time and place of such sale or purchase shall not be considered a waiver of the right to sell or buy without demand or notice as provided herein. Client further understands and agrees that if DBSI or Pershing permits Client a period of time in which to satisfy a call, the granting of that period of time shall not in any way wane or diminish the riaht of DBSI or Pershing to shorten the time period in which Client must satisfy the call, including an outstanding call, or to demand that a cell be • satisfied immediately. Client further understands that liquidations may involve sales of positions in Client's Account(s) that ale as great as the loll indebtedness owed by Client. 8. Reg T Extensions. Client authorizes 0951, at its discretion, to request and obtain extension(s) of Client's time to make payment for securities Client purchases, as provided for by Federal Reserve Bank Regulation T. 9. Short Sales of Securities. Client understands that before executing a Sion Sale, 011S1 or Pershing is generally required to make an affirmative determination as to whethor DBSI or Pershing will receive delivery of the securities from the Client or that the securities can be borrowed by the settlement date. This process is commonly referred to as 'obtaining a locate.' If a sufficient qoantity of securities is not available from inventory, DBSI or Pershing may, among ether things, cnntoct third-party lenders to ascertain whether they have securities available for lending. If a sufficient quantity of securities appears borrowable, DBSI or Pershing may proceed to execute the short sale on Client's behalf. A locate is simply an indication that, as of the time the locate is obtained, it appears that securities will be available for borrowing on the settlement date. A locate is note guarantee that securities will actually be available for lending and delivery on the settlement date or that the lender wil not thereafter require the return otthe bonoweo secorthesi If the se