount is obliged to make full payment for the delivery on 24 hours notice. If the balance in the Client's account is not adequate to pay for the delivery, the depository receipts held in the name of Client or Paramount, as Client’s agent or nominee, become property carried on margin in the Client's account, since they are not fully paid for by Client. This authorization shall apply to all accounts carried by Paramount for Client and shall remain in full force until all accounts are fully paid for by Client or notice of revocation is sent by Paramount.

COLLATERAL AND LENDING AGREEMENT. All funds, securities, currencies, and other property of Client that Paramount The Company or its affiliates may at any time be carrying for Client (either individually, jointly with others or as a guarantor of the account of any other person) or which may at any time be in its possession or control or carried on the books of Paramount The Company for any purpose, including safekeeping, are to be held by Paramount The Company as security and subject to a general lien and right of set-off for all obligations and liabilities of Client to Paramount The Company whether or not Paramount The Company has made advances in connection with such securities, currencies or other property, and irrespective of the number of accounts Client may have with Paramount The Company. The Company may in its discretion, at any time and from time to time, without notice to Client, apply and/or transfer any or all funds or other property of Client between any of Client's ’s accounts. Client hereby also grants to Paramount The Company the right to pledge, re-pledge, hypothecate, invest or loan, either separately or with the property of other Clients, to itself as broker or to others, any securities or other property of Client held by Paramount The Company as margin or collateral. Paramount The Company shall at no time be required to deliver to Client the identical property delivered to or purchased by Paramount The Company for any account of Client. Should Client take delivery of currencies through settlement of trades, Paramount The Company is obliged to make full payment for the delivery on 24 hours 24-hour notice. If the balance in the Client's ’s account is not adequate to pay for the delivery, the depository receipts held in the name of Client or ParamountThe Company, as Client’s agent or nominee, become property carried on margin in the Client's ’s account, since they are not fully paid for by Client. This authorization shall apply to all accounts carried by Paramount The Company for Client and shall remain in full force until all accounts are fully paid for by Client or notice of revocation is sent by ParamountThe Company.

COLLATERAL AND LENDING AGREEMENT. All funds, securities, currencies, and other property of Client that Paramount The Company or its affiliates may at any time be carrying for Client (either individually, jointly with others or as a guarantor of the account of any other person) or which may at any time be in its possession or control or carried on the books of Paramount The Company for any purpose, including safekeeping, are to be held by Paramount The Company as security and subject to a general lien and right of set-off for all obligations and liabilities of Client to Paramount The Company whether or not Paramount The Company has made advances in connection with such securities, currencies or other property, and irrespective of the number of accounts Client may have with Paramount The Company. The Company may in its discretion, at any time and from time to time, without notice to Client, apply and/or transfer any or all funds or other property of Client between any of Client's ’s accounts. Client hereby also grants to Paramount The Company the right to pledge, re-re- pledge, hypothecate, invest or loan, either separately or with the property of other Clients, to itself as broker or to others, any securities or other property of Client held by Paramount The Company as margin or collateral. Paramount The Company shall at no time be required to deliver to Client the identical property delivered to or purchased by Paramount The Company for any account of Client. Should Client take delivery of currencies through settlement of trades, Paramount The Company is obliged to make full payment for the delivery on 24 hours 24-hour notice. If the balance in the Client's ’s account is not adequate to pay for the delivery, the depository receipts held in the name of Client or ParamountThe Company, as Client’s agent or nominee, become property carried on margin in the Client's ’s account, since they are not fully paid for by Client. This authorization shall apply to all accounts carried by Paramount The Company for Client and shall remain in full force until all accounts are fully paid for by Client or notice of revocation is sent by ParamountThe Company.