Uncovered Options. The undersigned agrees that in connection with any uncovered options(s) for the undersigned’s account, uncovered options are prohibited in IRA accounts. The undersigned agrees not to sell, during the life of the options in the account, the underlying securities collateralizing such options, including any cash or securities which may accrue on the underlying covered securities until such options are closed, exercised or expired or the undersigned has metthe collateral requirements established by Apex and or the introducing broker for carrying uncovered options. The undersigned also agrees that the introducing broker and or Apex, in its respective sole discretion, may refuse any order to sell such underlying securities received from the undersignedor by means of a “give up” basis through another firm unless, prior to such sale, the undersigned has met the collateral requirements established by Apex and/or the introducing broker for carrying uncovered options Apex has the right, in its sole discretion, topermit the undersigned to apply the proceeds of such sale to such collateral requirements.
Uncovered Options. If Dealer writes an option contract without depositing the underlying security promptly, Dealer agrees to honor all assignments and deliver the underlying security to AAI during the prescribed time. If Dealer fails to deliver the underlying security promptly, AAI is authorized to act as Dealer's agent and buy-in such security at the then current market price. In such event, the Account shall be debited for any loss and AAI shall charge a fee and/or commission for this service.
