Common use of Hurdle Amount Clause in Contracts

Hurdle Amount. On the first Business Day of each month, Agent shall notify Lockbox Bank of the Hurdle Amount for such month. Upon the opening of business on each Business Day of each month, Lockbox Bank shall calculate the amount of collected funds on deposit in the Lockbox Accounts for such month (the "Collected Funds"). For each month, beginning with the second Business Day following the Business Day on which the Lockbox Bank has determined that the Collected Funds exceed the Hurdle Amount for such month (the amount of such excess hereinafter is referred to as the "Remainder Funds"), Lockbox Bank shall remit the Remainder Funds to Borrowers until the end of such month.

Hurdle Amount. On the first Business Day of each month, Agent shall notify Lockbox Bank of the Hurdle Amount for such month. Upon the opening of business on each Business Day of each month, Lockbox Bank shall calculate the amount of collected funds on deposit in the Lockbox Accounts for such month (the "Collected FundsCOLLECTED FUNDS"). For each month, beginning with the second Business Day following the Business Day on which the Lockbox Bank has determined that the Collected Funds exceed the Hurdle Amount for such month (the amount of such excess hereinafter is referred to as the "Remainder FundsREMAINDER FUNDS"), Lockbox Bank shall remit the Remainder Funds to Borrowers Borrower and its Subsidiaries until the end of such month.

Hurdle Amount. On the first Business Day of each month, Agent shall notify Lockbox Bank of the Hurdle Amount for such month. Upon the opening of business on each Business Day of each month, Lockbox Bank shall calculate the amount of collected funds on deposit in the Lockbox Accounts Account for such month (the "Collected Funds"). For each month, beginning with the second Business Day following the Business Day on which the Lockbox Bank has determined that the Collected Funds exceed the Hurdle Amount for such month (the amount of such excess hereinafter is referred to as the "Remainder Funds"), Lockbox Bank shall remit the Remainder Funds to Borrowers until the end of such month.