Common use of Statement of Service Clause in Contracts

Statement of Service. Subject to the terms and conditions of this Agreement, Bank shall provide the Controlled Disbursement service to Customer, by which Bank shall report to Customer each Business Day the monetary value of checks that will be presented for payment against Customer’s designated “Controlled Disbursement Accounts” at Bank’s next posting of accounts. The purpose of the Controlled Disbursement Service is to assist Customer in estimating Customer’s daily requirement for account funding, thereby facilitating Customer’s management of its daily cash positioning.