Common use of Requirement to Maintain Sufficient Margin Continuously Clause in Contracts

Requirement to Maintain Sufficient Margin Continuously. a. Margin transactions are subject, at all times, to the initial and maintenance margin requirements of exchanges, clearing houses and regulators and also to any additional margin requirement of IBHK, which may be greater ("Margin Requirements"). IBHK's "house" margin requirements may exceed the margin required by any exchange, clearinghouse or regulator and may include leverage ratio limits or position size limits for securities, futures, commodities, currencies or other investment products (even for apparently low-risk positions), and may exceed 100% depending upon the product and market conditions. IBHK MAY MODIFY MARGIN REQUIREMENTS FOR ANY OR ALL CLIENTS FOR ANY OPEN OR NEW POSITIONS AT ANY TIME, IN IBHK'S SOLE DISCRETION WITHOUT PRIOR NOTICE TO YOU. b. Client shall monitor and maintain, without notice or demand, Client's Account to ensure that Client's Account continuously maintains sufficient Margin Deposit to meet Margin Requirements. IBHK may reject any order if Client's Account has insufficient Margin Deposit to meet ▇▇▇▇▇▇ Requirements (or would not do so on execution of the Order), and may delay processing of any order while determining margin status of the Account. c. Formulas for calculating Margin Requirements on the IBHK website are indicative only and may not reflect actual Margin Requirements, which can change rapidly depending on market conditions. Client must at all times satisfy the Margin Requirement calculated by IBHK. If Client has multiple accounts with IBHK (or if Client utilizes IBHK's partition function to create subaccounts) either as separate or as one account for purposes of applying the Margin Requirements. Client acknowledges that this may cause the total Margin Requirement to be higher than otherwise required and could cause positions to be liquidated in one account or subaccount notwithstanding excess equity in another account or subaccount. d. Client will not rely on IBHK to close or liquidate positions in Client's account in the event Client's account does not comply with Margin requirements. Client will not rely on IBHK's liquidation rights and auto-liquidation systems to function as a stop-loss order. Client cannot assume that IBHK's general policy to liquidate positions will prevent Client from losing more than Client has deposited. Among other things, market prices may not rise or fall incrementally and IBHK may not be able to close out a position at a price that would avoid losses greater than the margin deposit. Likewise, IBHK may in its discretion delay or decide not to liquidate positions in an account with a margin deficit and shall have no liability for any loss sustained by Client in connection with such delay of or forbearance from liquidation. e. For the purposes of determining Client's compliance with Margin Requirements, IBHK will determine in its sole discretion the value of positions and assets in Client's account. IBHK's calculation may differ from the values or prices disseminated by exchanges or other market data sources. For example, IBHK may calculate its own index values, Exchange Traded Fund ("ETF") values or derivatives values, and IBHK shall have the sole discretion in deciding whether and how to value investment products based on bid price, offer price, last sale price, bid/ask midpoint or using some other method it so chooses. IBHK may use a valuation methodology that is more conservative than the marketplace as a whole and this may effectively constitute a higher "house" margin requirement, which IBHK has the right to establish. IBHK may raise Margin Requirements in advance of an upcoming change in the required exchange or clearinghouse margin even before the effective date of such change. f. Client acknowledges and agrees that the Margin Requirements and related rules of exchanges, clearinghouses and regulators generally are designed to protect the integrity of markets and the capital of broker- dealers that are subject to such rules and are not generally intended to protect the Client. IBHK's failure to apply or enforce Margin Requirements and related rules shall not give Client any right to bring an action against IBHK and nothing in this Agreement constitutes a warranty or undertaking that IBHK will apply or enforce the Margin Requirements and related rules.

Requirement to Maintain Sufficient Margin Continuously. a. Margin transactions are subject, at all times, subject to the initial and maintenance margin requirements of exchanges, clearing houses clearinghouses and regulators and also to any additional margin requirement of IBHKIB, which may be greater ("Margin Requirements"). IBHK's "house" margin requirements may exceed the margin required by any exchange, clearinghouse or regulator and may include leverage ratio limits or position size limits for securities, futures, commodities, currencies or other investment products (even for apparently low-risk positions), and may exceed 100% depending upon the product and market conditions. IBHK IB MAY MODIFY MARGIN REQUIREMENTS FOR ANY OR ALL CLIENTS CUSTOMERS FOR ANY OPEN OR NEW POSITIONS AT ANY TIME, IN IBHKIB'S SOLE DISCRETION DISCRETION. CUSTOMER SHALL MAINTAIN, WITHOUT PRIOR NOTICE OR DEMAND, SUFFICIENT EQUITY AT ALL TIMES TO YOU. b. Client shall monitor and maintainCONTINUOUSLY MEET MARGIN REQUIREMENTS. CUSTOMER SHALL MONITOR ITS ACCOUNT SO THAT AT ALL TIMES THE ACCOUNT CONTAINS SUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS. IF THE ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS, without notice or demand, Client's Account to ensure that Client's Account continuously maintains sufficient Margin Deposit to meet Margin RequirementsIB MAY REJECT ANY ORDER SUBMITTED BY CUSTOMER OR DECLINE TO ACCEPT FOR SETTLEMENT (OR MAY "DK" OR DISAFFIRM OR RETURN) OR MAY LIQUIDATE ANY POSITION SUBMITTED TO IB BY EXECUTING BROKER FOR SETTLEMENT. IBHK may reject any order if Client's Account has insufficient Margin Deposit to meet ▇▇▇▇▇▇ Requirements (or would not do so on execution of the Order), and may delay processing of any order while determining margin status of the Account. c. Formulas for calculating Margin Requirements on the IBHK IB website are indicative only and may not reflect actual Margin Requirements, which can change rapidly depending on market conditions. Client Customer must at all times satisfy the whatever Margin Requirement is calculated by IBHKIB. If Client has multiple accounts with IBHK (or if Client utilizes IBHK's partition function b. IB Will Not Issue Margin Calls: IB does not have to create subaccounts) either as separate or as one account for purposes notify Customer of applying the any failure to meet Margin RequirementsRequirements prior to IB exercising its rights under this Agreement. Client Customer acknowledges that this IB generally will not issue margin calls; generally will not credit Customer's account to meet intraday or overnight margin deficiencies; and is authorized to liquidate account positions in order to satisfy Margin Requirements without prior notice. c. Liquidation of Positions and Offsetting Transactions: i. IF AT ANY TIME CUSTOMER'S ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS OR IS IN DEFICIT, IB HAS THE RIGHT, IN ITS SOLE DISCRETION, BUT NOT THE OBLIGATION, TO LIQUIDATE ALL OR ANY PART OF CUSTOMER'S POSITIONS IN ANY OF CUSTOMER'S IB ACCOUNTS, AT ANY TIME AND IN ANY MANNER AND THROUGH ANY MARKET OR DEALER, WITHOUT PRIOR NOTICE OR MARGIN CALL TO CUSTOMER. CUSTOMER SHALL BE LIABLE AND WILL PROMPTLY PAY IB FOR ANY DEFICIENCIES IN CUSTOMER'S ACCOUNT THAT ARISE FROM SUCH LIQUIDATION OR REMAIN AFTER SUCH LIQUIDATION. IB HAS NO LIABILITY FOR ANY LOSS SUSTAINED BY CUSTOMER IN CONNECTION WITH SUCH LIQUIDATIONS (OR IF THE IBKR SYSTEM DELAYS EFFECTING, OR DOES NOT EFFECT, SUCH LIQUIDATIONS) EVEN IF CUSTOMER RE-ESTABLISHES ITS POSITION AT A WORSE PRICE. ii. IB may cause allow Customer to pre-request the total Margin Requirement order of liquidation in event of a margin deficiency, but such requests are not binding on IB and IB retains sole discretion to be higher than otherwise required and could cause positions determine the assets to be liquidated in one account and the order/manner of liquidation. IB may liquidate through any market or subaccount notwithstanding excess equity in another account dealer, and IB or subaccount. d. Client will not rely on IBHK to close or liquidate its affiliates may take the other side of the transactions consistent with laws and regulations. If IB liquidates any/all positions in ClientCustomer's account, such liquidation shall establish Customer's gain/loss and remaining indebtedness to IB, if any. Customer shall reimburse and hold IB harmless for all actions, omissions, costs, fees (including, but not limited to, attorney's fees), or liabilities associated with any such transaction undertaken by IB. If IB executes an order (or receives for settlement from Customer's Executing Broker a position) for which Customer did not have sufficient equity, IB has the right, without notice, to liquidate the position (or to liquidate any other positions in Customer's account in the event Client's sufficient to restore account does not equity to comply with Margin margin requirements. Client will not rely on IBHK's liquidation rights ) and auto-liquidation systems to function as a stop-loss order. Client cannot assume that IBHK's general policy to liquidate positions will prevent Client from losing more than Client has deposited. Among other things, market prices may not rise or fall incrementally and IBHK may not Customer shall be able to close out a position at a price that would avoid losses greater than the margin deposit. Likewise, IBHK may in its discretion delay or decide not to liquidate positions in an account with a margin deficit and shall have no liability responsible for any loss sustained by Client in connection with such delay of or forbearance from liquidationresulting loss. e. For the purposes of determining Client's compliance with Margin Requirements, IBHK will determine in its sole discretion the value of positions and assets in Client's account. IBHK's calculation may differ from the values or prices disseminated by exchanges or other market data sources. For example, IBHK may calculate its own index values, Exchange Traded Fund ("ETF") values or derivatives values, and IBHK shall have the sole discretion in deciding whether and how to value investment products based on bid price, offer price, last sale price, bid/ask midpoint or using some other method it so chooses. IBHK may use a valuation methodology that is more conservative than the marketplace as a whole and this may effectively constitute a higher "house" margin requirement, which IBHK has the right to establish. IBHK may raise Margin Requirements in advance of an upcoming change in the required exchange or clearinghouse margin even before the effective date of such change. f. Client acknowledges and agrees that the Margin Requirements and related rules of exchanges, clearinghouses and regulators generally are designed to protect the integrity of markets and the capital of broker- dealers that are subject to such rules and are not generally intended to protect the Client. IBHK's failure to apply or enforce Margin Requirements and related rules shall not give Client any right to bring an action against IBHK and nothing in this Agreement constitutes a warranty or undertaking that IBHK will apply or enforce the Margin Requirements and related rules.

Requirement to Maintain Sufficient Margin Continuously. a. i. Margin transactions are subject, at all times, to the initial and maintenance margin requirements of established by IBKR or the applicable exchanges, clearing houses clearinghouses and regulators and also to any additional margin requirement of IBHKregulators, which may be whichever is greater ("Margin Requirements"). IBHKIBKR's "house" margin requirements may exceed the margin required by any exchange, clearinghouse or regulator and may include leverage ratio limits or position size limits for securities, futures, commodities, currencies or other investment products (even for apparently low-risk positions), and may exceed 100% depending upon the product and market conditions. IBHK MAY MODIFY MARGIN REQUIREMENTS FOR ANY OR ALL CLIENTS FOR ANY OPEN OR NEW POSITIONS AT ANY TIME, IN IBHK'S SOLE DISCRETION WITHOUT PRIOR NOTICE TO YOU. b. ii. IBKR may modify margin requirements for any or all clients for any open or new positions at any time, in IBKR's sole discretion without prior notice. Client shall monitor and maintain, without notice or demand, Client's Account to ensure account so that Client's Account continuously maintains at all times the account contains sufficient Margin Deposit equity to meet Margin Requirements. IBHK IBKR may reject any order if Client's Account account has insufficient Margin Deposit equity to meet ▇▇▇▇▇▇ Requirements (or would not do so on execution of the Order)Margin Requirements, and may delay processing of any order while determining the margin status of the Account. c. account. Client shall maintain, without notice or demand by IBKR, sufficient equity in Client's account at all times to continuously meet Margin Requirements. Formulas for calculating Margin Requirements on the IBHK IBKR website are indicative only and may not reflect actual Margin Requirements, which can change rapidly depending on market conditions. Client must at all times satisfy the Margin Requirement Requirements calculated by IBHKIBKR. If Client has multiple accounts with IBHK IBKR (or if Client utilizes IBHKIBKR's partition function to create subaccounts), at IBKR's sole discretion IBKR may treat such accounts (and/or subaccounts) either as separate or as one account for purposes of applying the Margin Requirements. Client acknowledges that this may cause the total Margin Requirement to be higher than otherwise required and could cause positions to be liquidated in one account or subaccount notwithstanding excess equity in another account or subaccount. d. iii. Client will not rely on IBHK IBKR to close or liquidate positions in Client's account in the event Client's account does not comply with Margin requirementsRequirements. Client will not rely on IBHKIBKR's liquidation rights and auto-liquidation systems to function as a stop-stop- loss order. Client cannot assume that IBHKIBKR's general policy to liquidate positions will prevent Client from losing more than Client has deposited. Among other things, market prices may not rise or fall incrementally and IBHK IBKR may not be able to close out a position at a price that would avoid losses greater than the margin deposit. Likewise, IBHK IBKR may in its discretion delay or decide not to liquidate positions in an account with a margin deficit and shall have no liability for any loss sustained by Client in connection with such delay of or forbearance from liquidation. e. iv. For the purposes of determining Client's compliance with Margin Requirements, IBHK IBKR will determine in its sole discretion the value of positions and assets in Client's account. IBHKIBKR's calculation calculations may differ from the values or prices disseminated by exchanges or other market data sources. For example, IBHK IBKR may calculate its own index values, Exchange Traded Fund ("ETF") values or derivatives values, and IBHK IBKR shall have the sole discretion in deciding whether and how to value securities, derivatives or other investment products based on bid price, offer price, last sale price, bid/ask midpoint or using some other method it so choosesmethod. IBHK IBKR may use a valuation methodology that is more conservative than the marketplace as a whole and this may effectively constitute a higher "house" margin requirement, which IBHK IBKR has the right to establish. IBHK IBKR may raise Margin Requirements in advance of an upcoming change in the required exchange or clearinghouse margin even before the effective date of such change. f. v. Client acknowledges and agrees that the Margin ▇▇▇▇▇▇ Requirements and related rules of exchanges, clearinghouses and regulators generally are designed to protect the integrity of markets and the capital of broker- broker-dealers that are subject to such rules and are not generally intended to protect the Client. IBHKIBKR's failure to apply or enforce Margin Requirements and related rules shall not give Client any right to bring an action against IBHK IBKR and nothing in this Agreement constitutes a warranty or undertaking that IBHK IBKR will apply or enforce the Margin Requirements and related rules.

Requirement to Maintain Sufficient Margin Continuously. a. 1. Margin transactions are subject, at all times, to the initial and maintenance margin requirements of established by IBKR or the applicable exchanges, clearing houses clearinghouses and regulators and also to any additional margin requirement of IBHKregulators, which may be whichever is greater ("Margin Requirements"). IBHKIBKR's "house" margin requirements may exceed the margin required by any exchange, clearinghouse or regulator and may include leverage ratio limits or position size limits for securities, futures, commodities, currencies or other investment products (even for apparently low-risk low­risk positions), and may exceed 100% depending upon the product and market conditions. IBHK MAY MODIFY MARGIN REQUIREMENTS FOR ANY OR ALL CLIENTS FOR ANY OPEN OR NEW POSITIONS AT ANY TIME, IN IBHK'S SOLE DISCRETION WITHOUT PRIOR NOTICE TO YOU. b. 2. IBKR may modify margin requirements for any or all clients for any open or new positions at any time, in IBKR's sole discretion without prior notice. Client shall monitor and maintain, without notice or demand, Client's Account to ensure account so that Client's Account continuously maintains at all times the account contains sufficient Margin Deposit equity to meet Margin Requirements. IBHK IBKR may reject any order if Client's Account account has insufficient Margin Deposit equity to meet ▇▇▇▇▇▇ Requirements (or would not do so on execution of the Order)Margin Requirements, and may delay processing of any order while determining the margin status of the Account. c. account. Client shall maintain, without notice or demand by IBKR, sufficient equity in Client's account at all times to continuously meet Margin Requirements. Formulas for calculating Margin Requirements on the IBHK IBKR website are indicative only and may not reflect actual Margin Requirements, which can change rapidly depending on market conditions. Client must at all times satisfy the Margin Requirement Requirements calculated by IBHKIBKR. If Client has multiple accounts with IBHK IBKR (or if Client utilizes IBHKIBKR's partition function to create subaccounts), at IBKR's sole discretion IBKR may treat such accounts (and/or subaccounts) either as separate or as one account for purposes of applying the Margin Requirements. Client acknowledges that this may cause the total Margin Requirement to be higher than otherwise required and could cause positions to be liquidated in one account or subaccount notwithstanding excess equity in another account or subaccount. d. 3. Client will not rely on IBHK IBKR to close or liquidate positions in Client's account in the event Client's account does not comply with Margin requirementsRequirements. Client will not rely on IBHKIBKR's liquidation rights and auto-liquidation auto­liquidation systems to function as a stop-loss stop­loss order. Client cannot assume that IBHKIBKR's general policy to liquidate positions will prevent Client from losing more than Client has deposited. Among other things, market prices may not rise or fall incrementally and IBHK IBKR may not be able to close out a position at a price that would avoid losses greater than the margin deposit. Likewise, IBHK IBKR may in its discretion delay or decide not to liquidate positions in an account with a margin deficit and shall have no liability for any loss sustained by Client in connection with such delay of or forbearance from liquidation. e. 4. For the purposes of determining Client's compliance with Margin Requirements, IBHK IBKR will determine in its sole discretion the value of positions and assets in Client's account. IBHKIBKR's calculation calculations may differ from the values or prices disseminated by exchanges or other market data sources. For example, IBHK IBKR may calculate its own index values, Exchange Traded Fund ("ETF") values or derivatives values, and IBHK IBKR shall have the sole discretion in deciding whether and how to value securities, derivatives or other investment products based on bid price, offer price, last sale price, bid/ask midpoint or using some other method it so choosesmethod. IBHK IBKR may use a valuation methodology that is more conservative than the marketplace as a whole and this may effectively constitute a higher "house" margin requirement, which IBHK IBKR has the right to establish. IBHK IBKR may raise Margin Requirements in advance of an upcoming change in the required exchange or clearinghouse margin even before the effective date of such change. f. 5. Client acknowledges and agrees that the Margin ▇▇▇▇▇▇ Requirements and related rules of exchanges, clearinghouses and regulators generally are designed to protect the integrity of markets and the capital of broker- dealers broker­dealers that are subject to such rules and are not generally intended to protect the Client. IBHKIBKR's failure to apply or enforce Margin Requirements and related rules shall not give Client any right to bring an action against IBHK IBKR and nothing in this Agreement constitutes a warranty or undertaking that IBHK IBKR will apply or enforce the Margin Requirements and related rules.

Requirement to Maintain Sufficient Margin Continuously. a. i. Margin transactions are subject, at all times, to the initial and maintenance margin requirements of established by IBKR or the applicable exchanges, clearing houses clearinghouses and regulators and also to any additional margin requirement of IBHKregulators, which may be whichever is greater ("Margin Requirements"). IBHKIBKR's "house" margin requirements may exceed the margin required by any exchange, clearinghouse or regulator and may include leverage ratio limits or position size limits for securities, futures, commodities, currencies or other investment products (even for apparently low-low- risk positions), and may exceed 100% depending upon the product and market conditions. IBHK MAY MODIFY MARGIN REQUIREMENTS FOR ANY OR ALL CLIENTS FOR ANY OPEN OR NEW POSITIONS AT ANY TIME, IN IBHK'S SOLE DISCRETION WITHOUT PRIOR NOTICE TO YOU. b. ii. IBKR may modify margin requirements for any or all clients for any open or new positions at any time, in IBKR's sole discretion without prior notice. Client shall monitor and maintain, without notice or demand, Client's Account to ensure account so that Client's Account continuously maintains at all times the account contains sufficient Margin Deposit equity to meet Margin Requirements. IBHK IBKR may reject any order if Client's Account has insufficient Margin Deposit to meet ▇▇▇▇▇▇ Requirements (or would not do so on execution of the Order), and may delay processing of any order while determining margin status of the Account.account has c. Formulas for calculating Margin Requirements on the IBHK website are indicative only and may not reflect actual Margin Requirements, which can change rapidly depending on market conditionsiii. Client must at all times satisfy the Margin Requirement calculated by IBHK. If Client has multiple accounts with IBHK (or if Client utilizes IBHK's partition function to create subaccounts) either as separate or as one account for purposes of applying the Margin Requirements. Client acknowledges that this may cause the total Margin Requirement to be higher than otherwise required and could cause positions to be liquidated in one account or subaccount notwithstanding excess equity in another account or subaccount. d. Client will not rely on IBHK IBKR to close or liquidate positions in Client's account in the event Client's account does not comply with Margin requirementsRequirements. Client will not rely on IBHKIBKR's liquidation rights and auto-liquidation systems to function as a stop-stop- loss order. Client cannot assume that IBHKIBKR's general policy to liquidate positions will prevent Client from losing more than Client has deposited. Among other things, market prices may not rise or fall incrementally and IBHK IBKR may not be able to close out a position at a price that would avoid losses greater than the margin deposit. Likewise, IBHK IBKR may in its discretion delay or decide not to liquidate positions in an account with a margin deficit and shall have no liability for any loss sustained by Client in connection with such delay of or forbearance from liquidation. e. iv. For the purposes of determining Client's compliance with Margin Requirements, IBHK IBKR will determine in its sole discretion the value of positions and assets in Client's account. IBHKIBKR's calculation calculations may differ from the values or prices disseminated by exchanges or other market data sources. For example, IBHK IBKR may calculate its own index values, Exchange Traded Fund ("ETF") values or derivatives values, and IBHK IBKR shall have the sole discretion in deciding whether and how to value securities, derivatives or other investment products based on bid price, offer price, last sale price, bid/ask midpoint or using some other method it so choosesmethod. IBHK IBKR may use a valuation methodology that is more conservative than the marketplace as a whole and this may effectively constitute a higher "house" margin requirement, which IBHK IBKR has the right to establish. IBHK IBKR may raise Margin Requirements in advance of an upcoming change in the required exchange or clearinghouse margin even before the effective date of such change. f. v. Client acknowledges and agrees that the Margin ▇▇▇▇▇▇ Requirements and related rules of exchanges, clearinghouses and regulators generally are designed to protect the integrity of markets and the capital of broker- broker-dealers that are subject to such rules and are not generally intended to protect the Client. IBHKIBKR's failure to apply or enforce Margin Requirements and related rules shall not give Client any right to bring an action against IBHK IBKR and nothing in this Agreement constitutes a warranty or undertaking that IBHK IBKR will apply or enforce the Margin Requirements and related rules.

Requirement to Maintain Sufficient Margin Continuously. a. Margin Your margin transactions are subject, at all times, to the our initial margin and maintenance margin in accordance with the margin requirements of which have been established by them or the applicable exchanges, clearing houses houses, and regulators and also to any additional margin requirement of IBHKregulators, which may be whichever is greater ("Margin Requirements"). IBHK's "house" margin requirements Our Margin Requirements may exceed the margin required by any exchange, clearinghouse clearing house, or regulator and may include leverage ratio limits or position size limits for securities, futures, commodities, currencies currencies, or other investment products (even for apparently low-risk positions), and may exceed 100% depending upon the product and market conditions. IBHK MAY MODIFY MARGIN REQUIREMENTS FOR ANY OR ALL CLIENTS FOR ANY OPEN OR NEW POSITIONS AT ANY TIME, IN IBHK'S SOLE DISCRETION WITHOUT PRIOR NOTICE TO YOU. b. Client shall monitor and maintain, without notice or demand, Client's Account to ensure that Client's Account continuously maintains sufficient Margin Deposit to meet Margin Requirements. IBHK may reject any order if Client's Account has insufficient Margin Deposit to meet ▇▇▇▇▇▇ Requirements (or would not do so on execution of the Order), and may delay processing of any order while determining margin status of the Account. c. Formulas The general formulas for calculating Margin Requirements provided on the IBHK website IBUK Website are only indicative only and may not accurately reflect the actual Margin Requirements, which can change rapidly depending on market conditions. Client You must at all times satisfy the Margin Requirement Requirements as calculated by IBHKus. You shall maintain, without notice or demand from IBUK, IBLLC or their Affiliates, a sufficient account balance at all times so as to continuously satisfy the applicable Margin Requirements. You shall submit all payments made to satisfy Margin Requirements directly to IBLLC in accordance with the instructions on the IBUK Website. If Client has you have multiple accounts IBUK Accounts with IBHK us (or if Client utilizes IBHKyou utilise IBLLC's partition function to create subaccounts), at IBLLC’s and its Affiliates sole discretion, they may treat such IBUK Accounts (and/or subaccounts) either as separate or as one account IBUK Account for purposes of applying the Margin Requirements. Client acknowledges You acknowledge that this may cause the total Margin Requirement to be higher than otherwise required and could cause positions to be liquidated in one account IBUK Account or subaccount notwithstanding excess equity in another account IBUK Account or subaccount. d. Client will not rely on IBHK to close or liquidate positions in Client's account in the event Client's account does not comply with Margin requirements. Client will not rely on IBHK's liquidation rights and auto-liquidation systems to function as a stop-loss order. Client cannot assume that IBHK's general policy to liquidate positions will prevent Client from losing more than Client has deposited. Among other things, market prices may not rise or fall incrementally and IBHK may not be able to close out a position at a price that would avoid losses greater than the margin deposit. Likewise, IBHK may in its discretion delay or decide not to liquidate positions in an account with a margin deficit and shall have no liability for any loss sustained by Client in connection with such delay of or forbearance from liquidation. e. For the purposes of determining Client's compliance with Margin Requirements, IBHK will determine in its sole discretion the value of positions and assets in Client's account. IBHK's calculation may differ from the values or prices disseminated by exchanges or other market data sources. For example, IBHK may calculate its own index values, Exchange Traded Fund ("ETF") values or derivatives values, and IBHK shall have the sole discretion in deciding whether and how to value investment products based on bid price, offer price, last sale price, bid/ask midpoint or using some other method it so chooses. IBHK may use a valuation methodology that is more conservative than the marketplace as a whole and this may effectively constitute a higher "house" margin requirement, which IBHK has the right to establish. IBHK may raise Margin Requirements in advance of an upcoming change in the required exchange or clearinghouse margin even before the effective date of such change. f. Client acknowledges and agrees that the Margin Requirements and related rules of exchanges, clearinghouses and regulators generally are designed to protect the integrity of markets and the capital of broker- dealers that are subject to such rules and are not generally intended to protect the Client. IBHK's failure to apply or enforce Margin Requirements and related rules shall not give Client any right to bring an action against IBHK and nothing in this Agreement constitutes a warranty or undertaking that IBHK will apply or enforce the Margin Requirements and related rules.

Requirement to Maintain Sufficient Margin Continuously. a. i. Margin transactions are subject, at all times, to the initial and maintenance margin requirements of exchangesestablished by IBKR, clearing houses and regulators and also to any additional margin requirement of IBHKthe applicable Regulatory Authorities, which may be including the Federal Reserve, and/or the applicable Market Participants, whichever is greater ("“Margin Requirements"”). IBHK's "IBKR’s “house" ” margin requirements may exceed the margin required by any exchangethe applicable Regulatory Authorities or Market Participants, clearinghouse or regulator and which may include leverage ratio limits or position size limits for securities, futures, commodities, currencies or other investment products (even for apparently low-risk positions), and may exceed 100% depending upon the product and market conditions. IBHK MAY MODIFY MARGIN REQUIREMENTS FOR ANY OR ALL CLIENTS FOR ANY OPEN OR NEW POSITIONS AT ANY TIME, IN IBHK'S SOLE DISCRETION WITHOUT PRIOR NOTICE TO YOU. b. ii. Client shall acknowledges and understands that IBKR may modify margin requirements for any or all clients, including the undersigned Client, for any open or new positions at any time, in IBKR’s sole discretion without prior notice. Client agrees to monitor and maintain, without notice or demand, Client's Account to ensure ’s account so that Client's Account continuously maintains at all times the account contains sufficient Margin Deposit to meet Margin Requirements. IBHK may reject any order if Client's Account has insufficient Margin Deposit equity to meet ▇▇▇▇▇▇ Requirements (or would not do so on execution of the Order)Requirements. GPS may reject any order if Client’s account has insufficient equity to meet Margin Requirements, and may delay processing of any order while determining the margin status of the Account. c. account. Client shall maintain, without notice or demand by IBKR or GPS, sufficient equity in Client’s account at all times to continuously meet Margin Requirements. Formulas for calculating Margin Requirements on the IBHK IBKR website (which are also reflected on GSP’s website) are indicative only and may not reflect actual Margin Requirements, which can change rapidly depending on market conditions. Client must at all times satisfy the Margin Requirement Requirements calculated by IBHKIBKR. If Client has multiple accounts with IBHK IBKR (or if Client utilizes IBHK's IBKR’s partition function to create subaccounts), at IBKR’s sole discretion IBKR may treat such accounts (and/or subaccounts) either as separate or as one account for purposes of applying the Margin Requirements. Client acknowledges that this may cause the total Margin Requirement to be higher than otherwise required and could cause positions to be liquidated in one account or subaccount notwithstanding excess equity in another account or subaccount. d. iii. Client will not rely on IBHK either GPS or IBKR to close or liquidate positions in Client's ’s account in the event Client's ’s account does not comply with Margin requirementsRequirements. Client will not rely on IBHK's IBKR’s liquidation rights and auto-liquidation systems to function as a stop-loss order. Client cannot assume that IBHK's IBKR’s general policy to liquidate positions will prevent Client from losing more than Client has deposited. Among other things, market prices may not rise or fall incrementally incrementally, and IBHK neither IBKR nor GPS may not be able to close out a position at a price that would avoid losses greater than the margin deposit. Likewise, IBHK may IBKR may, in its discretion sole discretion, delay or decide not to liquidate positions in an account with a margin deficit and neither GPS nor IBKR shall have no any liability for any loss sustained by Client in connection with such delay of or forbearance from liquidation. e. iv. For the purposes of determining Client's ’s compliance with Margin Requirements, IBHK IBKR will determine in its sole discretion the value of positions and assets in Client's ’s account. IBHK's calculation IBKR’s calculations may differ from the values or prices disseminated by exchanges or other market data sources. For example, IBHK IBKR may calculate its own index values, values or Exchange Traded Fund ("“ETF"”) values or derivatives values, and IBHK IBKR shall have the sole discretion in deciding whether and how to value investment products securities based on bid price, offer price, last sale price, bid/ask midpoint or using some other method it so choosesmethod. IBHK IBKR may use a valuation methodology that is more conservative than the marketplace as a whole and this may effectively constitute a higher "“house" ” margin requirement, which IBHK IBKR has the right to establish. IBHK IBKR may raise Margin Requirements in advance of an upcoming change in the required exchange or clearinghouse margin even before the effective date of such change. f. v. Client acknowledges and agrees that the Margin ▇▇▇▇▇▇ Requirements and related rules of exchanges, clearinghouses and regulators generally are designed to protect the integrity of markets and the capital of broker- broker-dealers that are subject to such rules and are not generally intended to protect the Client. IBHK's IBKR’s failure to apply or enforce Margin Requirements and related rules shall not give Client any right to bring an action against IBHK GPS or IBKR and nothing in this Agreement constitutes a warranty or undertaking that IBHK IBKR will apply or enforce the Margin Requirements and related rules. Furthermore, notwithstanding that GPS may have the ability to monitor or communicate the Client’s margin accounts under the Margin Requirements, GPS shall not be responsible for not taking any action to protect the Client’s funds, securities or other property held in the Client’s margin account or otherwise from any losses or further losses arising from Client’s failure to fulfill the Margin Requirements.

Requirement to Maintain Sufficient Margin Continuously. a. i. Margin transactions are subject, at all times, to the initial and maintenance margin requirements of established by IBKR or the applicable exchanges, clearing houses clearinghouses and regulators and also to any additional margin requirement of IBHKregulators, which may be whichever is greater ("Margin Requirements"). IBHKIBKR's "house" margin requirements may exceed the margin required by any exchange, clearinghouse or regulator and may include leverage ratio limits or position size limits for securities, futures, commodities, currencies or other investment products (even for apparently low-risk low­risk positions), and may exceed 100% depending upon the product and market conditions. IBHK MAY MODIFY MARGIN REQUIREMENTS FOR ANY OR ALL CLIENTS FOR ANY OPEN OR NEW POSITIONS AT ANY TIME, IN IBHK'S SOLE DISCRETION WITHOUT PRIOR NOTICE TO YOU. b. ii. IBKR may modify margin requirements for any or all clients for any open or new positions at any time, in IBKR's sole discretion without prior notice. Client shall monitor and maintain, without notice or demand, Client's Account to ensure account so that Client's Account continuously maintains at all times the account contains sufficient Margin Deposit equity to meet Margin Requirements. IBHK IBKR may reject any order if Client's Account account has insufficient Margin Deposit equity to meet ▇▇▇▇▇▇ Requirements (or would not do so on execution of the Order)Margin Requirements, and may delay processing of any order while determining the margin status of the Account. c. account. Client shall maintain, without notice or demand by IBKR, sufficient equity in Client's account at all times to continuously meet Margin Requirements. Formulas for calculating Margin Requirements on the IBHK IBKR website are indicative only and may not reflect actual Margin Requirements, which can change rapidly depending on market conditions. Client must at all times satisfy the Margin Requirement Requirements calculated by IBHKIBKR. If Client has multiple accounts with IBHK IBKR (or if Client utilizes IBHKIBKR's partition function to create subaccounts), at IBKR's sole discretion IBKR may treat such accounts (and/or subaccounts) either as separate or as one account for purposes of applying the Margin Requirements. Client acknowledges that this may cause the total Margin Requirement to be higher than otherwise required and could cause positions to be liquidated in one account or subaccount notwithstanding excess equity in another account or subaccount. d. iii. Client will not rely on IBHK IBKR to close or liquidate positions in Client's account in the event Client's account does not comply with Margin requirementsRequirements. Client will not rely on IBHKIBKR's liquidation rights and auto-liquidation auto­liquidation systems to function as a stop-loss stop­loss order. Client cannot assume that IBHKIBKR's general policy to liquidate positions will prevent Client from losing more than Client has deposited. Among other things, market prices may not rise or fall incrementally and IBHK IBKR may not be able to close out a position at a price that would avoid losses greater than the margin deposit. Likewise, IBHK IBKR may in its discretion delay or decide not to liquidate positions in an account with a margin deficit and shall have no liability for any loss sustained by Client in connection with such delay of or forbearance from liquidation. e. iv. For the purposes of determining Client's compliance with Margin Requirements, IBHK IBKR will determine in its sole discretion the value of positions and assets in Client's account. IBHKIBKR's calculation calculations may differ from the values or prices disseminated by exchanges or other market data sources. For example, IBHK IBKR may calculate its own index values, Exchange Traded Fund ("ETF") values or derivatives values, and IBHK IBKR shall have the sole discretion in deciding whether and how to value securities, derivatives or other investment products based on bid price, offer price, last sale price, bid/ask midpoint or using some other method it so choosesmethod. IBHK IBKR may use a valuation methodology that is more conservative than the marketplace as a whole and this may effectively constitute a higher "house" margin requirement, which IBHK IBKR has the right to establish. IBHK IBKR may raise Margin Requirements in advance of an upcoming change in the required exchange or clearinghouse margin even before the effective date of such change. f. v. Client acknowledges and agrees that the Margin Requirements and related rules of exchanges, clearinghouses and regulators generally are designed to protect the integrity of markets and the capital of broker- dealers broker­dealers that are subject to such rules and are not generally intended to protect the Client. IBHKIBKR's failure to apply or enforce Margin Requirements and related rules shall not give Client any right to bring an action against IBHK IBKR and nothing in this Agreement constitutes a warranty or undertaking that IBHK IBKR will apply or enforce the Margin Requirements and related rules.

Requirement to Maintain Sufficient Margin Continuously. a. i. GPS authorizes IBKR to deal with Margin transactions. Margin transactions are subject, at all times, to the initial and maintenance margin requirements of established by IBKR or the applicable exchanges, clearing houses clearinghouses and regulators and also to any additional margin requirement of IBHKregulators, which may be whichever is greater ("Margin Requirements"). IBHKGPS's "house" margin requirements may exceed the margin required by any exchange, clearinghouse or regulator and may include leverage ratio limits or position size limits for securities, futures, commodities, currencies or other investment products (even for apparently low-risk positions), and may exceed 100% depending upon the product and market conditions. IBHK MAY MODIFY MARGIN REQUIREMENTS FOR ANY OR ALL CLIENTS FOR ANY OPEN OR NEW POSITIONS AT ANY TIME, IN IBHK'S SOLE DISCRETION WITHOUT PRIOR NOTICE TO YOU. b. ii. IBKR may modify margin requirements for any or all clients for any open or new positions at any time, in GPS's sole discretion without prior notice. Client shall monitor and maintain, without notice or demand, Client's Account to ensure account so that Client's Account continuously maintains at all times the account contains sufficient Margin Deposit equity to meet Margin Requirements. IBHK GPS may reject any order if Client's Account account has insufficient Margin Deposit equity to meet ▇▇▇▇▇▇ Requirements (or would not do so on execution of the Order)Margin Requirements, and may delay processing of any order while determining the margin status of the Account. c. account. Client shall maintain, without notice or demand by GPS, sufficient equity in Client's account at all times to continuously meet Margin Requirements. Formulas for calculating Margin Requirements on the IBHK GPS website are indicative areindicative only and may not reflect actual Margin Requirements, which can change rapidly depending on market conditions. Client must at all times satisfy the Margin Requirement Requirements calculated by IBHKGPS. If Client has multiple accounts with IBHK GPS (or if Client utilizes IBHKGPS's partition function to create subaccounts), at GPS's sole discretion GPS may treat such accounts (and/or subaccounts) either as separate or as one account for purposes of applying the Margin Requirements. Client acknowledges that this may cause the total Margin Requirement to be higher than otherwise required and could cause positions to be liquidated in liquidatedin one account or subaccount notwithstanding excess equity in another account or subaccount. d. iii. Client will not rely on IBHK GPS to close or liquidate positions in Client's account in the event Client's account does not comply with Margin requirementsRequirements. Client will not rely on IBHKrelyon GPS's liquidation rights and auto-liquidation systems to function as a stop-loss order. Client cannot assume that IBHKGPS's general policy to liquidate positions will prevent Client from losing fromlosing more than Client has deposited. Among other things, market prices may not rise or fall incrementally incrementally, and IBHK GPS may not be able to close out a position at a price that would avoid losses greater than the margin deposit. Likewise, IBHK GPS may in its discretion delay or decide not to liquidate positions in an account with a margin deficit and shall have no liability for any loss sustained by Client in connection with such delay of or forbearance from liquidation. e. iv. For the purposes of determining Client's compliance with Margin Requirements, IBHK IBKR will determine in its sole discretion the value of positions and assets in Client's account. IBHKIBKR's calculation calculations may differ from the values or prices disseminated by exchanges or other market data sources. For example, IBHK IBKR may calculate its own index values, Exchange Traded Fund ("ETF") values or derivatives values, and IBHK IBKR shall have the sole discretion in deciding indeciding whether and how to value securities, derivatives or other investment products based on basedon bid price, offer price, last sale price, bid/ask midpoint or using some other method it so choosesmethod. IBHK IBKR may use a valuation methodology that is more conservative than the marketplace as a whole and wholeand this may effectively constitute a higher "house" margin requirement, which IBHK IBKR has the right to establish. IBHK IBKR may raise Margin Requirements in advance of an upcoming change in changein the required exchange or clearinghouse margin even before the effective date of such change. f. v. Client acknowledges and agrees that the Margin Requirements and related rules of exchanges, clearinghouses and regulators generally are designed to protect the integrity of markets and the capital of broker- broker-dealers that are subject to such rules and are not generally intended to protect the Client. IBHKGPS's failure to apply or enforce Margin Requirements and related rules shall not give Client any right to bring an action against IBHK GPS and nothing in this Agreement constitutes a warranty or undertaking that IBHK GPS will apply or enforce the Margin Requirements and related rules.