Common use of Compensating Balance Arrangement Clause in Contracts

Compensating Balance Arrangement. 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. 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.”