Compensating Balance Arrangement. The Funds and The Bank of New York have entered into a compensating balance arrangement, which would allow the Funds to compensate the Bank for any overdrafts by maintaining a positive cash balance the next day. Conversely, on any day the Funds maintain a positive balance, they will be allowed to overdraw the account as compensation. In both cases, Federal Reserve requirements, currently 10%, will be assessed. Therefore, all overdrafts must be compensated at 100% of the total and all positive balances will allow for an overdraft of 90% of the total. Balances for the tax-exempt portfolios will be permitted an open-ended roll forward. The taxable portfolios are closed out on a quarterly basis with no carry-over to the subsequent quarter. At the end of each quarter, the average overdraft will be assessed a fee of 1% above the actual Federal Funds rate at the end of the period. Any average positive balance will receive an earnings credit computed at the daily effective 90 day T-xxxx rate minus 0.25 bps on the last day of the period. Earnings credits will be offset against the Funds’ safekeeping fees. GLOBAL CUSTODY (Non-US Securities Processing) Global Safekeeping Fee Transaction Fee Countries *(in basis points)1 (U.S. Dollars)2 Argentina 17.00 55 Australia 1.50 25 Austria 3.00 40 Bahrain 50.00 140 Bangladesh 50.00 000 Xxxxxxx 2.50 35 Bermuda 17.00 70 Botswana 50.00 140 Brazil 12.00 30 Bulgaria 30.00 85 Canada 1.00 10 Chile 20.00 80 China “A” Shares 15.00 80 China “B” Shares 15.00 60 Colombia 50.00 00 Xxxxx Xxxx 14.00 65 Croatia 25.00 00 Xxxxxx 00.00 00 Xxxxx Xxxxxxxx 18.00 50 Denmark 2.00 00 Xxxxxxx 30.00 55 Egypt 30.00 85 Estonia 10.00 60 Euromarket/Euroclear3 1.00 10 Euromarket/Clearstream 1.00 10 Finland 3.50 35 France 2.00 30 Germany 1.50 25 Ghana 50.00 000 Xxxxxx 9.00 40 Hong Kong 3.00 45 Hungary 20.00 55 Iceland 11.00 35 India 13.00 105 Indonesia 11.00 80 Ireland (Equities) 3.00 33 Ireland (Gov’t Bonds) 1.00 13 Israel 20.00 40 Italy 1.50 35 Ivory Coast 50.00 140 Jamaica 50.00 60 Japan 1.75 20 Jordan 50.00 140 Kazakhstan 53.00 140 Kenya 48.00 000 Xxxxxx 50.00 45 Lebanon 50.00 140 Lithuania 20.00 43 Luxembourg 10.00 80 Malaysia 4.50 45 Malta 20.00 63 Mauritius 25.00 000 Xxxxxx 6.50 30 Morocco 50.00 95 Namibia 50.00 60 Netherlands 2.00 25 New Zealand 2.00 35 Nigeria 50.00 60 Norway 2.50 35 Oman 50.00 140 Pakistan 50.00 000 Xxxx 50.00 83 Philippines 6.00 60 Poland 15.00 63 Portugal 5.00 50 Qatar 50.00 140 Romania 30.00 80 Russia Equities 40.00 95 Singapore ...
Compensating Balance Arrangement. Each Fund listed below and The Bank of New York Mellon (the “Bank”) have entered into a average compensating balance arrangement, which would allow the Funds to compensate the Bank for any overdrafts by maintaining a positive cash balance and conversely, on any day a Fund maintains a positive balance, the respective Fund will be permitted to overdraw the account as compensation.
Compensating Balance Arrangement. Each of the Funds listed below and The Bank of New York Mellon have entered into an earnings credit balance arrangement pursuant to which it has been agreed that 90% of any positive balances will be compensated at the 90 day T-Bill rate and 100% of overdrawn balances will be charged at a rate of 1% over the Fed Funds rate. Monthly, the net resultant credit or charge will be applied to the each Funds’ respective safekeeping fees. Credits that exceed the safekeeping fee may be carried over into the next billing period at the discretion of Custodian. FUNDS Federated Stock Trust Federated Market Opportunity Fund Federated California Municipal Income Fund Federated North Carolina Municipal Income Fund Federated New York Municipal Income Fund Federated Ohio Municipal Income Fund Federated Pennsylvania Municipal Income Fund See Fifth Amendment dated 11/13/09 for Compensating Balance Arrangement Amended and Restated Exhibit E
Compensating Balance Arrangement. Each Fund listed below and The Bank of New York Mellon (the “Bank”) have entered into an average compensating balance arrangement, which would allow the Funds to compensate the Bank for any overdrafts by maintaining a positive cash balance and conversely, on any day a Fund maintains a positive balance, the respective Fund will be permitted to overdraw the account as compensation, within the Maximum Daily Balance limits as established for each fund as listed below. In each instance, Federal Reserve requirements for minimum balances (currently 10%), will be assessed. Therefore, all overdrafts must be compensated at 100% of the total and all positive balances will allow for an overdraft of up to 90% of the total (unless the positive balance is the result of an error on the part on the Bank, in which case the positive balance would be assessed at 100%). The Funds shall maintain the average compensating balance over quarterly periods (ending March, June, September and December for FGRF, FCRF and FMUTR; and ending February, May, August, and November for AGCR, USTCR and GOTMF). Average balances will be computed at the end of the quarter. Net positive balances will receive an earnings credit computed at the daily effective 90 – day T-Bill rate on the last day of a period. Net negative balances will be charged at the Fed Funds rate plus 1% on the last day of the period. Quarterly net credits or charges will be applied to the safekeeping fees. Credits that exceed the safekeeping fee will be carried over into the next billing period but must be applied in a 12 month cycle; all accumulated unapplied credits will expire in the final quarter of the cycle, i.e. in November or December. However, upon specific request from the Fund, Custodian at its discretion may agree to carry forward into the next 12 month cycle any accumulated credits, contingent on their application within a specified time period. Credits are not redeemable for cash and will expire in the event the relationship with the Funds is terminated. Maximum Daily Balances (“MDB”) limits have been determined for each fund. On days where the Funds exceed their MDBs, interest will be credited on 90% of the excess balance at the 90-day T-Bill rate or charged on 100% of the excess overdraft balance at the Fed Funds rate plus 1%, based on the day(s) the MDB’s were exceeded. Maximum Daily Balance +/- $175 million US Treasury Cash Reserves Fund (USTCR) Government Obligations Tax Managed Fund (GOTMF) Maximum Daily Bala...
Compensating Balance Arrangement. Section 19 of the Agreement is hereby amended and restated in its entirety as follows: “The Custodian shall be entitled to compensation for its services and expenses as Custodian for the assets of a Fund as described on Schedule B hereto.” “A compensating balance arrangement will be in place for each account maintained on behalf of each Fund. Cash balance credits or overdrafts will be calculated using the Federal Funds Rate (or some other rate mutually agreed to by the parties) daily in the account for each Fund. The monthly aggregate cash balance credit will offset the month overdraft balances. The net aggregate credit or overdraft balance amount will be applied to the monthly custody fee invoice for each Fund. No more than one months’ custody fee can be offset by any month’s net cash balance credit. The Custodian shall report annually to the Trust’s Board of Trustees on the compensating balance arrangement.”
Compensating Balance Arrangement. The Funds and The Bank of New York have entered into a compensating balance arrangement, which would allow the Funds to compensate the Bank for any overdrafts by maintaining a positive cash balance the next day. Conversely, on any day the Funds maintain a positive balance, they will be allowed to overdraw the account as compensation. In both cases, Federal Reserve requirements, currently 10%, will be assessed. Therefore, all overdrafts must be compensated at 100% of the total and all positive balances will allow for an overdraft of 90% of the total. Balances for the tax-exempt portfolios will be permitted an open-ended roll forward. The taxable portfolios are closed out on a quarterly basis with no carry-over to the subsequent quarter. At the end of each quarter, the average overdraft will be assessed a fee of 1% above the actual Federal Funds rate at the end of the period. Any average positive balance will receive an earnings credit computed at the daily effective 90 day T-bill rate minus 0.25 bps on the last day of txx period. Earnings credits will be offset against the Funds' safekeeping fees. GLOBAL CUSTODY (NON-US SECURITIES PROCESSING) ----------------------------------------------------------------- | Global | | Safekeeping Fee Transaction Fee | |Countries *(in basis points)[1] (U.S. Dollars)[2]| ----------------------------------------------------------------- |Argentina 17.00 55| ----------------------------------------------------------------- |Australia 1.50 25| ----------------------------------------------------------------- |Austria 3.00 40| ----------------------------------------------------------------- |Bahrain 50.00 140| ----------------------------------------------------------------- |Bangladesh 50.00 145| ----------------------------------------------------------------- |Belgium 2.50 35| ----------------------------------------------------------------- |Bermuda 17.00 70| ----------------------------------------------------------------- |Botswana 50.00 140| ----------------------------------------------------------------- |Brazil 12.00 30| ----------------------------------------------------------------- |Bulgaria 30.00 85| ----------------------------------------------------------------- |Canada 1.00 10| ----------------------------------------------------------------- |Chile 20.00 80| ----------------------------------------------------------------- |China "A" Shares 15.00 80| ---------------------------------------------------------...
