Common use of Liquidation of Positions and Offsetting Transactions Clause in Contracts

Liquidation of Positions and Offsetting Transactions. IF AT ANY TIME THE CLIENT'S ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS OR IS IN DEFICIT, INCLUDING INTRA-DAY, IBIE HAS THE RIGHT BUT NOT THE OBLIGATION, IN ITS SOLE DISCRETION, TO LIQUIDATE ALL OR ANY PART OF THE CLIENT'S POSITIONS (OR TO ESTABLISH NEW RISK-REDUCING POSITIONS) IN ANY OF T H E CLIENT'S ACCOUNTS, INDIVIDUAL OR JOINT, AT ANY TIME AND IN ANY MANNER AND THROUGH ANY MARKET OR DEALER, WITHOUT PRIOR NOTICE OR MARGIN CALL TO THE CLIENT. U N L E S S D I F F E R E N T L Y R E Q U I R E D B Y A P P L I C A B L E L O C A L L A W A N D R E G U L A T I O N , T H E CLIENT SHALL BE LIABLE AND WILL PROMPTLY PAY IBIE FOR ANY DEFICIENCIES IN THE CLIENT'S ACCOUNT THAT ARISE FROM SUCH LIQUIDATION OR REMAIN AFTER SUCH LIQUIDATION. IBIE HAS NO LIABILITY FOR ANY LOSS SUSTAINED BY THE CLIENT IN CONNECTION WITH SUCH LIQUIDATIONS (OR IF THE IBIE SYSTEM DELAYS EFFECTING, OR DOES NOT EFFECT, SUCH LIQUIDATIONS) EVEN IF THE CLIENT RE- ESTABLISHES ITS POSITION AT A WORSE PRICE. IBIE may allow the Client to pre-request the order of liquidation in event of a margin deficiency, but such requests are not binding on IBIE and IBIE retains sole discretion to determine the assets to be liquidated and the order/manner of liquidation. IBIE may liquidate through any market or dealer, and IBIE or its affiliates may take the other side of the transactions consistent with Applicable Law and regulations. If IBIE liquidates any/all positions in the Client's account, such liquidation shall establish the Client's gain/loss and remaining indebtedness to IBIE, if any. The Client shall reimburse and hold IBIE harmless for all actions, omissions, costs, fees (including, but not limited to, attorneys' fees), or liabilities associated with any such transaction undertaken by IBIE. If IBIE executes an order for which the Client did not have sufficient equity, IBIE has the right, without notice, to liquidate the trade and the Client shall be responsible for any resulting loss and shall not be entitled to any resulting profit. Unless a specific law in your jurisdiction requires otherwise, you cannot assume that IBIE's general policy to liquidate positions with a margin deficiency will prevent you from losing more than you have deposited with IBIE. Among other things, markets may "gap" down and IBIE may not be able to close out a position at a price that would avoid losses greater than your margin deposit. Likewise, IBIE may in its discretion delay or decide not to liquidate a position with a margin deficit. If you wish to avoid further losses on any position, you must close out the position yourself and not rely on IBIE to do so. If IBIE does not, for any reason, liquidate under-margined positions, and issues a margin call, the Client must satisfy such call immediately by depositing funds. The Client acknowledges that even if a call is issued, IBIE still may liquidate positions at any time. The Client acknowledges that IBIE also has the right to liquidate all or part of the Client's positions without prior notice upon any "Default" as described below.

Liquidation of Positions and Offsetting Transactions. IF AT ANY TIME A. AM UK AND ITS AFFILIATES SHALL HAVE THE CLIENT'S ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS OR IS RIGHT, IN DEFICITTHEIR RESPECTIVE SOLE DISCRETION, INCLUDING INTRA-DAY, IBIE HAS THE RIGHT BUT NOT THE OBLIGATION, IN ITS SOLE DISCRETION, TO LIQUIDATE ALL OR ANY PART OF THE CLIENT'S CUSTOMER`S ASSETS OR POSITIONS (OR TO ESTABLISH NEW RISK-REDUCING POSITIONS) IN ANY OF T H E CLIENT'S CUSTOMER`S ACCOUNTS, INDIVIDUAL WHETHER CARRIED INDIVIDUALLY OR JOINTJOINTLY WITH OTHERS (INCLUDING BY THE ENTRY OF OFFSETTING TRANSACTIONS), AT ANY TIME TIME, IN ANY SUCH MANNER, AND IN ANY MANNER AND THROUGH ANY MARKET MARKET, AS AM UK OR DEALERITS AFFILIATES DEEM NECESSARY, WITHOUT PRIOR NOTICE OR MARGIN CALL TO THE CLIENT. U N L E S S D I F F E R E N T L Y R E Q U I R E D B Y A P P L I C A B L E L O C A L L A W A N D R E G U L A T I O N , T H E CLIENT SHALL BE LIABLE AND WILL PROMPTLY PAY IBIE FOR ANY DEFICIENCIES CUSTOMER IN THE CLIENT'S EVENT THAT; (1) CUSTOMER`S OVERALL ACCOUNT THAT ARISE FROM SUCH LIQUIDATION OR REMAIN AFTER SUCH LIQUIDATION. IBIE WITH AM UK HAS NO LIABILITY FOR ANY LOSS SUSTAINED BY THE CLIENT ZERO EQUITY; (2) CUSTOMER`S OVERALL ACCOUNT IS IN CONNECTION WITH SUCH LIQUIDATIONS DEFICIT (OR IF THE IBIE SYSTEM DELAYS EFFECTING, OR 3) CUSTOMER`S OVERALL ACCOUNT DOES NOT EFFECT, SUCH LIQUIDATIONSHAVE A SUFFICIENT ACCOUNT BALANCE TO MEET MARGIN REQUIREMENTS; (4) EVEN AN EVENT OF DEFAULT HAS OCCURRED; (5) THESE TERMS OF SECURITIES TRADING HAVE BEEN TERMINATED; (6) IF AM UK OR ANY OF ITS AFFILIATES EXECUTES AN ORDER FOR WHICH THE CLIENT RE- ESTABLISHES ITS POSITION AT A WORSE PRICE. IBIE may allow the Client to pre-request the order of liquidation in event of a margin deficiencyCUSTOMER DID NOT HAVE SUFFICIENT FUNDS; OR (7) WHENEVER AM UK OR ANY AFFILIATE DEEMS LIQUIDATION NECESSARY OR ADVISABLE FOR THE PROTECTION OF AM UK OR ANY AFFILIATE. B. Customer acknowledges and agrees that AM UK deducts commissions and various other fees (including, but not limited to, market data fees) from Customer accounts and that such requests deductions may affect the amount of equity in Customer`s account to be applied against the Margin Requirements (if any). Customer positions are subject to liquidation as described herein if deduction of the commissions, fees or other charges causes Customer`s account to have an insufficient balance to satisfy the Margin Requirements (if any). C. Customer expressly waives any rights to receive prior notice or demand from AM UK or its Affiliates and agrees that any prior demand, notice, announcement or advertisement shall not binding on IBIE and IBIE retains sole discretion be deemed a waiver of the rights of AM UK or its Affiliates to liquidate any Customer positions or assets. Customer understands that, in the event that AM UK or any of its Affiliates liquidate any of Customer`s positions or assets, Customer shall have no right or opportunity to determine the assets securities to be liquidated and or the order/order or manner of liquidation. IBIE may liquidate through AM UK or any market of its Affiliates may, in their sole respective discretion, effect a liquidation on any exchange, Electronic Communications Network ("ECN") or dealerother market, and IBIE AM UK or any of its affiliates Affiliates may take the other side of such liquidating transaction. In the transactions consistent with Applicable Law and regulations. If IBIE event that AM UK or its Affiliates liquidates any/any or all positions or assets in the Client's Customer`s account, such liquidation shall establish the Client's gain/amount of Customer`s gain or loss and remaining indebtedness to IBIEAM UK or its Affiliates, if any. D. CUSTOMER AGREES TO BE RESPONSIBLE FOR, AND TO PROMPTLY PAY TO AM UK OR ITS AFFILIATES, ANY DEFICIENCIES IN CUSTOMER`S ACCOUNT THAT ARISE FROM A LIQUIDATION OR REMAIN AFTER A LIQUIDATION. The Client AM UK AND ITS AFFILIATES MAY APPLY ANY AND ALL PROCEEDS FROM ANY LIQUIDATION IN SETTLEMENT, SATISFACTION OR REIMBURSEMENT OF ANY COSTS, EXPENSES, FEES (INCLUDING, BUT NOT LIMITED TO, LEGAL FEES), PENALTIES, CLAIMS, LOSSES, DAMAGES OR OTHER AMOUNT INCURRED BY AM UK OR ITS AFFILIATES UNDER, OR IN CONNECTION WITH, ANY OF THE CUSTOMER`S Invest.MT5 ACCOUNTS OR TRANSACTIONS. E. AM UK AND ITS AFFILIATES SHALL NOT BE LIABLE TO CUSTOMER FOR ANY COSTS, EXPENSES, FEES, PENALTIES, CLAIMS, LOSSES, DAMAGES OR LIABILITIES SUSTAINED BY CUSTOMER IN CONNECTION WITH ANY LIQUIDATION (INCLUDING, BUT NOT LIMITED TO, LOSSES ON CUSTOMER`S POSITIONS) OR BECAUSE OF ANY DELAY IN, OR FAILURE TO EFFECT, THE LIQUIDATION ON THE PART OF AM UK OR ANY AFFILIATES OR TO CUSTOMER SUBSEQUENTLY REESTABLISHING CUSTOMER`S POSITION AT A LESS FAVORABLE PRICE. F. Customer shall reimburse and hold IBIE AM UK, AM AS and their Affiliates harmless for all actions, omissions, costs, expenses, fees (including, but not limited to, attorneys' legal fees), penalties, losses, claims, damages or liabilities associated with related to any such liquidation or transaction related thereto undertaken by IBIEAM UK, AM AS, or any of their Affiliates. If IBIE executes AM UK, AM AS, or any of their Affiliates transmits an order or otherwise arranges for execution an order for which the Client Customer`s account did not have contain sufficient equityfunds and liquidates the trade, IBIE has the right, without notice, to liquidate the trade and the Client Customer shall be responsible for any resulting loss costs, expenses, fees (including, but not limited to, legal fees), penalties, claims, losses, damages or liabilities as a result of such liquidation and shall not be entitled to any resulting profit. Unless a specific law in your jurisdiction requires otherwise, you cannot assume profit that IBIE's general policy to liquidate positions with a margin deficiency will prevent you results from losing more than you have deposited with IBIE. Among other things, markets may "gap" down and IBIE may not be able to close out a position at a price that would avoid losses greater than your margin deposit. Likewise, IBIE may in its discretion delay or decide not to liquidate a position with a margin deficit. such liquidation. G. If you wish to avoid further losses on any position, you must close out the position yourself and not rely on IBIE to do so. If IBIE AM System does not, for any reason, liquidate effect a liquidation, and AM UK or any of its Affiliates issues a margin call to Customer by e-mail or any other method, Customer must satisfy such margin call immediately. Customer agrees to monitor e -mail messages and tosatisfy any margin call issued by AM UK, AM AS or any of their Affiliates by immediately depositing funds in Customer`s account to pay, in full, the under-margined positions, and issues a position. Notwithstanding such margin call, the Client must satisfy such call immediately by depositing funds. The Client Customer acknowledges that even if a call is issuedAM UK, IBIE still AM AS or their Affiliates, in their respective sole discretion, may liquidate Customer`s positions at any time. The Client acknowledges that IBIE also has the right to liquidate all or part of the Client's positions without prior notice upon any "Default" as described below.

Liquidation of Positions and Offsetting Transactions. i. IF AT ANY TIME THE CLIENTCUSTOMER'S ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS OR IS IN DEFICIT, INCLUDING INTRA-DAYIB UK AND/OR ITS AFFILIATES HAVE THE RIGHT, IBIE HAS THE RIGHT IN THEIR SOLE DISCRETION, BUT NOT THE OBLIGATION, IN ITS SOLE DISCRETION, TO LIQUIDATE ALL OR ANY PART OF THE CLIENTCUSTOMER'S POSITIONS (OR TO ESTABLISH NEW RISK-REDUCING POSITIONS) IN ANY OF T H E CLIENTCUSTOMER'S IB UK ACCOUNTS, INDIVIDUAL OR JOINT, AT ANY TIME AND IN ANY MANNER AND THROUGH ANY MARKET OR DEALER, WITHOUT PRIOR NOTICE OR MARGIN CALL TO THE CLIENTCUSTOMER. U N L E S S D I F F E R E N T L Y R E Q U I R E D B Y A P P L I C A B L E L O C A L L A W A N D R E G U L A T I O N , T H E CLIENT CUSTOMER SHALL BE LIABLE AND WILL PROMPTLY PAY IBIE IB UK AND/OR ITS AFFILIATES FOR ANY DEFICIENCIES IN THE CLIENTCUSTOMER'S ACCOUNT THAT ARISE FROM SUCH LIQUIDATION OR REMAIN AFTER SUCH LIQUIDATION. IBIE HAS IB UK AND ITS AFFILIATES HAVE NO LIABILITY FOR ANY LOSS SUSTAINED BY THE CLIENT CUSTOMER IN CONNECTION WITH SUCH LIQUIDATIONS (OR IF THE IBIE IB UK SYSTEM DELAYS EFFECTING, OR DOES NOT EFFECT, SUCH LIQUIDATIONS) EVEN IF THE CLIENT RE- CUSTOMER RE-ESTABLISHES ITS POSITION AT A WORSE PRICE. ii. IBIE IB UK may allow the Client Customer to pre-request the order of liquidation in event of a margin deficiency, but such requests are not binding on IBIE IB UK and IBIE retains its Affiliates and IB UK and its Affiliates retain sole discretion to determine the assets to be liquidated and the order/manner of liquidation. IBIE IB UK and/or its Affiliates may liquidate through any market or dealer, and IBIE IB UK or its affiliates Affiliates may take the other side of the transactions consistent with Applicable Law and regulationsLaws. If IBIE IB UK liquidates any/all positions in the ClientCustomer's account, such liquidation shall establish the ClientCustomer's gain/loss and remaining indebtedness to IBIEIB UK and its Affiliates, if any. The Client Customer shall reimburse and hold IBIE IB UK and its Affiliates harmless for all actions, omissions, costs, fees (including, but not limited to, attorneys' attorney's fees), or liabilities associated with any such transaction undertaken by IBIEIB UK and/or its Affiliates. If IBIE IB UK and/or its Affiliates executes an order for which the Client Customer did not have sufficient equity, IBIE has IB UK and its Affiliates have the right, without notice, to liquidate the trade and the Client Customer shall be responsible for any resulting loss and shall not be entitled to any resulting profit. Unless a specific law in your jurisdiction requires otherwise, you cannot assume that IBIE's general policy to liquidate positions with a margin deficiency will prevent you from losing more than you have deposited with IBIE. Among other things, markets may "gap" down and IBIE may not be able to close out a position at a price that would avoid losses greater than your margin deposit. Likewise, IBIE may in its discretion delay or decide not to liquidate a position with a margin deficit. iii. If you wish to avoid further losses on any position, you must close out the position yourself and not rely on IBIE to do so. If IBIE IB UK does not, for any reason, liquidate under-under- margined positions, and issues a margin call, the Client Customer must satisfy such call immediately by depositing funds. The Client Customer acknowledges that even if a call is issued, IBIE IB UK and/or its Affiliates still may liquidate positions at any time. iv. The Client Customer acknowledges that IBIE IB UK and its Affiliates also has have the right to liquidate all or part of the ClientCustomer's positions without prior notice notice: (i) if any dispute arises concerning any Customer trade, (ii) upon any "Default" as described in Section 16 below, or (iii) whenever IB UK and/or its Affiliates deems liquidation necessary or advisable for IB UK's and/or its Affiliates’ protection.

Liquidation of Positions and Offsetting Transactions. i. IF AT ANY TIME THE CLIENTCUSTOMER'S ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS OR IS IN DEFICIT, INCLUDING INTRA-DAY, IBIE IB HAS THE RIGHT BUT NOT THE OBLIGATIONRIGHT, IN ITS SOLE DISCRETION, BUT NOT THE OBLIGATION, TO LIQUIDATE ALL OR ANY PART OF THE CLIENTCUSTOMER'S POSITIONS (OR TO ESTABLISH NEW RISK-REDUCING POSITIONS) IN ANY OF T H E CLIENTCUSTOMER'S IB ACCOUNTS, INDIVIDUAL OR JOINT, AT ANY TIME AND IN ANY MANNER AND THROUGH ANY MARKET OR DEALER, WITHOUT PRIOR NOTICE OR MARGIN CALL TO THE CLIENTCUSTOMER. U N L E S S D I F F E R E N T L Y R E Q U I R E D B Y A P P L I C A B L E L O C A L L A W A N D R E G U L A T I O N , T H E CLIENT CUSTOMER SHALL BE LIABLE AND WILL PROMPTLY PAY IBIE IB FOR ANY DEFICIENCIES IN THE CLIENTCUSTOMER'S ACCOUNT THAT ARISE FROM SUCH LIQUIDATION OR REMAIN AFTER SUCH LIQUIDATION. IBIE IB HAS NO LIABILITY FOR ANY LOSS SUSTAINED BY THE CLIENT CUSTOMER IN CONNECTION WITH SUCH LIQUIDATIONS (OR IF THE IBIE IB SYSTEM DELAYS EFFECTING, OR DOES NOT EFFECT, SUCH LIQUIDATIONS) EVEN IF THE CLIENT RE- CUSTOMER RE-ESTABLISHES ITS POSITION AT A WORSE PRICE. ii. IBIE IB may allow the Client Customer to pre-request the order of liquidation in event of a margin deficiency, but such requests are not binding on IBIE IB and IBIE IB retains sole discretion to determine the assets to be liquidated and the order/manner of liquidation. IBIE IB may liquidate through any market or dealer, and IBIE IB or its affiliates may take the other side of the transactions consistent with Applicable Law laws and regulations. If IBIE IB liquidates any/all positions in the ClientCustomer's account, such liquidation shall establish the ClientCustomer's gain/loss and remaining indebtedness to IBIEIB, if any. The Client Customer shall reimburse and hold IBIE IB harmless for all actions, omissions, costs, fees (including, but not limited to, attorneys' attorney's fees), or liabilities associated with any such transaction undertaken by IBIEIB. If IBIE IB executes an order (or receives for settlement from Customer's Executing Broker a position) for which the Client Customer did not have sufficient equity, IBIE IB has the right, without notice, to liquidate the trade position (or to liquidate any other positions in Customer's account sufficient to restore account equity to comply with margin requirements) and the Client Customer shall be responsible for any resulting loss and shall not be entitled to any resulting profit. Unless a specific law in your jurisdiction requires otherwise, you cannot assume that IBIE's general policy to liquidate positions with a margin deficiency will prevent you from losing more than you have deposited with IBIE. Among other things, markets may "gap" down and IBIE may not be able to close out a position at a price that would avoid losses greater than your margin deposit. Likewise, IBIE may in its discretion delay or decide not to liquidate a position with a margin deficitloss. iii. If you wish to avoid further losses on any position, you must close out the position yourself and not rely on IBIE to do so. If IBIE IB does not, for any reason, liquidate under-margined positions, and issues a margin call, the Client Customer must satisfy such call immediately by depositing funds. The Client Customer acknowledges that even if a call is issued, IBIE IB still may liquidate positions at any time. iv. The Client Customer acknowledges that IBIE IB also has the right to liquidate all or part of the ClientCustomer's positions without with prior notice upon any "“Default" ” as described belowin this Agreement.

Liquidation of Positions and Offsetting Transactions. i. IF AT ANY TIME THE CLIENTCUSTOMER'S ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS OR IS IN DEFICIT, INCLUDING INTRA-DAYIB UK AND/OR ITS AFFILIATES HAVE THE RIGHT, IBIE HAS THE RIGHT IN THEIR SOLE DISCRETION, BUT NOT THE OBLIGATION, IN ITS SOLE DISCRETION, TO LIQUIDATE ALL OR ANY PART OF THE CLIENTCUSTOMER'S POSITIONS (OR TO ESTABLISH NEW RISK-REDUCING POSITIONS) IN ANY OF T H E CLIENTCUSTOMER'S IB UK ACCOUNTS, INDIVIDUAL OR JOINT, AT ANY TIME AND IN ANY MANNER AND THROUGH ANY MARKET OR DEALER, WITHOUT PRIOR NOTICE OR MARGIN CALL TO THE CLIENTCUSTOMER. U N L E S S D I F F E R E N T L Y R E Q U I R E D B Y A P P L I C A B L E L O C A L L A W A N D R E G U L A T I O N , T H E CLIENT CUSTOMER SHALL BE LIABLE AND WILL PROMPTLY PAY IBIE IB UK AND/OR ITS AFFILIATES FOR ANY DEFICIENCIES IN THE CLIENTCUSTOMER'S ACCOUNT THAT ARISE FROM SUCH LIQUIDATION OR REMAIN AFTER SUCH LIQUIDATION. IBIE HAS IB UK AND ITS AFFILIATES HAVE NO LIABILITY FOR ANY LOSS SUSTAINED BY THE CLIENT CUSTOMER IN CONNECTION WITH SUCH LIQUIDATIONS (OR IF THE IBIE IB UK SYSTEM DELAYS EFFECTING, OR DOES NOT EFFECT, SUCH LIQUIDATIONS) EVEN IF THE CLIENT CUSTOMER RE- ESTABLISHES ITS POSITION AT A WORSE PRICE. ii. IBIE IB UK may allow the Client Customer to pre-request the order of liquidation in event of a margin deficiency, but such requests are not binding on IBIE IB UK and IBIE retains its Affiliates and IB UK and its Affiliates retain sole discretion to determine the assets to be liquidated and the order/manner of liquidation. IBIE IB UK and/or its Affiliates may liquidate through any market or dealer, and IBIE IB UK or its affiliates Affiliates may take the other side of the transactions consistent with Applicable Law and regulationsLaws. If IBIE IB UK liquidates any/all positions in the ClientCustomer's account, such liquidation shall establish the ClientCustomer's gain/loss and remaining indebtedness to IBIEIB UK and its Affiliates, if any. The Client Customer shall reimburse and hold IBIE IB UK and its Affiliates harmless for all actions, omissions, costs, fees (including, but not limited to, attorneys' attorney's fees), or liabilities associated with any such transaction undertaken by IBIEIB UK and/or its Affiliates. If IBIE IB UK and/or its Affiliates executes an order for which the Client Customer did not have sufficient equity, IBIE has IB UK and its Affiliates have the right, without notice, to liquidate the trade and the Client Customer shall be responsible for any resulting loss and shall not be entitled to any resulting profit. Unless a specific law in your jurisdiction requires otherwise, you cannot assume that IBIE's general policy to liquidate positions with a margin deficiency will prevent you from losing more than you have deposited with IBIE. Among other things, markets may "gap" down and IBIE may not be able to close out a position at a price that would avoid losses greater than your margin deposit. Likewise, IBIE may in its discretion delay or decide not to liquidate a position with a margin deficit. iii. If you wish to avoid further losses on any position, you must close out the position yourself and not rely on IBIE to do so. If IBIE IB UK does not, for any reason, liquidate under-margined positions, and issues a margin call, the Client Customer must satisfy such call immediately by depositing funds. The Client Customer acknowledges that even if a call is issued, IBIE IB UK and/or its Affiliates still may liquidate positions at any time. iv. The Client Customer acknowledges that IBIE IB UK and its Affiliates also has have the right to liquidate all or part of the ClientCustomer's positions without prior notice notice: (i) if any dispute arises concerning any Customer trade, (ii) upon any "Default" as described in Section 16 below, or (iii) whenever IB UK and/or its Affiliates deems liquidation necessary or advisable for IB UK's and/or its Affiliates' protection.

Liquidation of Positions and Offsetting Transactions. i. IF AT ANY TIME THE CLIENTCUSTOMER'S ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS OR IS IN DEFICIT, INCLUDING INTRA-DAY, IBIE IB HAS THE RIGHT BUT NOT THE OBLIGATIONRIGHT, IN ITS SOLE DISCRETION, BUT NOT THE OBLIGATION, TO LIQUIDATE ALL OR ANY PART OF THE CLIENTCUSTOMER'S POSITIONS (OR TO ESTABLISH NEW RISK-REDUCING POSITIONS) IN ANY OF T H E CLIENTCUSTOMER'S IB ACCOUNTS, INDIVIDUAL OR JOINT, AT ANY TIME AND IN ANY MANNER AND THROUGH ANY MARKET OR DEALER, WITHOUT PRIOR NOTICE OR MARGIN CALL TO THE CLIENTCUSTOMER. U N L E S S D I F F E R E N T L Y R E Q U I R E D B Y A P P L I C A B L E L O C A L L A W A N D R E G U L A T I O N , T H E CLIENT CUSTOMER SHALL BE LIABLE AND WILL PROMPTLY PAY IBIE IB FOR ANY DEFICIENCIES IN THE CLIENTCUSTOMER'S ACCOUNT THAT ARISE FROM SUCH LIQUIDATION OR REMAIN AFTER SUCH LIQUIDATION. IBIE IB HAS NO LIABILITY FOR ANY LOSS SUSTAINED BY THE CLIENT CUSTOMER IN CONNECTION WITH SUCH LIQUIDATIONS (OR IF THE IBIE IB SYSTEM DELAYS EFFECTING, OR DOES NOT EFFECT, SUCH LIQUIDATIONS) EVEN IF THE CLIENT RE- CUSTOMER RE-ESTABLISHES ITS POSITION AT A WORSE PRICE. ii. IBIE IB may allow the Client Customer to pre-request the order of liquidation in event of a margin deficiency, but such requests are not binding on IBIE IB and IBIE IB retains sole discretion to determine the assets to be liquidated and the order/manner of liquidation. IBIE IB may liquidate through any market or dealer, and IBIE IB or its affiliates may take the other side of the transactions consistent with Applicable Law laws and regulations. If IBIE IB liquidates any/all positions in the ClientCustomer's account, such liquidation shall establish the ClientCustomer's gain/loss and remaining indebtedness to IBIEIB, if any. The Client Customer shall reimburse and hold IBIE IB harmless for all actions, omissions, costs, fees (including, but not limited to, attorneys' attorney's fees), or liabilities associated with any such transaction undertaken by IBIEIB. If IBIE IB executes an order for which the Client Customer did not have sufficient equity, IBIE IB has the right, without notice, to liquidate the trade and the Client Customer shall be responsible for any resulting loss and shall not be entitled to any resulting profit. Unless a specific law in your jurisdiction requires otherwise, you cannot assume that IBIE's general policy to liquidate positions with a margin deficiency will prevent you from losing more than you have deposited with IBIE. Among other things, markets may "gap" down and IBIE may not be able to close out a position at a price that would avoid losses greater than your margin deposit. Likewise, IBIE may in its discretion delay or decide not to liquidate a position with a margin deficit. iii. If you wish to avoid further losses on any position, you must close out the position yourself and not rely on IBIE to do so. If IBIE IB does not, for any reason, liquidate under-margined positions, and issues a margin call, the Client Customer must satisfy such call immediately by depositing funds. The Client Customer acknowledges that even if a call is issued, IBIE IB still may liquidate positions at any time. iv. The Client Customer acknowledges that IBIE IB also has the right to liquidate all or part of the ClientCustomer's positions without prior notice notice: (i) if any dispute arises concerning any Customer trade, (ii) upon any "Default" as described in 17 below, or (iii) whenever XX xxxxx liquidation necessary or advisable for IB's protection.

Liquidation of Positions and Offsetting Transactions. IF AT ANY TIME THE CLIENT'S ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS OR IS IN DEFICIT, INCLUDING INTRA-DAY, IBIE A. CLIENT AGREES THAT GPS HAS THE RIGHT BUT NOT THE OBLIGATIONRIGHT, IN ITS SOLE DISCRETION, BUT NOT THE OBLIGATION, TO AUTHORIZE IBKR TO LIQUIDATE ALL OR ANY PART OF THE CLIENT'S ’S POSITIONS (OR TO ESTABLISH NEW RISK-REDUCING POSITIONS) ASSETS IN ANY OF T H E CLIENT'S ’S GPS ACCOUNTS, INDIVIDUAL OR JOINT, AT ANY TIME AND IN ANY MANNER (INCLUDING BUT NOT LIMITED TO PRE-MARKET/AFTER- MARKET TRADING AND PRIVATE SALES) AND THROUGH ANY MARKET OR DEALER, WITHOUT PRIOR NOTICE OR MARGIN CALL TO CLIENT IF AT ANY TIME: i. CLIENT’S ACCOUNT HAS ZERO EQUITY OR IS IN DEFICIT (I.E., NEGATIVE EQUITY); ii. CLIENT’S ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS; iii. IBKR ANTICIPATES, IN ITS SOLE DISCRETION, THAT THE HOLDING OF AN OPTION POSITION OR ANY OTHER POSITION IN CLIENT’S ACCOUNT LIKELY WILL RESULT IN A FUTURE MARGIN VIOLATION (FOR EXAMPLE UPON EXPIRATION OF A DERIVATIVE POSITION); iv. U N L E S S D I F F E R E N T L Y R E Q U I R E D B Y A P P L I C A B L E L O C A L L A W A N D R E G U L A T I O N , T H E AN EVENT OF DEFAULT HAS OCCURRED; v. THIS AGREEMENT HAS BEEN TERMINATED; vi. CLIENT SHALL BE LIABLE AND WILL PROMPTLY PAY IBIE SUBMITS AN ORDER FOR ANY DEFICIENCIES IN THE CLIENT'S ACCOUNT THAT ARISE FROM SUCH LIQUIDATION OR REMAIN AFTER SUCH LIQUIDATION. IBIE HAS NO LIABILITY FOR ANY LOSS SUSTAINED BY THE WHICH CLIENT IN CONNECTION WITH SUCH LIQUIDATIONS (OR IF THE IBIE SYSTEM DELAYS EFFECTING, OR DOES NOT EFFECTHAVE SUFFICIENT FUNDS; OR vii. IBKR DETERMINES, SUCH LIQUIDATIONS) EVEN IF THE CLIENT RE- ESTABLISHES IN ITS POSITION AT A WORSE PRICE. IBIE SOLE DISCRETION, THAT LIQUIDATION IS NECESSARY OR ADVISABLE FOR IBKR’S PROTECTION. B. IBKR may allow the Client to pre-request the order of liquidation of assets in Client’s account in the event of a margin deficiency, but such requests are not binding on IBIE IBKR and IBIE IBKR retains the sole discretion to determine the assets to be liquidated and the order/order and manner of liquidation. IBIE IBKR may liquidate Client’s positions through any market Market Participant, or dealerthrough foreclosures or any other method in IBKR’s sole discretion, and IBIE IBKR or its affiliates may take the other side of the transactions consistent with Applicable Law and regulationsliquidating transactions. If IBIE IBKR liquidates any/all any positions in the Client's ’s account, such liquidation shall establish the Client's gain/’s gain or loss and remaining indebtedness to IBIE, if any. The Client shall reimburse and hold IBIE harmless for all actions, omissions, costs, fees (including, but not limited to, attorneys' fees), or liabilities associated with any such transaction undertaken by IBIE. and C. If IBIE executes an order for which the Client did not have sufficient equity, IBIE has the right, without notice, to liquidate the trade and the Client shall be responsible for any resulting loss and shall not be entitled to any resulting profit. Unless a specific law in your jurisdiction requires otherwise, you cannot assume that IBIE's general policy to liquidate positions with a margin deficiency will prevent you from losing more than you have deposited with IBIE. Among other things, markets may "gap" down and IBIE may not be able to close out a position at a price that would avoid losses greater than your margin deposit. Likewise, IBIE may in its discretion delay or decide not to liquidate a position with a margin deficit. If you wish to avoid further losses on any position, you must close out the position yourself and not rely on IBIE to do so. If IBIE IBKR does not, for any reason, liquidate under-margined positions, and issues a margin call, the Client must satisfy such call immediately as requested by depositing fundsfunds into Client’s account. The Client acknowledges that even Even if a call is issued, IBIE Client acknowledges that IBKR still may liquidate positions at any time. The . D. If any of the events itemized in Paragraph 16(A)(i)-(vii) occurs, Client acknowledges agrees that IBIE IBKR also has the right right, in its sole discretion, but not the obligation, to liquidate (i) freeze all or any part of the positions or assets held in Client's ’s account, or (ii) exercise options positions in Client’s account. And Client further agrees that should GPS have any responsibility to IBKR arising out of Client’s failure to satisfy its margin obligations to IBKR, GPS may also authorize IBKR to take these actions with or without prior notice upon to Client. E. For the avoidance of doubt, GPS agrees to not issue instructions to IBKR to liquidate positions in a Client’s IRA account solely to satisfy an obligation in a separate account held by the same Client at GPS if such an action would jeopardize the tax-advantaged treatment of Client’s IRA account under applicable rules. This provision is not intended to relieve Client of any "Default" as described belowobligation to GPS or IBKR in connection with either of such accounts.

Liquidation of Positions and Offsetting Transactions. IF AT ANY TIME THE CLIENT'S ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS OR IS IN DEFICIT, INCLUDING INTRA-DAY, IBIE IBLUX HAS THE RIGHT BUT NOT THE OBLIGATION, IN ITS SOLE DISCRETION, TO LIQUIDATE ALL OR ANY PART OF THE CLIENT'S POSITIONS (OR TO ESTABLISH NEW RISK-RISK- REDUCING POSITIONS) IN ANY OF T H E CLIENT'S ACCOUNTS, INDIVIDUAL OR JOINT, AT ANY TIME AND IN ANY MANNER AND THROUGH ANY MARKET OR DEALER, WITHOUT PRIOR NOTICE OR MARGIN CALL TO THE CLIENT. U N L E S S D I F F E R E N T L Y R E Q U I R E D B Y A P P L I C A B L E L O C A L L A W A N D R E G U L A T I O N , T H E CLIENT SHALL BE LIABLE AND WILL PROMPTLY PAY IBIE IBLUX FOR ANY DEFICIENCIES IN THE CLIENT'S ACCOUNT THAT ARISE FROM SUCH LIQUIDATION OR REMAIN AFTER SUCH LIQUIDATION. IBIE IBLUX HAS NO LIABILITY FOR ANY LOSS SUSTAINED BY THE CLIENT IN CONNECTION WITH SUCH LIQUIDATIONS (OR IF THE IBIE IBLUX SYSTEM DELAYS EFFECTING, OR DOES NOT EFFECT, SUCH LIQUIDATIONS) EVEN IF THE CLIENT RE- RE-ESTABLISHES ITS POSITION AT A WORSE PRICE. IBIE IBLUX may allow the Client to pre-request the order of liquidation in event of a margin deficiency, but such requests are not binding on IBIE IBLUX and IBIE IBLUX retains sole discretion to determine the assets to be liquidated and the order/manner of liquidation. IBIE IBLUX may liquidate through any market or dealer, and IBIE IBLUX or its affiliates may take the other side of the transactions consistent with Applicable Law applicable laws and regulations. If IBIE IBLUX liquidates any/all positions in the Client's account, such liquidation shall establish the Client's gain/loss and remaining indebtedness to IBIEIBLUX, if any. The Client shall reimburse and hold IBIE IBLUX harmless for all actions, omissions, costs, fees (including, but not limited to, attorneys' fees), or liabilities associated with any such transaction undertaken by IBIEIBLUX. If IBIE IBLUX executes an order for which the Client did not have sufficient equity, IBIE IBLUX has the right, without notice, to liquidate the trade and the Client shall be responsible for any resulting loss and shall not be entitled to any resulting profit. Unless a specific law in your jurisdiction requires otherwise, you cannot assume that IBIEIBLUX's general policy to liquidate positions with a margin deficiency will prevent you from losing more than you have deposited with IBIEIBLUX. Among other things, markets may "gap" down and IBIE IBLUX may not be able to close out a position at a price that would avoid losses greater than your margin deposit. Likewise, IBIE IBLUX may in its discretion delay or decide not to liquidate a position with a margin deficit. If you wish to avoid further losses on any position, you must close out the position yourself and not rely on IBIE IBLUX to do so. If IBIE IBLUX does not, for any reason, liquidate under-margined positions, and issues a margin call, the Client must satisfy such call immediately by depositing funds. The Client acknowledges that even if a call is issued, IBIE IBLUX still may liquidate positions at any time. The Client acknowledges that IBIE IBLUX also has the right to liquidate all or part of the Client's positions without prior notice upon any "Default" as described below.

Liquidation of Positions and Offsetting Transactions. IF AT ANY TIME A. THE CLIENT'S ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS OR IS IN DEFICIT, INCLUDING INTRA-DAY, IBIE CLIENT AGREES THAT IBUK HAS THE RIGHT BUT NOT THE OBLIGATIONRIGHT, IN ITS SOLE DISCRETION, BUT NOT THE OBLIGATION, TO LIQUIDATE ALL OR ANY PART OF THE CLIENT'S POSITIONS (OR TO ESTABLISH NEW RISK-REDUCING POSITIONS) ASSETS IN ANY OF T H E THE CLIENT'S IBUK ACCOUNTS, INDIVIDUAL OR JOINT, AT ANY TIME AND IN ANY MANNER (INCLUDING BUT NOT LIMITED TO PRE-MARKET/AFTER-MARKET TRADING AND PRIVATE SALES) AND THROUGH ANY MARKET OR DEALER, WITHOUT PRIOR NOTICE OR MARGIN CALL TO THE CLIENT IF AT ANY TIME: i. THE CLIENT'S ACCOUNT HAS ZERO EQUITY OR IS IN DEFICIT (I.E., NEGATIVE EQUITY); ii. U N L E S S D I F F E R E N T L Y R E Q U I R E D B Y A P P L I C A B L E L O C A L L A W A N D R E G U L A T I O N , T H E CLIENT SHALL BE LIABLE AND WILL PROMPTLY PAY IBIE FOR THE CLIENT'S ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS; iii. IBUK ANTICIPATES (IN ITS SOLE DISCRETION) THAT THE HOLDING OF AN OPTION POSITION OR ANY DEFICIENCIES OTHER POSITION IN THE CLIENT'S ACCOUNT THAT ARISE FROM SUCH LIQUIDATION OR REMAIN AFTER SUCH LIQUIDATIONLIKELY WILL RESULT IN A FUTURE MARGIN VIOLATION (FOR EXAMPLE UPON EXPIRATION OF A DERIVATIVE POSITION); iv. IBIE AN EVENT OF DEFAULT HAS NO LIABILITY FOR ANY LOSS SUSTAINED BY OCCURRED; v. THIS AGREEMENT HAS BEEN TERMINATED; vi. THE CLIENT IN CONNECTION WITH SUCH LIQUIDATIONS (OR IF SUBMITS, AND XXXX EXECUTES, AN ORDER FOR WHICH THE IBIE SYSTEM DELAYS EFFECTING, OR CLIENT DOES NOT EFFECT, SUCH LIQUIDATIONSHAVE SUFFICIENT FUNDS; OR vii. IBUK DETERMINES (IN ITS SOLE DISCRETION) EVEN IF THE CLIENT RE- ESTABLISHES ITS POSITION AT A WORSE PRICE. IBIE THAT LIQUIDATION IS NECESSARY OR ADVISABLE FOR IBUK'S PROTECTION. B. IBUK may allow the Client to pre-request the order of liquidation of assets in the Client’s account in event of a margin deficiency, but such requests are not binding on IBIE IBUK and IBIE IBUK retains the sole discretion to determine the assets to be liquidated and the order/order and manner of liquidation. IBIE may liquidate through any market or dealer, and IBIE or its affiliates may take the other side of the transactions consistent with Applicable Law and regulations. . C. If IBIE liquidates any/all positions in the Client's account, such liquidation shall establish the Client's gain/loss and remaining indebtedness to IBIE, if any. The Client shall reimburse and hold IBIE harmless for all actions, omissions, costs, fees (including, but not limited to, attorneys' fees), or liabilities associated with any such transaction undertaken by IBIE. If IBIE executes an order for which the Client did not have sufficient equity, IBIE has the right, without notice, to liquidate the trade and the Client shall be responsible for any resulting loss and shall not be entitled to any resulting profit. Unless a specific law in your jurisdiction requires otherwise, you cannot assume that IBIE's general policy to liquidate positions with a margin deficiency will prevent you from losing more than you have deposited with IBIE. Among other things, markets may "gap" down and IBIE may not be able to close out a position at a price that would avoid losses greater than your margin deposit. Likewise, IBIE may in its discretion delay or decide not to liquidate a position with a margin deficit. If you wish to avoid further losses on any position, you must close out the position yourself and not rely on IBIE to do so. If IBIE IBUK does not, for any reason, liquidate under-margined positions, and issues a margin call, the Client must satisfy such call immediately as requested by depositing fundsfunds into the Client’s account. The Client acknowledges that even Even if a call is issued, IBIE IBUK still may liquidate positions at any time. The . D. If any of the events itemised in (i)-(vii) of Paragraph A. above occurs, the Client acknowledges agrees that IBIE XXXX also has the right right, in its sole discretion, but not the obligation, to liquidate (i) freeze all or any part of the Client's positions without prior notice upon any "Default" as described below.positions

Liquidation of Positions and Offsetting Transactions. 4.1.6.1 IF AT ANY TIME THE CLIENT'S ’S ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS OR IS IN DEFICIT, INCLUDING INTRA-DAY, IBIE IBLUX HAS THE RIGHT BUT NOT THE OBLIGATION, IN ITS SOLE DISCRETION, TO LIQUIDATE ALL OR ANY PART OF THE CLIENT'S ’S POSITIONS (OR TO ESTABLISH NEW RISK-REDUCING POSITIONS) IN ANY OF T H E CLIENT'S ’S ACCOUNTS, INDIVIDUAL OR JOINT, AT ANY TIME AND IN ANY MANNER AND THROUGH ANY MARKET OR DEALER, WITHOUT PRIOR NOTICE OR MARGIN CALL TO THE CLIENT. U N L E S S D I F F E R E N T L Y R E Q U I R E D B Y A P P L I C A B L E L O C A L L A W A N D R E G U L A T I O N UNLESS DIFFERENTLY REQUIRED BY APPLICABLE LOCAL LAW AND REGULATION, T H E CLIENT SHALL BE LIABLE AND WILL PROMPTLY PAY IBIE IBLUX FOR ANY DEFICIENCIES IN THE CLIENT'S ’S ACCOUNT THAT ARISE FROM SUCH LIQUIDATION OR REMAIN AFTER SUCH LIQUIDATION. IBIE IBLUX HAS NO LIABILITY FOR ANY LOSS SUSTAINED BY THE CLIENT IN CONNECTION WITH SUCH LIQUIDATIONS (OR IF THE IBIE IBLUX SYSTEM DELAYS EFFECTING, OR DOES NOT EFFECT, SUCH LIQUIDATIONS) EVEN IF THE CLIENT RE- RE-ESTABLISHES ITS POSITION AT A WORSE PRICE. IBIE . 4.1.6.2 IBLUX may allow the Client to pre-request the order of liquidation in event of a margin deficiency, but such requests are not binding on IBIE IBLUX and IBIE IBLUX retains sole discretion to determine the assets to be liquidated and the order/manner of liquidation. IBIE IBLUX may liquidate through any market or dealer, and IBIE IBLUX or its affiliates may take the other side of the transactions consistent with Applicable Law applicable laws and regulations. If IBIE IBLUX liquidates any/all positions in the Client's ’s account, such liquidation shall establish the Client's ’s gain/loss and remaining indebtedness to IBIEIBLUX, if any. The Client shall reimburse and hold IBIE IBLUX harmless for all actions, omissions, costs, fees (including, but not limited to, attorneys' ’ fees), or liabilities associated with any such transaction undertaken by IBIE. IBLUX. 4.1.6.3 If IBIE IBLUX executes an order for which the Client did not have sufficient equity, IBIE IBLUX has the right, without notice, to liquidate the trade and the Client shall be responsible for any resulting loss and shall not be entitled to any resulting profit. . 4.1.6.4 Unless a specific law in your jurisdiction requires otherwise, you cannot assume that IBIE's IBLUX’s general policy to liquidate positions with a margin deficiency will prevent you from losing more than you have deposited with IBIEIBLUX. Among other things, markets may "“gap" ” down and IBIE IBLUX may not be able to close out a position at a price that would avoid losses greater than your margin deposit. Likewise, IBIE IBLUX may in its discretion delay or decide not to liquidate a position with a margin deficit. If you wish to avoid further losses on any position, you must close out the position yourself and not rely on IBIE IBLUX to do so. . 4.1.6.5 If IBIE IBLUX does not, for any reason, liquidate under-margined positions, and issues a margin call, the Client must satisfy such call immediately by depositing funds. The Client acknowledges that even if a call is issued, IBIE IBLUX still may liquidate positions at any time. The . 4.1.6.6 Client acknowledges that IBIE IBLUX also has the right to liquidate all or part of the Client's ’s positions without prior notice upon any "“Default" ” as described below.

Liquidation of Positions and Offsetting Transactions. i. IF AT ANY TIME THE CLIENTCUSTOMER'S ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS OR IS IN DEFICIT, INCLUDING INTRA-DAY, IBIE IB HAS THE RIGHT BUT NOT THE OBLIGATIONRIGHT, IN ITS SOLE DISCRETION, BUT NOT THE OBLIGATION, TO LIQUIDATE ALL OR ANY PART OF THE CLIENTCUSTOMER'S POSITIONS (OR TO ESTABLISH NEW RISK-REDUCING POSITIONS) IN ANY OF T H E CLIENTCUSTOMER'S IB NON-XXX ACCOUNTS, INDIVIDUAL OR JOINT, AT ANY TIME AND IN ANY MANNER AND THROUGH ANY MARKET OR DEALER, WITHOUT PRIOR NOTICE OR MARGIN CALL TO THE CLIENTCUSTOMER. U N L E S S D I F F E R E N T L Y R E Q U I R E D B Y A P P L I C A B L E L O C A L L A W A N D R E G U L A T I O N , T H E CLIENT CUSTOMER SHALL BE LIABLE AND WILL PROMPTLY PAY IBIE IB FOR ANY DEFICIENCIES IN THE CLIENTCUSTOMER'S ACCOUNT THAT ARISE FROM SUCH LIQUIDATION OR REMAIN AFTER SUCH LIQUIDATION. IBIE IB HAS NO LIABILITY FOR ANY LOSS SUSTAINED BY THE CLIENT CUSTOMER IN CONNECTION WITH SUCH LIQUIDATIONS (OR IF THE IBIE IB SYSTEM DELAYS EFFECTING, OR DOES NOT EFFECT, SUCH LIQUIDATIONS) EVEN IF THE CLIENT RE- CUSTOMER RE-ESTABLISHES ITS POSITION AT A WORSE PRICE. ii. IBIE IB may allow the Client Customer to pre-request the order of liquidation in event of a margin deficiency, but such requests are not binding on IBIE IB and IBIE IB retains sole discretion to determine the assets to be liquidated and the order/manner of liquidation. IBIE IB may liquidate through any market or dealer, and IBIE IB or its affiliates may take the other side of the transactions consistent with Applicable Law laws and regulations. If IBIE IB liquidates any/all positions in the ClientCustomer's account, such liquidation shall establish the ClientCustomer's gain/loss and remaining indebtedness to IBIEIB, if any. The Client Customer shall reimburse and hold IBIE IB harmless for all actions, omissions, costs, fees (including, but not limited to, attorneys' attorney's fees), or liabilities associated with any such transaction undertaken by IBIEIB. If IBIE IB executes an order for which the Client Customer did not have sufficient equity, IBIE IB has the right, without notice, to liquidate the trade and the Client Customer shall be responsible for any resulting loss and shall not be entitled to any resulting profit. Unless a specific law in your jurisdiction requires otherwise, you cannot assume that IBIE's general policy to liquidate positions with a margin deficiency will prevent you from losing more than you have deposited with IBIE. Among other things, markets may "gap" down and IBIE may not be able to close out a position at a price that would avoid losses greater than your margin deposit. Likewise, IBIE may in its discretion delay or decide not to liquidate a position with a margin deficit. iii. If you wish to avoid further losses on any position, you must close out the position yourself and not rely on IBIE to do so. If IBIE IB does not, for any reason, liquidate under-margined positions, and issues a margin call, the Client Customer must satisfy such call immediately by depositing funds. The Client Customer acknowledges that even if a call is issued, IBIE IB still may liquidate positions at any time. iv. The Client Customer acknowledges that IBIE IB also has the right to liquidate all or part of the ClientCustomer's positions without prior notice notice: (i) if any dispute arises concerning any Customer trade, (ii) upon any "Default" as described in 16 below., or

Liquidation of Positions and Offsetting Transactions. IF AT ANY TIME THE CLIENT'S ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS OR IS IN DEFICIT, INCLUDING INTRA-DAY, IBIE 1. CLIENT AGREES THAT IBKR HAS THE RIGHT BUT NOT THE OBLIGATIONRIGHT, IN ITS SOLE DISCRETION, BUT NOT THE OBLIGATION, TO LIQUIDATE ALL OR ANY PART OF THE CLIENT'S POSITIONS (OR TO ESTABLISH NEW RISK-REDUCING POSITIONS) ASSETS IN ANY OF T H E CLIENT'S IBKR ACCOUNTS, INDIVIDUAL OR JOINT, AT ANY TIME AND IN ANY MANNER (INCLUDING BUT NOT LIMITED TO PRE-MARKET/AFTER-MARKET TRADING AND PRIVATE SALES) AND THROUGH ANY MARKET OR DEALER, WITHOUT PRIOR NOTICE OR MARGIN CALL TO THE CLIENTCLIENT IF AT ANY TIME: 1. U N L E S S D I F F E R E N T L Y R E Q U I R E D B Y A P P L I C A B L E L O C A L L A W A N D R E G U L A T I O N , T H E CLIENT SHALL BE LIABLE AND WILL PROMPTLY PAY IBIE FOR ANY DEFICIENCIES IN THE CLIENT'S ACCOUNT HAS ZERO EQUITY OR IS IN DEFICIT (I.E., NEGATIVE EQUITY); 2. CLIENT'S ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS; 3. IBKR ANTICIPATES (IN ITS SOLE DISCRETION) THAT ARISE FROM SUCH LIQUIDATION THE HOLDING OF AN OPTION POSITION OR REMAIN AFTER SUCH LIQUIDATIONANY OTHER POSITION IN CLIENT'S ACCOUNT LIKELY WILL RESULT IN A FUTURE MARGIN VIOLATION (FOR EXAMPLE UPON EXPIRATION OF A DERIVATIVE POSITION); 4. IBIE AN EVENT OF DEFAULT HAS NO LIABILITY OCCURRED; 5. THIS AGREEMENT HAS BEEN TERMINATED; 6. CLIENT SUBMITS, AND IBKR EXECUTES, AN ORDER FOR ANY LOSS SUSTAINED BY THE WHICH CLIENT IN CONNECTION WITH SUCH LIQUIDATIONS (OR IF THE IBIE SYSTEM DELAYS EFFECTING, OR DOES NOT EFFECT, SUCH LIQUIDATIONSHAVE SUFFUCIENT FUNDS; OR 7. IBKR DETERMINES (IN ITS SOLE DISCRETION) EVEN IF THE CLIENT RE- ESTABLISHES ITS POSITION AT A WORSE PRICETHAT LIQUIDATION IS NECESSARY OR ADVISABLE FOR IBKR'S PROTECTION. 2. IBIE IBKR may allow the Client to pre-request the order of liquidation of assets in Client's account in the event of a margin deficiency, but such requests are not binding on IBIE IBKR and IBIE IBKR retains the sole discretion to determine the assets to be liquidated and the order/order and manner of liquidation. IBIE IBKR may liquidate Client positions through any market or dealer, or through foreclosures or any other method in IBKR's sole discretion, and IBIE IBKR or its affiliates may take the other side of the transactions consistent with Applicable Law and regulationsliquidating transactions. If IBIE IBKR liquidates any/all any positions in the Client's account, such liquidation shall establish the Client's gain/gain or loss and remaining indebtedness to IBIE, if any. The Client shall reimburse and hold IBIE harmless for all actions, omissions, costs, fees (including, but not limited to, attorneys' fees), or liabilities associated with any such transaction undertaken by IBIEIBKR. 3. If IBIE executes an order for which the Client did not have sufficient equity, IBIE has the right, without notice, to liquidate the trade and the Client shall be responsible for any resulting loss and shall not be entitled to any resulting profit. Unless a specific law in your jurisdiction requires otherwise, you cannot assume that IBIE's general policy to liquidate positions with a margin deficiency will prevent you from losing more than you have deposited with IBIE. Among other things, markets may "gap" down and IBIE may not be able to close out a position at a price that would avoid losses greater than your margin deposit. Likewise, IBIE may in its discretion delay or decide not to liquidate a position with a margin deficit. If you wish to avoid further losses on any position, you must close out the position yourself and not rely on IBIE to do so. If IBIE IBKR does not, for any reason, liquidate under-margined under­margined positions, and issues a margin call, the Client must satisfy such call immediately as requested by depositing fundsfunds into Client's account. The Client acknowledges that even Even if a call is issued, IBIE IBKR still may liquidate positions at any time. 4. The If any of the events itemized in Paragraph 16(A)(1) ­ (7) occurs, Client acknowledges agrees that IBIE IBKR also has the right right, in its sole discretion, but not the obligation, to liquidate (i) freeze all or any part of the positions or assets held in Client's account, or (ii) exercise options positions in Client's account. IBKR may take these actions without prior notice upon to Client. 5. For the avoidance of doubt, IBKR agrees to not liquidate positions in a Client IRA account solely to satisfy an obligation in a separate account held by the same Client at IBKR if such an action would jeopardize the tax­advantaged treatment of Client's IRA account under applicable rules. This provision is not intended to relieve Client of any "Default" as described belowobligation to IBKR in connection with either of such accounts.

Liquidation of Positions and Offsetting Transactions. 平倉與沖銷交易： i. IF AT ANY TIME THE CLIENT'S ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS OR IS IN DEFICIT, INCLUDING INTRA-DAY, IBIE ADSS HK HAS THE RIGHT BUT NOT THE OBLIGATIONRIGHT, IN ITS SOLE DISCRETION, BUT NOT THE OBLIGATION, TO LIQUIDATE ALL OR ANY PART OF THE CLIENT'S POSITIONS (OR TO ESTABLISH NEW RISK-REDUCING POSITIONS) IN ANY OF T H E CLIENT'S ADSS HK ACCOUNTS, INDIVIDUAL OR JOINT, AT ANY TIME AND IN ANY MANNER AND THROUGH ANY MARKET OR DEALER, WITHOUT PRIOR NOTICE OR MARGIN CALL TO THE CLIENT. U N L E S S D I F F E R E N T L Y R E Q U I R E D B Y A P P L I C A B L E L O C A L L A W A N D R E G U L A T I O N , T H E CLIENT SHALL BE LIABLE AND WILL PROMPTLY PAY IBIE ADSS HK FOR ANY DEFICIENCIES IN THE CLIENT'S ACCOUNT THAT ARISE FROM SUCH LIQUIDATION OR REMAIN AFTER SUCH LIQUIDATION. IBIE ADSS HK HAS NO LIABILITY FOR ANY LOSS SUSTAINED BY THE CLIENT IN CONNECTION WITH SUCH LIQUIDATIONS (OR IF THE IBIE ADSS HK SYSTEM DELAYS EFFECTING, OR DOES NOT EFFECT, SUCH LIQUIDATIONS) EVEN IF THE CLIENT RE- RE-ESTABLISHES ITS POSITION AT A WORSE PRICE. IBIE 倘客戶的賬戶於任何時間出現淨資產不足導致無法滿足保證金要求或出現虧蝕，ADSS 香港有權自行決定在不向客戶發出事先通知或追加保證金通知的情況下，於任何時間以任何形式及通過任何市場或交易商（但非義務）對客戶在 ADSS 香港任何賬戶（個人賬戶或聯名賬戶）內持倉的全部或任何部分進行平倉。客戶應負責並立即向 ADSS 香港支付客戶賬戶中透過該平倉發現的或當該平倉結束後依然存在的任何不足的部分。ADSS 香港不負責承擔客戶因該平倉 （或當 ADSS 香港的系統延遲或未能進行該平倉）而蒙受的任何有關損失，即使客戶以更差的價格重新建立持倉。 ii. ADSS HK may allow the Client to pre-request the order of liquidation in event of a margin deficiency, but such requests are not binding on IBIE ADSS HK and IBIE ADSS HK retains sole discretion to determine the assets to be liquidated and the order/manner of liquidation. IBIE ADSS HK may liquidate through any market or dealer, and IBIE ADSS HK or its affiliates may take the other side of the transactions consistent with Applicable Law laws and regulations. If IBIE ADSS HK liquidates any/all positions in the Client's accountAccount, such liquidation shall establish the Client's gain/loss and remaining indebtedness to IBIEADSS HK, if any. The Client shall reimburse and hold IBIE ADSS HK harmless for all actions, omissions, costs, fees (including, but not limited to, attorneys' attorney's fees), or liabilities associated with any such transaction undertaken by IBIEADSS HK. If IBIE ADSS HK executes an order for which the Client did not have sufficient equity, IBIE ADSS HK has the right, without notice, to liquidate the trade and the Client shall be responsible for any resulting loss and shall not be entitled to any resulting profit. Unless a specific law in your jurisdiction requires otherwise, you cannot assume that IBIE's general policy to liquidate positions with a margin deficiency will prevent you from losing more than you have deposited with IBIEADSS 香港可允許客戶在保證金不足時預先提出平倉順序要求，但該等要求對 ADSS 香港並無約束力，且 ADSS 香港可自行決定即將結算的資產以及平倉的順序/形式。ADSS 香港可通過任何市場或交易商進行平倉，且 ADSS 香港或其聯營公司可根據法律和規例與該等交易持相反的方向進行交易。倘 ADSS 香港對客戶賬戶的任何/全部持倉進行平倉，該平倉應確立客戶的收益/虧損以及虧欠 ADSS 香港的剩餘債務（如有）。客戶應進行償還，並使 ADSS 香港免於承擔所有與 ADSS 香港所執行任何此類交易有關的訴訟、過失、訟費、費用（包括但不限於律師費）或責任。倘 ADSS 香港為淨資本不足的客戶執行交易指令，則 ADSS 香港有權利在不發出通知的情況下對交易進行平倉，且客戶應為產生的損失負責並且沒有資格獲取任何產生的利潤。 iii. Among other things, markets may "gap" down and IBIE may not be able Any steps taken by ADSS HK to close out a position at a price that would avoid losses greater than your margin depositClient's positions unilaterally will be entirely without prejudice to ADSS HK's other rights under the Agreement and otherwise, in particular the right to payments from Client of all amounts outstanding. Likewise, IBIE may in its discretion delay or decide not to liquidate a position with a margin deficitADSS 香港單方面為客戶平倉而採取的任何步驟完全不會損害 ADSS 香港在本協議下的其他權利，尤其是收取客戶未償付款項的權利。 iv. If you wish to avoid further losses on any position, you must close out the position yourself and not rely on IBIE to do so. If IBIE ADSS HK does not, for any reason, liquidate under-margined positions, and issues a margin call, the Client must satisfy such call immediately by depositing funds. The If Client fails to meet two or more successive Margin Calls or demands for variation adjustment, ADSS HK may be required to report particulars of all of the Client's option/future position to the HKFE or the SFC. Client acknowledges that even if a margin call is issued, IBIE ADSS HK still may liquidate positions at any time. The 倘 ADSS 香港由於任何原因沒有對保證金不足的賬戶平倉並發出了追加保證金通知，客戶必須立即存入資金以滿足要求。倘客戶在收到連續兩次或更多次追加保證金通知或變價調整金後仍未達到要求，ADSS 香港可能需要向期交所或香港證監會報告關於客戶所有期權/期貨持倉的詳情。客戶確認，即使發出了追加保證金通知，ADSS 香港依然可以於任何時間平倉。 v. Client acknowledges that IBIE ADSS HK also has the right to liquidate all or part of the Client's positions without prior notice notice: (i) if any dispute arises concerning any Client trade, (ii) upon any "Default" as described in 17 below., or (iii) whenever ADSS XX xxxxx liquidation necessary or advisable for ADSS HK's protection. 客戶確認，ADSS 香港也有權利在不發出通知的情況下對客戶所有和部分持倉進行平倉結算：（i）倘出現與客戶任何交易有關的任何糾紛，（ii）出現下列第 17 條所述的任何「違約」情形，或（iii）任何 ADSS 香港認為有必要或適合平倉以自我保護的情況。 vi. No conduct or omission on behalf of ADSS HK, nor any agreement purportedly entered into on ADSS HK's behalf (save an agreement in accordance with the terms of the Agreement), shall constitute any form of waiver or variation or relaxation of ADSS HK's rights to close out clients' positions unilaterally. 以 ADSS 香港名義的行為或過失，或據稱以 ADSS 香港名義已經訂立的任何協議（根據本協議條款訂立的協議除外）均不構成 ADSS 香港放棄、改變或放寬其單方面為客戶平倉的權利。

Liquidation of Positions and Offsetting Transactions. i. IF AT ANY TIME THE CLIENTCUSTOMER'S ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS OR IS IN DEFICIT, INCLUDING INTRA-DAY, IBIE IB HAS THE RIGHT BUT NOT THE OBLIGATIONRIGHT, IN ITS SOLE DISCRETION, BUT NOT THE OBLIGATION, TO LIQUIDATE ALL OR ANY PART OF THE CLIENTCUSTOMER'S POSITIONS (OR TO ESTABLISH NEW RISK-REDUCING POSITIONS) IN ANY OF T H E CLIENTCUSTOMER'S IB ACCOUNTS, INDIVIDUAL OR JOINT, AT ANY TIME AND IN ANY MANNER AND THROUGH ANY MARKET OR DEALER, WITHOUT PRIOR NOTICE OR MARGIN CALL TO THE CLIENTCUSTOMER. U N L E S S D I F F E R E N T L Y R E Q U I R E D B Y A P P L I C A B L E L O C A L L A W A N D R E G U L A T I O N , T H E CLIENT CUSTOMER SHALL BE LIABLE AND WILL PROMPTLY PAY IBIE IB FOR ANY DEFICIENCIES IN THE CLIENTCUSTOMER'S ACCOUNT THAT ARISE FROM SUCH LIQUIDATION OR REMAIN AFTER SUCH LIQUIDATION. IBIE IB HAS NO LIABILITY FOR ANY LOSS SUSTAINED BY THE CLIENT CUSTOMER IN CONNECTION WITH SUCH LIQUIDATIONS (OR IF THE IBIE IB SYSTEM DELAYS EFFECTING, OR DOES NOT EFFECT, SUCH LIQUIDATIONS) EVEN IF THE CLIENT RE- CUSTOMER RE-ESTABLISHES ITS POSITION AT A WORSE PRICE. ii. IBIE IB may allow the Client Customer to pre-request the order of liquidation in event of a margin deficiency, but such requests are not binding on IBIE IB and IBIE IB retains sole discretion to determine the assets to be liquidated and the order/manner of liquidation. IBIE IB may liquidate through any market or dealer, and IBIE IB or its affiliates may take the other side of the transactions consistent with Applicable Law laws and regulations. If IBIE IB liquidates any/all positions in the ClientCustomer's account, such liquidation shall establish the ClientCustomer's gain/loss and remaining indebtedness to IBIEIB, if any. The Client Customer shall reimburse and hold IBIE IB harmless for all actions, omissions, costs, fees (including, but not limited to, attorneys' attorney's fees), or liabilities associated with any such transaction undertaken by IBIEIB. If IBIE IB executes an order for which the Client Customer did not have sufficient equity, IBIE IB has the right, without notice, to liquidate the trade and the Client Customer shall be responsible for any resulting loss and shall not be entitled to any resulting profit. Unless a specific law in your jurisdiction requires otherwise, you cannot assume that IBIE's general policy to liquidate positions with a margin deficiency will prevent you from losing more than you have deposited with IBIE. Among other things, markets may "gap" down and IBIE may not be able to close out a position at a price that would avoid losses greater than your margin deposit. Likewise, IBIE may in its discretion delay or decide not to liquidate a position with a margin deficit. iii. If you wish to avoid further losses on any position, you must close out the position yourself and not rely on IBIE to do so. If IBIE IB does not, for any reason, liquidate under-margined positions, and issues a margin call, the Client Customer must satisfy such call immediately by depositing funds. The Client Customer acknowledges that even if a call is issued, IBIE IB still may liquidate positions at any time. iv. The Client Customer acknowledges that IBIE IB also has the right to liquidate all or part of the ClientCustomer's positions without prior notice notice: (i) if any dispute arises concerning any Customer trade, (ii) upon any "Default" as described in 16 below, or (iii) whenever XX xxxxx liquidation necessary or advisable for IB's protection.

Liquidation of Positions and Offsetting Transactions. IF AT ANY TIME A. TFM LTD AND ITS AFFILIATES SHALL HAVE THE CLIENT'S ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS OR IS RIGHT, IN DEFICITTHEIR RESPECTIVE SOLE DISCRETION, INCLUDING INTRA-DAY, IBIE HAS THE RIGHT BUT NOT THE OBLIGATION, IN ITS SOLE DISCRETION, TO LIQUIDATE ALL OR ANY PART OF THE CLIENT'S CUSTOMER`S ASSETS OR POSITIONS (OR TO ESTABLISH NEW RISK-REDUCING POSITIONS) IN ANY OF T H E CLIENT'S CUSTOMER`S ACCOUNTS, INDIVIDUAL WHETHER CARRIED INDIVIDUALLY OR JOINTJOINTLY WITH OTHERS (INCLUDING BY THE ENTRY OF OFFSETTING TRANSACTIONS), AT ANY TIME TIME, IN ANY SUCH MANNER, AND IN ANY MANNER AND THROUGH ANY MARKET MARKET, AS TFM UK OR DEALERITS AFFILIATES DEEM NECESSARY, WITHOUT PRIOR NOTICE OR MARGIN CALL TO THE CLIENT. U N L E S S D I F F E R E N T L Y R E Q U I R E D B Y A P P L I C A B L E L O C A L L A W A N D R E G U L A T I O N , T H E CLIENT SHALL BE LIABLE AND WILL PROMPTLY PAY IBIE FOR ANY DEFICIENCIES CUSTOMER IN THE CLIENT'S EVENT THAT; (1) CUSTOMER`S OVERALL ACCOUNT THAT ARISE FROM SUCH LIQUIDATION OR REMAIN AFTER SUCH LIQUIDATION. IBIE WITH TFM LTD HAS NO LIABILITY FOR ANY LOSS SUSTAINED BY THE CLIENT ZERO EQUITY; (2) CUSTOMER`S OVERALL ACCOUNT IS IN CONNECTION WITH SUCH LIQUIDATIONS DEFICIT (OR IF THE IBIE SYSTEM DELAYS EFFECTING, OR 3) CUSTOMER`S OVERALL ACCOUNT DOES NOT EFFECT, SUCH LIQUIDATIONSHAVE A SUFFICIENT ACCOUNT BALANCE TOMEET MARGIN REQUIREMENTS; (4) EVEN AN EVENT OF DEFAULT HAS OCCURRED; (5) THESE TERMS OF SECURITIES TRADING HAVE BEEN TERMINATED; (6) IF TFM LTD OR ANY OF ITS AFFILIATES EXECUTES AN ORDER FOR WHICH THE CLIENT RE- ESTABLISHES ITS POSITION AT A WORSE PRICE. IBIE may allow the Client to pre-request the order of liquidation in event of a margin deficiencyCUSTOMERDID NOT HAVE SUFFICIENT FUNDS; OR (7) WHENEVER TFM LTD OR ANY AFFILIATE DEEMS LIQUIDATION NECESSARY OR ADVISABLEFOR THE PROTECTION OF TFM LTD OR ANY AFFILIATE. B. Customer acknowledges and agrees that TFM LTD deducts commissions and various other fees(including, but not limited to, market data fees) from Customer accounts and that such requests deductions may affect the amount of equity in Customer`s account to be applied against the Margin Requirements (if any). Customer positions are subject to liquidation as described herein if deduction of the commissions, fees or other charges causes Customer`s account to have an insufficient balance to satisfy the Margin Requirements (if any). C. Customer expressly waives any rights to receive prior notice or demand from TFM LTD or its Affiliatesand agrees that any prior demand, notice, announcement or advertisement shall not binding on IBIE and IBIE retains sole discretion be deemed a waiver of the rights of TFM LTD or its Affiliates to liquidate any Customer positions or assets. Customer understands that, in the event that TFM LTD or any of its Affiliates liquidate any of Customer`s positions or assets, Customer shall have no right or opportunity to determine the assets securities to be liquidated and or the order/order or manner of liquidation. IBIE may liquidate through TFM LTD or any market of its Affiliates may, in their sole respective discretion, effect a liquidation on any exchange, Electronic Communications Network ("ECN") or dealerother market, and IBIE TFM LTD or any of its affiliates Affiliates may take the other side of such liquidating transaction. In the transactions consistent with Applicable Law and regulations. If IBIE event that TFM LTD or its Affiliates liquidates any/any or all positions or assets in the Client's Customer`s account, such liquidation shall establish the Client's gain/amount of Customer`s gain or loss and remaining indebtedness to IBIETFM LTD or its Affiliates, if any. D. CUSTOMER AGREES TO BE RESPONSIBLE FOR, AND TO PROMPTLY PAY TO TFM LTD OR ITS AFFILIATES, ANY DEFICIENCIES IN CUSTOMER`S ACCOUNT THAT ARISE FROM A LIQUIDATION OR REMAIN AFTER A LIQUIDATION. The Client TFM LTD AND ITS AFFILIATES MAY APPLY ANY AND ALL PROCEEDS FROM ANY LIQUIDATION IN SETTLEMENT, SATISFACTION OR REIMBURSEMENT OF ANY COSTS, EXPENSES, FEES (INCLUDING, BUT NOT LIMITED TO, LEGAL FEES), PENALTIES, CLAIMS, LOSSES, DAMAGES OR OTHER AMOUNT INCURRED BY TFM LTD OR ITS AFFILIATES UNDER, OR IN CONNECTION WITH, ANY OF THE CUSTOMER`S Invest ACCOUNTS OR TRANSACTIONS. E. TFM LTD AND ITS AFFILIATES SHALL NOT BE LIABLE TO CUSTOMER FOR ANY COSTS, EXPENSES, FEES, PENALTIES, CLAIMS, LOSSES, DAMAGES OR LIABILITIES SUSTAINED BY CUSTOMER IN CONNECTION WITH ANY LIQUIDATION (INCLUDING, BUT NOT LIMITED TO, LOSSES ON CUSTOMER`S POSITIONS) OR BECAUSE OF ANY DELAY IN, OR FAILURE TO EFFECT, THE LIQUIDATION ON THE PART OF TFM LTD OR ANY AFFILIATES OR TO CUSTOMER SUBSEQUENTLY REESTABLISHING CUSTOMER`S POSITION AT A LESS FAVORABLE PRICE. F. Customer shall reimburse and hold IBIE TFM LTD, TFM AS and their Affiliates harmless for all actions, omissions, costs, expenses, fees (including, but not limited to, attorneys' legal fees), penalties, losses, claims, damages or liabilities associated with related to any such liquidation or transaction related thereto undertaken by IBIETFM LTD, or any of their Affiliates. If IBIE executes TFM LTD, TFM AS, or any of their Affiliates transmits an order or otherwise arranges for execution an order for which the Client Customer`s account did not have contain sufficient equityfunds and liquidates the trade, IBIE has the right, without notice, to liquidate the trade and the Client Customer shall be responsible for any resulting loss costs, expenses, fees (including, but not limited to, legal fees), penalties, claims, losses, damages or liabilities as a result of such liquidation and shall not be entitled to any resulting profit. Unless a specific law in your jurisdiction requires otherwise, you cannot assume profit that IBIE's general policy to liquidate positions with a margin deficiency will prevent you results from losing more than you have deposited with IBIE. Among other things, markets may "gap" down and IBIE may not be able to close out a position at a price that would avoid losses greater than your margin deposit. Likewise, IBIE may in its discretion delay or decide not to liquidate a position with a margin deficit. such liquidation. G. If you wish to avoid further losses on any position, you must close out the position yourself and not rely on IBIE to do so. If IBIE TFM System does not, for any reason, liquidate effect a liquidation, and TFM LTD or any of its Affiliatesissues a margin call to Customer by e-mail or any other method, Customer must satisfy such margin call immediately. Customer agrees to monitor e -mail messages and tosatisfy any margin call issued by TFM LTD or any of their Affiliates by immediately depositing funds in Customer`s account to pay, in full, the under-margined positions, and issues a position. Notwithstanding such margin call, the Client must satisfy such call immediately by depositing funds. The Client Customer acknowledges that even if a call is issuedTFM LTD or their Affiliates, IBIE still in their respective sole discretion, may liquidate Customer`s positions at any time. The Client acknowledges that IBIE also has the right to liquidate all or part of the Client's positions without prior notice upon any "Default" as described below.

Liquidation of Positions and Offsetting Transactions. IF AT ANY TIME THE CLIENT'S ACCOUNT HAS INSUFFICIENT EQUITY BALANCE TO MEET MARGIN REQUIREMENTS OR IS IN DEFICIT, INCLUDING INTRA-DAY, IBIE KERFORD HAS THE RIGHT BUT NOT THE OBLIGATIONRIGHT, IN ITS SOLE DISCRETION, ,TO LIQUIDATE ALL OR ANY PART OF THE CLIENT'S POSITIONS (OR TO ESTABLISH NEW RISK-REDUCING POSITIONS) IN ANY OF T H E CLIENT'S ACCOUNTS, INDIVIDUAL OR JOINT, AT ANY TIME AND IN ANY MANNER AND THROUGH ANY MARKET OR DEALERMARKET, WITHOUT PRIOR NOTICE OR MARGIN CALL TO THE CLIENT. U N L E S S D I F F E R E N T L Y R E Q U I R E D B Y A P P L I C A B L E L O C A L L A W A N D R E G U L A T I O N UNLESS DIFFERENTLY REQUIRED BY APPLICABLE LOCAL LAW AND REGULATION, T H E CLIENT SHALL BE LIABLE AND WILL PROMPTLY PAY IBIE KERFORD FOR ANY DEFICIENCIES IN THE CLIENT'S ACCOUNT THAT ARISE FROM SUCH LIQUIDATION OR REMAIN AFTER SUCH LIQUIDATION. IBIE XXXXXXX HAS NO LIABILITY FOR ANY LOSS SUSTAINED BY THE CLIENT IN CONNECTION WITH SUCH LIQUIDATIONS (OR IF THE IBIE SYSTEM DELAYS EFFECTING, OR DOES NOT EFFECT, SUCH LIQUIDATIONS) EVEN IF THE CLIENT RE- RE-ESTABLISHES ITS POSITION AT A WORSE PRICE. IBIE We may allow the Client you to pre-request the order of liquidation in event of a margin deficiency, but such requests are not binding on IBIE Kerford and IBIE Xxxxxxx retains sole discretion to determine the assets positions to be liquidated and the order/manner of liquidation. IBIE may liquidate through any market or dealer, and IBIE or its affiliates may take the other side of the transactions consistent with Applicable Law and regulations. If IBIE Kerford liquidates any/all positions in the Client's account, such liquidation shall establish the Client's gain/loss and remaining indebtedness to IBIEKerford, if any. The Client shall reimburse and hold IBIE Xxxxxxx harmless for all actions, omissions, costs, fees (including, but not limited to, attorneys' fees), or liabilities associated with any such transaction undertaken by IBIE. If IBIE executes an order for which the Client did not have sufficient equity, IBIE has the right, without notice, to liquidate the trade and the Client shall be responsible for any resulting loss and shall not be entitled to any resulting profitXxxxxxx. Unless a specific law in your jurisdiction requires otherwise, you cannot assume that IBIE's Xxxxxxx’x general policy to liquidate positions with a margin deficiency will prevent you from losing more than you have deposited with IBIEXxxxxxx. Among other things, markets may "gap" down and IBIE Xxxxxxx may not be able to close out a position at a price that would avoid losses greater than your margin deposit. Likewise, IBIE Kerford may in its discretion delay or decide not to liquidate a position with a margin deficit. If you wish to avoid further losses on any position, you must close out the position yourself and not rely on IBIE us to do so. If IBIE does we do not, for any reason, liquidate under-margined positions, and issues a margin call, the Client you must satisfy such call immediately by depositing funds. The Client acknowledges You acknowledge that even if a call is issued, IBIE we still may liquidate positions at any time. The Client acknowledges You acknowledge that IBIE Xxxxxxx also has the right to liquidate all or part of the Client's your positions without prior notice upon any "Default" as described belowin clause 9 of this Agreement.

Liquidation of Positions and Offsetting Transactions. IF 1. IN THE EVENT THAT THE CONSOLIDATED ACCOUNT HAS ZERO EQUITY OR IS IN DEFICIT AT ANY TIME TIME, OR THE CLIENT'S ACCOUNT HAS INSUFFICIENT EQUITY DOES NOT HAVE A SUFFICIENT ACCOUNT BALANCE TO MEET MARGIN REQUIREMENTS REQUIREMENTS, OR IS IN DEFICIT, INCLUDING INTRA-DAY, IBIE HAS IF THE RIGHT BUT NOT ACCOUNT EXCEEDS LEVERAGE LIMITS OR POSITION SIZE LIMITS INTERACTIVE SHALL HAVE THE OBLIGATIONRIGHT, IN ITS SOLE DISCRETION, BUT NOT THE OBLIGATION, TO LIQUIDATE ALL OR ANY PART OF THE CLIENT'S POSITIONS IN ANY ACCOUNTS (OR TO ESTABLISH NEW ADD RISK-REDUCING POSITIONS) IN OF ANY OF T H E CLIENT'S KIND HELD BY INTRODUCING BROKER WITH INTERACTIVE, WHETHER SUCH ACCOUNTS ARE CONSOLIDATED ACCOUNTS, INDIVIDUAL FULLY DISCLOSED ACCOUNTS, OR JOINTINTRODUCING BROKER’S PROPRIETARY ACCOUNTS, AT ANY TIME AND IN ANY SUCH MANNER AND THROUGH IN ANY MARKET OR DEALERAS INTERACTIVE DEEMS NECESSARY, WITHOUT PRIOR NOTICE OR MARGIN CALL TO THE CLIENTINTRODUCING BROKER. U N L E S S D I F F E R E N T L Y R E Q U I R E D B Y A P P L I C A B L E L O C A L L A W A N D R E G U L A T I O N INTRODUCING BROKER AGREES TO BE RESPONSIBLE FOR, T H E CLIENT SHALL BE LIABLE AND WILL PROMPTLY PAY IBIE FOR TO INTERACTIVE, ANY DEFICIENCIES IN THE CLIENT'S ANY ACCOUNT THAT ARISE FROM SUCH LIQUIDATION OR REMAIN AFTER SUCH LIQUIDATION. IBIE HAS NO INTERACTIVE WILL NOT HAVE ANY LIABILITY TO INTRODUCING BROKER FOR ANY LOSS LOSSES OR DAMAGES SUSTAINED BY THE CLIENT INTRODUCING BROKER IN CONNECTION WITH SUCH LIQUIDATIONS (OR IF THE IBIE INTERACTIVE SYSTEM DELAYS EXPERIENCES A DELAY IN EFFECTING, OR DOES NOT EFFECT, SUCH LIQUIDATIONS) EVEN IF THE CLIENT RE- INTRODUCING BROKER SUBSEQUENTLY RE-ESTABLISHES ITS POSITION POSITIONS AT A WORSE LESS FAVORABLE PRICE. 2. IBIE may allow IN PERFORMING RISK MANAGEMENT SERVICES FOR INTRODUCING BROKER IN CONNECTION WITH THE SUB-ACCOUNTS, IN THE EVENT THAT A SUB-ACCOUNT HAS ZERO EQUITY OR IS IN DEFICIT AT ANY TIME, OR THE SUB-ACCOUNT DOES NOT HAVE A SUFFICIENT ACCOUNT BALANCE TO MEET THE SUB-ACCOUNT RISK-MANAGEMENT REQUIREMENTS, OR IF THE ACCOUNT EXCEEDS LEVERAGE LIMITS OR POSITION SIZE LIMITS, INTERACTIVE SHALL HAVE THE RIGHT, IN ITS SOLE DISCRETION, BUT NOT THE OBLIGATION, TO LIQUIDATE ALL OR ANY PART OF THE POSITIONS IN THE SUB-ACCOUNT (OR ADD RISK-REDUCING POSITIONS), AT ANY TIME AND IN SUCH MANNER AND IN ANY MARKET AS INTERACTIVE DEEMS NECESSARY, WITHOUT PRIOR NOTICE OR “CALL” TO THE INTRODUCING BROKER OR INTRODUCING BROKER’S CUSTOMERS (WHOSE IDENTITIES ARE UNKNOWN TO INTERACTIVE). INTRODUCING BROKER AGREES TO BE RESPONSIBLE FOR, AND PROMPTLY PAY TO INTERACTIVE, ANY DEFICIENCIES IN ANY SUB-ACCOUNT THAT ARISE FROM SUCH LIQUIDATION OR REMAIN AFTER SUCH LIQUIDATION. INTERACTIVE WILL NOT HAVE ANY LIABILITY TO INTRODUCING BROKER FOR ANY LOSSES OR DAMAGES SUSTAINED BY INTRODUCING BROKER IN CONNECTION WITH SUCH LIQUIDATIONS (OR IF THE INTERACTIVE SYSTEM EXPERIENCES A DELAY IN EFFECTING, OR DOES NOT EFFECT, SUCH LIQUIDATIONS) EVEN IF INTRODUCING BROKER SUBSEQUENTLY RE-ESTABLISHES POSITIONS AT A LESS FAVORABLE PRICE. 3. INTRODUCING BROKER IS SOLELY RESPONSIBLE FOR EXTENDING CREDIT TO ITS CUSTOMERS CONSISTENT WITH APPLICABLE LAWS AND REGULATIONS, COLLECTING MARGIN PAYMENTS, AND TAKING APPROPRIATE ACTION IN THE EVENT THAT ANY OF ITS CUSTOMERS INCUR MARGIN DEFICITS. INTRODUCING BROKER IS SOLELY LIABLE FOR ANY DAMAGES OF ANY KIND CAUSED TO ANY CUSTOMER OF INTRODUCING BROKER OR TO ANY THIRD PARTY IN THE EVENT OF A MARGIN DEFICIT IN THE CONSOLIDATED ACCOUNT, INCLUDING BUT NOT LIMITED TO ANY DAMAGES CAUSED BY INTERACTIVE’S EXERCISE OF ITS RIGHTS HEREUNDER TO LIQUIDATE POSITIONS IN THE CONSOLIDATED ACCOUNT IN THE EVENT OF A MARGIN DEFICIT OR TO LIQUIDATE POSITIONS IN SUB-ACCOUNTS IN THE EVENT OF A FAILURE TO MEET THE SUB-ACCOUNT RISK-MANAGEMENT REQUIREMENTS. 4. IN ACCORDANCE WITH PARAGRAPH 27C BELOW, INTRODUCING BROKER AGREES TO INDEMNIFY AND HOLD INTERACTIVE AND THE INTERACTIVE INDEMNITEES HARMLESS AGAINST ANY AND ALL CLAIMS FOR ANY DAMAGES OF ANY KIND CAUSED TO ANY CUSTOMER OF INTRODUCING BROKER OR TO ANY THIRD PARTY IN THE EVENT THAT INTERACTIVE LIQUIDATES POSITIONS IN THE CONSOLIDATED ACCOUNT OR THE SUB-ACCOUNTS PURSUANT TO THE PROVISIONS OF THIS AGREEMENT. 5. Introducing Broker expressly waives any rights to receive prior notice or demand from Interactive and agrees that any prior demand, notice, announcement or advertisement shall not be deemed a waiver of Interactive’s right to liquidate any position as a result of violation of Margin Requirements applicable to the Client to preConsolidated Account or violation of Risk Management Requirements in a Sub-request Account. Introducing Broker understands that, in the order of liquidation in event of a margin deficiencypositions are liquidated by Interactive, but such requests are not binding on IBIE and IBIE retains sole discretion Introducing Broker shall have no right or opportunity to determine the assets securities to be liquidated and or the order/order or manner of liquidation. IBIE may liquidate through Interactive may, in its sole discretion, effect a liquidation on any market exchange. Electronic Communications Network (“ECN”) or dealerother market, and IBIE Interactive or its affiliates may take the other side of such liquidating transaction. In the transactions consistent with Applicable Law and regulations. If IBIE event that Interactive liquidates any/any or all positions in the Client's accountAccount or a Sub-Account, such liquidation shall establish the Client's gain/amount of Introducing Broker’s gain or loss and remaining indebtedness to IBIEInteractive, if any. The Client Introducing Broker shall reimburse and hold IBIE Interactive harmless for all actions, omissions, costs, expenses, fees (including, but not limited to, attorneys' attorney’s fees), penalties, losses, claims or liabilities associated with any such transaction undertaken by IBIEInteractive. Introducing Broker shall be responsible for all resulting losses on Introducing Broker’s positions, notwithstanding Interactive’s delay in or failure to liquidate any such positions. If IBIE Interactive executes an order for which the Client Account or a Sub-Account did not have sufficient equityfunds, IBIE Interactive has the right, without noticenotice to Introducing Broker, to liquidate the trade and the Client Introducing Broker shall be responsible for any resulting loss as a result of such liquidation, including any costs, and shall not be entitled to any resulting profitprofit that results from such liquidation. 6. Unless Introducing Broker acknowledges and agrees that Interactive will deduct commissions and various other fees (including but not limited to market data fees) from the Account and that such deductions may affect the amount of equity to be applied against the Margin Requirements or the Sub-Account Risk Management Requirements. Account positions are subject to liquidation as described herein if deduction of commissions, fees or other charges causes the Account to have an insufficient balance to satisfy the Margin Requirements or causes a specific law in your jurisdiction requires otherwise, you cannot assume that IBIE's general policy Sub-Account to liquidate positions with a margin deficiency will prevent you from losing more than you have deposited with IBIE. Among other things, markets may "gap" down and IBIE may not be able an insufficient balance to close out a position at a price that would avoid losses greater than your margin deposit. Likewise, IBIE may in its discretion delay or decide not to liquidate a position with a margin deficitsatisfy the Sub-Account Risk Management Requirements. 7. If you wish to avoid further losses on any position, you must close out the position yourself and not rely on IBIE to do so. If IBIE Interactive System does not, for any reason, liquidate under-margined positionseffect a liquidation, and Interactive issues a margin callcall to Introducing Broker by e-mail or any other method, the Client Introducing Broker must satisfy such call immediately. Introducing Broker agrees to monitor e-mail messages and other communications from Interactive and to satisfy any call issued by Interactive by immediately by depositing fundsfunds in the Account to pay, in full, the under-margined position. The Client Notwithstanding such call. Introducing Broker acknowledges that even if a call is issuedInteractive, IBIE still in its sole discretion, may liquidate Account positions at any time. 8. The Client acknowledges that IBIE Interactive also has shall have the right to liquidate all or any part of the Client's positions any Account position without prior notice to the Introducing Broker in the same manner as provided above: (i) if any dispute arises concerning any trade in an Account, (ii) upon any "Default" as described belowIntroducing Broker’s failure to timely discharge its obligations to Interactive, (iii) upon the Introducing Broker’s insolvency or filing of a petition in bankruptcy or for protection from creditors, (iv) upon the appointment of a receiver, or (v) whenever Interactive reasonably deems liquidation necessary or advisable for Interactive’s protection.

Liquidation of Positions and Offsetting Transactions. i. IF AT ANY TIME THE CLIENT'S CUSTOMER’S ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS OR IS IN DEFICIT, INCLUDING INTRA-DAY, IBIE IB HAS THE RIGHT BUT NOT THE OBLIGATIONRIGHT, IN ITS SOLE DISCRETION, BUT NOT THE OBLIGATION, TO LIQUIDATE ALL OR ANY PART OF THE CLIENT'S CUSTOMER’S POSITIONS (OR TO ESTABLISH NEW RISK-REDUCING POSITIONS) IN ANY OF T H E CLIENT'S CUSTOMER’S IB ACCOUNTS, INDIVIDUAL OR JOINT, AT ANY TIME AND IN ANY MANNER AND THROUGH ANY MARKET OR DEALER, WITHOUT PRIOR NOTICE OR MARGIN CALL TO THE CLIENTCUSTOMER. U N L E S S D I F F E R E N T L Y R E Q U I R E D B Y A P P L I C A B L E L O C A L L A W A N D R E G U L A T I O N , T H E CLIENT CUSTOMER SHALL BE LIABLE AND WILL PROMPTLY PAY IBIE IB FOR ANY DEFICIENCIES IN THE CLIENT'S CUSTOMER’S ACCOUNT THAT ARISE FROM SUCH LIQUIDATION OR REMAIN AFTER SUCH LIQUIDATION. IBIE IB HAS NO LIABILITY FOR ANY LOSS SUSTAINED BY THE CLIENT CUSTOMER IN CONNECTION WITH SUCH LIQUIDATIONS (OR IF THE IBIE IB SYSTEM DELAYS EFFECTING, OR DOES NOT EFFECT, SUCH LIQUIDATIONS) EVEN IF THE CLIENT RE- CUSTOMER RE-ESTABLISHES ITS POSITION AT A WORSE PRICE. ii. IBIE IB may allow the Client Customer to pre-request the order of liquidation in event of a margin deficiency, but such requests are not binding on IBIE IB and IBIE IB retains sole discretion to determine the assets to be liquidated and the order/manner of liquidation. IBIE IB may liquidate through any market or dealer, and IBIE IB or its affiliates may take the other side of the transactions consistent with Applicable Law laws and regulations. If IBIE IB liquidates any/all positions in the Client's Customer’s account, such liquidation shall establish the Client's Customer’s gain/loss and remaining indebtedness to IBIEIB, if any. The Client Customer shall reimburse and hold IBIE IB harmless for all actions, omissions, costs, fees (including, but not limited to, attorneys' attorney’s fees), or liabilities associated with any such transaction undertaken by IBIEIB. If IBIE IB executes an order (or receives for settlement from Customer’s Executing Broker a position) for which the Client Customer did not have sufficient equity, IBIE IB has the right, without notice, to liquidate the trade position (or to liquidate any other positions in Customer’s account sufficient to restore account equity to comply with margin requirements) and the Client Customer shall be responsible for any resulting loss and shall not be entitled to any resulting profit. Unless a specific law in your jurisdiction requires otherwise, you cannot assume that IBIE's general policy to liquidate positions with a margin deficiency will prevent you from losing more than you have deposited with IBIE. Among other things, markets may "gap" down and IBIE may not be able to close out a position at a price that would avoid losses greater than your margin deposit. Likewise, IBIE may in its discretion delay or decide not to liquidate a position with a margin deficitloss. iii. If you wish to avoid further losses on any position, you must close out the position yourself and not rely on IBIE to do so. If IBIE IB does not, for any reason, liquidate under-margined positions, and issues a margin call, the Client Customer must satisfy such call immediately by depositing funds. The Client Customer acknowledges that even if a call is issued, IBIE IB still may liquidate positions at any time. iv. The Client Customer acknowledges that IBIE IB also has the right to liquidate all or part of the Client's Customer’s positions without prior notice notice: (i) if any dispute arises concerning any Customer trade, (ii) upon any "“Default" ” as described belowin this Agreement, or (iii) whenever XX xxxxx liquidation necessary or advisable for IB’s protection.

Liquidation of Positions and Offsetting Transactions. IF AT ANY TIME THE CLIENT'S ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS OR IS IN DEFICIT, INCLUDING INTRA-DAY, IBIE HAS THE RIGHT BUT NOT THE OBLIGATION, IN ITS SOLE DISCRETION, TO LIQUIDATE ALL OR ANY PART OF THE CLIENT'S POSITIONS (OR TO ESTABLISH NEW RISK-REDUCING POSITIONS) IN ANY OF T H E CLIENT'S ACCOUNTS, INDIVIDUAL OR JOINT, AT ANY TIME AND IN ANY MANNER AND THROUGH ANY MARKET OR DEALER, WITHOUT PRIOR NOTICE OR MARGIN CALL TO THE CLIENT. U N L UNL E S S D I F F E R E N T L Y R E Q U I R E D B Y A P P L I C A B L E L O C A L L A W A N D R E ND RE G U L UL A T I O N N, T H E CLIENT SHALL BE LIABLE AND WILL PROMPTLY PAY IBIE FOR ANY DEFICIENCIES IN THE CLIENT'S ACCOUNT THAT ARISE FROM SUCH LIQUIDATION OR REMAIN AFTER SUCH LIQUIDATION. IBIE HAS NO LIABILITY FOR ANY LOSS SUSTAINED BY THE CLIENT IN CONNECTION WITH SUCH LIQUIDATIONS (OR IF THE IBIE SYSTEM DELAYS EFFECTING, OR DOES NOT EFFECT, SUCH LIQUIDATIONS) EVEN IF THE CLIENT RE- ESTABLISHES ITS POSITION AT A WORSE PRICE. IBIE may allow the Client to pre-request the order of liquidation in event of a margin deficiency, but such requests are not binding on IBIE and IBIE retains sole discretion to determine the assets to be liquidated and the order/manner of liquidation. IBIE may liquidate through any market or dealer, and IBIE or its affiliates may take the other side of the transactions consistent with Applicable Law and regulations. If IBIE liquidates any/all positions in the Client's account, such liquidation shall establish the Client's gain/loss and remaining indebtedness to IBIE, if any. The Client shall reimburse and hold IBIE harmless for all actions, omissions, costs, fees (including, but not limited to, attorneys' fees), or liabilities associated with any such transaction undertaken by IBIE. If IBIE executes an order for which the Client did not have sufficient equity, IBIE has the right, without notice, to liquidate the trade and the Client shall be responsible for any resulting loss and shall not be entitled to any resulting profit. Unless a specific law in your jurisdiction requires otherwise, you cannot assume that IBIE's general policy to liquidate positions with a margin deficiency will prevent you from losing more than you have deposited with IBIE. Among other things, markets may "gap" down and IBIE may not be able to close out a position at a price that would avoid losses greater than your margin deposit. Likewise, IBIE may in its discretion delay or decide not to liquidate a position with a margin deficit. If you wish to avoid further losses on any position, you must close out the position yourself and not rely on IBIE to do so. If IBIE does not, for any reason, liquidate under-margined positions, and issues a margin call, the Client must satisfy such call immediately by depositing funds. The Client acknowledges that even if a call is issued, IBIE still may liquidate positions at any time. The Client acknowledges that IBIE also has the right to liquidate all or part of the Client's positions without prior notice upon any "Default" as described below.

Liquidation of Positions and Offsetting Transactions. IF AT ANY TIME THE CLIENT'S ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS OR IS IN DEFICIT, INCLUDING INTRA-DAY, IBIE A. CLIENT AGREES THAT GPS HAS THE RIGHT BUT NOT THE OBLIGATIONRIGHT, IN ITS SOLE DISCRETION, BUT NOT THE OBLIGATION, TO AUTHORIZE IBKRTO LIQUIDATE ALL OR ANY PART OF THE CLIENT'S POSITIONS (OR TO ESTABLISH NEW RISK-REDUCING POSITIONS) ASSETS IN ANY OF T H E CLIENT'S GPS ACCOUNTS, INDIVIDUAL OR JOINT, AT ANY TIME AND IN ANY MANNER (INCLUDING BUT NOT LIMITED TO PRE- MARKET/AFTER-MARKET TRADING AND PRIVATE SALES) AND THROUGH ANY MARKET OR DEALER, WITHOUT PRIOR NOTICE PRIORNOTICE OR MARGIN CALL TO THE CLIENT. U N L E S S D I F F E R E N T L Y R E Q U I R E D B Y A P P L I C A B L E L O C A L L A W A N D R E G U L A T I O N , T H E CLIENT SHALL BE LIABLE AND WILL PROMPTLY PAY IBIE FOR IF AT ANY DEFICIENCIES IN THE TIME: (i) CLIENT'S ACCOUNT HAS ZERO EQUITY OR IS IN DEFICIT (I.E., NEGATIVE EQUITY); (ii) CLIENT'S ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS; (iii) GPS AUTHORIZE IBKRTO ANTICIPATES (IN ITS SOLE DISCRETION) THAT ARISE FROM SUCH THE HOLDING OF AN OPTION POSITION OR ANY OTHER POSITION IN CLIENT'S ACCOUNT LIKELY WILL RESULTIN A FUTURE MARGIN VIOLATION (FOR EXAMPLE UPON EXPIRATION OF A DERIVATIVE POSITION); (iv) AN EVENT OF DEFAULT HAS OCCURRED; (v) THIS AGREEMENT HAS BEEN TERMINATED; (vi) CLIENT SUBMITS, AND GPS EXECUTES, AN ORDER FOR WHICH CLIENT DOES NOTHAVE SUFFUCIENT FUNDS; OR (vii) GPS AUTHORIZE IBKRTO DETERMINES (IN ITS SOLE DISCRETION) THAT LIQUIDATION OR REMAIN AFTER SUCH LIQUIDATION. IBIE HAS NO LIABILITY IS NECESSARYOR ADVISABLE FOR ANY LOSS SUSTAINED BY THE CLIENT IN CONNECTION WITH SUCH LIQUIDATIONS (OR IF THE IBIE SYSTEM DELAYS EFFECTING, OR DOES NOT EFFECT, SUCH LIQUIDATIONS) EVEN IF THE CLIENT RE- ESTABLISHES ITS POSITION AT A WORSE PRICE. IBIE GPS'S PROTECTION. B. GPS may allow the Client to pre-request the order of liquidation of assets in Client's account in the event of a margin deficiency, but such requests are not binding on IBIE GPS and IBIE GPS retains the sole discretion to determine the assets to be liquidated and the order/order and manner of liquidation. IBIE GPS may liquidate Client positions through any market or dealer, or through foreclosures or any other method in GPS's sole discretion, and IBIE GPS or its affiliates may take the other side of the transactions consistent with Applicable Law and regulationsliquidating transactions. If IBIE IBKR liquidates any/all any positions in the Client's account, such liquidation shall establish the ClientestablishClient's gain/gain or loss and remaining indebtedness to IBIE, if any. The Client shall reimburse and hold IBIE harmless for all actions, omissions, costs, fees (including, but not limited to, attorneys' fees), or liabilities associated with any such transaction undertaken by IBIE. GPS. C. If IBIE executes an order for which the Client did not have sufficient equity, IBIE has the right, without notice, to liquidate the trade and the Client shall be responsible for any resulting loss and shall not be entitled to any resulting profit. Unless a specific law in your jurisdiction requires otherwise, you cannot assume that IBIE's general policy to liquidate positions with a margin deficiency will prevent you from losing more than you have deposited with IBIE. Among other things, markets may "gap" down and IBIE may not be able to close out a position at a price that would avoid losses greater than your margin deposit. Likewise, IBIE may in its discretion delay or decide not to liquidate a position with a margin deficit. If you wish to avoid further losses on any position, you must close out the position yourself and not rely on IBIE to do so. If IBIE GPS does not, for any reason, liquidate under-margined positions, and issues a margin call, the Client must satisfy such call immediately as requested by depositing fundsfunds into Client's account. The Client acknowledges that even Even if a call is issued, IBIE GPS still may liquidate positions at any time. The . D. If any of the events itemized in Paragraph 16(A)(1) - (7) occurs, Client acknowledges agrees that IBIE GPS also has the right right, in its sole discretion, but not the obligation, to liquidate (i) freeze all or any part of the positions or assets held in Client's account, or (ii) exercise options positions in Client's account. GPS may take these actions without prior notice upon to Client. E. For the avoidance of doubt, GPS agrees to not liquidate positions in a Client XXX account solelyto satisfy an obligation in a separate account held by the same Client at GPS if such an action would jeopardize the tax-advantaged treatment of Client's XXX account under applicable rules. This provision is not intended to relieve Client of any "Default" as described belowobligation to GPS in connection with eitherof such accounts.

Liquidation of Positions and Offsetting Transactions. i. IF AT ANY TIME THE CLIENTCUSTOMER'S ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS OR IS IN DEFICIT, INCLUDING INTRA-DAYIB UK AND/OR ITS AFFILIATES HAVE THE RIGHT, IBIE HAS THE RIGHT IN THEIR SOLE DISCRETION, BUT NOT THE OBLIGATION, IN ITS SOLE DISCRETION, TO LIQUIDATE ALL OR ANY PART OF THE CLIENTCUSTOMER'S POSITIONS (OR TO ESTABLISH NEW RISK-REDUCING POSITIONS) IN ANY OF T H E CLIENTCUSTOMER'S IB UK ACCOUNTS, INDIVIDUAL OR JOINT, AT ANY TIME AND IN ANY MANNER AND THROUGH ANY MARKET OR DEALER, WITHOUT PRIOR NOTICE OR MARGIN CALL TO THE CLIENTCUSTOMER. U N L E S S D I F F E R E N T L Y R E Q U I R E D B Y A P P L I C A B L E L O C A L L A W A N D R E G U L A T I O N , T H E CLIENT CUSTOMER SHALL BE LIABLE AND WILL PROMPTLY PAY IBIE IB UK AND/OR ITS AFFILIATES FOR ANY DEFICIENCIES IN THE CLIENTCUSTOMER'S ACCOUNT THAT ARISE FROM SUCH LIQUIDATION OR REMAIN AFTER SUCH LIQUIDATION. IBIE HAS IB UK AND ITS AFFILIATES HAVE NO LIABILITY FOR ANY LOSS SUSTAINED BY THE CLIENT CUSTOMER IN CONNECTION WITH SUCH LIQUIDATIONS (OR IF THE IBIE IB UK SYSTEM DELAYS EFFECTING, OR DOES NOT EFFECT, SUCH LIQUIDATIONS) EVEN IF THE CLIENT RE- CUSTOMER RE-ESTABLISHES ITS POSITION AT A WORSE PRICE. ii. IBIE IB UK may allow the Client Customer to pre-request the order of liquidation in event of a margin deficiency, but such requests are not binding on IBIE IB UK and IBIE retains its Affiliates and IB UK and its Affiliates retain sole discretion to determine the assets to be liquidated and the order/manner of liquidation. IBIE IB UK and/or its Affiliates may liquidate through any market or dealer, and IBIE IB UK or its affiliates Affiliates may take the other side of the transactions consistent with Applicable Law and regulationsLaws. If IBIE IB UK liquidates any/all positions in the ClientCustomer's account, such liquidation shall establish the ClientCustomer's gain/loss and remaining indebtedness to IBIEIB UK and its Affiliates, if any. The Client Customer shall reimburse and hold IBIE IB UK and its Affiliates harmless for all actions, omissions, costs, fees (including, but not limited to, attorneys' attorney's fees), or liabilities associated with any such transaction undertaken by IBIEIB UK and/or its Affiliates. If IBIE IB UK and/or its Affiliates executes an order for which the Client Customer did not have sufficient equity, IBIE has IB UK and its Affiliates have the right, without notice, to liquidate the trade and the Client Customer shall be responsible for any resulting loss and shall not be entitled to any resulting profit. Unless a specific law in your jurisdiction requires otherwise, you cannot assume that IBIE's general policy to liquidate positions with a margin deficiency will prevent you from losing more than you have deposited with IBIE. Among other things, markets may "gap" down and IBIE may not be able to close out a position at a price that would avoid losses greater than your margin deposit. Likewise, IBIE may in its discretion delay or decide not to liquidate a position with a margin deficit. iii. If you wish to avoid further losses on any position, you must close out the position yourself and not rely on IBIE to do so. If IBIE IB UK does not, for any reason, liquidate under-margined positions, and issues a margin call, the Client Customer must satisfy such call immediately by depositing funds. The Client Customer acknowledges that even if a call is issued, IBIE IB UK and/or its Affiliates still may liquidate positions at any time. iv. The Client Customer acknowledges that IBIE IB UK and its Affiliates also has have the right to liquidate all or part of the ClientCustomer's positions without prior notice notice: (i) if any dispute arises concerning any Customer trade, (ii) upon any "Default" as described in Section 16 below, or (iii) whenever IB UK and/or its Affiliates deems liquidation necessary or advisable for IB UK's and/or its Affiliates’ protection.

Liquidation of Positions and Offsetting Transactions. IF AT ANY TIME THE CLIENT'S ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS OR IS IN DEFICIT, INCLUDING INTRA-DAY, IBIE A. CLIENT AGREES THAT IBKR HAS THE RIGHT BUT NOT THE OBLIGATIONRIGHT, IN ITS SOLE DISCRETION, BUT NOT THE OBLIGATION, TO LIQUIDATE ALL OR ANY PART OF THE CLIENT'S POSITIONS (OR TO ESTABLISH NEW RISK-REDUCING POSITIONS) ASSETS IN ANY OF T H E CLIENT'S IBKR ACCOUNTS, INDIVIDUAL OR JOINT, AT ANY TIME AND IN ANY MANNER (INCLUDING BUT NOT LIMITED TO PRE­MARKET/AFTER­MARKET TRADING AND PRIVATE SALES) AND THROUGH ANY MARKET OR DEALER, WITHOUT PRIOR NOTICE OR MARGIN CALL TO THE CLIENT. U N L E S S D I F F E R E N T L Y R E Q U I R E D B Y A P P L I C A B L E L O C A L L A W A N D R E G U L A T I O N , T H E CLIENT SHALL BE LIABLE AND WILL PROMPTLY PAY IBIE FOR IF AT ANY DEFICIENCIES IN THE TIME: i. CLIENT'S ACCOUNT HAS ZERO EQUITY OR IS IN DEFICIT (I.E., NEGATIVE EQUITY); ii. CLIENT'S ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS; iii. IBKR ANTICIPATES (IN ITS SOLE DISCRETION) THAT ARISE FROM SUCH LIQUIDATION THE HOLDING OF AN OPTION POSITION OR REMAIN AFTER SUCH LIQUIDATIONANY OTHER POSITION IN CLIENT'S ACCOUNT LIKELY WILL RESULT IN A FUTURE MARGIN VIOLATION (FOR EXAMPLE UPON EXPIRATION OF A DERIVATIVE POSITION); iv. IBIE AN EVENT OF DEFAULT HAS NO LIABILITY FOR ANY LOSS SUSTAINED BY THE CLIENT IN CONNECTION WITH SUCH LIQUIDATIONS (OR IF THE IBIE SYSTEM DELAYS EFFECTING, OR DOES NOT EFFECT, SUCH LIQUIDATIONS) EVEN IF THE CLIENT RE- ESTABLISHES ITS POSITION AT A WORSE PRICE. IBIE OCCURRED; v. THIS AGREEMENT HAS BEEN TERMINATED; B. IBKR may allow the Client to pre-request the order of liquidation of assets in Client's account in the event of a margin deficiency, but such requests are not binding on IBIE IBKR and IBIE IBKR retains the sole discretion to determine the assets to be liquidated and the order/order and manner of liquidation. IBIE IBKR may liquidate Client positions through any market or dealer, or through foreclosures or any other method in IBKR's sole discretion, and IBIE IBKR or its affiliates may take the other side of the transactions consistent with Applicable Law and regulationsliquidating transactions. If IBIE IBKR liquidates any/all any positions in the Client's account, such liquidation shall establish the Client's gain/gain or loss and remaining indebtedness to IBIE, if any. The Client shall reimburse and hold IBIE harmless for all actions, omissions, costs, fees (including, but not limited to, attorneys' fees), or liabilities associated with any such transaction undertaken by IBIE. IBKR. C. If IBIE executes an order for which the Client did not have sufficient equity, IBIE has the right, without notice, to liquidate the trade and the Client shall be responsible for any resulting loss and shall not be entitled to any resulting profit. Unless a specific law in your jurisdiction requires otherwise, you cannot assume that IBIE's general policy to liquidate positions with a margin deficiency will prevent you from losing more than you have deposited with IBIE. Among other things, markets may "gap" down and IBIE may not be able to close out a position at a price that would avoid losses greater than your margin deposit. Likewise, IBIE may in its discretion delay or decide not to liquidate a position with a margin deficit. If you wish to avoid further losses on any position, you must close out the position yourself and not rely on IBIE to do so. If IBIE IBKR does not, for any reason, liquidate under-margined under­margined positions, and issues a margin call, the Client must satisfy such call immediately as requested by depositing fundsfunds into Client's account. The Client acknowledges that even Even if a call is issued, IBIE IBKR still may liquidate positions at any time. The . D. If any of the events itemized in Paragraph 16(A)(1) ­ (7) occurs, Client acknowledges agrees that IBIE IBKR also has the right right, in its sole discretion, but not the obligation, to liquidate (i) freeze all or any part of the positions or assets held in Client's account, or (ii) exercise options positions in Client's account. IBKR may take these actions without prior notice upon to Client. E. For the avoidance of doubt, IBKR agrees to not liquidate positions in a Client XXX account solely to satisfy an obligation in a separate account held by the same Client at IBKR if such an action would jeopardize the tax­advantaged treatment of Client's XXX account under applicable rules. This provision is not intended to relieve Client of any "Default" as described belowobligation to IBKR in connection with either of such accounts.