Common use of Agency and Custodial Relationship Clause in Contracts

Agency and Custodial Relationship. We have entered into a contract with Promontory pursuant to which we will use CDARS to assist us in endeavoring to place your funds at other Insured Institutions that have also entered into contracts with Promontory. Pursuant to our contract with Promontory, we will adhere to Promontory’s policies and procedures in placing your funds. We will act as your agent in connection with the placement of your funds in CDs. As set forth above, we will place your funds through a CDARS Reciprocal Transaction unless you agree to having your funds placed through a CDARS One-Way Transaction. We will act as your custodian with respect to your CDs acquired through CDARS. We have entered into an agreement with The Bank of New York Mellon to act as our sub- custodian with respect to the CDs for which we are acting as your custodian. No physical certificates evidencing the CDs will be issued. Each CD for which we act as your custodian (i) will be recorded on the records of the Insured Institution that issues the CD in the name of our sub-custodian, (ii) will be recorded on the records of the sub-custodian in our name, and (iii) will be recorded on our records in your name, all in a manner that will permit your CD to be FDIC insured to the same extent as if you held it directly with the Insured Institution. The records of the sub-custodian will also identify you as the owner of the CDs based on information provided to The Bank of New York Mellon by us. You will receive from us a written confirmation of the issuance of your CDs and periodic account statements that will reflect your ownership of your CDs. The confirmation of CD issuance and the account statement(s) will be the only evidence that you will receive of your ownership of the CDs. You should retain the confirmation and the account statement(s) for your records. While we are acting as your custodian, (i) all payments with respect to the CDs by the Insured Institutions that issue the CDs will be made to us, and we will credit the funds to an account or accounts you maintain with us or disburse the funds pursuant to your instructions, and (ii) you can enforce your rights in the CDs through us. You may not transfer the CDs directly to another custodian. At your election, you may dismiss us as custodian, and your ownership of a CD may be recorded in your name on the books of the Insured Institution that issued the CD. If you choose to have the CD maintained in your name on the books of the Insured Institution that issued the CD, you will be able to enforce your rights in the CD directly against that Insured Institution.

Agency and Custodial Relationship. We have entered into a contract with Promontory pursuant to which we will use CDARS to assist us in endeavoring to place your funds at other Insured Institutions that have also entered into contracts with Promontory. Pursuant to our contract with Promontory, we will adhere to Promontory’s policies and procedures in placing your funds. (a) We will act as your agent in connection with the placement of placing your funds in CDs. As set forth aboveDeposit Accounts through ICS and, we will place under our separate custodial agreement with you (the “Custodial Agreement”), as your funds through a CDARS Reciprocal Transaction unless you agree to having your funds placed through a CDARS One-Way Transactioncustodian for the Deposit Accounts. We will not act as your custodian with respect investment adviser, and we will have no obligation to your CDs acquired through CDARSadvise you of alternative investments. We have entered into an agreement with The Bank of New York Mellon to (“BNY Mellon”) will act as our sub- custodian with respect to the CDs for which we are acting as your sub-custodian, settlement agent, reconciliation agent, and recordkeeper. No physical certificates evidencing the CDs BNY Mellon will be issued. Each CD for which we also act as recordkeeper for Destination Institutions at which your custodian Deposit Accounts are established, maintaining certain deposit account records for those Destination Institutions. (b) Each Deposit Account (i) will be recorded on the records of the Insured Destination Institution that issues the CD in the name of BNY Mellon, as our sub-sub- custodian, (ii) will be recorded on the records of the sub-custodian BNY Mellon in our name, as your custodian, and (iii) will be recorded on our records in your name, all in a manner that will permit your CD the Deposit Account to be FDIC FDIC-insured to the same extent as if you held it directly with the Insured Destination Institution. The records For purposes of Article 8 of the sub-custodian Uniform Commercial Code, we will also identify you as the owner of the CDs based on information provided to The Bank of New York Mellon by us. You will receive from us a written confirmation of the issuance of your CDs and periodic account statements that will reflect your ownership of your CDs. The confirmation of CD issuance and the account statement(s) will be the only evidence that you will receive of your ownership of the CDs. You should retain the confirmation and the account statement(s) for your records. While we are acting act as your custodiansecurities intermediary for, (i) and will treat as financial assets, your Deposit Accounts and all payments your security entitlements and other related interests and assets with respect to the CDs by the Insured Institutions that issue the CDs will be made to usyour Deposit Accounts, and we will credit treat you as entitled to exercise the rights that comprise your Deposit Accounts. All interests that we hold with respect to your Deposit Accounts are held by us solely as your securities intermediary and are not our property. You are and will remain the owner of all funds of yours that we place for you through the ICS service and any interest on those funds. (c) As further described below, on each day that is not a Saturday, a Sunday, or another day on which banks in New York, New York, are authorized or required by law or regulation to close (a “Business Day”), our proposed allocation of your funds to Destination Institutions will be available to you in advance on the DCP to approve or reject. We have entered into an account agreement with Promontory to use the ICS service in connection with such allocations. In using ICS, we will adhere to Promontory’s policies and procedures. Promontory is not your agent or accounts you maintain with us or disburse the funds pursuant to your instructionscustodian, however, and (ii) you can enforce it is not responsible for placement of your rights in the CDs through us. You may not transfer the CDs directly to another custodian. At funds or custody of your election, you may dismiss us as custodian, and your ownership of a CD may be recorded in your name on the books of the Insured Institution that issued the CD. If you choose to have the CD maintained in your name on the books of the Insured Institution that issued the CD, you will be able to enforce your rights in the CD directly against that Insured InstitutionDeposit Accounts.

Agency and Custodial Relationship. We have entered into a contract with Promontory pursuant to which we will use CDARS to assist us in endeavoring to place your funds at other Insured Institutions that have also entered into contracts with Promontory. Pursuant to our contract with Promontory, we will adhere to Promontory’s policies and procedures in placing your funds. We will act as your agent in connection with the placement of your funds in CDs. As set forth above, we will place your funds through a CDARS Reciprocal Transaction unless you agree to having your funds placed through a CDARS One-Way Transaction. Although we will act as your agent in connection with the place- ment of your funds, we are not acting as your investment adviser and have no obligation to advise you of alternative investments available through CDARS or otherwise. Further, we make no representations with respect to the interest rates on deposits available on an Order Date through us or through CDARS, and we may receive greater benefits when we place your funds through one type of CDARS transaction than when we do so through another type of CDARS transaction or than we would if you instructed us to make a deposit other than through a CDARS transaction. We will act as your custodian with respect to your CDs acquired through CDARS. We have entered into an agreement with The Bank of New York Mellon to act as our sub- sub-custodian with respect to the CDs for which we are acting as your custodian. No physical certificates evidencing the CDs will be issued. Each CD for which we act as your custodian (i) will be recorded on the records of the Insured Institution that issues the CD in the name of our sub-custodian, (ii) will be recorded on the records of the sub-sub- custodian in our name, and (iii) will be recorded on our records in your name, all in a manner that will permit your CD to be FDIC insured to the same extent as if you held it directly with the Insured Institution. The records of the sub-custodian will also identify you as the owner of the CDs based on information provided to The Bank of New York Mellon by us. You will receive from us a written confirmation of the issuance of your CDs and periodic account statements that will reflect your ownership of your CDs. The confirmation of CD issuance and the account statement(sstate- ment(s) will be the only evidence that you will receive of your ownership of the CDs. You should retain the confirmation and the account statement(s) for your records. While we are acting as your custodian, (i) all payments with respect to the CDs by the Insured Institutions that issue the CDs will be made to us, and we will credit the funds to an account or accounts you maintain with us or disburse the funds pursuant pur- suant to your instructions, and (ii) you can enforce your rights in the CDs through us. You may not transfer the CDs directly to another custodian. At your election, you may dismiss us as custodian, and your ownership of a CD may be recorded in your name on the books of the Insured Institution that issued the CD. If you choose to have the CD maintained in your name on the books of the Insured Institution that issued the CD, you will be able to enforce your rights in the CD directly against that Insured Institution.