Common use of Collection of Daily Amount Clause in Contracts

Collection of Daily Amount. Customer authorizes Purchaser to collect from the Approved Account the Daily Amount each Business Day (defined as all weekdays, excluding Federal Reserve holidays) until the earlier of: (a) the date on which the full Amount Sold, and any other fees or amounts due under this Agreement, have been received by Purchaser; or (b) the date that is three years from the Effective Date of this Agreement. Customer 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. Customer agrees not to deposit any funds into the Approved Account other than funds arising from Future Receipts.