Common use of Trading Authorization Clause in Contracts

Trading Authorization. Your Investment Advisor(s) is authorized to buy and sell (including short sales) equities, bonds, option contracts, and any other related securities, including selecting a money fund or bank deposit product as a sweep option in Your Account, and/or contracts, on margin or otherwise, in accordance with this Agreement and the policies of Pershing Advisor Solutions. For all purchases and sales, Pershing Advisor Solutions is authorized to follow all your Investment Advisor(s)’ instructions. Except as herein otherwise provided, the Investment Advisor(s) is authorized to act for You in the same manner and with the same force and effect as You might or could do with respect to such purchases and sales, as well as with respect to all other things necessary or incidental thereto including the changing of your sweep instruction, which may include changes between money market funds and bank deposit products, voting of proxies or effectuating tenders, exchanges, or redemptions, or other similar actions (or acting on corporate mailings) with respect to securities held in Your Account, except as previously provided to the Investment Advisor(s). However, the Investment Advisor(s) will not be obligated to take action or render any advice involving legal action, on behalf of Pershing Advisor Solutions, with respect to Securities, Commodities and other Property held in Your Account, or the issuers thereof, which become the subject of legal notices or proceedings, including bankruptcies. You also authorize the Investment Advisor(s) in its discretion to aggregate purchases and sales of securities for Your Account with those of the same issuer for other clients occurring on the same day. When transactions are aggregated in this way, all participating clients of your Investment Advisor(s) will be deemed to have purchased or sold their proportionate shares at the average transaction price. Client Copy If this Agreement is entered into by a trustee or other fiduciary, including someone meeting the definition of fiduciary under the Employee Retirement Income Security Act of 1974 (“ERISA”) or an employee benefit plan subject to ERISA, the fiduciary warrants that the execution of this Trading Authorization is permitted by the plan’s relevant governing instrument, and that the fiduciary is duly authorized to enter into this Agreement. The fiduciary agrees to furnish relevant plan documents to Pershing Advisor Solutions or the Investment Advisor(s) on request. The fiduciary agrees to advise them of any event that might affect this authority or the validity of this Agreement. The fiduciary also warrants (i) that your governing instruments provide that an “investment manager” (as defined in ERISA) may be appointed, and (ii) that the person executing and delivering this Agreement is a “named fiduciary” (as defined in ERISA) who has the power under the plan to appoint an investment manager. The Investment Advisor(s) is that investment manager.

Trading Authorization. Your Investment Advisor(s) is authorized to buy and sell (including short sales) equities, bonds, option contracts, and any other related securities, including selecting a money fund or bank deposit product as a sweep option in Your Account, and/or contracts, on margin or otherwise, in accordance with this Agreement and the policies of Pershing Advisor Solutions. For all purchases and sales, Pershing Advisor Solutions is authorized to follow all your Investment Advisor(s)’ instructions. Except as herein otherwise provided, the Investment Advisor(s) is authorized to act for You in the same manner and with the same force and effect as You might or could do with respect to such purchases and sales, as well as with respect to all other things necessary or incidental thereto including the changing of your sweep instruction, which may include changes between money market funds and bank deposit products, voting of proxies or effectuating tenders, exchanges, or redemptions, or other similar actions (or acting on corporate mailings) with respect to securities held in Your Account, except as previously provided to the Investment Advisor(s). However, the Investment Advisor(s) will not be obligated to take action or render any advice involving legal action, on behalf of Pershing Advisor Solutions, with respect to Securities, Commodities and other Property held in Your Account, or the issuers thereof, which become the subject of legal notices or proceedings, including bankruptcies. You also authorize the Investment Advisor(s) in its discretion to aggregate purchases and sales of securities for Your Account with those of the same issuer for other clients occurring on the same day. When transactions are aggregated in this way, all participating clients of your Investment Advisor(s) will be deemed to have purchased or sold their proportionate shares at the average transaction price. Client Copy If this Agreement is entered into by a trustee or other fiduciary, including someone meeting the definition of fiduciary under the Employee Retirement Income Security Act of 1974 1e74 (“"ERISA”") or an employee benefit plan subject to ERISA, the fiduciary warrants that the execution of this Trading Authorization is permitted by the plan’s relevant governing instrument, and that the fiduciary is duly authorized to enter into this Agreement. The fiduciary agrees to furnish relevant plan documents to Pershing Advisor Solutions or the Investment Advisor(s) on request. The fiduciary agrees to advise them of any event that might affect this authority or the validity of this Agreement. The fiduciary also warrants (i) that your governing instruments provide that an “"investment manager” " (as defined in ERISA) may be appointed, and (ii) that the person executing and delivering this Agreement is a “"named fiduciary” " (as defined in ERISA) who has the power under the plan to appoint an investment manager. The Investment Advisor(s) is that investment manager.