Common use of Compensating Balance Arrangement Clause in Contracts

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 Balance +/- $75 million Federated Municipal Trust Fund (FMUTR) Maximum Daily Balance +/- $25 million Federated Capital Reserves Fund (FCRF) Federated Government Reserves Fund (FGRF) Automated Government Cash Reserves (AGCR) See Seventh Amendment, dated 9/1/10 Schedule II Federated Capital Reserves Fund Federated Government Reserve Fund Federated Municipal Trust Fund US Treasury Cash Reserve Fund Automated Government Cash Reserves Government Obligations Tax Managed Fund Sixth Amendment to the Custody Agreement This Amendment is made as of January 13, 2010 to the Custody Agreement (the “Agreement”) dated June 7, 2005, amended November 7, 2007, September 5, 2008, September 8, 2009, October 23, 2009, and November 13, 2009 between the Funds listed on Schedule II attached hereto (each a "Fund") and The Bank of New York Mellon (the "Custodian").

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 Xxxx 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 Xxxx 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 Balance +/- $75 million Federated Municipal Trust Fund (FMUTR) Maximum Daily Balance +/- $25 million Federated Capital Reserves Fund (FCRF) Federated Government Reserves Fund (FGRF) Automated Government Cash Reserves (AGCR) See Seventh Amendment, dated 9/1/10 Schedule II Federated Capital Reserves Fund Federated Government Reserve Fund Federated Municipal Trust Fund US Treasury Cash Reserve Fund Automated Government Cash Reserves Government Obligations Tax Managed Fund Sixth Amendment to the Custody Agreement This Amendment is made as of January 13, 2010 to the Custody Agreement (the “Agreement”) dated June 7, 2005, amended November 7, 2007, September 5, 2008, September 8, 2009, October 23, 2009, and November 13, 2009 between the Funds listed on Schedule II attached hereto (each a "Fund") and The Bank of New York Mellon (the "Custodian").

Compensating Balance Arrangement. Each Fund listed below Federated Investors (see Exhibit A for list of Funds) and The the Bank of New York Mellon (the “Bank”) have entered into an average a compensating balance arrangement, which would allow the Funds Fund to compensate the Bank for any overdrafts by maintaining a positive cash balance and converselythe next day. Conversely, on any day a the Fund maintains a positive balance, the respective Fund balance it will be permitted allowed to overdraw the account as compensation, within the Maximum Daily Balance limits as established for each fund as listed below. In each instance, both cases Federal Reserve requirements for minimum balances (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 up to 90% of the total (unless total. Balances for the positive balance is 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 result subsequent quarter. At the end of an error on each quarter the part on the Bank, in which case the positive balance would average overdraft will be assessed at 100%). The a fee of 2% above the actual Federal 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 rate at the end of the quarterperiod. Net Any average positive balances balance will receive an earnings credit computed at the daily effective 90 – day T-Bill Xxxx rate on the last day of a period. Net negative balances will be charged at the Fed Funds rate plus 1% minus .25 bps on the last day of the period. Quarterly net Earnings credits or charges will be applied to offset against the Fund’s 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 Federated Investors The Bank of the cycleNew York Accepted by: /s/ Xxxxxxx X. Xxxxxx Accepted By: /s/ Xxxxxx X. XxXxxx Name: Xxxxxxx X. Xxxxxx Name: Xxxxxx X. XxXxxx Title: Treasurer Title: Managing Director Date: May 25, i.e. in November or December. However2005 Date: May 23, 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 2005 List of 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 Balance +/- $75 million Federated Municipal Trust Fund (FMUTR) Maximum Daily Balance +/- $25 million ID Number Federated Capital Reserves Fund (FCRF) Fund, a portfolio of 00-0000000 Money Market Obligations Trust Federated Government Reserves Fund (FGRF) Automated Government Cash Reserves (AGCR) See Seventh AmendmentFund, dated 9/1/10 Schedule II Federated Capital Reserves Fund Federated Government Reserve Fund a portfolio of 00-0000000 Money Market Obligations Trust Federated Municipal Trust, a portfolio of 00-0000000 Money Market Obligations Trust Fund US Treasury Cash Reserve Fund Automated Government Cash Reserves Government Obligations Tax Managed Fund Sixth Amendment to Fund Accounting Agreement between The Bank of New York and The Funds listed on Schedule I to the Custody Agreement Fund Accounting Agreement, as amended from time to time This Amendment is made as of January 13, 2010 to the Custody Agreement (the “AgreementAmendment”) dated June 7, 2005, amended as of November 7, 2007, September 5, 2008, September 8, 2009, October 23, 2009, 2007 between The Bank of New York (“Bank”) and November 13, 2009 between the Funds listed on Schedule II I to the Fund Accounting Agreement, as amended by Exhibit A attached hereto (each a "“Fund") and The Bank of New York Mellon (the "Custodian"”).