Overdraft Account Sample Clauses
An Overdraft Account clause defines the terms under which a bank customer may withdraw more money than is available in their account, creating a negative balance up to a specified limit. This clause typically outlines the maximum overdraft amount, applicable interest rates, and any associated fees or repayment requirements. Its core function is to provide customers with short-term access to additional funds while clearly establishing the obligations and costs involved, thereby managing risk for both the bank and the account holder.
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Overdraft Account withdrawals
Overdraft Account. Lenders agree that Company and Administrative Agent may establish and maintain the Overdraft Account to be established pursuant to the Overdraft Agreement; provided that (i) the aggregate amount of extensions of credit outstanding with respect to the Overdraft Account shall not exceed at any time $50,000,000 and (ii) the aggregate amount of extensions of credit outstanding with respect to the Overdraft Account at any time shall not exceed the Revolving Loan Commitments reduced by the sum of the aggregate principal amount of Revolving Loans and Bid Rate Loans and the Letter of Credit Usage at such time. Notwithstanding anything contained in this Agreement to the contrary (but subject, however, to the limitations set forth in subsection 2.1A with respect to the making of Revolving Loans), Lenders and Company further agree that Administrative Agent at any time in its sole and absolute discretion may, upon notice to Company and Lenders, require each Lender (including Administrative Agent) on one Business Day's notice to make a Revolving Loan in an amount equal to that Lender's Pro Rata Share of the Overdraft Amount and all accrued and unpaid interest thereon or, in the sole and absolute discretion of Administrative Agent, require each other Lender to purchase a participation in amounts due with respect to the Overdraft Account in an amount equal to that Lender's Pro Rata Share of the Overdraft Amount and all accrued and unpaid interest thereon; provided, however, that the obligation of each Lender to make each such Revolving Loan or to purchase each such participation with respect to any extension of credit included in the Overdraft Amount is subject to the condition that at the time such extension of credit under the Overdraft Agreement was made (A) the duly authorized officer of Administrative Agent responsible for the administration of Administrative Agent's credit relationship with Company believed in good faith that (i) no Event of Default had occurred and was continuing or (ii) any Event of Default that had occurred and was continuing had been waived by Requisite Lenders (or, if applicable under subsection 9.7, all Lenders) at the time such extension of credit under the Overdraft Agreement was made or (B) such Lender had actual knowledge, by receipt of the statements required pursuant to subsection 5.1 or otherwise, that an Event of Default had occurred and was continuing and remained unwaived by Requisite Lenders (or, if applicable under subsection 9.7,...
Overdraft Account. (a) ANZ may debit to the Overdraft Account any money due to ANZ by the Borrower under this document or otherwise.
(b) Despite anything else in this document, any debit balance in the Overdraft Account is repayable by the Borrower on demand by ANZ at any time.
Overdraft Account. Lenders agree that Company and Administrative Agent may establish and maintain the Overdraft Account to be established pursuant to the Overdraft Agreement; provided that (i) the aggregate amount of extensions of credit outstanding with respect to the Overdraft Account shall not exceed at any time $50,000,000 and (ii) the aggregate amount of extensions of credit outstanding with respect to the Overdraft Account at any time shall not exceed the Revolving Loan Commitments reduced by the sum of the aggregate principal amount of Revolving Loans and Bid Rate Loans, the Commercial Paper Usage and the Letter of Credit Usage at such time. Notwithstanding anything contained in this Agreement to the contrary (but subject, however, to the limitations set forth in subsection 2.1A with respect to the making of Revolving Loans), Lenders and Company further agree that Administrative Agent at any time in its sole and absolute discretion may, upon notice to Company and Lenders, require each Lender (including Administrative Agent) on one Business Day's notice to make a Revolving Loan in an amount equal to that Lender's Pro Rata Share of the Overdraft Amount and all accrued and unpaid interest thereon or, in the sole and absolute discretion of Administrative Agent, require each other Lender to purchase a participation in amounts due with respect to the Overdraft Account in an amount equal to that Lender's Pro Rata Share of the Overdraft Amount and all accrued and unpaid interest thereon; provided, however, that the obligation of each Lender to make each such
Overdraft Account. 13 3.3 Payment of interest on overdraft...........................................13 3.4 Repayment and redrawing....................................................13 3.5 Fees and charges...........................................................13 3.6
Overdraft Account. (a) The NZ Borrower may utilise Tranche B by drawing on its Overdraft Account. No Drawdown Notice is required to do so.
(b) The NZ Lender will debit any Tranche B Advance to the Overdraft Account.