Free Balances occur (i) when you deposit funds in your Account and such funds are not needed to satisfy a settling transaction; and (ii) upon receipt of dividend and interest payments. Under the current Sweep Program, Free Balances are swept into one or more banks whose deposits are insured by the Federal Deposit Insurance Corporation (“FDIC”).
Free Balances are defined as available demand deposit balances over and above those sufficient to cover the service costs on all of Borrower's accounts at Bank and are set forth in the monthly Analysis Statement provided to Borrower by Bank and listed as "Current Period Analyzed Charges" therein. The monthly balance deficiencies with respect to this compensating balance requirement will be totaled and charged on a quarterly basis at the rate of interest charged to Borrower on the Prime Loans.
Examples of Free Balances in a sentence
To confirm who your fund administrator is, refer to the FTMFUND form in Banner or use the Minerva Financial Statement entitled 'Summary of Free Balances by User'.
Quarterly (in October, January, and March, July) the managing library will prepare a report for the Shared Monographs Coordinating Group and HOTS showing the Allocation/Expenditures/Liens and Free Balances in those accounts.
See Allocation of Free Balances Policy DESIGN AND ENGINEERING SERVICES FOR TOWNSHIP ROAD IMPROVEMENTS (OPWC)A Board of Township Trustees shall order the county engineer to prepare plans and specifications for roadway improvements.