Excess Funds Transfers. When the balance of available funds in the Master Account exceeds the “Target Balance” for the Account (as agreed to by Bank and Customer) after the posting of all items, transfers, and other debits to be paid from or posted to the Master Account on any Business Day, Bank is hereby authorized and directed to withdraw the amount of the excess funds (as further defined below, the “Excess Funds”) on behalf of Customer and to transfer the Excess Funds to the Premium Yield Account (where they will earn interest) and/or to the Line of Credit, in accordance with the Enrollment Form. On the next Business Day after the day any transfer was made to the Premium Yield Account, all funds on deposit to the Premium Yield Account will be transferred back to the Master Account and will be available, to the extent such funds are available for withdrawal, to pay any items, transfers, and other charges to be paid from or charged to the Master Account on that Business Day. “Excess Funds” means only those funds of Customer credited to the Master Account in excess of the Target Balance, after all items to be paid from or charged to the Master Account on that Business Day have been paid and posted, that are funds collected and available for withdrawal by Customer as a matter of right under Bank’s published funds availability schedule. Funds that are posted to the Master Account but are not yet available funds are not included in Excess Funds. In the event that Bank, in its sole and absolute discretion, treats funds of Customer that are not yet available for withdrawal as a matter of right as “Excess Funds” on any one or more occasions, Bank may decline to treat funds that are not yet available for withdrawal as a matter of right as “Excess Funds” at any other time or times without notice to Customer. Any departure by Bank from the foregoing requirement regarding Excess Funds shall not constitute a waiver by Bank or an obligation of Bank to depart from this requirement at any other time.
