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.
Appears in 150 contracts
Sources: Custody Agreement (Federated Hermes Money Market Obligations Trust), Custody Agreement (Federated Hermes Equity Funds), Custody Agreement (Federated Hermes Short-Intermediate Duration Municipal Trust)