Guaranty of account. 1. In consideration of your opening, and/or continuing, an account or accounts, which separately or jointly, with any and all renewals of those accounts are referred to below as "the guaranteed account", with, or otherwise giving credit in the guaranteed account to _________("customer"), on such terms and conditions as may, from time to time, be agreed to between you and customer (notice of which is here waived), the undersigned ("guarantor") here unconditionally agrees to pay to you, on demand, any indebtedness which may now or in the future be owing you by customer on the guaranteed account. 2. Guarantor agrees that this guaranty shall be effective not only with respect to the guaranteed account but also with respect to any and all renewals of it; that the guaranteed account may be changed from time to time by the purchase or sale or exchange of securities or other property, or by payments or by deliveries of securities or other property by or to or upon the order of customer, and that the guaranteed account may be closed out by you at any time; that, in general, you may deal with and accept the orders of customer with respect to transactions in the guaranteed account, without notice to guarantor, the same as if this guaranty had not been given; and that the death of guarantor shall not affect the liability of guarantor or guarantor's estate with respect to transactions in the guaranteed account, subsequent to the death of guarantor and prior to the receipt by you of written notice of the death. 3. Guarantor agrees that you may, at any time, in your uncontrolled discretion, use, without restriction, the money or securities or other property in any account or accounts, including any safekeeping account, which guarantor may have with you, to secure the guaranteed account or to pay any indebtedness due in it; and that, to that end, you shall have a lien on money, securities or other property which you may at any time hold or have in any account or accounts of guarantor; that you may pledge and repledge any of the securities or other property, either separately or with any other securities or property, for the amount of the lien or a greater sum than may be due you in the guaranteed account, and without retaining the possession or control for delivery of a like amount of similar securities or property; that you may proceed at any time, in your uncontrolled discretion, and without prior demand or notice, to enforce the lien by the sale of any such securities or property of guarantor, in any manner and upon such terms as you may determine; that the enforcement by you of the lien in any manner, in whole or in part, shall not in any way affect the continuing liability of guarantor for any indebtedness in the guaranteed account; that any demand on guarantor to perform the obligation of this guaranty, or any action or proceedings brought to enforce the liability of guarantor under this agreement shall not release or otherwise affect the lien; and that you shall at all times have both the personal liability of guarantor and the lien to secure to you payment of any indebtedness in the guaranteed account, enforcement of both of which may be pursued concurrently. 4. Guarantor here waives (a) any notices whatever as to the current condition of the guaranteed account or any changes in it from time to time and the manner of conducting or closing the same or otherwise; and (b) in the event of default by customer, any demand or notice in regard to the default, and any requirement of legal or equitable proceedings or otherwise on your part against customer as a condition precedent to enforcing the obligations of guarantor under this agreement. 5. This guaranty shall be binding upon guarantor, guarantor's estate, executors, administrators and assigns and shall enure to the benefit of your present firm and of any successor firm or firms, irrespective of any change or changes at any time in their personnel, for any cause whatever, and of the assigns of your present firm or any successor firm. 6. By written notice to you, guarantor may at any time terminate guarantor's obligation and your rights under this agreement in respect to future transactions in the guaranteed account, and this termination, in respect to future transactions, shall also take place on receipt by you of written notice of guarantor's death; but in spite of a termination as to future transactions the obligations of guarantor under this agreement with respect to any indebtedness in the guaranteed account, including any losses incurred in liquidating the guaranteed account during a reasonable time subsequent to the receipt of such notice, shall continue in full force and effect until such indebtedness with the interest to date of payment on the indebtedness has been paid to you. 7. Any controversy between you and guarantor arising out of or relating to this contract or the breach of it shall be settled by arbitration, in accordance with the rules, then obtaining, of either the Arbitration Committee of the Chamber of Commerce of the State of New York, or the American Arbitration Association, or the Board of Arbitration of the New York Stock Exchange, as guarantor may elect. If guarantor does not make this election by registered mail addressed to you at your main office within _________ days after receipt of notification from you requesting the election, then guarantor authorizes you to make the election in guarantor's behalf. Any arbitration under this agreement shall be before at least three arbitrators and the award of the arbitrators, or of a majority of them, shall be final, and judgment upon the award rendered may be entered in any court, state or federal, having jurisdiction. _________[date]. [Address] [Witness] [Guarantor] Accepted: [Firm] Notice of the acceptance of this guaranty is here acknowledged. _________[date]. [Address] [Witness] [Guarantor]