The rights of DBSI and Pershing shall include the right to buy 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 default, Client will also bear the oast of preserving the value of oollateral, including hedging transactions that may be executed at DBSI or Pershing's discretion. Any sales or purchases hereunder may be made at on any exchange or other market where such business is ritually transacted, or at public auction on private sale. and DBSI or Pershing may bathe perohaser for its own account. Client onderstands that any prior demand, pr call or Prior notice of the time and place of such sale or purchaae 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 DBSI or Pershing permits Client a penod of dine in which to satisfy a call, the granting of thin period of time shell not in any way waive or diminish the right 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 call be satisfied immediately. Client further understands that liquidations may involve sales of positions in Client's Aooettrt(s) that are as great as the funniest:owl:loess owed by Cheat. 8. Rag T Extensions. Client atithotizcs DBSI, at its disoretion, to request and obtain extensions) nf 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 Short Sale, DBSI or Pershing is generally required to make an adirrriatioe determination as to whether DBSI or Pershing will receive deirvery of the secunties from the Client or that the s