Common use of COLLATERAL AND LENDING AGREEMENT Clause in Contracts

COLLATERAL AND LENDING AGREEMENT. All funds, securities, currencies, and other property of Client that BMFN or its affiliates may at any time be carrying for Client (either individually, jointly with others or as a guarantor of the account of any other person) or which may at any time be in its possession or control or carried on the books of BMFN for any purpose, including safekeeping, are to be held by BMFN as security and subject to a general lien and right of set-off for all obligations and liabilities of Client to BMFN whether or not BMFN has made advances in connection with such securities, currencies or other property, and irrespective of the number of accounts Client may have with BMFN. BMFN may in its discretion, at any time and from time to time, without notice to Client, apply and/or transfer any or all funds or other property of Client between any of Client's accounts. Client hereby also grants to BMFN the right to pledge, re-pledge, hypothecate, invest or loan, either separately or with the property of other Clients, to itself as broker or to others, any securities or other property of Client held by BMFN as margin or collateral. BMFN shall at no time be required to deliver to Client the identical property delivered to or purchased by BMFN for any account of Client. Should Client take delivery of currencies through settlement of trades, BMFN is obliged to make full payment for the delivery on 24 hours notice. If the balance in the Client's account is not adequate to pay for the delivery, the depository receipts held in the name of Client or BMFN, as Client’s agent or nominee, become property carried on margin in the Client's account, since they are not fully paid for by Client. This authorization shall apply to all accounts carried by BMFN for Client and shall remain in full force until all accounts are fully paid for by Client or notice of revocation is sent by BMFN. 10

COLLATERAL AND LENDING AGREEMENT. All funds, securities, currencies, and other property of Client that BMFN or its affiliates may at any time be carrying for Client (either individually, jointly with others or as a guarantor of the account of any other person) or which may at any time be in its possession or control or carried on the books of BMFN for any purpose, including safekeeping, are to be held by BMFN as security and subject to a general lien and right of set-off for all obligations and liabilities of Client to BMFN whether or not BMFN has made advances in connection with such securities, currencies or other property, and irrespective of the number of accounts Client may have with BMFN. BMFN may in its discretion, at any time and from time to time, without notice to Client, apply and/or transfer any or all funds or other property of Client between any of Client's ’s accounts. Client hereby also grants to BMFN the right to pledge, re-pledge, hypothecate, invest or loan, either separately or with the property of other Clients, to itself as broker or to others, any securities or other property of Client held by BMFN as margin or collateral. BMFN shall at no time be required to deliver to Client the identical property delivered to or purchased by BMFN for any account of Client. Should Client take delivery of currencies through settlement of trades, BMFN is obliged to make full payment for the delivery on 24 hours notice. If the balance in the Client's ’s account is not adequate to pay for the delivery, the depository receipts held in the name of Client or BMFN, as Client’s agent or nominee, become property carried on margin in the Client's ’s account, since they are not fully paid for by Client. This authorization shall apply to all accounts carried by BMFN for Client and shall remain in full force until all accounts are fully paid for by Client or notice of revocation is sent by BMFN. 1010 LIQUIDATION OF ACCOUNTS / DEFICIT BALANCES In the event of: A the death or judicial declaration of incompetence of Client, B the filing of a petition in bankruptcy, or a petition for the appointment of a receiver, or the institution of any insolvency or similar proceeding by or against Client, C the filing of an attachment against any of Client’s accounts carried by BMFN, D insufficient margin, or BMFN’s determination that any collateral deposited to protect one or more accounts of Client is inadequate, regardless of current market quotations, to secure the account, E Client’s failure to provide BMFN any information requested pursuant to this agreement, or F any other circumstances or developments that XXXX xxxxx appropriate for its protection, then, in BMFN’s sole discretion, it may take one or more, or any portion of, the following actions: I satisfy any obligation Client may have to BMFN, either directly or by way of guaranty of surety, out of any of Client’s funds or property in its custody or control, II sell or purchase any or all Contracts, securities or property held or carried for Client, and III cancel any or all outstanding orders or contracts, or any other commitments made on behalf of Client. Any of the above actions may be taken without demand for margin or additional margin, without prior notice of sale or purchase or other notice to Client, Client’s personal representatives, heirs, executors, administrators, trustees, legatees or assigns and regardless of whether the ownership interest shall be solely Client’s or held jointly with others. In liquidation of Client’s long or short positions, BMFN may, in its sole discretion, offset in the same settlement or it may initiate new long or short positions in order to establish a spread or straddle, which in the sole discretion of BMFN may be advisable to protect or reduce existing positions in a Client’s account. Any sales or purchases hereunder may be made at BMFN’s discretion with any inter-bank or other market where such business is then usually transacted or at a public auction or private sale, and BMFN may purchase the whole or any part thereof free from any right of redemption. Client shall at all times be liable for the payment of any deficit balance in Client’s account(s) upon demand by BMFN and in all cases, Client shall be liable for any deficiency remaining in Client’s account(s) in the event of the liquidation thereof in whole or in part by BMFN or by Client. In the event the proceeds realized pursuant to this authorization are insufficient for the payment of all obligations and liabilities of Client owed to BMFN, Client shall promptly pay upon demand, the deficit together with interest thereon at a rate equal to three points above the then prevailing prime rate at BMFN’s principal bank or the maximum interest rate allowed by law, whichever is lower. Client agrees to pay and shall be liable for all reasonable costs and expenses of collection, including but not limited to, attorney’s fees, witness fees and travel expenses. In the event BMFN incurs expenses other than for the collection of deficits, with respect to any of Client’s account(s), Client agrees to pay such expenses.

COLLATERAL AND LENDING AGREEMENT. All funds, securities, currencies, and other property of Client that BMFN or its affiliates may at any time be carrying for Client (either individually, jointly with others or as a guarantor of the account of any other person) or which may at any time be in its possession or control or carried on the books of BMFN for any purpose, including safekeeping, are to be held by BMFN as security and subject to a general lien and right of set-off for all obligations and liabilities of Client to BMFN whether or not BMFN has made advances in connection with such securities, currencies or other property, and irrespective of the number of accounts Client may have with BMFN. BMFN may in its discretion, at any time and from time to time, without notice to Client, apply and/or transfer any or all funds or other property of Client between any of Client's ’s accounts. Client hereby also grants to BMFN the right to pledge, re-pledge, hypothecate, invest or loan, either separately or with the property of other Clients, to itself as broker or to others, any securities or other property of Client held by BMFN as margin or collateral. BMFN shall at no time be required to deliver to Client the identical property delivered to or purchased by BMFN for any account of Client. Should Client take delivery of currencies through settlement of trades, BMFN is obliged to make full payment for the delivery on 24 hours notice. If the balance in the Client's ’s account is not adequate to pay for the delivery, the depository receipts held in the name of Client or BMFN, as Client’s agent or nominee, become property carried on margin in the Client's ’s account, since they are not fully paid for by Client. This authorization shall apply to all accounts carried by BMFN for Client and shall remain in full force until all accounts are fully paid for by Client or notice of revocation is sent by BMFN. 1010 LIQUIDATION OF ACCOUNTS/ DEFICIT BALANCES In the event of: A the death or judicial declaration of incompetence of Client, B the filing of a petition in bankruptcy, or a petition for the appointment of a receiver, or the institution of any insolvency or similar proceeding by or against Client, C the filing of an attachment against any of Client’s accounts carried by BMFN, D insufficient margin, or BMFN’s determination that any collateral deposited to protect one or more accounts of Client is inadequate, regardless of current market quotations, to secure the account, E Client’s failure to provide BMFN any information requested pursuant to this agreement, or F any other circumstances or developments that XXXX xxxxx appropriate for its protection, then, in BMFN’s sole discretion, it may take one or more, or any portion of, the following actions: I satisfy any obligation Client may have to BMFN, either directly or by way of guaranty of surety, out of any of Client’s funds or property in its custody or control, II sell or purchase any or all Contracts, securities or property held or carried for Client, and III cancel any or all outstanding orders or contracts, or any other commitments made on behalf of Client. Any of the above actions may be taken without demand for margin or additional margin, without prior notice of sale or purchase or other notice to Client, Client’s personal representatives, heirs, executors, administrators, trustees, legatees or assigns and regardless of whether the ownership interest shall be solely Client’s or held jointly with others. In liquidation of Client’s long or short positions, BMFN may, in its sole discretion, offset in the same settlement or it may initiate new long or short positions in order to establish a spread or straddle which in the sole discretion of BMFN may be advisable to protect or reduce existing positions in a Client’s account. Any sales or purchases hereunder may be made at BMFN’s discretion with any inter-bank or other market where such business is then usually transacted or at a public auction or private sale, and BMFN may purchase the whole or any part thereof free from any right of redemption. Client shall at all times be liable for the payment of any deficit balance in Client’s account(s) upon demand by BMFN and in all cases, Client shall be liable for any deficiency remaining in Client’s account(s) in the event of the liquidation thereof in whole or in part by BMFN or by Client. In the event the proceeds realized pursuant to this authorization are insufficient for the payment of all obligations and liabilities of Client owed to BMFN, Client shall promptly pay upon demand, the deficit together with interest thereon at a rate equal to three points above the then prevailing prime rate at BMFN’s principal bank or the maximum interest rate allowed by law, whichever is lower. Client agrees to pay and shall be liable for all reasonable costs and expenses of collection, including but not limited to, attorney’s fees, witness fees and travel expenses. In the event BMFN incurs expenses other than for the collection of deficits, with respect to any of Client’s account(s), Client agrees to pay such expenses.

COLLATERAL AND LENDING AGREEMENT. All funds, securities, currencies, and other property of Client that BMFN or its affiliates may at any time be carrying for Client (either individually, jointly with others or as a guarantor of the account of any other person) or which may at any time be in its possession or control or carried on the books of BMFN for any purpose, including safekeeping, are to be held by BMFN as security and subject to a general lien and right of set-off for all obligations and liabilities of Client to BMFN whether or not BMFN has made advances in connection with such securities, currencies or other property, and irrespective of the number of accounts Client may have with BMFN. BMFN may in its discretion, at any time and from time to time, without notice to Client, apply and/or transfer any or all funds or other property of Client between any of Client's accounts. Client hereby also grants to BMFN the right to pledge, re-pledge, hypothecate, invest or loan, either separately or with the property of other Clients, to itself as broker or to others, any securities or other property of Client held by BMFN as margin or collateral. BMFN shall at no time be required to deliver to Client the identical property delivered to or purchased by BMFN for any account of Client. Should Client take delivery of currencies through settlement of trades, BMFN is obliged to make full payment for the delivery on 24 hours notice. If the balance in the Client's account is not adequate to pay for the delivery, the depository receipts held in the name of Client or BMFN, as Client’s agent or nominee, become property carried on margin in the Client's account, since they are not fully paid for by Client. This authorization shall apply to all accounts carried by BMFN for Client and shall remain in full force until all accounts are fully paid for by Client or notice of revocation is sent by BMFN. 10.

COLLATERAL AND LENDING AGREEMENT. All funds, securities, currencies, and other property of Client that BMFN or its affiliates may at any time be carrying for Client (either individually, jointly with others or as a guarantor of the account of any other person) or which may at any time be in its possession or control or carried on the books of BMFN for any purpose, including safekeeping, are to be held by BMFN as security and subject to a general lien and right of set-off for all obligations and liabilities of Client to BMFN whether or not BMFN has made advances in connection with such securities, currencies or other property, and irrespective of the number of accounts Client may have with BMFN. BMFN may in its discretion, at any time and from time to time, without notice to Client, apply and/or transfer any or all funds or other property of Client between any of Client's ’s accounts. Client hereby also grants to BMFN the right to pledge, re-pledge, hypothecate, invest or loan, either separately or with the property of other Clients, to itself as broker or to others, any securities or other property of Client held by BMFN as margin or collateral. BMFN shall at no time be required to deliver to Client the identical property delivered to or purchased by BMFN for any account of Client. Should Client take delivery of currencies through settlement of trades, BMFN is obliged to make full payment for the delivery on 24 hours notice. If the balance in the Client's ’s account is not adequate to pay for the delivery, the depository receipts held in the name of Client or BMFN, as Client’s agent or nominee, become property carried on margin in the Client's ’s account, since they are not fully paid for by Client. This authorization shall apply to all accounts carried by BMFN for Client and shall remain in full force until all accounts are fully paid for by Client or notice of revocation is sent by BMFN. 1010 LIQUIDATION OF ACCOUNTS / DEFICIT BALANCES In the event of: A the death or judicial declaration of incompetence of Client, B the filing of a petition in bankruptcy, or a petition for the appointment of a receiver, or the institution of any insolvency or similar proceeding by or against Client, C the filing of an attachment against any of Client’s accounts carried by BMFN, D insufficient margin, or BMFN’s determination that any collateral deposited to protect one or more accounts of Client is inadequate, regardless of current market quotations, to secure the account, E Client’s failure to provide BMFN any information requested pursuant to this agreement, or F any other circumstances or developments that XXXX xxxxx appropriate for its protection, then, in BMFN’s sole discretion, it may take one or more, or any portion of, the following actions: I satisfy any obligation Client may have to BMFN, either directly or by way of guaranty of surety, out of any of Client’s funds or property in its custody or control, II sell or purchase any or all Contracts, securities or property held or carried for Client, and III cancel any or all outstanding orders or contracts, or any other commitments made on behalf of Client. Any of the above actions may be taken without demand for margin or additional margin, without prior notice of sale or purchase or other notice to Client, Client’s personal representatives, heirs, executors, administrators, trustees, legatees or assigns and regardless of whether the ownership interest shall be solely Client’s or held jointly with others. In liquidation of Client’s long or short positions, BMFN may, in its sole discretion, offset in the same settlement or it may initiate new long or short positions in order to establish a spread or straddle which in the sole discretion of BMFN may be advisable to protect or reduce existing positions in a Client’s account. Any sales or purchases hereunder may be made at BMFN’s discretion with any inter-bank or other market where such business is then usually transacted or at a public auction or private sale, and BMFN may purchase the whole or any part thereof free from any right of redemption. Client shall at all times be liable for the payment of any deficit balance in Client’s account(s) upon demand by BMFN and in all cases, Client shall be liable for any deficiency remaining in Client’s account(s) in the event of the liquidation thereof in whole or in part by BMFN or by Client. In the event the proceeds realized pursuant to this authorization are insufficient for the payment of all obligations and liabilities of Client owed to BMFN, Client shall promptly pay upon demand, the deficit together with interest thereon at a rate equal to three points above the then prevailing prime rate at BMFN’s principal bank or the maximum interest rate allowed by law, whichever is lower. Client agrees to pay and shall be liable for all reasonable costs and expenses of collection, including but not limited to, attorney’s fees, witness fees and travel expenses. In the event BMFN incurs expenses other than for the collection of deficits, with respect to any of Client’s account(s), Client agrees to pay such expenses.