Common use of Callable Securities Clause in Contracts

Callable Securities. For assets held at LPL, securities which are held for the Plan’s account and which are in "street name," or are being held by a securities depository, are commingled with the same securities being held for other customers of LPL. The Plan’s ownership of these securities is reflected in LPL’s records. The Plan has the right at any time to require delivery to you of any such securities which are fully paid for or are in excess of margin requirements. The terms of many bonds allow the issuer to partially redeem or "call" the issue prior to maturity date. Certain preferred stocks are also subject to being called by the issuer. Whenever any such security being held by LPL is partially "called," LPL will determine, through a random selection procedure as prescribed by DTC, the ownership of the securities to be submitted for redemption without regard to unsettled sales. In the event that such securities owned by the Plan are selected, the Plan’s account will be credited with the proceeds. Should you not wish to be subject to this random selection process, the Plan must instruct the Representative to have LPL deliver the Plan’s securities to you. Delivery will be effected provided, of course, that your position is unencumbered or had not already been called by the issuer as described prior to receipt by LPL of your instructions. Note that if you take delivery of the securities they are still subject to call by the issuer. The probability of one of the Plan’s securities being called is the same whether they are held by the Plan or by LPL for the Plan. Please refer to the Disclosure webpage for information regarding LPL’s callable securities allocation process.

Callable Securities. For assets held at LPL, securities which Securities that are held for the Plan’s account my Account and which that are in "street name," , or are being held by a securities depository, are commingled with the same securities being held for other customers of LPLfinancial institu- tions and for Pershing’s own customers. The Plan’s My ownership of these securities is reflected in LPLXxxxx’s records. The Plan has I have the right at any time to require delivery to you me of any such securities securities, which are fully paid for or are in excess of margin requirements. The terms of many bonds allow the issuer to partially redeem or "“call" ” the issue prior to the maturity date. Certain preferred stocks are also subject to being called by the issuer. Whenever any such security being held by LPL Price or Pershing is partially "“called," LPL ” Price or Pershing will determine, through a random selection procedure as prescribed by DTCNew York Stock Exchange Rules, the ownership of the securities to be submitted for redemption without with- out regard to unsettled sales. In the event that such securities owned by the Plan me are selectedselected and redeemed, the Plan’s account my Account will be credited with the proceeds. Should you If I do not wish to be subject to this random selection process, the Plan I must instruct the Representative Price to have LPL Pershing deliver the Plan’s my securities to youme. Delivery will be effected provided, of course, that your my position is unencumbered or had not already been called by the issuer as described prior to receipt by LPL Pershing of your my instructions. Note that if you take delivery of the securities they are still subject to call by the issuer. The probability of one of the Plan’s my securities being called is the same whether they are held by the Plan me or by LPL Pershing for the Plan. Please refer to the Disclosure webpage for information regarding LPL’s callable securities allocation processme.