Common use of Daily Balance Clause in Contracts

Daily Balance. The term "Daily Balance" shall mean the amount determined by taking the amount of the Credit owed at the beginning of a given day, adding any new Credit advanced to or incurred by Borrower on such date, and subtracting any payments or collections which are deemed to be paid and are applied by Bank in reduction of the Credit on that date under the provisions of this Agreement.

Daily Balance. The term "Daily Balance" shall mean the amount ------------- determined by taking the amount of the Credit owed at the beginning of a given day, adding any new Credit advanced to or incurred by Borrower on such date, and subtracting any payments or collections which are deemed to be paid and are applied by Bank in reduction of the Credit on that date under the provisions of this Agreement.