Earnings Credits definition
Examples of Earnings Credits in a sentence
The Fund acknowledges that the Custodian’s compensation includes (i) the interest earned by the Custodian on cash balances in Accounts, less the Earnings Credits received and applied by the Fund pursuant to Section 8.6, and (ii) interest earned by the Custodian on other 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.
Calendar Month Earnings Credits may not be transferred to, or utilized by, any other Fund, person or entity.
Unused Earnings Credits may not be applied to prior billing periods and cannot be converted into interest.
Unused Earnings Credits are carried over from month to month during a calendar year and expire at the end of each calendar year.
Customer should continuously monitor and adjust balances to ensure optimal use of available Earnings Credits by year-end.
For purposes of this sub-section (b), the Fund is permitted to transfer Earnings Credits only to The Dreyfus Corporation, its affiliates and/or any investment company now or in the future for which The Dreyfus Corporation or any of its affiliates acts as the sole investment adviser.
In no event may any Earnings Credits be carried forward to any fiscal year other than the fiscal year in which it was earned, or, unless permitted by applicable law, transferred to, or utilized by, any other person or entity, provided that any such transferred Earnings Credit can be used only to offset compensation and fees of the Custodian for services rendered to such transferee and cannot be used to pay the Custodian's out-of-pocket expenses.
The Group agrees that the Bank may pay Calendar Month Earnings Credits with respect to any Omnibus Account as mutually agreed, and that it is the Group's responsibility to allocate such Calendar Month Earnings Credits among and between the Funds.
Earnings Credits on Balances/Interest on Overdrafts Earnings credits are provided to each Fund on 80% of the daily balance in the domestic custodian account computed at the 90-day T-▇▇▇▇ rate on the day of the balance.
Earnings Credits On a monthly basis any earnings credits generated from un-invested custody balances will be applied against any cash management service fees generated.