Common use of Collection of Daily Amount Clause in Contracts

Collection of Daily Amount. Merchant authorizes Purchaser to collect from the Approved Account the Daily Amount of Future Receipts and any fees and damages that Merchant owes Purchaser pursuant to this Agreement each Business Day (defined as all weekdays, excluding federal holidays) until (i) Purchaser collects the entire Amount Sold and all other amounts that Merchant owes Purchaser pursuant to this Agreement or (ii) three years have elapsed since the date of this Agreement, whichever occurs first. ▇▇▇▇▇▇▇▇ agrees to complete all necessary forms to establish and maintain the Approved Account and agrees to deposit or cause to be deposited all funds arising from Future Receipts into the Approved Account. ▇▇▇▇▇▇▇▇ agrees not to deposit any funds into the Approved Account other than funds arising from Future Receipts.