Excessive Funds Transfers. When the balance of available funds in a Sweep Account exceeds the “Target Balance” for that Sweep Account (as separately agreed to by Bank and Customer), Bank is hereby authorized and directed to withdraw the amount of the excess (as further defined below, the “Excess Funds”) on behalf of Customer, and transfer the Excess Funds to the Money Market Account and/or the Line of Credit, in accordance with the Treasury Management Services Enrollment/Application. Bank agrees to transfer the Excess Funds from each Sweep Account within one (1) Business Day following the day such Excess Funds become collected and available in the Sweep Account. “Excess Funds” means only those funds of Customer in the Sweep Account in excess of the Target Balance that are 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 Sweep 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.
