When you create a watermark, the formats for the text or image are stored within the header and footer panes.

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Quizplus · Accepted Answer

When a watermark is created, it is stored within the header and footer panes, which are usually hidden but can be accessed by adjusting the view settings in the document. The watermark itself can be composed of either text or an image, and its format is saved along with the rest of the header and footer information.

When You Create a Watermark, the Formats for the Text