Common use of Daily Processing Clause in Contracts

Daily Processing. a. At the end of each day, if the collected balance in the Account(s) exceeds the Target balance, then the Bank will reduce the collected balance to the Target balance and apply the difference (“Difference”) as follows: I. If Customer has selected the line of credit sweep and an outstanding balance exists on the designated line of credit, the Difference will be applied as a payment on the line of credit in the manner prescribed by the line of credit agreement, up to the entire outstanding balance of the line of credit, and any remainder will be transferred to the selected investment option. II. If Customer has not selected the line of credit sweep, or if an outstanding balance does not exist on the designated line of credit, then the Difference will be transferred to the selected investment option. b. If the ending collected balance in the Account(s) is less than the Target balance and Customer has selected the line of credit sweep, then Bank will make a credit advance against the line of credit in the amount needed to restore the collected balance in the Account(s) to the Target balance, subject to the availability of approved credit remaining available in the line, and Bank will transfer that amount to the Customer’s Account(s).

Daily Processing. a. At the end of each day, if the collected balance in the Account(s) exceeds the Target balance, then the Bank will reduce the collected balance to the Target balance and apply the difference (“Difference”) as follows: I. i. If Customer has selected the line of credit sweep and an outstanding balance exists on the designated line of credit, the Difference will be applied as a payment on the line of credit in the manner prescribed by the line of credit agreement, up to the entire outstanding balance of the line of credit, and any remainder will be transferred to the selected investment option. IIii. If Customer has not selected the line of credit sweep, or if an outstanding balance does not exist on the designated line of credit, then the Difference will be transferred to the selected investment option. b. If the ending collected balance in the Account(s) is less than the Target balance and Customer has selected the line of credit sweep, then Bank will make a credit advance against the line of credit in the amount needed to restore the collected balance in the Account(s) to the Target balance, subject to the availability of approved credit remaining available in the line, and Bank will transfer that amount to the Customer’s Account(s).