Daily Balance definition

Daily Balance means, as of any date of determination and with respect to any Obligation, the amount of such Obligation owed at the end of such day.

Daily Balance means the amount of the Obligations owed at the end of a given day.

Daily Balance as used in this Agreement means the amount determined by taking the amount of the Credit owed at the beginning of a given day, adding any new Credit advanced or incurred 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.

Examples of Daily Balance in a sentence

• Except as set forth in Section 2.3(b), the Advances shall bear interest, on the outstanding Daily Balance thereof, at a per annum rate equal to one half of one percent (0.5%) above the greater of (i) the Prime Rate or (ii) four and one half percent (4.5%).

• The interest charge for each billing cycle will be computed by multiplying the Average Daily Balance of the balance subject to interest charge during the billing cycle by the monthly periodic rate.

• The Average Daily Balance is determined by dividing the sum of the closing daily balances subject to interest charge during the billing cycle by the number of days in the cycle.

• The interest charged for a balance in a billing period, except for variations caused by rounding, equals: ● Average Daily Balance (ADB) multiplied by ● Daily Periodic Rate (DPR) multiplied by ● number of days the DPR was in effect.

More Definitions of Daily Balance

Daily Balance means, with respect to each day during the term of this Agreement, the aggregate outstanding amount of all Advances or Obligations, as the context requires, at the end of such day.

Daily Balance. The “daily” balance of your account is the principal balance on which interest accrues each day. (For information about the balance on which interest accrues, see the section titled “When Interest Begins to Accrue”.)

Daily Balance means, as of any date of determination and with respect to any Obligation, the amount of such Obligation owed at the end

Daily Balance means the amount of the Obligations owed at the end of a given day. Deposit Account shall have the meaning ascribed to such term in the Code. Documents shall have the meaning ascribed to such term in the Code.

Daily Balance means, as of any Business Day, (a) the aggregate outstanding amount of the Loans as of the beginning of such Business Day, plus (b) any new Loans advanced or incurred on such Business Day, minus (c) any payments or collections which are deemed to be made on such Business Day under the provisions of this Agreement.

Daily Balance with respect to each day during the term of this Agreement, the amount of an Obligation owed at the end of such day.

Daily Balance. The result obtained each day by adding the unpaid balance shown on the previous Account Statement, the amount of interest charges that accrued as a result of the Balance not being paid by the payment Due Date and the new advances, and by subtracting payments made during the period covered by the Account Statement.