Measuring Time Funds Are Held Sample Clauses
The "Measuring Time Funds Are Held" clause defines how the duration for which funds are retained by a party is calculated. Typically, this involves specifying the start and end points for measuring the holding period, such as from the date funds are received until they are disbursed or returned. This clause is important in contexts like escrow arrangements or investment accounts, where fees, interest, or compliance obligations may depend on the length of time funds are held. Its core function is to provide a clear and consistent method for determining holding periods, thereby ensuring transparency and preventing disputes over timing-related obligations or entitlements.
Measuring Time Funds Are Held. To determine the total time Federal funds are held, the State shall measure the time between the date Federal funds are received and credit to a State's account and the date those funds are debited from the State's account.
Measuring Time Funds Are Held. Deposit to Issuance; Issuance to Clearance: To determine the total time Federal funds are held, the State shall separately measure two time periods: (1) the date Federal funds are deposited to the date checks are issued; and (2) the date checks are issued to the date funds are debited from the State's account.
Measuring Time Funds Are Held. Deposit to Clearance: To determine the total time Federal funds are held, the State shall measure the time between the date Federal funds are received and credited to a State's account and the date those funds are debited from the State's account. For programs using non-interest neutral Payment Schedules funding techniques where Federal funds are received and credited to a State's account before the date those funds are debited from the State's account, the State interest liability shall be based on the difference in whole days between the date the Federal funds are received and credited to a State's account and the date those related State funds are debited from the State's account as specified in Section 6.2.4 (non- interest neutral Payment Schedules funding techniques) of this Agreement. With Federal-State matching programs, interest shall be calculated on the State percentage of the disbursement.