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<br />and must be paid for in Liberty's normal required manner.
<br />
<br />A Customer may cancel a previously placed limit or stop-limit order at any time during regular Liberty business hours. Market (It'ders
<br />placed by Customer which pre-empt previously placed limit or stop-limit orders will automatically cancel such orders. A forced liquidation by
<br />Liberty of any existing position in Customer's account due to insufficient equity or default under this Agreement will cancel all pending limit and
<br />stop-limit orders for that account.
<br />
<br />Execution of limit and stop-limit orders will be based on the prevailing Liberty price for the security for which the order is placed. Bid
<br />prices will be used for all sell orders and offer prices for all buy orders.
<br />
<br />Liberty reserves the right to refuse acceptance of a limit or stop-limit order from Customer at any time. Stop-limit orders to attempt to
<br />limit losses will not necessarily result in the minimization of 1081les. Market conditions may make it imp081lible to execute such orders. Existing limit
<br />and stop-limit orders may be cancelleq by Liberty at any time upon at leut 24 hours prior notification to Customer.
<br />
<br />Limit and stop-limit orders currently may be placed only on the preceding terms.
<br />
<br />7 Customer Acknowledeements:
<br />
<br />Customer acknowledges the following:
<br />
<br />Investments in securities involve risk u well as opportunity. Historically, there have been periods of varying lengths during which pri("~~- 1f
<br />securities have moved down, or remained flat. Market. prices are at times volatile and may be affected by a variety of factors including, among c
<br />general economic conditions, political events, monetary policies of various countries, fluctuations in production and demand, stock-piles, specul
<br />activity and the degree of concern people have about these matters. It is impo81lible to forecut accurately how or to what degree these or othel
<br />tors will affect prices.
<br />
<br />What is suitable for one Customer with a given financial means may not be suitable for the investment goals or emotional make-up of "
<br />second Customer. Before a Customer chooses to invest, he must determine in his own mind his ability to meet all financial commitments being made.
<br />Customer acknowledges that Liberty has not made any representations to Customer regarding the suitability of any security for Customer. The Cus
<br />tomer accepts responsibility for determination of whether each investment is suitable for Customer pursuant to Customer's internal investment
<br />policy, cash flow requirements, as well as all applicable Federal and State laws, rules and regulations.
<br />
<br />Transactions in securities involve a spread between a buy price and sell price, fail charges and, for credit purchases, finance charges. Ship-
<br />ping charges and a sales or use tax may also be payable. These facts, coupled with price volatility, can result in a loss even in the face of favorable
<br />price movements.
<br />
<br />Account executives for Liberty may each have responsibility to monitor a large number of customer accounts. Because of this, an account
<br />executive may be very busy and may not be able to contact you at all times that you would like. These and other circumstances may make it im-
<br />possible at times for your account executive to stay in close touch with you concerning your account. Therefore, it is your responsibility to monitor
<br />your account and to stay in touch with Liberty concerning your account and market conditions. Do not wait to be contacted. If you have
<br />any questions, need any information, or wish to place an order call your account executive or, if not available, his back-up account executive or
<br />Liberty's Trade Desk immediately. Representations to the contrary, or that Customer will be notified or sold out at particular price levels in the
<br />event the market turns against him, are not authorized by Liberty and may not be relied upon.
<br />
<br />The Customer acknowledges that in the event Liberty or its employees may provide trading recommendations, market opinions, published
<br />research reports or other similar forms of advice to the Customer from time to time, it is understood that there is no guaranty, express or implied, of
<br />profitability or loss limitation. Neither Liberty nor its representatives can guarantee any market movement.
<br />
<br />While Liberty intends to maintain a buy and sell market for securities, there is no guarantee given that Liberty will continue to do so. In
<br />the event that Liberty is unable or unwilling to quote firm prices at any time, Customer may be required to purchase or sell securities through
<br />another broker/dealer.
<br />
<br />Liberty will rely upon instructions and orders given by Customer pver the telephone. It is the practice of the industry that all .-~.-\es
<br />placed over the telephone are binding contracts and must be honored. Once a trade is placed by Customer and accepted by an authorized I ty
<br />employee, a contract is created. Trades may be reversed only upon mutual consent of the parties to this agreement.
<br />
<br />In times of highly volatile markets, Liberty phone lines may be busy due to the volume of incoming and outgoing calls. Because ot this,
<br />Customer is advised and will be responsible to have alternative methods to communicate with Liberty (e.g., telecopier, telegraph, courier messenger
<br />service, etc.) should it become 'necessary to do so.
<br />
<br />Customer's account with Liberty is self-directed. This means Customer makes and is responsible for all trading decisions for his accoun:
<br />If Customer ever believes that a transaction haa been entered for his account with Liberty that has not been authorized by Customer, or that
<br />transaction has been accepted by Liberty for Customer's account and haa not been executed by Liberty, Customer will immediately notify Liberty'
<br />Compliance Department by phone and immediately confirm. such notification in writing to Liberty. If Customer fails to make such notification on
<br />the business day on which the event first became known to him, Customer waives all right to contest such order or omission and Customer's account
<br />will stand, as is, as of the end of such business day.
<br />
<br />Liberty and its account executives earn compensation and other fees for trades with customers. There is an inherent conflict of interest i,
<br />this process. Because of this, Customer must make the final decision as to whether he or she wishes to enter into any particular trade. This doe,
<br />not, however, limit in any way Liberty's rights to liquidate positions in Customer's account which are in default.
<br />
<br />Tax consequences. of transactions with Li~erty are the sole responsibility of the Customer. Customer shall pay to Liberty any sales, use or
<br />other tax applicable to transactions with Liberty. .
<br />
<br />All persons representing Customer warrant'they are of full age and are not employees of any exchange or member firm of any exchange or
<br />the NASD and will promptly notify Liberty if they become so employed.
<br />
<br />8.1 Property and Rights Subject to Security Interest. ~ security for t eo all of Customer's obligations hereunder,
<br />whether now existing or hereafter incurred, Customer hereby . cunty interest in each and every security purchased by Customer
<br />from Liberty and all other sums, propert ,er individually or jointly held, at any time standing to Customer's credit on Liberty's
<br />books or at any ti ssession or Bank's possession, for any purpose.
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