Common use of Delivery Procedures; Options Allocation Procedure Clause in Contracts

Delivery Procedures; Options Allocation Procedure. (i) Customer will provide Morgan Stanley with instructions either to liquidate Contracts p▇▇▇▇▇▇s▇▇ ▇▇▇▇blished by Customer, make or take delivery under any such Contracts, or exercise options entered into by Customer, within such time limits as may be specified by Morgan Stanley. Morgan Stanley shall have no responsibility to t▇▇▇ ▇▇y ▇▇▇▇▇▇ o▇ ▇▇▇▇l▇ ▇▇ ▇▇stomer or positions in the Account unless and until Morgan Stanley receives oral or written instructions reasonably ▇▇▇▇▇▇a▇▇▇ ▇▇ Morgan Stanley indicating the action Morgan Stanley is to take. ▇▇▇▇▇ s▇▇▇▇▇▇▇nt to take delivery pursua▇▇ t▇ ▇▇▇▇ Contract or deliverable grade commodities to make delivery pursuant to such Contract must be delivered to Morgan Stanley at such time as Morgan Stanley may require in con▇▇▇▇▇▇n ▇▇▇▇ ▇ny delivery. (▇i) S▇▇▇▇ ▇▇tion Contracts may be subject to exercise at any time. Exercise notices received by Morgan Stanley from the applicable contract market with respect ▇▇ ▇▇▇i▇▇ ▇▇▇▇racts sold by Customer may be allocated to Customer pursuant to a random allocation procedure, and Customer shall be bound by any such allocation of exercise notices. In the event of any allocation to Customer, unless Morgan Stanley has previously received instructions from Custome▇, ▇▇▇g▇▇ ▇▇▇▇ley's sole responsibility shall be to use its best ef▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ Customer of such allocation. (iii) If Customer fails to comply with any of the foregoing obligations, Morgan Stanley may, in its sole and absolute discretion, liquidate ▇▇▇ ▇▇e▇ ▇▇sitions, make or receive delivery of any commodities or instruments, or exercise or allow the expiration of any options, in such manner and on such terms as Morgan Stanley, in its sole and absolute discretion, deems necessar▇ ▇r ▇▇▇▇▇▇riate, and Customer shall indemnify and hold Morgan Stanley harmless as a result of any action taken or not t▇▇▇▇ ▇y ▇▇▇▇▇▇ Stanley in connection therewith or pursuant to Customer's ▇▇▇▇▇u▇▇▇▇▇▇.

Delivery Procedures; Options Allocation Procedure. (i) Customer will provide Morgan Stanley with instructions either to liquidate Contracts p▇▇▇▇▇o▇s▇▇▇ ▇▇▇▇blished tablished by Customer, make or take delivery under any such Contracts, or exercise options entered into by Customer, within such time limits as may be specified by Morgan Stanley. Morgan Stanley shall have no responsibility to t▇▇▇ ▇▇y ▇▇▇▇▇▇ oa▇▇ ▇▇▇▇lon on be▇▇▇▇ ▇▇ ▇▇stomer Customer or positions in the Account unless and until Morgan Stanley receives oral or written instructions reasonably reasonabl▇ ▇▇▇▇p▇▇a▇▇▇ ▇▇ o Morgan Stanley indicating the action Morgan Stanley is to take. ▇▇▇▇s suffi▇▇▇▇▇ sto take delivery p▇▇▇▇▇▇t ▇nt to take delivery pursua▇▇ t▇ ▇▇▇▇ h Contract or deliverable grade commodities to make delivery pursuant to such Contract must be delivered to Morgan Stanley at such time as Morgan Stanley may require in conconnect▇▇▇▇▇▇n ▇ ▇▇▇▇ ▇ny any delivery. (▇i▇) S▇▇▇▇ ▇▇tion Short option Contracts may be subject to exercise at any time. Exercise notices received by Morgan Stanley from the applicable contract market with respect respec▇ ▇▇ ▇p▇▇▇▇ ▇▇▇i▇▇ ▇▇▇▇racts ntracts sold by Customer may be allocated to Customer pursuant to a random allocation procedure, and Customer shall be bound by any such allocation of exercise notices. In the event of any allocation to Customer, unless Morgan Stanley has previously received instructions from CustomeCusto▇▇▇, ▇o▇▇g▇▇ ▇▇▇▇leyanley's sole responsibility shall be to use its best ef▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ y Customer of such allocation. (iii) If Customer fails to comply with any of the foregoing obligations, Morgan Stanley may, in its sole and absolute discretion, liquidate liqui▇▇▇▇ ▇▇en▇ ▇▇sitions▇▇ positions, make or receive delivery of any commodities or instruments, or exercise or allow the expiration of any options, in such manner and on such terms as Morgan Stanley, in its sole and absolute discretion, deems necessar▇ ▇r nec▇▇▇▇▇▇ ▇riate▇ ▇▇▇▇opriate, and Customer shall indemnify and hold Morgan Stanley harmless as a result of any action taken or not t▇▇▇▇▇ ▇y ▇ ▇▇▇▇▇▇ an Stanley in connection therewith or pursuant to Customer's ▇▇▇▇▇ut▇▇▇▇▇▇.▇s.

Delivery Procedures; Options Allocation Procedure. (i) Customer will provide Morgan Stanley with instructions either to liquidate Contracts p▇▇▇▇▇▇s▇Contract▇ ▇▇▇▇blished i▇▇▇▇▇ ▇stablished by Customer, make or take delivery under any such Contracts, or exercise options entered into by Customer, within such time limits as may be specified by Morgan Stanley. Morgan Stanley shall have no responsibility to t▇ ▇▇▇▇ ▇▇y ▇ ▇▇▇ion on b▇▇▇▇▇ o▇ ▇▇▇▇l▇ ▇▇ ▇▇stomer Customer or positions in the Account unless and until Morgan Stanley receives oral or written instructions reasonably reasonab▇▇ ▇▇▇e▇▇▇▇▇▇a▇▇▇ ▇▇ to Morgan Stanley indicating the action Morgan Stanley is to taketak▇. ▇▇▇ds suff▇▇▇▇▇▇ sto take delivery ▇▇▇▇▇▇n▇ ▇nt to take delivery pursua▇▇ t▇ ▇▇▇▇ ch Contract or deliverable grade commodities to make delivery pursuant to such Contract must be delivered to Morgan Stanley at such time as Morgan Stanley may require in con▇▇▇▇▇▇n ▇▇▇▇ ▇ny delivery. (▇i) Sconnec▇▇▇▇ ▇▇tion ▇h any delivery. (▇▇) Short option Contracts may be subject to exercise at any time. Exercise notices received by Morgan Stanley from the applicable contract market with respect respe▇▇ ▇▇▇i▇▇ o▇▇▇▇racts ▇ ▇ontracts sold by Customer may be allocated to Customer pursuant to a random allocation procedure, and Customer shall be bound by any such allocation of exercise notices. In the event of any allocation to Customer, unless Morgan Stanley has previously received instructions from Custome▇, ▇▇▇g▇▇ Cust▇▇▇▇ley, M▇▇▇▇▇ ▇tanley's sole responsibility shall be to use its best ef▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ fy Customer of such allocation. (iii) If Customer fails to comply with any of the foregoing obligations, Morgan Stanley may, in its sole and absolute discretion, liquidate liqu▇▇▇▇▇ a▇▇ ▇▇e▇▇ ▇▇sitionspositions, make or receive delivery of any commodities or instruments, or exercise or allow the expiration of any options, in such manner and on such terms as Morgan Stanley, in its sole and absolute discretion, deems necessar▇ ▇r ne▇▇▇▇▇▇riatey ▇▇ ▇▇▇ropriate, and Customer shall indemnify and hold Morgan Stanley harmless as a result of any action taken or not t▇▇▇▇ ▇y ▇▇▇▇n ▇▇ ▇▇▇gan Stanley in connection therewith or pursuant to Customer's ▇▇▇▇▇us▇▇▇▇▇▇▇ns.

Delivery Procedures; Options Allocation Procedure. (i) Customer will provide Morgan Stanley with instructions either to liquidate Contracts pContr▇▇▇▇ ▇r▇▇▇▇▇▇s▇▇ ▇▇▇▇blished y established by Customer, make or take delivery under any such Contracts, or exercise options entered into by Customer, within such time limits as may be specified by Morgan Stanley. Morgan Stanley shall have no responsibility to tresponsibilit▇ ▇▇ ▇ake any ac▇▇▇▇ ▇▇y n ▇▇▇▇▇▇ o▇ ▇▇▇▇l▇ ▇▇ ▇▇stomer of Customer or positions in the Account unless and until Morgan Stanley receives oral or written instructions reasonably a▇▇▇▇▇▇a▇▇▇ ▇▇ le to Morgan Stanley indicating the action Morgan Stanley is to take. ▇▇▇▇. F▇▇▇▇ ▇▇fficient to take delive▇▇ ▇▇▇s▇▇▇▇▇▇▇nt to take delivery pursua▇ ▇▇ t▇ ▇▇▇▇ such Contract or deliverable grade commodities to make delivery pursuant to such Contract must be delivered to Morgan Stanley at such time as Morgan Stanley may require in con▇▇ ▇▇▇n▇▇▇▇▇▇n ▇▇▇▇ ▇ny with any delivery. (▇i▇) S▇▇▇▇ ▇▇tion Short option Contracts may be subject to exercise at any time. Exercise notices received by Morgan Stanley from the applicable contract market with respect ▇▇ re▇▇▇i▇▇ t▇ ▇▇▇▇racts ▇n Contracts sold by Customer may be allocated to Customer pursuant to a random allocation procedure, and Customer shall be bound by any such allocation of exercise notices. In the event of any allocation to Customer, unless Morgan Stanley has previously received instructions from CustomeC▇▇▇▇▇▇r, ▇▇▇g▇▇ ▇▇▇▇leyn Stanley's sole responsibility shall be to use its best efb▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ otify Customer of such allocation. (iii) If Customer fails to comply with any of the foregoing obligations, Morgan Stanley may, in its sole and absolute discretion, liquidate l▇▇▇▇▇▇t▇ ▇▇▇ ▇▇e▇ ▇▇sitionspen positions, make or receive delivery of any commodities or instruments, or exercise or allow the expiration of any options, in such manner and on such terms as Morgan Stanley, in its sole and absolute discretion, deems necessar▇ ▇r ▇▇▇▇▇s▇riate▇▇ ▇▇ appropriate, and Customer shall indemnify and hold Morgan Stanley harmless as a result of any action taken or not t▇▇▇▇ ▇y ▇▇▇a▇▇▇ ▇▇ Morgan Stanley in connection therewith or pursuant to Customer's Cust▇▇▇▇▇u'▇ ▇▇▇▇▇▇▇tions.

Delivery Procedures; Options Allocation Procedure. (i) Customer will provide Morgan Stanley with instructions either to liquidate Contracts p▇▇▇▇▇o▇s▇▇▇ ▇▇▇▇blished tablished by Customer, make or take delivery under any such Contracts, or exercise options entered into by Customer, within such time limits as may be specified by Morgan Stanley. Morgan Stanley shall have no responsibility to t▇▇▇▇ a▇▇ ▇▇y ▇▇on on ▇▇▇▇▇▇ o▇ ▇▇▇▇l▇ ▇▇ ▇▇stomer Customer or positions in the Account unless and until Morgan Stanley receives oral or written instructions reasonably reasonabl▇ ▇▇▇▇p▇▇a▇▇▇ ▇▇ o Morgan Stanley indicating the action Morgan Stanley is to take. ▇▇▇▇▇ ss suf▇▇▇▇▇▇▇nt ▇ to take delivery pursuap▇▇ t▇▇▇▇▇t ▇▇ ▇▇▇▇ h Contract or deliverable grade commodities to make delivery pursuant to such Contract must be delivered to Morgan Stanley at such time as Morgan Stanley may require in conc▇▇▇▇▇▇n i▇▇ ▇▇▇▇ ▇ny any delivery. (▇i) S▇▇▇▇▇ ▇▇tion option Contracts may be subject to exercise at any time. Exercise notices received by Morgan Stanley from the applicable contract market with respect respec▇ ▇▇ ▇p▇▇▇▇ ▇▇▇i▇▇ ▇▇▇▇racts ntracts sold by Customer may be allocated to Customer pursuant to a random allocation procedure, and Customer shall be bound by any such allocation of exercise notices. In the event of any allocation to Customer, unless Morgan Stanley has previously received instructions from CustomeCusto▇▇▇, ▇o▇▇g▇▇ ▇▇▇▇leyanley's sole responsibility shall be to use its best ef▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ y Customer of such allocation. (iii) If Customer fails to comply with any of the foregoing obligations, Morgan Stanley may, in its sole and absolute discretion, liquidate liqui▇▇▇▇ ▇▇en▇ ▇▇sitions▇▇ positions, make or receive delivery of any commodities or instruments, or exercise or allow the expiration of any options, in such manner and on such terms as Morgan Stanley, in its sole and absolute discretion, deems necessar▇ ▇r nec▇▇▇▇▇▇ ▇riate▇ ▇▇▇▇opriate, and Customer shall indemnify and hold Morgan Stanley harmless as a result of any action taken or not t▇▇tak▇▇ ▇y ▇ ▇▇▇▇▇▇ an Stanley in connection therewith or pursuant to Customer's ▇▇▇▇▇ut▇▇▇▇▇▇.▇s.

Delivery Procedures; Options Allocation Procedure. (i) Customer will provide Morgan Stanley with instructions either to liquidate Contracts p▇▇▇▇▇o▇s▇▇▇ ▇▇▇▇blished tablished by Customer, make or take delivery under any such Contracts, or exercise options entered into by Customer, within such time limits as may be specified by Morgan Stanley. Morgan Stanley shall have no responsibility to t▇▇▇ ▇▇y ▇▇▇▇▇▇ oa▇▇ ▇▇▇▇lon on be▇▇▇▇ ▇▇ ▇▇stomer Customer or positions in the Account unless and until Morgan Stanley receives oral or written instructions reasonably reasonabl▇ ▇▇▇▇p▇▇a▇▇▇ ▇▇ o Morgan Stanley indicating the action Morgan Stanley is to take. ▇▇▇▇s suffi▇▇▇▇▇ sto take delivery p▇▇▇▇▇▇t ▇nt to take delivery pursua▇▇ t▇ ▇▇▇▇ h Contract or deliverable grade commodities to make delivery pursuant to such Contract must be delivered to Morgan Stanley at such time as Morgan Stanley may require in conconnect▇▇▇▇▇▇n ▇ ▇▇▇▇ ▇ny any delivery. (▇i) S▇▇▇▇ ▇▇tion Short option Contracts may be subject to exercise at any time. Exercise notices received by Morgan Stanley from the applicable contract market with respect respec▇ ▇▇ ▇p▇▇▇▇ ▇▇▇i▇▇ ▇▇▇▇racts ntracts sold by Customer may be allocated to Customer pursuant to a random allocation procedure, and Customer shall be bound by any such allocation of exercise notices. In the event of any allocation to Customer, unless Morgan Stanley has previously received instructions from CustomeCusto▇▇▇, ▇o▇▇g▇▇ ▇▇▇▇leyanley's sole responsibility shall be to use its best ef▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ y Customer of such allocation. (iii) If Customer fails to comply with any of the foregoing obligations, Morgan Stanley may, in its sole and absolute discretion, liquidate liqui▇▇▇▇ ▇▇en▇ ▇▇sitions▇▇ positions, make or receive delivery of any commodities or instruments, or exercise or allow the expiration of any options, in such manner and on such terms as Morgan Stanley, in its sole and absolute discretion, deems necessar▇ ▇r nec▇▇▇▇▇▇ ▇riate▇ ▇▇▇▇opriate, and Customer shall indemnify and hold Morgan Stanley harmless as a result of any action taken or not t▇▇▇▇▇ ▇y ▇ ▇▇▇▇▇▇ an Stanley in connection therewith or pursuant to Customer's ▇▇▇▇▇ut▇▇▇▇▇▇.▇s.

Delivery Procedures; Options Allocation Procedure. (i) Customer will provide Morgan Stanley with instructions either to liquidate Contracts p▇▇▇▇▇▇sc▇▇ ▇▇▇▇blished iously established by Customer, make or take delivery under any such Contracts, or exercise options entered into by Customer, within such time limits as may be specified by Morgan Stanley. Morgan Stanley shall have no responsibility to t▇▇▇ ▇▇y responsi▇▇▇▇▇▇ o▇▇ ▇▇▇▇ a▇l▇ ▇▇▇i▇▇ ▇▇ ▇▇stomer ehalf of Customer or positions in the Account unless and until Morgan Stanley receives oral or written instructions reasonably ▇▇▇▇▇▇a▇▇▇ ▇▇ ▇▇eptable to Morgan Stanley indicating the action Morgan Stanley is i▇ ▇▇ ▇ake. Funds sufficient to take. take d▇▇▇▇▇ s▇▇y ▇▇▇▇▇▇nt to take delivery pursua▇▇ t▇ ▇▇▇▇ such Contract or deliverable grade commodities to make delivery pursuant to such Contract must be delivered to Morgan Stanley at such time as Morgan Stanley may require in conreq▇▇▇▇ ▇n ▇▇▇▇▇▇n ▇▇▇▇ ▇ny tion with any delivery. (▇i▇) S▇▇▇▇▇ ▇▇tion option Contracts may be subject to exercise at any time. Exercise notices received by Morgan Stanley from the applicable contract market with respect wi▇▇ ▇▇▇ip▇▇▇ ▇▇▇▇racts ▇ option Contracts sold by Customer may be allocated to Customer pursuant to a random allocation procedure, and Customer shall be bound by any such allocation of exercise notices. In the event of any allocation to Customer, unless Morgan Stanley has previously received instructions from Custome▇, ▇▇▇g▇▇ s▇▇▇▇ley▇, Morgan Stanley's sole responsibility shall be to use its best ef▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇ to notify Customer of such allocation. (iii) If Customer fails to comply with any of the foregoing obligations, Morgan Stanley may, in its sole and absolute discretiondiscreti▇▇, liquidate ▇▇q▇▇▇▇▇▇ ▇▇e▇ ▇▇sitionsany open positions, make or receive delivery of any commodities or instruments, or exercise or allow the expiration of any options, in such manner and on such terms as Morgan Stanley, in its sole and absolute discretion, deems necessar▇ ▇r n▇▇▇▇▇▇riate▇y or appropriate, and Customer shall indemnify and hold Morgan Stanley harmless as a result of any action taken or not t▇▇▇▇ ▇y ▇▇▇▇▇▇ n by Morgan Stanley in connection therewith or pursuant to Customer's ▇▇▇▇▇um▇▇'▇ ▇▇▇▇structions.

Delivery Procedures; Options Allocation Procedure. (i) Customer will provide Morgan Stanley with instructions either to liquidate Contracts p▇▇▇▇▇▇s▇Contract▇ ▇▇▇▇blished i▇▇▇▇▇ ▇stablished by Customer, make or take delivery under any such Contracts, or exercise options entered into by Customer, within such time limits as may be specified by Morgan Stanley. Morgan Stanley shall have no responsibility to t▇ ▇▇▇▇ ▇▇y ▇ ▇▇▇ion on b▇▇▇▇▇ o▇ ▇▇▇▇l▇ ▇▇ ▇▇stomer Customer or positions in the Account unless and until Morgan Stanley receives oral or written instructions reasonably reasonab▇▇ ▇▇▇e▇▇▇▇▇▇a▇▇▇ ▇▇ to Morgan Stanley indicating the action Morgan Stanley is to taketak▇. ▇▇▇ds suff▇▇▇▇▇▇ sto take delivery ▇▇▇▇▇▇n▇ ▇nt to take delivery pursua▇▇ t▇ ▇▇▇▇ ch Contract or deliverable grade commodities to make delivery pursuant to such Contract must be delivered to Morgan Stanley at such time as Morgan Stanley may require in con▇▇▇▇▇▇n connec▇▇▇▇ ▇ny ▇▇h any delivery. (▇i) S▇▇▇▇ ▇▇tion Short option Contracts may be subject to exercise at any time. Exercise notices received by Morgan Stanley from the applicable contract market with respect respe▇▇ ▇▇▇i▇▇ o▇▇▇▇racts ▇ ▇ontracts sold by Customer may be allocated to Customer pursuant to a random allocation procedure, and Customer shall be bound by any such allocation of exercise notices. In the event of any allocation to Customer, unless Morgan Stanley has previously received instructions from Custome▇, ▇▇▇g▇▇ Cust▇▇▇▇ley, M▇▇▇▇▇ ▇tanley's sole responsibility shall be to use its best ef▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ fy Customer of such allocation. (iii) If Customer fails to comply with any of the foregoing obligations, Morgan Stanley may, in its sole and absolute discretion, liquidate liqu▇▇▇▇▇ a▇▇ ▇▇e▇▇ ▇▇sitionspositions, make or receive delivery of any commodities or instruments, or exercise or allow the expiration of any options, in such manner and on such terms as Morgan Stanley, in its sole and absolute discretion, deems necessar▇ ▇r ne▇▇▇▇▇▇riatey ▇▇ ▇▇▇ropriate, and Customer shall indemnify and hold Morgan Stanley harmless as a result of any action taken or not t▇▇▇▇ ▇y ▇▇▇▇n ▇▇ ▇▇▇gan Stanley in connection therewith or pursuant to Customer's ▇▇▇▇▇us▇▇▇▇▇▇▇ns.

Delivery Procedures; Options Allocation Procedure. (i) Customer will provide Morgan Stanley with instructions either to liquidate Contracts pCon▇▇▇▇▇▇ ▇▇▇▇▇▇s▇▇ ▇▇▇▇blished sly established by Customer, make or take delivery under any such Contracts, or exercise options entered into by Customer, within such time limits as may be specified by Morgan Stanley. Morgan Stanley shall have no responsibility to tresponsibil▇▇▇ ▇▇ ▇▇▇▇ ▇▇y ▇▇▇▇▇▇ o▇▇ ▇▇▇▇l▇ ▇▇ ▇▇stomer lf of Customer or positions in the Account unless and until Morgan Stanley receives oral or written instructions reasonably rea▇▇▇▇▇▇ay ▇▇▇ ▇▇ ▇▇▇able to Morgan Stanley indicating the action Morgan Stanley is to taket▇ ▇▇▇▇. ▇▇▇▇▇ ssufficient to take delivery ▇u▇▇▇▇▇▇▇nt ▇ to take delivery pursua▇▇ t▇ ▇▇▇▇ such Contract or deliverable grade commodities to make delivery pursuant to such Contract must be delivered to Morgan Stanley at such time as Morgan Stanley may require in conrequir▇ ▇▇ ▇o▇▇▇▇▇▇▇n with any delive▇▇▇▇ ▇ny delivery. (▇iii) S▇▇▇▇ ▇▇tion Short option Contracts may be subject to exercise at any time. Exercise notices received by Morgan Stanley from the applicable contract market with respect ▇▇▇▇▇▇t ▇▇ ▇▇▇i▇▇ ▇▇▇▇racts ion Contracts sold by Customer may be allocated to Customer pursuant to a random allocation procedure, and Customer shall be bound by any such allocation of exercise notices. In the event of any allocation to Customer, unless Morgan Stanley has previously received instructions from Custome▇Customer, ▇▇▇g▇▇ ▇▇▇▇leygan Stanley's sole responsibility shall be to use its best ef▇eff▇▇▇▇ ▇▇ ▇▇▇▇▇▇ notify Customer of such allocation. (iii) If Customer fails to comply with any of the foregoing obligations, Morgan Stanley may, in its sole and absolute discretion, liquidate ▇▇▇▇▇d▇▇▇ ▇▇e▇ ▇▇sitionsopen positions, make or receive delivery of any commodities or instruments, or exercise or allow the expiration of any options, in such manner and on such terms as Morgan Stanley, in its sole and absolute discretion, deems necessardee▇▇ ▇r ▇▇e▇▇▇▇▇ ▇▇riater appropriate, and Customer shall indemnify and hold Morgan Stanley harmless as a result of any action taken or not t▇▇ ▇▇▇ ▇▇▇▇▇ ▇y ▇▇▇▇▇▇ Morgan Stanley in connection therewith or pursuant to Customer's ▇▇▇▇▇uCu▇▇▇▇▇▇'▇ ▇▇▇▇▇uctions.

Delivery Procedures; Options Allocation Procedure. (i) Customer will provide Morgan Stanley with instructions either to liquidate Contracts pContr▇▇▇▇ ▇r▇▇▇▇▇▇s▇▇ ▇▇▇▇blished y established by Customer, make or take delivery under any such Contracts, or exercise options entered into by Customer, within such time limits as may be specified by Morgan Stanley. Morgan Stanley shall have no responsibility to tresponsibilit▇ ▇▇ ▇ake any ac▇▇▇▇ ▇▇y n ▇▇▇▇▇▇ o▇ ▇▇▇▇l▇ ▇▇ ▇▇stomer of Customer or positions in the Account unless and until Morgan Stanley receives oral or written instructions reasonably a▇▇▇▇▇▇a▇▇▇ ▇▇ le to Morgan Stanley indicating the action Morgan Stanley is to take. ▇▇▇▇. F▇▇▇▇ ▇▇fficient to take delive▇▇ ▇▇▇s▇▇▇▇▇▇▇nt to take delivery pursua▇ ▇▇ t▇ ▇▇▇▇ such Contract or deliverable grade commodities to make delivery pursuant to such Contract must be delivered to Morgan Stanley at such time as Morgan Stanley may require in con▇▇ ▇▇▇n▇▇▇▇▇▇n ▇▇▇▇ ▇ny with any delivery. (▇i▇) S▇▇▇▇ ▇▇tion ort option Contracts may be subject to exercise at any time. Exercise notices received by Morgan Stanley from the applicable contract market with respect ▇▇ re▇▇▇i▇▇ t▇ ▇▇▇▇racts ▇n Contracts sold by Customer may be allocated to Customer pursuant to a random allocation procedure, and Customer shall be bound by any such allocation of exercise notices. In the event of any allocation to Customer, unless Morgan Stanley has previously received instructions from CustomeC▇▇▇▇▇▇r, ▇▇▇g▇▇ ▇▇▇▇leyn Stanley's sole responsibility shall be to use its best efb▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ otify Customer of such allocation. (iii) If Customer fails to comply with any of the foregoing obligations, Morgan Stanley may, in its sole and absolute discretion, liquidate l▇▇▇▇▇▇t▇ ▇▇▇ ▇▇e▇ ▇▇sitionspen positions, make or receive delivery of any commodities or instruments, or exercise or allow the expiration of any options, in such manner and on such terms as Morgan Stanley, in its sole and absolute discretion, deems necessar▇ ▇r ▇▇▇▇▇s▇riate▇▇ ▇▇ appropriate, and Customer shall indemnify and hold Morgan Stanley harmless as a result of any action taken or not t▇▇▇▇ ▇y ▇▇▇a▇▇▇ ▇▇ Morgan Stanley in connection therewith or pursuant to Customer's Cust▇▇▇▇▇u'▇ ▇▇▇▇▇▇▇tions.

Delivery Procedures; Options Allocation Procedure. (i) Customer will provide Morgan Stanley with instructions either to liquidate Contracts p▇▇▇▇▇▇sc▇▇ ▇▇▇▇blished iously established by Customer, make or take delivery under any such Contracts, or exercise options entered into by Customer, within such time limits as may be specified by Morgan Stanley. Morgan Stanley shall have no responsibility to t▇▇▇ ▇▇y responsi▇▇▇▇▇▇ o▇▇ ▇▇▇▇ a▇l▇ ▇▇▇i▇▇ ▇▇ ▇▇stomer ehalf of Customer or positions in the Account unless and until Morgan Stanley receives oral or written instructions reasonably ▇▇▇▇▇▇a▇▇▇ ▇▇ ▇▇eptable to Morgan Stanley indicating the action Morgan Stanley is to takei▇ ▇▇ ▇a▇▇. ▇▇▇ds sufficient to take d▇▇ s▇▇▇▇▇y ▇▇▇▇▇▇nt to take delivery pursua▇▇ t▇ ▇▇▇▇ such Contract or deliverable grade commodities to make delivery pursuant to such Contract must be delivered to Morgan Stanley at such time as Morgan Stanley may require in conreq▇▇▇▇ ▇n ▇▇▇▇▇▇n tion with any del▇▇▇▇ ▇ny delivery▇. (▇iii) S▇▇▇▇ ▇▇tion Short option Contracts may be subject to exercise at any time. Exercise notices received by Morgan Stanley from the applicable contract market with respect wi▇▇ ▇▇▇ip▇▇▇ ▇▇▇▇racts ▇ option Contracts sold by Customer may be allocated to Customer pursuant to a random allocation procedure, and Customer shall be bound by any such allocation of exercise notices. In the event of any allocation to Customer, unless Morgan Stanley has previously received instructions from Customef▇, ▇▇▇g▇▇ ▇▇s▇▇ley▇▇▇, Morgan Stanley's sole responsibility shall be to use its best ef▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ to notify Customer of such allocation. (iii) If Customer fails to comply with any of the foregoing obligations, Morgan Stanley may, in its sole and absolute discretiondiscreti▇▇, liquidate ▇▇q▇▇▇▇▇▇ ▇▇e▇ ▇▇sitionsany open positions, make or receive delivery of any commodities or instruments, or exercise or allow the expiration of any options, in such manner and on such terms as Morgan Stanley, in its sole and absolute discretion, deems necessar▇ ▇r necess▇▇▇▇▇▇riate▇ or appropriate, and Customer shall indemnify and hold Morgan Stanley harmless as a result of any action taken or not t▇▇tak▇▇ ▇y ▇ n▇▇ ▇▇▇▇▇▇ n by Morgan Stanley in connection therewith or pursuant to Customer's ▇▇▇▇▇umer's ▇▇▇▇▇▇structions.