Common use of MARGIN REQUIREMENTS, CREDIT CHARGES AND CREDIT INVESTIGATION Clause in Contracts

MARGIN REQUIREMENTS, CREDIT CHARGES AND CREDIT INVESTIGATION. You will at all times maintain such securities, commodities, and other property in your accounts for margin purposes as Electronic Transaction Clearing, Inc. shall require from time to time via a margin call or other request, and the monthly debit balances or adjusted balances in your accounts with Electronic Transaction Clearing, Inc. shall be charged, in accordance with Electronic Transaction Clearing, Inc. practice, with interest at a rate permitted by laws of the State of California. It is understood that the interest charge made to your account at the close of a charge period will be added to the opening balance for the next charge period unless paid. You acknowledge receipt of the Disclosure Statement, which explains the conditions under which interest can be charged to your account, the annual rate of interest, how debit balances are determined, and the methods of computing interest. You further acknowledge receipt of the separate Margin Disclosure Statement, which provides some basic facts about purchasing securities on margin and alerts you to the risks involved with trading securities in a margin account. In regard to margin calls, whether for maintenance or any other margin call, in lieu of immediate liquidations, Electronic Transaction Clearing, Inc., may permit you a period of time to satisfy a call. This time period shall not in any way waive or diminish Electronic Transaction Clearing, Inc.’s right in its sole discretion, to shorten the time period in which you may satisfy the call, including one already outstanding, or to demand that a call be satisfied immediately. Nor does such practice waive or diminish the right of Electronic Transaction Clearing, Inc. to sell out positions to satisfy the call, which can be as high as the full indebtedness owed by you. Margin requirements may be established and changed by Electronic Transaction Clearing, Inc. in its sole discretion and judgment without notice to you. Electronic Transaction Clearing, Inc. may exchange credit information about you with others. Electronic Transaction Clearing, Inc. may request a credit report on you and upon request; Electronic Transaction Clearing, Inc. will state the name and address of the consumer reporting agency that furnished it. If Electronic Transaction Clearing, Inc. extends, updates, or renews your credit, Electronic Transaction Clearing, Inc. may request a new credit report without notifying you.

MARGIN REQUIREMENTS, CREDIT CHARGES AND CREDIT INVESTIGATION. You will at all times maintain such securities, commodities, and other property in your accounts for margin purposes as Electronic Transaction Clearing, Inc. ETC shall require from time to time via a margin call or other request, and the monthly debit balances or adjusted balances in your accounts with Electronic Transaction Clearing, Inc. ETC shall be charged, in accordance with Electronic Transaction Clearing, Inc. ETC practice, with interest at a rate permitted by laws of the State of California. It is understood that the interest charge made to your account at the close of a charge period will be added to the opening balance for the next charge period unless paid. You acknowledge receipt of the Disclosure Statement, which explains the conditions under which interest can be charged to your account, the annual rate of interest, how debit balances are determined, and the methods of computing interest. You further acknowledge receipt of the separate Margin Disclosure Statement, which provides some basic facts about purchasing securities on margin and alerts you to the risks involved with trading securities in a margin account. In regard to margin calls, whether for maintenance or any other margin call, in lieu of immediate liquidations, Electronic Transaction Clearing, Inc.ETC, may permit you a period of time to satisfy a call. This time period shall not in any way waive or diminish Electronic Transaction Clearing, Inc.ETC’s right in its sole discretion, to shorten the time period in which you may satisfy the call, including one already outstanding, or to demand that a call be satisfied immediately. Nor does such practice waive or diminish the right of Electronic Transaction Clearing, Inc. ETC or ChoiceTrade to sell out positions to satisfy the call, which can be as high as the full indebtedness owed by you. Margin requirements may be established and changed by Electronic Transaction Clearing, Inc. ETC in its sole discretion and judgment without notice to you. Electronic Transaction Clearing, Inc. ETC may exchange credit information about you with others. Electronic Transaction Clearing, Inc. ETC may request a credit report on you and upon request; Electronic Transaction Clearing, Inc. ETC will state the name and address of the consumer reporting agency that furnished it. If Electronic Transaction Clearing, Inc. ETC extends, updates, or renews your credit, Electronic Transaction Clearing, Inc. ETC may request a new credit report without notifying you.

MARGIN REQUIREMENTS, CREDIT CHARGES AND CREDIT INVESTIGATION. You will at all times maintain such securities, commodities, and other property in your accounts for margin purposes as Electronic Transaction Clearing, Inc. ETC shall require from time to time via a margin call or other request, and the monthly debit balances or adjusted balances in your accounts with Electronic Transaction Clearing, Inc. ETC shall be charged, in accordance with Electronic Transaction Clearing, Inc. ETC practice, with interest at a rate permitted by laws of the State of California. It is understood that the interest charge made to your account at the close of a charge period will be added to the opening balance for the next charge period unless paid. You acknowledge receipt of the Disclosure Statement, which explains the conditions under which interest can be charged to your account, the annual rate of interest, how debit balances are determined, and the methods of computing interest. You further acknowledge receipt of the separate Margin Disclosure Statement, which provides some basic facts about purchasing securities on margin and alerts you to the risks involved with trading securities in a margin account. In regard to margin calls, whether for maintenance or any other margin call, in lieu of immediate liquidations, Electronic Transaction Clearing, Inc.ETC, may permit you a period of time to satisfy a call. This time period shall not in any way waive or diminish Electronic Transaction Clearing, Inc.ETC’s right in its sole discretion, to shorten the time period in which you may satisfy the call, including one already outstanding, or to demand that a call be satisfied satisfied immediately. Nor does such practice waive or diminish the right of Electronic Transaction Clearing, Inc. ETC to sell out positions to satisfy the call, which can be as high as the full indebtedness owed by you. Margin requirements may be established and changed by Electronic Transaction Clearing, Inc. ETC in its sole discretion and judgment without notice to you. Electronic Transaction Clearing, Inc. ETC may exchange credit information about you with others. Electronic Transaction Clearing, Inc. ETC may request a credit report on you and upon request; Electronic Transaction Clearing, Inc. ETC will state the name and address of the consumer reporting agency that furnished it. If Electronic Transaction Clearing, Inc. ETC extends, updates, or renews your credit, Electronic Transaction Clearing, Inc. ETC may request a new credit report without notifying you.

MARGIN REQUIREMENTS, CREDIT CHARGES AND CREDIT INVESTIGATION. You will at all times maintain such securities, commodities, and other property in your accounts for margin purposes as Electronic Transaction Clearing, Inc. Velox shall require from time to time via a margin call or other request, and the monthly debit balances or adjusted balances in your accounts with Electronic Transaction Clearing, Inc. Velox shall be charged, in accordance with Electronic Transaction Clearing, Inc. Velox practice, with interest at a rate permitted by laws of the State of California. It is understood that the interest charge made to your account at the close of a charge period will be added to the opening balance for the next charge period unless paid. You acknowledge receipt of the Disclosure Statement, which explains the conditions under which interest can be charged to your account, the annual rate of interest, how debit balances are determined, and the methods of computing interest. You further acknowledge receipt of the separate Margin Disclosure Statement, which provides some basic facts about purchasing securities on margin and alerts you to the risks involved with trading securities in a margin account. In regard to margin calls, whether for maintenance or any other margin call, in lieu of immediate liquidations, Electronic Transaction Clearing, Inc.Velox, may permit you a period of time to satisfy a call. This time period shall not in any way waive or diminish Electronic Transaction Clearing, Inc.Velox’s right in its sole discretion, to shorten the time period in which you may satisfy the call, including one already outstanding, or to demand that a call be satisfied immediately. Nor does such practice waive or diminish the right of Electronic Transaction Clearing, Inc. Velox or ChoiceTrade to sell out positions to satisfy the call, which can be as high as the full indebtedness owed by you. Margin requirements may be established and changed by Electronic Transaction Clearing, Inc. Velox in its sole discretion and judgment without notice to you. Electronic Transaction Clearing, Inc. Velox may exchange credit information about you with others. Electronic Transaction Clearing, Inc. Velox may request a credit report on you and upon request; Electronic Transaction Clearing, Inc. Velox will state the name and address of the consumer reporting agency that furnished it. If Electronic Transaction Clearing, Inc. Velox extends, updates, or renews your credit, Electronic Transaction Clearing, Inc. Velox may request a new credit report without notifying you.

MARGIN REQUIREMENTS, CREDIT CHARGES AND CREDIT INVESTIGATION. You The Customer will at all times maintain such securities, commodities, and other property in your the accounts of the Customer for margin purposes as Electronic Transaction Clearing, Inc. Pershing shall require from time to time via a margin call or other request, and the monthly debit balances or adjusted balances in your the accounts of the Customer with Electronic Transaction Clearing, Inc. Pershing shall be charged, in accordance with Electronic Transaction Clearing, Inc. Pershing practice, with interest at a rate permitted by laws of the State of CaliforniaNew York. It is understood that the interest charge made to your the Customer’s account at the close of a charge period will be added to the opening balance for the next charge period unless paid. You acknowledge receipt of the Disclosure StatementStatement from Woodbury Financial, which explains the conditions under which interest can be charged to your account, the annual rate of interest, how debit balances are determined, and the methods of computing interest. You further acknowledge receipt of the separate Margin Disclosure Statement, which provides some basic facts about purchasing securities on margin and alerts you to the risks involved with trading securities in a margin account. In regard to margin calls, whether for maintenance or any other margin call, in lieu of immediate liquidations, Electronic Transaction Clearing, Inc., Pershing through Woodbury Financial may permit you a period of time to satisfy a call. This time period shall not in any way waive or diminish Electronic Transaction Clearing, Inc.Pershing’s right in its sole discretion, to shorten the time period in which you may satisfy the call, including one already outstanding, or to demand that a call be satisfied immediately. Nor does such practice waive or diminish the right of Electronic Transaction Clearing, Inc. Pershing and/or Woodbury Financial to sell out positions to satisfy the call, which can be as high as the full indebtedness owed by you. Margin requirements may be established and changed by Electronic Transaction Clearing, Inc. Pershing in its sole discretion and judgment without notice to you. Electronic Transaction Clearing, Inc. You will contact Woodbury Financial for the latest information on margin requirements. Pershing may exchange credit information about you the Customer with others. Electronic Transaction Clearing, Inc. Pershing may request a credit report on you the Customer and upon request; Electronic Transaction Clearing, Inc. Pershing will state the name and address of the consumer reporting agency that furnished it. If Electronic Transaction Clearing, Inc. Pershing extends, updates, or renews your the Customer’s credit, Electronic Transaction Clearing, Inc. Pershing may request a new credit report without notifying youtelling the Customer.

MARGIN REQUIREMENTS, CREDIT CHARGES AND CREDIT INVESTIGATION. You The undersigned will at all times maintain such securities, commodities, and other property in your the accounts of the undersigned for margin purposes as Electronic Transaction Clearing, Inc. Pershing shall require from time to time via a margin call or other request, and the monthly debit balances or adjusted balances in your the accounts of the undersigned with Electronic Transaction Clearing, Inc. Pershing shall be charged, in accordance with Electronic Transaction Clearing, Inc. Pershing practice, with interest at a rate permitted by laws of the State state of CaliforniaNew York. It is understood that the interest charge made to your the undersigned’s account at the close of a charge period will be added to the opening balance for the next charge period unless paid. You acknowledge The undersigned acknowledges receipt of the Disclosure StatementStatement from my Introducing Firm, which explains the conditions under which interest can be charged to your my account, the annual rate of interest, how debit balances are determined, and the methods of computing interest. You The undersigned further acknowledge acknowledges receipt of the separate Margin Disclosure Statement, which provides some basic facts about purchasing securities on margin and alerts you the undersigned to the risks involved with trading securities in a margin account. In regard to margin calls, whether for maintenance or any other margin call, in lieu of immediate liquidations, Electronic Transaction ClearingPershing, Inc.through the undersigned’s Introducing Firm, may permit you the undersigned a period of time to satisfy a call. This time period shall not in any way waive or diminish Electronic Transaction Clearing, Inc.Pershing’s right in its sole discretion, to shorten the time period in which you the undersigned may satisfy the call, including one already outstanding, or to demand that a call be satisfied immediately. Nor does such practice waive or diminish the right of Electronic Transaction Clearing, Inc. Pershing and/or the undersigned’s Introducing Firm to sell out positions to satisfy the call, which can be as high as the full indebtedness owed by youme. Margin requirements may be established and changed by Electronic Transaction Clearing, Inc. Pershing in its sole discretion and judgment judgement without notice to youthe undersigned. Electronic Transaction ClearingIn making this determination, Inc. Pershing may take into account various factors including but not limited to (i) issues as to the undersigned’s securities such as, among others, the liquidity of a position and concentrations of securities in an account, (ii) considerations as to the undersigned’s status, including but not limited to a decline in creditworthiness, (iii) the size of the account, (iv) the general condition of the market, (v) considerations as to the ability of Pershing to obtain financing, and (vi) regulatory interpretations or guidance. The undersigned will contact its Introducing Firm for the latest information on margin requirements. Client Copy Pershing may exchange credit information about you the undersigned with others. Electronic Transaction Clearing, Inc. Pershing may request a credit report on you the undersigned and upon request; Electronic Transaction Clearing, Inc. Xxxxxxxx will state the name and address of the consumer reporting agency that furnished it. If Electronic Transaction Clearing, Inc. Xxxxxxxx extends, updates, or renews your the undersigned’s credit, Electronic Transaction Clearing, Inc. Xxxxxxxx may request a new credit report without notifying youtelling the undersigned.

MARGIN REQUIREMENTS, CREDIT CHARGES AND CREDIT INVESTIGATION. You The Customer will at all times maintain such securities, commodities, and other property in your the accounts of the Customer for margin purposes as Electronic Transaction Clearing, Inc. Pershing shall require from time to time via a margin call or other request, and the monthly debit balances or adjusted balances in your the accounts of the Customer with Electronic Transaction Clearing, Inc. Pershing shall be charged, in accordance with Electronic Transaction Clearing, Inc. Pershing practice, with interest at a rate permitted by laws of the State of CaliforniaNew York. It is understood that the interest charge made to your the Customer’s account at the close of a charge period will be added to the opening balance for the next charge period unless paid. You acknowledge receipt of the Disclosure StatementStatement from Royal Alliance, which explains the conditions under which interest can be charged to your account, the annual rate of interest, how debit balances are determined, and the methods of computing interest. You further acknowledge receipt of the separate Margin Disclosure Statement, which provides some basic facts about purchasing securities on margin and alerts you to the risks involved with trading securities in a margin account. In regard to margin calls, whether for maintenance or any other margin call, in lieu of immediate liquidations, Electronic Transaction Clearing, Inc., Pershing through Royal Alliance may permit you a period of time to satisfy a call. This time period shall not in any way waive or diminish Electronic Transaction Clearing, Inc.Pershing’s right in its sole discretion, to shorten the time period in which you may satisfy the call, including one already outstanding, or to demand that a call be satisfied immediately. Nor does such practice waive or diminish the right of Electronic Transaction Clearing, Inc. Pershing and/or Royal Alliance to sell out positions to satisfy the call, which can be as high as the full indebtedness owed by you. Margin requirements may be established and changed by Electronic Transaction Clearing, Inc. Pershing in its sole discretion and judgment without notice to you. Electronic Transaction Clearing, Inc. You will contact Royal Alliance for the latest information on margin requirements. Pershing may exchange credit information about you the Customer with others. Electronic Transaction Clearing, Inc. Pershing may request a credit report on you the Customer and upon request; Electronic Transaction Clearing, Inc. Pershing will state the name and address of the consumer reporting agency that furnished it. If Electronic Transaction Clearing, Inc. Pershing extends, updates, or renews your the Customer’s credit, Electronic Transaction Clearing, Inc. Pershing may request a new credit report without notifying youtelling the Customer.

MARGIN REQUIREMENTS, CREDIT CHARGES AND CREDIT INVESTIGATION. You will at all times maintain such securities, commodities, and other property in your accounts Your Account(s) for margin purposes as Electronic Transaction Clearing, Inc. Alpaca shall require from time to time via a margin call or other request, and the monthly debit balances or adjusted balances in your accounts Your Account(s) with Electronic Transaction Clearing, Inc. Alpaca shall be charged, in accordance with Electronic Transaction Clearing, Inc. Alpaca practice, with interest at a rate permitted by laws of the State of California. It is understood that the interest charge made to your account Your Account at the close of a charge period will be added to the opening balance for the next charge period unless paid. You acknowledge receipt of the Disclosure Statement, which explains the conditions under which interest can be charged to your accountYour Account, the annual rate of interest, how debit balances are determined, and the methods of computing interest. You further acknowledge receipt of the separate Margin Disclosure Statement, which provides some basic facts about purchasing securities on margin and alerts you to the risks involved with trading securities in a margin account. In regard to margin calls, whether for maintenance or any other margin call, in lieu of immediate liquidations, Electronic Transaction Clearing, Inc.Alpaca, may permit you You a period of time to satisfy a call. This time period shall not in any way waive or diminish Electronic Transaction Clearing, Inc.Alpaca’s right in its sole discretion, to shorten the time period in which you You may satisfy the call, including one already outstanding, or to demand that a call be satisfied immediately. Nor does such practice waive or diminish the right of Electronic Transaction Clearing, Inc. Alpaca to sell out positions to satisfy the call, which can be as high as the full indebtedness owed by youYou. Margin requirements may be established and changed by Electronic Transaction Clearing, Inc. Alpaca in its sole discretion and judgment without notice to youYou. Electronic Transaction Clearing, Inc. Xxxxxx may exchange credit information about you You with others. Electronic Transaction Clearing, Inc. Alpaca may request a credit report on you You and upon request; Electronic Transaction Clearing, Inc. Xxxxxx will state the name and address of the consumer reporting agency that furnished it. If Electronic Transaction Clearing, Inc. Alpaca extends, updates, or renews your Your credit, Electronic Transaction Clearing, Inc. Alpaca may request a new credit report without notifying youYou.

MARGIN REQUIREMENTS, CREDIT CHARGES AND CREDIT INVESTIGATION. You The Customer will at all times maintain such securities, commodities, and other property in your the accounts of the Customer for margin purposes as Electronic Transaction Clearing, Inc. Pershing shall require from time to time via a margin call or other request, and the monthly debit balances or adjusted balances in your the accounts of the Customer with Electronic Transaction Clearing, Inc. Pershing shall be charged, in accordance with Electronic Transaction Clearing, Inc. Pershing practice, with interest at a rate permitted by laws of the State of CaliforniaNew York. It is understood that the interest charge made to your the Customer’s account at the close of a charge period will be added to the opening balance for the next charge period unless paid. You acknowledge receipt of the Disclosure StatementStatement from Royal Alliance, which explains the conditions under which interest can be charged to your account, the annual rate of interest, how debit balances are determined, and the methods of computing interest. You further acknowledge receipt of the separate Margin Disclosure Statement, which provides some basic facts about purchasing securities on margin and alerts you to the risks involved with trading securities in a margin account. In regard to margin calls, whether for maintenance or any other margin call, in lieu of immediate liquidations, Electronic Transaction Clearing, Inc., Pershing through Royal Alliance may permit you a period of time to satisfy a call. This time period shall not in any way waive or diminish Electronic Transaction Clearing, Inc.Pershing’s right in its sole discretion, to shorten the time period in which you may satisfy the call, including one already outstanding, or to demand that a call be satisfied immediately. Nor does such practice waive or diminish the right of Electronic Transaction Clearing, Inc. Pershing and/or Royal Alliance to sell out positions to satisfy the call, which can be as high as the full indebtedness owed by you. Margin requirements may be established and changed by Electronic Transaction Clearing, Inc. Pershing in its sole discretion and judgment without notice to you. Electronic Transaction Clearing, Inc. You will contact Royal Alliance for the latest information on margin requirements. Pershing may exchange credit information about you the Customer with others. Electronic Transaction Clearing, Inc. Xxxxxxxx may request a credit report on you the Customer and upon request; Electronic Transaction Clearing, Inc. Xxxxxxxx will state the name and address of the consumer reporting agency that furnished it. If Electronic Transaction Clearing, Inc. Xxxxxxxx extends, updates, or renews your the Customer’s credit, Electronic Transaction Clearing, Inc. Xxxxxxxx may request a new credit report without notifying youtelling the Customer.