I know someone who's abused an IP exemption by being in EC on their at the same time as XP'ing.
Don't do it
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If you want to have 1 logged in for EC on blue, and 1 logged in for XP on red... that's fine. One active account per server isn't a problem, Two active accounts on 1 P99 server is bannable, and you'll only be able to do it if you get an IP exemption and get caught.