Common use of Sweep and Float Clause in Contracts

Sweep and Float. Customer may, from time to time, provide to Custodian the Sweep Direction. Upon receipt of the Sweep Direction, and after having a reasonable amount of time to implement and process the instruction, Custodian shall automatically invest all of the cash on deposit in or credited to the applicable Customer’s Account in the Sweep Investment selected by such Customer. Any and all shares of and any earnings on the Sweep Investment purchased pursuant to the Sweep Direction shall be maintained in or credited to the applicable Customer’s Account (subject to the terms and conditions of this Agreement and Sweep Direction). Each Customer acknowledges that a Sweep Investment may be offered by a BNY Mellon Affiliate or by a client of the Custodian and Custodian may receive compensation therefrom. The Customer acknowledges that, as part of the Custodian’s compensation, the Custodian will earn interest on cash balances held by the Custodian, including disbursement balances and balances arising from purchase and sale transactions, as provided in the Custodian’s indirect compensation disclosures. Each Customer agrees to furnish to Custodian the Sweep Direction and, in the event of any change to the Sweep Direction including, without limitation, the Sweep Investment selected by Customer, Custodian shall be fully protected in acting in accordance with the then effective Sweep Direction until such new Sweep Direction is received and implemented. With respect to the Sweep Direction and Sweep Investment, Custodian shall have no liability for any loss incurred on any such investments. Each Customer acknowledges and agrees, the Custodian shall have no obligation, responsibility or duty to provide investment advice to Customer in respect of the Sweep Direction and selection of the Sweep Investment. The Customer acknowledges that, as part of the Custodian’s compensation, the Custodian will earn interest on cash balances held by the Custodian, including disbursement balances and balances arising from purchase and sale transactions, as disclosed in the Custodian’s float policy.