Manner of custody. Any Securities and other Investments which are held by us for your Account may, at our absolute discretion, be either:
Manner of custody. All right, title, and interest in and to the property held in the Account shall at all times be vested in the Plan, acting through the Trustees. All property held in the Account shall be kept with the same care as Folio exercises in respect of its own assets. Folio shall be authorized to hold or permit the holding of such property (i) in its vaults, (ii) with a clearing and/ or depository corporation, or (iii) in bearer form so that title may pass by delivery. Folio shall promptly, upon receiving the Trustees’ written direction, cause any securities held hereunder to be reissued in its own name as Custodian for the Account or in the name of the Trustees, but Folio shall be entitled to deduct any costs and taxes associated with the foregoing from the property in the Account. Folio shall make distributions from the Account only in accordance with written or mutually agreed upon electronic directions it receives from the Trustees or their designee(s).
Manner of custody. All right, title and interest in and to the Property shall at all times be vested in the Trust. All Property held in the Account hereunder shall be kept with the same care as Bankers exercises in respect of its own assets. Bankers agrees that Bankers does not own the Property or any portion thereof and has no interests in or to the Property, except as Custodian of the Property. Except as otherwise expressly provided in Section 4, 10 or 15 herein. Bankers agrees that as long as this Agreement remains in effect, Bankers shall not take any action with respect to the Property which jeopardizes, alters, diminishes or impairs the Trust's interests in the Property. Bankers is authorized to hold the Property (i) directly in its vaults or (ii) with a Clearing Corporation or by Federal Reserve Book-Entry System, as specified by the Trust from time to time in Instructions. Unless and until the Trust delivers Instructions to Bankers to the contrary, all Property shall be held as follows (i) all Participation Certificates and other Property delivered to Bankers in physical (rather than book-entry) form shall be held by Bankers in its vaults; (ii) all Property delivered to Bankers in book-entry form (or which the Trust directs Bankers to convert into book-entry form) shall be held through a Clearing Corporation or the Federal Reserve Book Entry System, as applicable. To the extent specifically authorized by Instructions, Bankers may hold Property in bearer from so that title may pass by delivery. Bankers will, promptly upon request by the Trust, cause any securities held hereunder to be reissued in its own name as custodian for the Trust or in the name of the Trust, but costs imposed by the issuer or registrar of such securities and all taxes (if any) associated with the foregoing will be paid by the Trust. The Trust shall provide Bankers with instructions from time to time as to the manner in which Bankers shall accept delivery of Participation Certificates and other Property delivered in physical form and the documents and instruments which Bankers shall safekeep with respect to Participation Certificates and other Property delivered in physical form.
