Common use of Margins Clause in Contracts

Margins. All checks and funds from Customer, to be credited to Customer’s account(s), must be payable only to “▇▇▇▇▇▇▇▇▇▇”. Customer agrees at all times to maintain such margin in his account(s) as ▇▇▇▇▇▇▇▇▇▇ may from time to time (at its sole discretion) require, and will meet all margin calls in a reasonable amount of time. Customer agrees that, if requested to do so, Customer will promptly wire transfer such funds. Market conditions permitting, ▇▇▇▇▇▇▇▇▇▇ agrees to make reasonable efforts to notify Customer of margin calls and/or deficiencies and to allow a reasonable period for Customer to provide funds. Customer further agrees that, notwithstanding anything in this Agreement to the contrary, in the event that the account(s) is under margined, has zero equity or is equity deficit at any time, or in the event that ▇▇▇▇▇▇▇▇▇▇ is unable to contact Customer due to Customer’s unavailability or due to a breakdown in electronic communications, ▇▇▇▇▇▇▇▇▇▇ shall have the right to liquidate all or any part of Customer’s positions through any means available, without prior notice to the Customer. ▇▇▇▇▇▇▇▇▇▇ may require margin in excess of that required by applicable law, regulation, exchange or clearinghouse minimums. Customer acknowledges that ▇▇▇▇▇▇▇▇▇▇ has no obligation to establish uniform margin requirements among products or customers that margins required by ▇▇▇▇▇▇▇▇▇▇ may exceed the minimum margin requirements of the applicable exchange or clearinghouse, and that margin requirements may be increased or decreased from time to time in ▇▇▇▇▇▇▇▇▇▇’▇ discretion, without advance notice to Customer. All deposits shall be deemed made only when cleared funds are actually received by ▇▇▇▇▇▇▇▇▇▇. If a check is not honored or paid by a bank upon presentment, ▇▇▇▇▇▇▇▇▇▇ will immediately debit Customer’s account for the amount of the returned check as well as any fees incurred. Any failure by ▇▇▇▇▇▇▇▇▇▇ to call for margin at any time shall not constitute a waiver of ▇▇▇▇▇▇▇▇▇▇’▇ right to do so any time thereafter, nor shall such failure create any liability to the Customer. ▇▇▇▇▇▇▇▇▇▇ shall not be liable to Customer for the loss or loss of use of any margin deposits option premiums, or other property, which is caused, directly or indirectly, by the failure or delay by any bank, trust company, exchange, clearing organization, other clearing broker or entity that is holding funds, securities, or other property to pay or deliver the same to ▇▇▇▇▇▇▇▇▇▇. ▇▇▇▇▇▇▇▇▇▇ may, for any reason, require Customer to transfer its account(s) to another firm. If Customer does not transfer its positions promptly upon demand by ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ may liquidate the positions and Customer agrees to indemnify and hold ▇▇▇▇▇▇▇▇▇▇ harmless from any and all losses resulting from such liquidation. Customer acknowledges that ▇▇▇▇▇▇▇▇▇▇ is hereby authorized, for Customer’s account and benefit, from time to time and without notice to Customer, either separately or with others, to lend, p l e d g e , re-pledge, hypothecate or re-hypothecate, sell or purchase, either to itself or to others, any and all property (including, but not limited to, securities, commodities warehouse receipts or other negotiable instruments) held by Customer in any of its accounts and ▇▇▇▇▇▇▇▇▇▇ shall not at any time be required to deliver to Customer such identical property, but may fulfill its obligation by delivery of property of the same kind and amount.

Margins. All checks and funds from Customer, to be credited to Customer’s account(s), must be payable only to “▇▇▇▇▇▇▇▇▇▇”. Customer agrees at all times to maintain such margin in his account(s) as ▇▇▇▇▇▇▇▇▇▇ may from time to time (at its sole discretion) require, and will meet all margin calls in a reasonable amount of time. Customer agrees that, if requested to do so, Customer will promptly wire transfer such funds. Market conditions permitting, ▇▇▇▇▇▇▇▇▇▇ agrees to make reasonable efforts to notify Customer of margin calls and/or deficiencies and to allow a reasonable period for Customer to provide funds. FOR PURPOSES OF THIS AGREEMENT, A REASONABLE AMOUNT OF TIME SHALL BE DEEMED TO BE ONE (1) HOUR, OR LESS THAN ONE HOUR IF, IN ▇▇▇▇▇▇▇▇▇▇’▇ BUSINESS JUDGMENT, MARKET CONDITIONS WARRANT. Customer further agrees that, notwithstanding anything in this Agreement to the contrary, in the event that the account(saccount (s) is under margined, has zero equity or is equity deficit at any time, or in the event that ▇▇▇▇▇▇▇▇▇▇ is unable to contact Customer due to Customer’s unavailability or due to a breakdown in electronic communications, ▇▇▇▇▇▇▇▇▇▇ shall have the right to liquidate all or any part of Customer’s positions through any means available, without prior notice to the Customer. ▇▇▇▇▇▇▇▇▇▇ may require margin in excess of that required by applicable law, regulation, exchange or clearinghouse minimums. Customer acknowledges that ▇▇▇▇▇▇▇▇▇▇ has no obligation to establish uniform margin requirements among products or customers that margins required by ▇▇▇▇▇▇▇▇▇▇ may exceed the minimum margin requirements of the applicable exchange or clearinghouse, and that margin requirements may be increased or decreased from time to time in ▇▇▇▇▇▇▇▇▇▇’▇ discretion, without advance notice to Customer. All deposits shall be deemed made only when cleared funds are actually received by ▇▇▇▇▇▇▇▇▇▇. If a check is not honored or paid by a bank upon presentment, ▇▇▇▇▇▇▇▇▇▇ will immediately debit Customer’s account for the amount of the returned check as well as any fees incurred. Any failure by ▇▇▇▇▇▇▇▇▇▇ to call for margin at any time shall not constitute a waiver of ▇▇▇▇▇▇▇▇▇▇’▇ right to do so any time thereafter, nor shall such failure create any liability to the Customer. ▇▇▇▇▇▇▇▇▇▇ shall not be liable to Customer for the loss or loss of use of any margin deposits option premiums, or other property, which is caused, directly or indirectly, by the failure or delay by any bank, trust company, exchange, clearing organization, other clearing broker or entity that is holding funds, securities, or other property to pay or deliver the same to ▇▇▇▇▇▇▇▇▇▇. ▇▇▇▇▇▇▇▇▇▇ may, for any reason, require Customer to transfer its account(saccount (s) to another firm. If Customer does not transfer its positions promptly upon demand by ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ may liquidate the positions and Customer agrees to indemnify and hold ▇▇▇▇▇▇▇▇▇▇ harmless from any and all losses resulting from such liquidation. Customer acknowledges that ▇▇▇▇▇▇▇▇▇▇ is hereby authorized, for Customer’s its account and benefit, from time to time and without notice to Customer, either separately or with others, to lend, p l e d g e , re-pledgerepledge, hypothecate or re-hypothecate, sell or purchaserehypothecate, either to itself or to others, any and all property (including, including but not limited to, to securities, commodities warehouse receipts or other negotiable instruments) held by Customer in any of its accounts and ▇▇▇▇▇▇▇▇▇▇ shall not at any time be required to deliver to Customer such identical property, property but may fulfill its obligation by delivery of property of the same kind and amount.