Common use of Balance Methods Clause in Contracts

Balance Methods. As used in this Agreement, the “daily balance” method means “the application of a daily periodic rate to the full amount of principal in the account each day.”

Balance Methods. As used in this Agreement, the “average daily balance” method means “the application of a periodic rate to the average daily balance in the account for the period, determined by adding the full amount of the principal in the account for each day of the period and dividing that figure by the number of days in the period.” The “daily balance” method means “the application of a daily periodic rate to the full amount of the principal in the account each day.”