Daily Payments Sample Clauses

Daily Payments. The Borrower shall make a daily cash payment to Lender in an amount such that the Overadvance (as the same may be increased for additional availability reserves or reduced advance rates in accordance with the Loan Agreement) under the Loan Agreement as of each day from the date of this Agreement through October 16, 2000, shall be equal to the lesser of (a) $500,000 or (b) the amount of the Overadvance specified for such day on Exhibit A attached hereto. Each such payment to be made in accordance with the procedures set forth in the Loan Agreement.

Daily Payments. Borrower shall maintain one or more lockboxes with Agent under its standard lockbox agreements or other institutions acceptable to Agent (the "Lockboxes"). Agent will establish on its books an account in the name of Borrower designated as the "Cash Collateral Account". Borrower shall direct all Account Debtors to remit payments on their Accounts to one or another of the Lockboxes. All proceeds of Collateral and all funds Borrower receives directly (other than Revolving Advances and Swingline Advances) shall be deposited in the Cash Collateral Account. Collected funds in the Cash Collateral Account on each Business Day, to the extent they do not exceed the Swingline Loan on such Business Day, shall be remitted by Agent to Boatmen's and applied by Boatmen's to reduce the Swingline Loan. The collected funds remaining in the Cash Collateral Account on the next to last Business Day of every calendar week after such remittance and application to reduce the Swingline Loan, to the extent they do not exceed the Aggregate Revolving CBR Loan on the Settlement Date, shall be remitted by Agent to Lenders weekly on the last Business Day of each such calendar week (the "Settlement Date") in accordance with their prorata shares of the Aggregate Revolving Commitment and applied by Lenders to reduce the Aggregate Revolving CBR Loan. Any collected funds still remaining in the Cash Collateral Account after such remittances and application to reduce the Swingline Loan and Aggregate Revolving CBR Loan shall be applied at Lender's discretion to (i) the outstanding principal balance of any Revolving LIBOR Advances when their respective Interest Periods expire, or (ii) the outstanding principal balance of any subsequent Revolving CBR Advances.

Daily Payments. Borrowers shall maintain one or more lockboxes with Lender under its standard lockbox agreements (the "Lockboxes"). Borrower shall also maintain one or more accounts with Lender, each designated a "Controlled Disbursement Account". Lender will also establish on its books an account in the name of Borrower designated as the "Cash Collateral Account". Borrower shall direct all Account Debtors to remit payments on their Accounts to one or another of the Lockboxes. If sales of Inventory are made for cash, Borrower shall immediately deliver to Lender or deposit into the Cash Collateral Account the identical checks, cash or other forms of payment which Borrower receives. All proceeds of Collateral and all funds Borrower receives directly (other than Revolving Advances) shall be deposited in the Cash Collateral Account. Deposits in the Cash Collateral Account each day will be applied by Lender to the Revolving Loan in accordance with Section 5.4 until the Revolving Loan has been reduced to zero.

Daily Payments. The Trustee, acting in accordance with written instructions from the Servicer, shall make the following payments on each Business Day to the extent that there are amounts sufficient therefore in the Collection Account: (i) to the Holder of the Variable Funding Certificate, payments on the Variable Funding Certificate pursuant to the Variable Funding Supplement; and (ii) to the Holder of the Transferor Certificate, the amounts deposited into the Collection Account at the direction of the Transferor pursuant to Section 4.03(b)(I)(v). Payments with respect to the Variable Funding Certificate shall be allocated to principal and interest in accordance with the relevant provisions of the Variable Funding Supplement. Payments under this Section 4.04(a) shall be made on each Business Day directly to the Holder of the Variable Funding Certificate or the Transferor Certificate, as appropriate.