Free Balances definition

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”).
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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.
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Examples of Free Balances in a sentence

  • Free Balances in your Account that are swept in connection with the Sweep Program may be insured by the FDIC for amounts that exceed the standard insurance amounts described herein.

  • 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”).

  • 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.

  • Borrower shall pay such Free Balances Deficit Fee, computed as aforesaid, within ten (10) Business Days (as defined in Section 8.14 hereof) following receipt by Borrower from Bank of a statement of the amount of such fee applicable to the preceding calendar quarter (or applicable portion thereof).

  • Borrower shall maintain average daily available demand deposit balances sufficient to cover all service costs at Bank plus "Free Balances" equal to $250,000, calculated for each month at the end of each such month.

  • NYPA Transmission Facilities shall mean Transmission Developer’s portion of the Transmission Project as defined in the recitals and identified in Section 2 of Appendix C to this Agreement.

  • At all times until the later of the Termination Date or payment in full of all Borrower's Obligations, Borrower will maintain "Net Free Balances" (as defined below) with CNB in an amount equal to One Million Dollars ($1,000,000.00).

Related to Free Balances

  • Time balance means the sum of the principal amount financed and the finance charge.

  • Available Balance means, in relation to any Account, the aggregate of: (i) the balance in such Account in your favour of immediately available and freely transferable funds; and (ii) where we have granted you an overdraft facility or line of credit in respect of such Account, the limit of such overdraft facility or line of credit notified by us to you less the total amount payable by you to us with respect to such overdraft facility or line of credit.

  • Unpaid Balance of any Receivable means at any time the unpaid principal amount thereof.