Common use of COLLATERAL AND LENDING AGREEMENT Clause in Contracts

COLLATERAL AND LENDING AGREEMENT. All funds, securities, currencies, and other property of Customer which EQUINOX MARKETS LIMITED (UK) 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 EQUINOX MARKETS LIMITED (UK) as security and subject to a general lien and right of set-off for liabilities of Customer to EQUINOX MARKETS LIMITED (UK) whether or not EQUINOX MARKETS LIMITED (UK) has made advances in connection with such securities, commodities, currencies or other property, and irrespective of the number of accounts Customer may have with EQUINOX MARKETS LIMITED (UK) EQUINOX MARKETS LIMITED (UK) 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 EQUINOX MARKETS LIMITED (UK) 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 EQUINOX MARKETS LIMITED (UK) as margin or security. EQUINOX MARKETS LIMITED (UK) shall at no time be required to deliver to Customer the identical property delivered to or purchased by EQUINOX MARKETS LIMITED (UK) for any account of Customer. This authorization shall apply to all accounts carried by EQUINOX MARKETS LIMITED (UK) for Customer and shall remain in full force until all accounts are fully paid for by Customer or notice of revocation is sent by EQUINOX MARKETS LIMITED (UK) from its home office. Any failure by EQUINOX MARKETS LIMITED (UK) to enforce its rights hereunder shall not be deemed a future waiver of such rights by EQUINOX MARKETS LIMITED (UK) EQUINOX MARKETS LIMITED (UK) 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 EQUINOX MARKETS LIMITED (UK) deems necessary or desirable to evidence or to protect EQUINOX MARKETS LIMITED (UK)’s interest with respect to any collateral. In the event that the collateral deemed acceptable to EQUINOX MARKETS LIMITED (UK) is at any time insufficient to satisfy Customer’s indebtedness or CUSTOMER AGREEMENT 6 other obligations to EQUINOX MARKETS LIMITED (UK), 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 Customer agrees that all monies, funds, reserves, deposits, securities, currenciesnegotiable instruments, Commodity Interests, cash, cash equivalents and other property of (collectively "Property") belonging to Customer or in which EQUINOX MARKETS LIMITED (UK) Customer has an interest which are held by GAIN, either individually or its affiliates may at any time be carrying for Customer (either individually, jointly with other, others or as a guarantor of the account account(s) of any other person,) or which may at any time , shall be in its possession or control or carried on its books for any purpose, including safekeeping, are to be held by EQUINOX MARKETS LIMITED (UK) as security and subject to a general lien and right security interest for the discharge of set-off for liabilities of Customer's obligations to GAIN, wherever or however arising and without regard to whether GAIN has made any advances with regard to such Property. Customer agrees that GAIN is authorized to sell or purchase any and all such Property without notice to Customer to EQUINOX MARKETS LIMITED (UK) whether satisfy such general lien or not EQUINOX MARKETS LIMITED (UK) has made advances security interest. Customer irrevocably appoints GAIN as Xxxxxxxx's attorney-in-fact with power of substitution to execute any documents for the perfection or registration of such general lien or security interest with regard to Customer's Property. Customer agrees that GAIN may, in connection with such securities, commodities, currencies or other property, XXXX's sole and irrespective of the number of accounts Customer may have with EQUINOX MARKETS LIMITED (UK) EQUINOX MARKETS LIMITED (UK) may in its absolute discretion, at any time and from time to time, without notice to Customer, Customer apply and/or transfer any or all funds or other property of Customer between any of Customer’s accounts's Property between Customer's Account(s). Customer hereby also grants to EQUINOX MARKETS LIMITED (UK) GAIN the right to pledge, repledgere- pledge, hypothecate, invest with or loan, either separately or with the property of other Customers, loan to itself GAIN as broker or to others, others any securities or other property of Customer Customer's Property held by EQUINOX MARKETS LIMITED (UK) GAIN, separately or together with any Property of other customers, as margin or securitycollateral for Customer's Account(s) (including, without limitation, GAIN's right to engage in securities repurchase and reverse repurchase agreements with others). EQUINOX MARKETS LIMITED (UK) Customer agrees that GAIN shall at no time not be required to deliver to Customer the identical property Property delivered to or purchased by EQUINOX MARKETS LIMITED (UK) GAIN for any account of Customer's Account(s). This authorization shall apply Customer agrees that if Customer takes delivery of a Commodity Interest, GAIN may utilize such Commodity Interest (or any other property, warehouse receipts or evidence of ownership of such Commodity Interest) as collateral for a bank loan. Customer agrees that the proceeds from such bank loan may be used by GAIN to all accounts carried by EQUINOX MARKETS LIMITED pay for the Commodity Interest (UKor evidence of ownership of such Commodity Interest) for Customer and shall remain in full force until all accounts are fully paid for re-delivery of the Commodity Interest and/or payment by Customer or notice of revocation is sent by EQUINOX MARKETS LIMITED (UK) from its home office. Any failure by EQUINOX MARKETS LIMITED (UK) to enforce its rights hereunder shall not be deemed a future waiver of such rights by EQUINOX MARKETS LIMITED (UK) EQUINOX MARKETS LIMITED (UK) 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 Customerin full, including interest, for the executionsame. The rights granted to GAIN pursuant to this Section are subject to the applicable requirements with regard to the segregation of customer funds and property under the Commodity Exchange Act, delivery and filing of financing statements, that EQUINOX MARKETS LIMITED (UK) deems necessary or desirable to evidence or to protect EQUINOX MARKETS LIMITED (UK)’s interest with respect to any collateral. In the event that the collateral deemed acceptable to EQUINOX MARKETS LIMITED (UK) is at any time insufficient to satisfy Customer’s indebtedness or CUSTOMER AGREEMENT 6 other obligations to EQUINOX MARKETS LIMITED (UK), including obligations to provide margin in accordance with section 4 above, Customer shall promptly pay upon demand the entire amount of such deficitas amended.

COLLATERAL AND LENDING AGREEMENT. All Customer agrees that all monies, funds, reserves, deposits, securities, currenciesnegotiable instruments, Commodity Interests, cash, cash equivalents and other property of (collectively "Property") belonging to Customer or in which EQUINOX MARKETS LIMITED (UK) Customer has an interest which are held by OEC, either individually or its affiliates may at any time be carrying for Customer (either individually, jointly with other, others or as a guarantor of the account account(s) of any other person,) or which may at any time , shall be in its possession or control or carried on its books for any purpose, including safekeeping, are to be held by EQUINOX MARKETS LIMITED (UK) as security and subject to a general lien and right security interest for the discharge of set-off for liabilities of Customer's obligations to OEC, wherever or however arising and without regard to whether OEC has made any advances with regard to such Property. Customer agrees that OEC is authorized to sell or purchase any and all such Property without notice to Customer to EQUINOX MARKETS LIMITED (UK) whether satisfy such general lien or not EQUINOX MARKETS LIMITED (UK) has made advances security interest. Customer irrevocably appoints OEC as Customer's attorney-in-fact with power of substitution to execute any documents for the perfection or registration of such general lien or security interest with regard to Customer's Property. Customer agrees that OEC may, in connection with such securities, commodities, currencies or other property, OEC's sole and irrespective of the number of accounts Customer may have with EQUINOX MARKETS LIMITED (UK) EQUINOX MARKETS LIMITED (UK) may in its absolute discretion, at any time and from time to time, without notice to Customer, Customer apply and/or transfer any or all funds or other property of Customer between any of Customer’s accounts's Property between Customer's Account(s). Customer hereby also grants to EQUINOX MARKETS LIMITED (UK) OEC the right to pledge, repledgere-pledge, hypothecate, invest with or loan, either separately or with the property of other Customers, loan to itself OEC as broker or to others, others any securities or other property of Customer Customer's Property held by EQUINOX MARKETS LIMITED (UK) OEC, separately or together with any Property of other customers, as margin or securitycollateral for Customer's Account(s) (including, without limitation, OEC's right to engage in securities repurchase and reverse repurchase agreements with others). EQUINOX MARKETS LIMITED (UK) Customer agrees that OEC shall at no time not be required to deliver to Customer the identical property Property delivered to or purchased by EQUINOX MARKETS LIMITED (UK) OEC for any account of Customer's Account(s). This authorization shall apply Customer agrees that if Customer takes delivery of a Commodity Interest, OEC may utilize such Commodity Interest (or any other property, warehouse receipts or evidence of ownership of such Commodity Interest) as collateral for a bank loan. Customer agrees that the proceeds from such bank loan may be used by OEC to all accounts carried by EQUINOX MARKETS LIMITED pay for the Commodity Interest (UKor evidence of ownership of such Commodity Interest) for Customer and shall remain in full force until all accounts are fully paid for re-delivery of the Commodity Interest and/or payment by Customer or notice of revocation is sent by EQUINOX MARKETS LIMITED (UK) from its home office. Any failure by EQUINOX MARKETS LIMITED (UK) to enforce its rights hereunder shall not be deemed a future waiver of such rights by EQUINOX MARKETS LIMITED (UK) EQUINOX MARKETS LIMITED (UK) 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 Customerin full, including interest, for the executionsame. The rights granted to OEC pursuant to this Section are subject to the applicable requirements with regard to the segregation of customer funds and property under the Commodity Exchange Act, delivery and filing of financing statements, that EQUINOX MARKETS LIMITED (UK) deems necessary or desirable to evidence or to protect EQUINOX MARKETS LIMITED (UK)’s interest with respect to any collateral. In the event that the collateral deemed acceptable to EQUINOX MARKETS LIMITED (UK) is at any time insufficient to satisfy Customer’s indebtedness or CUSTOMER AGREEMENT 6 other obligations to EQUINOX MARKETS LIMITED (UK), including obligations to provide margin in accordance with section 4 above, Customer shall promptly pay upon demand the entire amount of such deficitas amended.

COLLATERAL AND LENDING AGREEMENT. All funds, securities, currencies, and other property of Customer which EQUINOX FUNDA MARKETS LIMITED (UK) 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 EQUINOX FUNDA MARKETS LIMITED (UK) as security and subject to a general lien and right of set-off for liabilities of Customer to EQUINOX FUNDA MARKETS LIMITED (UK) whether or not EQUINOX FUNDA MARKETS LIMITED (UK) has made advances in connection with such securities, commodities, currencies or other property, and irrespective of the number of accounts Customer may have with EQUINOX FUNDA MARKETS LIMITED (UK) EQUINOX FUNDA MARKETS LIMITED (UK) 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 EQUINOX FUNDA MARKETS LIMITED (UK) the right to pledge, repledge, hypothecate, invest or loan, either separately or with the property of other Customers, to CUSTOMER AGREEMENT 5 itself as broker or to others, any securities or other property of Customer held by EQUINOX FUNDA MARKETS LIMITED (UK) as margin or security. EQUINOX FUNDA MARKETS LIMITED (UK) shall at no time be required to deliver to Customer the identical property delivered to or purchased by EQUINOX FUNDA MARKETS LIMITED (UK) for any account of Customer. This authorization shall apply to all accounts carried by EQUINOX FUNDA MARKETS LIMITED (UK) for Customer and shall remain in full force until all accounts are fully paid for by Customer or notice of revocation is sent by EQUINOX FUNDA MARKETS LIMITED (UK) from its home office. Any failure by EQUINOX FUNDA MARKETS LIMITED (UK) to enforce its rights hereunder shall not be deemed a future waiver of such rights by EQUINOX FUNDA MARKETS LIMITED (UK) EQUINOX FUNDA MARKETS LIMITED (UK) 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 EQUINOX FUNDA MARKETS LIMITED (UK) deems necessary or desirable to evidence or to protect EQUINOX FUNDA MARKETS LIMITED (UK)LIMITED’s interest with respect to any collateral. In the event that the collateral deemed acceptable to EQUINOX FUNDA MARKETS LIMITED (UK) is at any time insufficient to satisfy Customer’s indebtedness or CUSTOMER AGREEMENT 6 other obligations to EQUINOX FUNDA MARKETS LIMITED (UK)LIMITED, 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 EQUINOX CRONOSCAP MARKETS LIMITED (UK) 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 EQUINOX CRONOSCAP MARKETS LIMITED (UK) as security and subject to a general lien and right of set-off for liabilities of Customer to EQUINOX CRONOSCAP CUSTOMER AGREEMENT 6 MARKETS LIMITED (UK) whether or not EQUINOX CRONOSCAP MARKETS LIMITED (UK) has made advances in connection with such securities, commodities, currencies or other property, and irrespective of the number of accounts Customer may have with EQUINOX CRONOSCAP MARKETS LIMITED (UK) EQUINOX CRONOSCAP MARKETS LIMITED (UK) 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 EQUINOX CRONOSCAP MARKETS LIMITED (UK) 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 EQUINOX CRONOSCAP MARKETS LIMITED (UK) as margin or security. EQUINOX CRONOSCAP MARKETS LIMITED (UK) shall at no time be required to deliver to Customer the identical property delivered to or purchased by EQUINOX CRONOSCAP MARKETS LIMITED (UK) for any account of Customer. This authorization shall apply to all accounts carried by EQUINOX CRONOSCAP MARKETS LIMITED (UK) for Customer and shall remain in full force until all accounts are fully paid for by Customer or notice of revocation is sent by EQUINOX CRONOSCAP MARKETS LIMITED (UK) from its home office. Any failure by EQUINOX CRONOSCAP MARKETS LIMITED (UK) to enforce its rights hereunder shall not be deemed a future waiver of such rights by EQUINOX CRONOSCAP MARKETS LIMITED (UK) EQUINOX CRONOSCAP MARKETS LIMITED (UK) 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 EQUINOX CRONOSCAP MARKETS LIMITED (UK) deems necessary or desirable to evidence or to protect EQUINOX CRONOSCAP MARKETS LIMITED (UK)LIMITED’s interest with respect to any collateral. In the event that the collateral deemed acceptable to EQUINOX CRONOSCAP MARKETS LIMITED (UK) is at any time insufficient to satisfy Customer’s indebtedness or CUSTOMER AGREEMENT 6 other obligations to EQUINOX CRONOSCAP MARKETS LIMITED (UK)LIMITED, 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 Customer agrees that all monies, funds, reserves, deposits, securities, currenciesnegotiable instruments, Commodity Interests, cash, cash equivalents and other property of (collectively "Property") belonging to Customer or in which EQUINOX MARKETS LIMITED (UK) Customer has an interest which are held by GAIN Capital, either individually or its affiliates may at any time be carrying for Customer (either individually, jointly with other, others or as a guarantor of the account account(s) of any other person,) or which may at any time , shall be in its possession or control or carried on its books for any purpose, including safekeeping, are to be held by EQUINOX MARKETS LIMITED (UK) as security and subject to a general lien and right security interest for the discharge of set-off for liabilities of Customer's obligations to GAIN Capital, wherever or however arising and without regard to whether GAIN Capital has made any advances with regard to such Property. Customer agrees that GAIN Capital is authorized to sell or purchase any and all such Property without notice to Customer to EQUINOX MARKETS LIMITED (UK) whether satisfy such general lien or not EQUINOX MARKETS LIMITED (UK) has made advances security interest. Customer irrevocably appoints GAIN Capital as Customer's attorney‐in‐fact with power of substitution to execute any documents for the perfection or registration of such general lien or security interest with regard to Customer's Property. Customer agrees that GAIN Capital may, in connection with such securities, commodities, currencies or other property, GAIN Capital's sole and irrespective of the number of accounts Customer may have with EQUINOX MARKETS LIMITED (UK) EQUINOX MARKETS LIMITED (UK) may in its absolute discretion, at any time and from time to time, without notice to Customer, Customer apply and/or transfer any or all funds or other property of Customer between any of Customer’s accounts's Property between Customer's Account(s). Customer hereby also grants to EQUINOX MARKETS LIMITED (UK) GAIN Capital the right to pledge, repledgere‐pledge, hypothecate, invest with or loan, either separately or with the property of other Customers, loan to itself GAIN Capital as broker or to others, others any securities or other property of Customer Customer's Property held by EQUINOX MARKETS LIMITED (UK) GAIN Capital, separately or together with any Property of other customers, as margin or securitycollateral for Customer's Account(s) (including, without limitation, GAIN Capital's right to engage in securities repurchase and reverse repurchase agreements with others). EQUINOX MARKETS LIMITED (UK) Customer agrees that GAIN Capital shall at no time not be required to deliver to Customer the identical property Property delivered to or purchased by EQUINOX MARKETS LIMITED (UK) GAIN Capital for any account of Customer's Account(s). This authorization shall apply Customer agrees that if Customer takes delivery of a Commodity Interest, GAIN Capital may utilize such Commodity Interest (or any other property, warehouse receipts or evidence of ownership of such Commodity Interest) as collateral for a bank loan. Customer agrees that the proceeds from such bank loan may be used by GAIN Capital to all accounts carried by EQUINOX MARKETS LIMITED pay for the Commodity Interest (UKor evidence of ownership of such Commodity Interest) for Customer and shall remain in full force until all accounts are fully paid for re‐delivery of the Commodity Interest and/or payment by Customer or notice of revocation is sent by EQUINOX MARKETS LIMITED (UK) from its home office. Any failure by EQUINOX MARKETS LIMITED (UK) to enforce its rights hereunder shall not be deemed a future waiver of such rights by EQUINOX MARKETS LIMITED (UK) EQUINOX MARKETS LIMITED (UK) 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 Customerin full, including interest, for the executionsame. The rights granted to GAIN Capital pursuant to this Section are subject to the applicable requirements with regard to the segregation of customer funds and property under the Commodity Exchange Act, delivery and filing of financing statements, that EQUINOX MARKETS LIMITED (UK) deems necessary or desirable to evidence or to protect EQUINOX MARKETS LIMITED (UK)’s interest with respect to any collateral. In the event that the collateral deemed acceptable to EQUINOX MARKETS LIMITED (UK) is at any time insufficient to satisfy Customer’s indebtedness or CUSTOMER AGREEMENT 6 other obligations to EQUINOX MARKETS LIMITED (UK), including obligations to provide margin in accordance with section 4 above, Customer shall promptly pay upon demand the entire amount of such deficitas amended.

COLLATERAL AND LENDING AGREEMENT. All funds, securities, currencies, and other property of Customer which EQUINOX RUBY MARKETS LIMITED (UK) 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 EQUINOX RUBY MARKETS LIMITED (UK) as security and subject to a general lien and right of set-off for liabilities of Customer to EQUINOX RUBY MARKETS LIMITED (UK) whether or not EQUINOX RUBY MARKETS LIMITED (UK) has made advances in connection with such securities, commodities, currencies or other property, and irrespective of the number of accounts Customer may have with EQUINOX RUBY MARKETS LIMITED (UK) EQUINOX RUBY MARKETS LIMITED (UK) 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 EQUINOX RUBY MARKETS LIMITED (UK) 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 EQUINOX RUBY MARKETS LIMITED (UK) as margin or security. EQUINOX RUBY MARKETS LIMITED (UK) shall at no time be required to deliver to Customer the identical property delivered to or purchased by EQUINOX RUBY MARKETS LIMITED (UK) for any account of Customer. This authorization shall apply to all accounts carried by EQUINOX RUBY MARKETS LIMITED (UK) for Customer and shall remain in full force until all accounts are fully paid for by Customer or notice of revocation is sent by EQUINOX RUBY MARKETS LIMITED (UK) from its home office. Any failure by EQUINOX RUBY MARKETS LIMITED (UK) to enforce its rights hereunder shall not be deemed a future waiver of such rights by EQUINOX RUBY MARKETS LIMITED. RUBY MARKETS LIMITED (UK) EQUINOX MARKETS LIMITED (UK) 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 EQUINOX RUBY MARKETS LIMITED (UK) deems necessary or desirable to evidence or to protect EQUINOX RUBY MARKETS LIMITED (UK)LIMITED’s interest with respect to any collateral. In the event that the collateral deemed acceptable to EQUINOX RUBY MARKETS LIMITED (UK) is at any time insufficient to satisfy Customer’s indebtedness or CUSTOMER AGREEMENT 6 other obligations to EQUINOX RUBY MARKETS LIMITED (UK)LIMITED, 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 Customer agrees that all monies, funds, reserves, deposits, securities, currenciesnegotiable instruments, Commodity Interests, cash, cash equivalents and other property of (collectively "Property") belonging to Customer or in which EQUINOX MARKETS LIMITED (UK) Customer has an interest which are held by GAIN, either individually or its affiliates may at any time be carrying for Customer (either individually, jointly with other, others or as a guarantor of the account account(s) of any other person,) or which may at any time , shall be in its possession or control or carried on its books for any purpose, including safekeeping, are to be held by EQUINOX MARKETS LIMITED (UK) as security and subject to a general lien and right security interest for the discharge of set-off for liabilities of Customer's obligations to GAIN, wherever or however arising and without regard to whether GAIN has made any advances with regard to such Property. Customer agrees that GAIN is authorized to sell or purchase any and all such Property without notice to Customer to EQUINOX MARKETS LIMITED (UK) whether satisfy such general lien or not EQUINOX MARKETS LIMITED (UK) has made advances security interest. Customer irrevocably appoints GAIN as Xxxxxxxx's attorney-in-fact with power of substitution to execute any documents for the perfection or registration of such general lien or security interest with regard to Customer's Property. Customer agrees that GAIN may, in connection with such securities, commodities, currencies or other property, XXXX's sole and irrespective of the number of accounts Customer may have with EQUINOX MARKETS LIMITED (UK) EQUINOX MARKETS LIMITED (UK) may in its absolute discretion, at any time and from time to time, without notice to Customer, Customer apply and/or transfer any or all funds or other property of Customer between any of Customer’s accounts's Property between Customer's Account(s). Customer hereby also grants to EQUINOX MARKETS LIMITED (UK) GAIN the right to pledge, repledgere- pledge, hypothecate, invest with or loan, either separately or with the property of other Customers, loan to itself GAIN as broker or to others, others any securities or other property of Customer Customer's Property held by EQUINOX MARKETS LIMITED (UK) GAIN, separately or together with any Property of other customers, as margin or securitycollateral for Customer's Account(s) (including, without limitation, XXXX's right to engage in securities repurchase and reverse repurchase agreements with others). EQUINOX MARKETS LIMITED (UK) Customer agrees that GAIN shall at no time not be required to deliver to Customer the identical property Property delivered to or purchased by EQUINOX MARKETS LIMITED (UK) GAIN for any account of Customer's Account(s). This authorization shall apply Customer agrees that if Customer takes delivery of a Commodity Interest, GAIN may utilize such Commodity Interest (or any other property, warehouse receipts or evidence of ownership of such Commodity Interest) as collateral for a bank loan. Customer agrees that the proceeds from such bank loan may be used by GAIN to all accounts carried by EQUINOX MARKETS LIMITED pay for the Commodity Interest (UKor evidence of ownership of such Commodity Interest) for Customer and shall remain in full force until all accounts are fully paid for re-delivery of the Commodity Interest and/or payment by Customer or notice of revocation is sent by EQUINOX MARKETS LIMITED (UK) from its home office. Any failure by EQUINOX MARKETS LIMITED (UK) to enforce its rights hereunder shall not be deemed a future waiver of such rights by EQUINOX MARKETS LIMITED (UK) EQUINOX MARKETS LIMITED (UK) 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 Customerin full, including interest, for the executionsame. The rights granted to GAIN pursuant to this Section are subject to the applicable requirements with regard to the segregation of customer funds and property under the Commodity Exchange Act, delivery and filing of financing statements, that EQUINOX MARKETS LIMITED (UK) deems necessary or desirable to evidence or to protect EQUINOX MARKETS LIMITED (UK)’s interest with respect to any collateral. In the event that the collateral deemed acceptable to EQUINOX MARKETS LIMITED (UK) is at any time insufficient to satisfy Customer’s indebtedness or CUSTOMER AGREEMENT 6 other obligations to EQUINOX MARKETS LIMITED (UK), including obligations to provide margin in accordance with section 4 above, Customer shall promptly pay upon demand the entire amount of such deficitas amended.