Common use of EXERCISES AND ASSIGNMENTS Clause in Contracts

EXERCISES AND ASSIGNMENTS. With regard to options transactions, the Client understands that some exchange clearing houses have established exercise requirements for the tender of exercise instructions and that option will become worthless in the event that the Client does not deliver instructions by such expiration times. At least two business days prior to the first notice day in the case of long positions in futures or forward contracts, and at least two business days prior to the last trading day in the case of short positions in open futures or forward contracts or long and short positions in options, the Client agrees that the Client will either give the Company instructions to liquidate or make or take delivery under such futures or forward contracts, or to liquidate, exercise, or allow the expiration of such options, and will deliver to the Company sufficient funds and/or any documents required in connection with exercise or delivery. If such instructions or such funds and/or documents, with regard to option transactions, are not received by the Company prior to the expiration of the option, the Company may permit an option to expire. The Client also understands that certain exchanges and clearing houses automatically exercise some “in the-money” options unless instructed otherwise. The Client acknowledges full responsibility for taking action either to exercise or to prevent exercise of an option contract, as the case may be; the Company is not required to take any action with respect to an option, including without limitation any action to exercise a valuable option contract prior to its expiration or to prevent the automatic exercise of an option, except upon the Client's express instructions. The Client further understands that the Company also has established exercise cut-off times which may be different from the times established by the contract markets in clearing houses. In the event that timely exercise and assignment instructions are not given, the Client hereby agrees to waive any and all claims for damage or loss the Client might have against the Company arising out of the fact that an option was or was not exercised. The Client understands that the Company randomly assigns exercise notices to clients, that all short option positions are subject to assignment at any time, including positions established on the same day that exercises are assigned, and that exercise assignment notices are allocated randomly from among all clients' short option positions which are subject to exercise.

EXERCISES AND ASSIGNMENTS. With regard to options transactions, the Client Customer understands that some exchange clearing houses have established exercise requirements for the tender of exercise instructions and that option options will become worthless worth less in the event that the Client Customer does not deliver instructions by such expiration times. At least two business days prior to the first notice day in the case of long positions in futures or forward contracts, and at least two business days prior to the last trading day in the case of short positions in open futures or forward contracts or long and short positions in options, the Client Customer agrees that the Client Customer will either give the Company JMI Brokers LTD instructions to liquidate or make or take delivery under such futures or forward contracts, or to liquidate, exercise, or allow the expiration of such options, and will deliver to the Company JMI Brokers LTD sufficient funds and/or any documents required in connection with exercise or delivery. If such instructions or such funds and/or documents, with regard to option transactions, are not received by the Company JMI prior to the expiration of the option, the Company JMI Brokers LTD may permit an option to expire. The Client Customer also understands that certain exchanges and clearing houses automatically exercise some “in thein-moneythe -money” options unless instructed otherwise. The Client , Customer acknowledges full responsibility for taking action either to exercise or to prevent exercise of an option contract, as the case may be; the Company maybe JMI Brokers LTD is not required to take any action with respect to an option, including without limitation any action to exercise a valuable option contract prior to its expiration or to prevent the automatic exercise of an option, except upon the Client's Customer’s express instructions. The Client Customer further understands that the Company JMI Brokers LTD also has established exercise cut-off times which may be maybe different from the times established by the contract markets in clearing houses. In the event that timely exercise and assignment instructions are not given, the Client Xxxxxxxx hereby agrees to waive any and all claims for damage or loss the Client Customer might have against the Company JMI Brokers LTD arising out of the fact that an option was or was not exercised. The Client Customer understands that the Company JMI Brokers LTD randomly assigns exercise notices to clientsCustomers, that all short option positions are subject to assignment at any timeanytime, including positions established on the same day that exercises are assignedareas signed, and that exercise assignment notices are allocated randomly from among all clients' Customers’ short option positions which are subject to exercise.