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.