The rights of OBSland Pershing shall include the right toibuy all Securities and Other Property which may be short in such account, to cancel any open orders and to close any or all outstanding contracts, all without demand for margin or additional margin, notice of sale or purchase or other notice or advertisement, each of which is expressly waived. Upon a detain, Client will also boar the cost of preserving the value af collateral, including hedging transactions that may be executed at DBSI or Pershing's d' iscretion. Any sales or purchases hereunder may be made at on any exchange or other market where such business is usually transacted, or at public auction or private sale, and DBSI or Pershing may be the puroheser for its own aceouot. Client understands That any prior:demand, er call at prior notice of the 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 end agrees that if DEISI or Pershing permits Client a perod of time in which to satisfy a call, the granting of this period of time shall not la any way waive or diminish the right of ()BSI or Pershing to shorten the time period in which Client must satisfy the call, including an outstanding call, or to demand that a calf be satisfied immediately. Client further understands that Nquidations may involve sales of positions in Client's Accoun(s) that ate as great as the full indebtedness owed by Client. 8. Reg T Extensions. Client autherites DBSI, at its discretion, to request end obtain extension(s) of Client's time to make payment fix securities Client purchases, as provided for by Federal Reserve Bank Regulation T. 9. Short Sales of Securities. Client understands that before executing a Short Sale. OBS, or Pershing is generally required to make an affiirriative determination as to whether ['BSI or Patching •will receive delivery of tho securities from the Client or that t