Common use of COLLATERAL AND LENDING AGREEMENT Clause in Contracts

COLLATERAL AND LENDING AGREEMENT. All funds, securities, currencies, and other property of Customer which GFX or its affiliates may at any time be carrying for Customer (either individually, jointly with other, 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 its books for any purpose, including safekeeping, are to be held by GFX as security and subject to a general lien and right of set-off for liabilities of Customer to GFX whether or not GFX has made advances in connection with such securities, commodities, currencies or other property, and irrespective of the number of accounts Customer may have with GFX. GFX may in its discretion, at any time and from time to time, without notice to Customer, apply and/or transfer any or all funds or other property of Customer between any of Customer’s accounts. Customer hereby also grants to GFX the right to pledge, repledge, hypothecate, invest or loan, either separately or with the property of other Customers, to itself as broker or to others, any securities or other property of Customer held by GFX as margin or security. GFX shall at no time be required to deliver to Customer the identical property delivered to or purchased by GFX for any account of Customer. This authorization shall apply to all accounts carried by GFX for Customer and shall remain in full force until all accounts are fully paid for by Customer or notice of revocation is sent by GFX from its home office. Any failure by GFX to enforce its rights hereunder shall not be deemed a future waiver of such rights by GFX. GFX is irrevocably appointed as attorney in-fact for Customer and is authorized, without notice to Customer, to execute and deliver any documents, give any notice and to take any actions on behalf of Customer, including the execution, delivery and filing of financing statements, that GFX deems necessary or desirable to evidence or to protect GFX’s interest with respect to any collateral. In the event that the collateral deemed acceptable to GFX is at any time insufficient to satisfy Customer’s indebtedness or other obligations to GFX, including obligations to provide margin in accordance with section 4 above, Customer shall promptly pay upon demand the entire amount of such deficit.

COLLATERAL AND LENDING AGREEMENT. All funds, securities, currencies, and other property of Customer which GFX FXPRIMUS or its affiliates may at any time be carrying for Customer (either individually, jointly with other, 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 its books for any purpose, including safekeeping, are to be held by GFX FXPRIMUS as security and subject to a general lien and right of set-off for liabilities of Customer to GFX FXPRIMUS whether or not GFX FXPRIMUS has made advances in connection with such securities, commodities, currencies or other property, and irrespective of the number of accounts Customer may have with GFXFXPRIMUS. GFX FXPRIMUS may in its discretion, at any time and from time to time, without notice to Customer, apply and/or transfer any or all funds or other property of Customer between any of Customer’s accounts. Customer hereby also grants to GFX FXPRIMUS the right to pledge, repledgere-pledge, hypothecate, invest or loan, either separately or with the property of other Customers, to itself as broker or to others, any securities or other property of Customer held by GFX FXPRIMUS as margin or security. GFX FXPRIMUS shall at no time be required to deliver to Customer the identical property delivered to or purchased by GFX FXPRIMUS for any account of Customer. This authorization shall apply to all accounts carried by GFX FXPRIMUS for Customer and shall remain in full force until all accounts are fully paid for by Customer or notice of revocation is sent by GFX FXPRIMUS from its home office. Any failure by GFX FXPRIMUS to enforce its rights hereunder shall not be deemed a future waiver of such rights by GFXFXPRIMUS. GFX FXPRIMUS is irrevocably appointed as attorney in-fact for Customer and is authorized, without notice to Customer, to execute and deliver any documents, give any notice and to take any actions on behalf of Customer, including the execution, delivery and filing of financing statements, that GFX FXPRIMUS deems necessary or desirable to evidence or to protect GFXFXPRIMUS’s interest with respect to any collateral. In the event that the collateral deemed acceptable to GFX FXPRIMUS is at any time insufficient to satisfy Customer’s indebtedness or other obligations to GFXFXPRIMUS, including obligations to provide margin in accordance with section 4 above, Customer shall promptly pay upon demand the entire amount of such deficit.