Common use of Customer Qualification Clause in Contracts

Customer Qualification. (a) You understand that you shall be required to maintain in your account with your Prime Broker such minimum net equity in cash or securities as may be required, from time to time, by your Prime Broker (the “Minimum Net Equity”), which shall in no event be less than the minimum net equity required by the SEC Letter, as such requirement may be amended from time to time (initially: (i) $100,000 in cash or securities with a ready market, for trades executed on behalf of a customer account managed by an investment adviser registered under Section 203 of the Investment Advisers Act of 1940 (a “Registered Investment Adviser”), or (ii) $500,000 in cash or securities with a ready market for trades executed on behalf of an account not managed by a Registered Investment Adviser). You further understand that, in the event your account falls below such Minimum Net Equity, you shall bring your account into compliance in a timely fashion. Each time you enter an order with the Executing Broker, you hereby represent that you shall be in compliance with such Minimum Net Equity or will notify the Executing Broker otherwise. (b) In the event that your Prime Broker indicates its intention to disaffirm any trade, you hereby authorize and instruct your Prime Broker to provide to the Executing Broker, upon the request of the Executing Broker, the following information: (i) the account or accounts to which any of your orders or trades relate; (ii) the instructions, if any, provided to your Prime Broker regarding the allocation of any orders or trades to any sub-accounts; and (iii) information available to your Prime Broker with respect to any net equity in the account. In addition, this Agreement will serve as further authorization and instruction to your Prime Broker to furnish to the Executing Broker in the event of a disaffirmance all such further and additional information concerning an account as the Executing Broker shall request, provided that such authorization shall have been confirmed by you in a separate letter addressed and delivered to your Prime Broker and the Executing Broker. This paragraph shall remain in effect so long as this Agreement is in effect, shall survive the termination of this Agreement and shall apply to all orders and trades given by you to the Executing Broker for clearance and settlement through your Prime Broker. You hereby agree to release and discharge your Prime Broker from all responsibility and liability arising out of or incurred in connection with your Prime Broker furnishing any accurate information to the Executing Broker pursuant to this paragraph.

Customer Qualification. (a) You understand that you shall be required to maintain in your account with your Prime Broker such minimum net equity in cash or securities as may be required, from time to time, by your Prime Broker (the “"Minimum Net Equity”"), which shall in no event be less than the minimum net equity required by the SEC Letter, as such requirement may be amended from time to time (initially: : (i) $100,000 in cash or securities with a ready market, for trades executed on behalf of a customer account managed by an investment adviser registered under Section 203 of the Investment Advisers Act of 1940 (a “"Registered Investment Adviser”"), or or (ii) $500,000 in cash or securities with a ready market for trades executed on behalf of an account not managed by a Registered Investment Adviser). You further understand that, in the event your account falls below such Minimum Net Equity, you shall bring your account into compliance in a timely fashion. Each time you enter an order with the Executing BrokerAxos Clearing, you hereby represent that you shall be in compliance with such Minimum Net Equity or will notify the Executing Broker Axos Clearing otherwise. (b) In the event that your Prime Broker indicates its intention to disaffirm any trade, you hereby authorize and instruct your Prime Broker to provide to the Executing BrokerAxos Clearing, upon the request of the Executing BrokerAxos Clearing, the following information: (i) the account or accounts to which any of your orders or trades relate; (ii) the instructions, if any, provided to your Prime Broker regarding the allocation of any orders or trades to any sub-accounts; and (iii) information available to your Prime Broker with respect to any net equity in the account. In addition, this Agreement will serve as further authorization and instruction to your Prime Broker to furnish to the Executing Broker Axos Clearing in the event of a disaffirmance all such further and additional information concerning an account as the Executing Broker Axos Clearing shall request, provided that such authorization shall have been confirmed by you in a separate letter addressed and delivered to your Prime Broker and the Executing BrokerAxos Clearing. This paragraph shall remain in effect so long as this Agreement is in effect, shall survive the termination of this Agreement and shall apply to all orders and trades given by you to the Executing Broker Axos Clearing for clearance and settlement through your Prime Broker. You hereby agree to release and discharge your Prime Broker from all responsibility and liability arising out of or incurred in connection with your Prime Broker furnishing any accurate information to the Executing Broker Axos Clearing pursuant to this paragraph.

Customer Qualification. (a) You understand that you Customer shall be required to maintain in your Customer’s account with your Prime Broker such minimum net equity in cash or securities as may be required, from time to time, by your Prime Broker (the “Minimum Net Equity”), which shall in no event be less than the minimum net equity required by the SEC Letter, as such requirement may be amended from time to time (initially: (i) $100,000 in cash or securities with a ready market, for trades executed on behalf of a customer account managed by an investment adviser registered under Section 203 of the Investment Advisers Advisors Act of 1940 (a “Registered Investment Adviser”), or or (ii) $500,000 in cash or securities with a ready market for trades executed on behalf of an account not managed by a Registered Investment AdviserAdvisor). You Customer further understand understands that, in the event your Customer’s account falls below such Minimum Net Equity, you Customer shall bring your Customer’s account into compliance in a timely fashion. Each time you enter Customer enters an order with the Executing Clearing Broker, you Customer hereby represent represents that you Customer shall be in compliance with such Minimum Net Equity or will notify the Executing Clearing Broker otherwise. (b) In the event that your Prime Broker indicates its intention to disaffirm any trade, you Customer hereby authorize authorizes and instruct your instructs Prime Broker to provide to the Executing Clearing Broker, upon the request of the Executing Clearing Broker, the following information: (i) the account or accounts to which any of your Customer’s orders or trades relate; (ii) the instructions, if any, provided to your Prime Broker regarding the allocation of any orders or trades to any sub-accounts; and (iii) information available to your Prime Broker with respect to any net equity in the account. In addition, this Agreement will serve as further authorization and instruction to your Prime Broker to furnish to the Executing Clearing Broker in the event of a disaffirmance all such further and additional information concerning an account as the Executing Clearing Broker shall request, provided that such authorization shall have been confirmed by you Customer in a separate letter addressed and delivered to your Prime Broker and the Executing Clearing Broker. This paragraph shall remain in effect so long as this Agreement is in effect, shall survive the termination of this Agreement and shall apply to all orders and trades given by you Customer to the Executing Clearing Broker for clearance and settlement through your Prime Broker. You Customer hereby agree agrees to release and discharge your Prime Broker from all responsibility and liability arising out of or incurred in connection with your Prime Broker furnishing any accurate information to the Executing Clearing Broker pursuant to this paragraph.

Customer Qualification. (a) You understand that you shall be required to maintain in your account with your Prime Broker such minimum net equity in cash or securities as may be required, from time to time, by your Prime Broker (the “Minimum Net Equity”), which shall in no event be less than the minimum net equity required by the SEC Letter, as such requirement may be amended from time to time (initially: (i) $100,000 in cash or securities with a ready market, for trades executed on behalf of a customer account managed by an investment adviser advisor registered under Section 203 of the Investment Advisers Advisors Act of 1940 ([a “Registered Investment AdviserAdvisor”), or ]; or (ii) $500,000 in cash or securities with a ready market for trades executed on behalf of an account not managed by a Registered Investment AdviserAdvisor). You further understand that, in the event your account falls below such Minimum Net Equity, you shall bring your account into compliance in a timely fashion. Each time you enter an order with the Executing Broker, you hereby represent that you shall be in compliance with such Minimum Net Equity or will notify the Executing Broker otherwise. (b) In the event that your Prime Broker indicates its intention to disaffirm any trade, you hereby authorize and instruct your Prime Broker to provide to the Executing Broker, upon the request of the Executing Broker, the following information: (i) the account or accounts to which any of your orders or trades relate; (ii) the instructions, if any, provided to your Prime Broker regarding the allocation of any orders or trades to any sub-accounts; and (iii) information available to your Prime Broker with respect to any net equity in the account. In addition, this Agreement will serve as further authorization and instruction to your Prime Broker to furnish to the Executing Broker in the event of a disaffirmance all such further and additional information concerning an account as the Executing Broker shall request, provided that such authorization shall have been confirmed by you in a separate letter addressed and delivered to your Prime Broker and the Executing Broker. This paragraph shall remain in effect so long as this Agreement is in effect, shall survive the termination of this Agreement and shall apply to all orders and trades given by you to the Executing Broker for clearance and settlement through your Prime Broker. You hereby agree to release and discharge your Prime Broker from all responsibility and liability arising out of or incurred in connection with your Prime Broker furnishing any accurate information to the Executing Broker pursuant to this paragraph.

Customer Qualification. (a) You understand that you shall be required to maintain in your account with your Prime Broker such minimum net equity in cash or securities as may be required, from time to time, by your Prime Broker (the “"Minimum Net Equity”"), which shall in no event be less than the minimum net equity required by the SEC Letter, as such requirement may be amended from time to time (initially: (i) $100,000 in cash or securities with a ready market, for trades executed on behalf of a customer account managed by an investment adviser registered under Section 203 of the Investment Advisers Act of 1940 (a “"Registered Investment Adviser”"), or or (ii) $500,000 in cash or securities with a ready market for trades executed on behalf of an account not managed by a Registered Investment Adviser). You further understand that, in the event your account falls below such Minimum Net Equity, you shall bring your account into compliance in a timely fashion. Each time you enter an order with the Executing Broker, you hereby represent that you shall be in compliance with such Minimum Net Equity or will notify the Executing Broker otherwise. (b) In the event that your Prime Broker indicates its intention to disaffirm any trade, you hereby authorize and instruct your Prime Broker to provide to the Executing Broker, upon the request of the Executing Broker, the following information: (i) the account or accounts to which any of your orders or trades relate; (ii) the instructions, if any, provided to your Prime Broker regarding the allocation of any orders or trades to any sub-accounts; and (iii) information available to your Prime Broker with respect to any net equity in the account. In addition, this Agreement will serve as further authorization and instruction to your Prime Broker to furnish to the Executing Broker in the event of a disaffirmance all such further and additional information concerning an account as the Executing Broker shall request, provided that such authorization shall have been confirmed by you in a separate letter addressed and delivered to your Prime Broker and the Executing Broker. This paragraph shall remain in effect so long as this Agreement is in effect, shall survive the termination of this Agreement and shall apply to all orders and trades given by you to the Executing Broker for clearance and settlement through your Prime Broker. You hereby agree to release and discharge your Prime Broker from all responsibility and liability arising out of or incurred in connection with your Prime Broker furnishing any accurate information to the Executing Broker pursuant to this paragraph.

Customer Qualification. (a) You understand that you A. Customer shall be required to maintain in your Customer's securities account with your Prime Broker such minimum net equity in cash or securities as may be required, from time to time, by your Prime Broker (the “"Minimum Net Equity”"), which shall in no event be less than the minimum net equity required by the SEC SEC's 1994 Prime Brokerage No-Action Letter, as such requirement may be amended from time to time (initially: (i) $100,000 in cash or securities with a ready market, for trades executed on behalf of a customer account managed by an investment adviser registered under Section 203 of the Investment Advisers Advisors Act of 1940 (a “"Registered Investment Adviser”"), or or (ii) $500,000 in cash or securities with a ready market for trades executed on behalf of an account not managed by a Registered Investment AdviserAdvisor). You Customer further understand understands that, in the event your Customer's account falls below such Minimum Net Equity, you Customer shall bring your Customer's account into compliance in a timely fashion. Each time you enter Customer enters an order with the Executing BrokerIB, you Customer hereby represent represents that you Customer shall be in compliance with such Minimum Net Equity or will notify the Executing Broker IB otherwise. (b) B. In the event that your Prime Broker indicates its intention to disaffirm or fail to take up any trade, you Customer hereby authorize authorizes and instruct your instructs Prime Broker to provide to the Executing BrokerIB, upon the request of the Executing BrokerIB, the following information: (i) the account or accounts to which any of your Customer's orders or trades relate; (ii) the instructions, if any, provided to your Prime Broker regarding the allocation of any orders or trades to any sub-accounts; and (iii) information available to your Prime Broker with respect to any net equity in the account. In addition, this Agreement will serve as further authorization and instruction to your Prime Broker to furnish to the Executing Broker IB in the event of a disaffirmance or failure to take up all such further and additional information concerning an account as the Executing Broker IB shall request, provided that such authorization shall have been confirmed by you in a separate letter addressed and delivered to your Prime Broker and the Executing Broker. This paragraph shall remain in effect so long as this Agreement is in effect, shall survive the termination of this Agreement and shall apply to all orders and trades given by you Customer to the Executing Broker IB for clearance and settlement through your Prime Broker. You Customer hereby agree agrees to release and discharge your Prime Broker from all responsibility and liability arising out of or incurred in connection with your Prime Broker furnishing any accurate information to the Executing Broker IB pursuant to this paragraph.

Customer Qualification. (a) a. You understand that you shall be required to maintain in your account with your Prime Broker such minimum net equity in cash or securities as may be required, from time to time, by your Prime Broker (the “"Minimum Net Equity”"), which shall in no event be less than the minimum net equity required by the SEC Letter, as such requirement may be amended from time to time (initially: (i) $100,000 in cash or securities with a ready market, for trades executed on behalf of a customer account managed by an investment adviser registered under Section 203 of the Investment Advisers Advisors Act of 1940 (a “"Registered Investment Adviser”"), or or (ii) $500,000 in cash or securities with a ready market for trades executed on behalf of an account not managed by a Registered Investment AdviserAdvisor). You further understand that, in the event your account falls below such Minimum Net Equity, you shall bring your account into compliance in a timely fashion. Each time you enter an order with the Executing Clearing Broker, you hereby represent that you shall be in compliance with such Minimum Net Equity or will notify the Executing Clearing Broker otherwise. (b) b. In the event that your Prime Broker indicates its intention to disaffirm any trade, you hereby authorize and instruct your Prime Broker to provide to the Executing Clearing Broker, upon the request of the Executing Clearing Broker, the following information: (i) the account or accounts to which any of your orders or trades relate; (ii) the instructions, if any, provided to your Prime Broker regarding the allocation of any orders or of trades to any sub-accounts; and (iii) information available to your Prime Broker with respect to any net equity in the account. In addition, this Agreement agreement will serve as further authorization and instruction to your Prime Broker to furnish to the Executing Clearing Broker in the event of a disaffirmance of all such further and additional information concerning an account as the Executing Clearing Broker shall reasonably request, provided that such authorization shall have been confirmed by you in a separate letter addressed and delivered to your Prime Broker and the Executing Clearing Broker. This paragraph shall remain in effect so long as this Agreement is in effect, shall survive the termination of this Agreement and shall apply to all orders and trades given by you to the Executing Clearing Broker for clearance and settlement through your Prime Broker. You hereby agree to release and discharge your Prime Broker from all responsibility and liability arising out of or incurred in connection with your Prime Broker furnishing any accurate information to the Executing Clearing Broker pursuant to this paragraph.

Customer Qualification. (a) You understand The undersigned understands that you it shall be required to maintain in your account with your its Prime Broker Brokerage Account such minimum net equity in cash or securities as may be required, from time to time, time by your Prime Broker WS (the “‘Minimum Net Equity”), which shall in no event be less than the minimum net equity Minimum Net Equity required by the SEC Letter, as such requirement may be amended from time to time (initially: (i) $100,000 750,000 in cash or in securities with a ready market, for trades executed on behalf of a customer account managed by an investment adviser registered under Section 203 of the Investment Advisers Act of 1940 (a “Registered Investment Adviser”), or (ii) $500,000 in cash or securities with a ready market for trades executed on behalf of an account not managed by a Registered Investment AdviserAdvisory). You The undersigned further understand understands that, in the event your account the Prime Brokerage Account falls below such Minimum Net Equity, you it shall bring your such account into compliance in a timely fashion. Each The undersigned understands that WS reserves the right at any time you enter to place a limit on the size of Prime Brokerage Transactions executed by an order with the Executing Broker, you hereby represent that you shall which are to be in compliance with such Minimum Net Equity or will notify the Executing Broker otherwisesettled and cleared by WS as Prime Broker. (b) In the event that your Prime Broker WS indicates its intention to disaffirm any tradePrime Brokerage Transaction, you the undersigned hereby authorize authorizes and instruct your Prime Broker WS to provide to the its Executing Broker, upon the request of the Executing Brokerits request, the following information: (i) the account or accounts to which any of your orders or trades relatePrime Brokerage Account affected; (ii) the instructions, if any, provided to your Prime Broker regarding the allocation of any orders order or trades trade (relating to Prime Brokerage Transactions) to any sub-accounts; and (iii) information available to your Prime Broker WS with respect to any net equity in the accountaffected Prime Brokerage Account. In addition, this Prime Brokerage Agreement will serve as further authorization and instruction to your Prime Broker WS to furnish to the Executing Broker in the event of a disaffirmance all such further and additional information concerning an account the Prime Brokerage Account as the Executing Broker shall request, provided that such authorization shall have been confirmed by you the undersigned in a separate letter addressed and delivered to your Prime the Executing Broker and the Executing BrokerWS. This paragraph shall remain in effect so long as this Prime Brokerage Agreement is in effect, shall survive the termination of this Prime Brokerage Agreement and shall apply to all orders and trades relating to Prime Brokerage Transactions given by you the undersigned to the Executing Broker WS for clearance and settlement through your Prime Brokersettlement. You The undersigned hereby agree agrees to release and discharge your Prime Broker WS from all responsibility and liability arising out of or incurred in connection with your Prime Broker WS furnishing any accurate information to the Executing Broker pursuant to this paragraph.

Customer Qualification. (a) You understand that you Customer shall be required to maintain in your Customer’s account with your Prime Broker such minimum net equity in cash or securities as may be required, from time to time, by your Prime Broker (the “"Minimum Net Equity”"), which shall in no event be less than the minimum net equity required by the SEC Letter, as such requirement may be amended from time to time (initially: (i) $100,000 in cash or securities with a ready market, for trades executed on behalf of a customer account managed by an investment adviser registered under Section 203 of the Investment Advisers Advisors Act of 1940 (a “"Registered Investment Adviser”"), or or (ii) $500,000 in cash or securities with a ready market for trades executed on behalf of an account not managed by a Registered Investment Adviser)Advisor. You Customer further understand understands that, in the event your the Customer account falls below such Minimum Net Equity, you Customer shall bring your Customer’s account into compliance in a timely fashion. Each time you enter Customer enters an order with the Executing Clearing Broker, you Customer hereby represent represents that you Customer shall be in compliance with such Minimum Net Equity or will notify the Executing Clearing Broker otherwise. (b) In the event that your Prime Broker indicates its intention to disaffirm any trade, you Customer hereby authorize authorizes and instruct your instructs Prime Broker to provide to the Executing Clearing Broker, upon the request of the Executing Clearing Broker, the following information: (i) the account or accounts to which any of your the Customer’s orders or trades relate; (ii) the instructions, if any, provided to your Prime Broker regarding the allocation of any orders or trades to any sub-sub accounts; and (iii) information available to your Prime Broker with respect to any net equity in the account. In addition, this Agreement will serve as further authorization and instruction to your Prime Broker to furnish to the Executing Clearing Broker in the event of a disaffirmance all such further and additional information concerning an account as the Executing Clearing Broker shall request, provided that such authorization shall have been confirmed by you Customer in a separate letter addressed and delivered to your Prime Broker and the Executing Clearing Broker. This paragraph shall remain in effect so long as this Agreement is in effect, shall survive the termination of this Agreement Agreement, and shall apply to all orders and trades given by you Customer to the Executing Clearing Broker for clearance and settlement through your Prime Broker. You Customer hereby agree agrees to release and discharge your Prime Broker from all responsibility and liability arising out of or incurred in connection with your Prime Broker furnishing any accurate information to the Executing Clearing Broker pursuant to this paragraph.