Common use of AUTHORITY AND INSTRUCTIONS Clause in Contracts

AUTHORITY AND INSTRUCTIONS. In connection with the provision of the Services: 5.1 We shall seek to fill any order from You in accordance with Our Order Execution Policy. 5.2 We may act upon any instruction which We reasonably believe to have been given by an authorised representative of You. No liability shall attach to Us if an instruction which We have accepted and acted upon in good faith is subsequently discovered to have been forged, falsified or amended without Your authority. You also release Us from any liability in relation to Our reliance on the authenticity of any such communication and also from any liability in relation to communications: (i) sent by You but not received by Us; or (ii) which We reasonably believed were not made by You. 5.3 You will regularly provide Us with prices (which may be Indicative Prices or Firm Prices, each as defined in Clause 5.7 below), volumes and other relevant terms and conditions relating to transactions that You would like Us to place in certain markets on Your behalf. In this respect, We shall use Our commercially reasonable efforts to locate suitable counterparts to such transactions. 5.4 We shall not be under any obligation to accept a dealing instruction from You nor shall We be required to provide You with any reasons for Our declining to act on such instruction. Furthermore, We shall not be required to do anything or to refrain from doing anything which would, in Our reasonable opinion, infringe any Applicable Laws to which We are subject. 5.5 Where We do accept a dealing instruction from You, We shall seek to action it as soon as reasonably practicable. 5.6 In the event We decline to act on any dealing instruction issued by You to Us, We shall use Our reasonable efforts to notify You promptly of this. However, We shall not be liable to You or any third party for any losses, costs, damages or expenses incurred by You or other such third party as a result of: (a) Our refusal or delay to effect any transaction; and/or; (b) any failure or delay in Our notifying You of Our refusal to act. In addition, We accept no liability for any losses, costs, damages or expenses incurred or arising in connection with any change in market conditions before the time any transaction is placed by Us on Your behalf. 5.7 In relation to the provisions of clause 5.3 above, the following shall apply: “Indicative Prices” shall mean a price which You have provided to Us for reference purposes only and You acknowledge and agree that transactions may not be concluded on such Indicative Prices. We shall confirm the Indicative Price to You prior to concluding any transaction.

AUTHORITY AND INSTRUCTIONS. In connection with the provision 4.1 You agree to inform us of the Services: 5.1 We shall seek identity of your directors, employees or other persons acting on your behalf that may provide us Instructions to fill any order from You in accordance carry out transactions on your behalf (“Authorised Traders”) and complete the attached Appendix with Our Order Execution Policyinformation about those persons. 5.2 We 4.2 If you make changes to the list of Authorised Traders it is your duty to update Arrow Futures by promptly informing our Compliance Officer by writing to: The Compliance Officer Arrow Futures (UK) Limited Octavia House ▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Or by email at ▇▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇.▇▇▇ 4.3 Arrow Futures, our directors, employees, contractors and agents may act upon any instruction which We written or verbal communication to act or refrain from acting in providing our Services to you (“Instruction”) that we reasonably believe to have been given by any of your Authorised Traders as listed in the appendix to this Agreement. 4.4 Arrow Futures will not be liable to you or others if and where we receive and act on an authorised representative of You. No liability shall attach to Us if an instruction which We have accepted and acted upon Instruction in good faith from your Authorised Traders, which is subsequently discovered to have been forged, falsified or amended without Your your authority. You also release Us from any liability in relation to Our reliance on the authenticity of any such communication and also from any liability in relation to communications: (i) sent by You but not received by Us; or (ii) which We reasonably believed were not made by You. 5.3 4.5 You will regularly promptly provide Us Arrow Futures with prices (which may be Indicative Prices or Firm Pricesprices, each information as defined in Clause 5.7 below)to the status of prices, volumes and other relevant terms and conditions relating to transactions that You would like Us you wish us to place in certain markets on Your behalf. In this respectarrange, We shall use Our commercially reasonable efforts execute or make arrangements with a view to locate suitable counterparts to such transactions. 5.4 We shall not be under any obligation to accept a dealing instruction from You nor shall We be required to provide You with any reasons for Our declining to act on such instruction. Furthermore, We shall not be required to do anything or to refrain from doing anything which would, in Our reasonable opinion, infringe any Applicable Laws to which We are subject. 5.5 Where We do accept a dealing instruction from You, We shall seek to action it as soon as reasonably practicable. 5.6 In the event We decline to act on any dealing instruction issued by You to Us, We shall use Our reasonable efforts to notify You promptly of this. However, We shall not be liable to You or any third party for any losses, costs, damages or expenses incurred by You or other such third party as a result of: (a) Our refusal or delay to effect any transaction; and/or; (b) any failure or delay in Our notifying You of Our refusal to act. In addition, We accept no liability for any losses, costs, damages or expenses incurred or arising in connection with any change in market conditions before the time any transaction is placed by Us on Your behalf. 5.7 4.6 In relation to the provisions of clause 5.3 above, Clauses 4.3 and 4.5 the following shall apply: apply in terms of prices: (a) An “Indicative PricesPrice” shall mean a price will specify the price, which You you have provided to Us us for reference purposes only and You acknowledge and agree that transactions may not be concluded on any such Indicative PricesPrice. We shall confirm the Indicative Price to You prior Prior to concluding any transactiontransaction you must confirm any such price to us.

AUTHORITY AND INSTRUCTIONS. In connection with the provision of the Services: 5.1 4.1 We shall seek to fill any order from You in accordance with Our Order Execution Policy. 5.2 4.2 We may act upon any instruction which We reasonably believe to have been given by an authorised representative of You. No liability shall attach to Us if an instruction which We have accepted and acted upon in good faith is subsequently discovered to have been forged, falsified or amended without Your authority. You also release Us from any liability in relation to Our reliance on the authenticity of any such communication and also from any liability in relation to communications: (i) sent by You but not received by Us; or (ii) which We reasonably believed were not made by You. 5.3 4.3 You will regularly provide Us with prices prices, (which may be Indicative Prices or Firm Prices, each as defined in Clause 5.7 4.7 below), volumes and other relevant terms and conditions relating to transactions that You would like Us to place in certain markets on Your behalf. In this respect, We shall use Our commercially reasonable efforts to locate suitable counterparts to such transactions. 5.4 4.4 We shall not be under any obligation to accept a dealing instruction from You nor shall We be required to provide You with any reasons for Our declining to act on such instruction. Furthermore, We shall not be required to do anything or to refrain from doing anything which would, would in Our reasonable opinion, infringe any Applicable Laws to which We are subject. 5.5 4.5 Where We do accept a dealing instruction from You, We shall seek to action it as soon as is reasonably practicable. 5.6 4.6 In the event We decline to act on any dealing instruction issued by You to Us, We shall use Our reasonable efforts to notify You promptly of this. However, We shall not be liable to You or any third party for any losses, costs, damages or expenses incurred by You or other such third party as a result of: (a) Our refusal or delay to effect any transaction; transaction and/or; (b) any failure or delay in Our notifying You of Our refusal to act. In addition, We accept no liability for any losses, costs, damages or expenses incurred or arising in connection with any change in market conditions before the time any transaction is placed by Us on Your behalf. 5.7 4.7 In relation to the provisions of clause 5.3 4.3 above, the following shall apply: “Indicative Prices” shall mean a price which You have provided to Us for reference purposes only and You acknowledge and agree that transactions may not be concluded on such Indicative Prices. We shall confirm the Indicative Price to You prior to concluding any transaction.:

AUTHORITY AND INSTRUCTIONS. In connection with the provision of the Services: 5.1 4.1 We shall seek to fill any order from You in accordance with Our Order Execution Policy. 5.2 4.2 We may act upon any instruction which We reasonably believe to have been given by an authorised representative of You. No liability shall attach to Us if an instruction which We have accepted and acted upon in good faith is subsequently discovered to have been forged, falsified or amended without Your authority. You also release Us from any liability in relation to Our reliance on the authenticity of any such communication and also from any liability in relation to communications: (i) sent by You but not received by Us; or (ii) which We reasonably believed were not made by You. 5.3 4.3 You will regularly provide Us with prices prices, (which may be Indicative Prices or Firm Prices, each as defined in Clause 5.7 4.7 below), volumes and other relevant terms and conditions relating to transactions that You would like Us to place in certain markets on Your behalf. In this respect, We shall use Our commercially reasonable efforts to locate suitable counterparts to such transactions. 5.4 4.4 We shall not be under any obligation to accept a dealing instruction from You nor shall We be required to provide You with any reasons for Our declining to act on such instruction. Furthermore, We shall not be required to do anything or to refrain from doing anything which would, would in Our reasonable opinion, infringe any Applicable Laws to which We are subject. 5.5 4.5 Where We do accept a dealing instruction from You, We shall seek to action it as soon as is reasonably practicable. 5.6 4.6 In the event We decline to act on any dealing instruction issued by You to Us, We shall use Our reasonable efforts to notify You promptly of this. However, We shall not be liable to You or any third party for any losses, costs, damages or expenses incurred by You or other such third party as a result of: (a) Our refusal or delay to effect any transaction; transaction and/or; (b) any failure or delay in Our notifying You of Our refusal to act. In addition, We accept no liability for any losses, costs, damages or expenses incurred or arising in connection with any change in market conditions before the time any transaction is placed by Us on Your behalf. 5.7 4.6 In relation to the provisions of clause 5.3 4.3 above, the following shall apply: “Indicative Prices” shall mean a price which You have provided to Us for reference purposes only and You acknowledge and agree that transactions may not be concluded on such Indicative Prices. We shall confirm the Indicative Price to You prior to concluding any transaction.:

AUTHORITY AND INSTRUCTIONS. In connection with the provision of the Services: 5.1 4.1 We shall seek to fill any order from You in accordance with Our Order Execution Policy. 5.2 4.2 We may act upon any instruction which We reasonably believe to have been given by an authorised representative of You. No liability shall attach to Us if an instruction which We have accepted and acted upon in good faith is subsequently discovered to have been forged, falsified or amended without Your authority. You also release Us from any liability in relation to Our reliance on the authenticity of any such communication and also from any liability in relation to communications: (i) sent by You but not received by Us; or (ii) which We reasonably believed were not made by You. 5.3 4.3 You will regularly provide Us with prices prices, (which may be Indicative Prices or Firm Prices, each as defined in Clause 5.7 4.7 below), volumes and other relevant terms and conditions relating to transactions that You would like Us to place in certain markets on Your behalf. In this respect, We shall use Our commercially reasonable efforts to locate suitable counterparts to such transactions. 5.4 4.4 We shall not be under any obligation to accept a dealing instruction from You nor shall We be required to provide You with any reasons for Our declining to act on such instruction. Furthermore, We shall not be required to do anything or to refrain from doing anything which would, would in Our reasonable opinion, infringe any Applicable Laws to which We are subject. 5.5 4.5 Where We do accept a dealing instruction from You, We shall seek to action it as soon as is reasonably practicable. 5.6 4.6 In the event We decline to act on any dealing instruction issued by You to Us, We shall use Our reasonable efforts to notify You promptly of this. However, We shall not be liable to You or any third party for any losses, costs, damages or expenses incurred by You or other such third party as a result of: (a) Our refusal or delay to effect any transaction; transaction and/or; (b) any failure or delay in Our notifying You of Our refusal to act. In addition, We accept no liability for any losses, costs, damages or expenses incurred or arising in connection with any change in market conditions before the time any transaction is placed by Us on Your behalf. 5.7 4.7 In relation to the provisions of clause 5.3 4.3 above, the following shall apply: “Indicative Prices” shall mean a price which You have provided to Us for reference purposes only and You acknowledge and agree that transactions may not be concluded on such Indicative Prices. We shall confirm the Indicative Price to You prior to concluding any transaction.: