Overdraft Agreement Sample Clauses
An Overdraft Agreement clause defines the terms under which a bank or financial institution allows an account holder to withdraw more money than is currently available in their account, effectively creating a temporary line of credit. This clause typically outlines the maximum overdraft limit, applicable interest rates, fees, and the repayment schedule for any overdrawn amounts. By establishing clear rules for overdraft usage, the clause helps both parties manage financial risk and ensures that the account holder understands their obligations and potential costs associated with overdrawing their account.
Overdraft Agreement an agreement defined in Sub- paragraph 3.1.1 below (including its Annexes). These Specific Conditions form an Annex of the Overdraft Agreement.
Overdraft Agreement. Borrower acknowledges and agrees that, promptly following the date hereof, it will execute and deliver all agreements, documents and instruments necessary or desirable in the reasonable opinion of Bank One, NA London (an affiliate of Agent) to grant a security interest and lien in the Collateral, including the cash and Cash Equivalents pledged pursuant to the Securities Pledge Agreement, identical to the security interests and liens created pursuant to this Amendment.
Overdraft Agreement. (Overdraft Account) Beginning on the date hereof, the Customer shall utilize any and all overdrafts from the checking deposit account that the Customer opened with Bank by issuing a cheque or cheques, or any other negotiable instrument approved by the Bank. The Customer shall also repay all overdrafts occurred prior to the date hereof in accordance with the terms and conditions hereof.
Overdraft Agreement. How our Overdraft Facility works Our overdraft facility allows you to borrow money on your account by drawing up to your overdraft Limit. In the rest of these terms we refer to: Overdraft Limit You agree that your overdraft limit will be either: You will be able to access your overdraft once we have completed our assessment of your ability to repay your verdraft and checked that the amount you are eligible for is either the amount you applied for or for a lesser amount as agreed by you. The annual percentage interest rate applies provided your balance does not exceed your overdraft limit. The excess annual percentage interest rate applies to that part of your balance that exceeds your overdraft limit.
Overdraft Agreement. This [·]
Overdraft Agreement the Constituent Agreement, under which the Bank may, subject to the approved Overdraft limit, make the Credit Amount available to the Client and the Client shall fully repay the withdrawn Credit Amount, Credit Product Related Charges and perform all respective obligations in due and timely manner before the expiry of the maturity term of the Overdraft;
Overdraft Agreement. 4.3.1. Upon the Bank’s approval of the Client’s relevant Application, the Bank and the Client will sign Overdraft Agreement, under which the Client may withdraw and repay, on multiple basis, the Credit Amount available on the Service Account (including the bank card account) which may be withdrawn by the Client in full or in part and which shall be automatically repaid with the funds deposited on the Client’s Account unless otherwise agreed between the Bank and the Client;
4.3.2. If the Overdraft Agreement secures the fulfilment of obligations of the Client before the Bank arising out of/in relation to another banking product, the Bank may disburse/issue the Credit Amount to the Client in accordance with the Purpose as provided under the Overdraft Agreement without the Client’s further request and/or consent, and use the disbursed/issued Credit Amount for full performance of the Client’s obligations before the Bank;
4.3.3. The Client shall use the Credit Amount withdrawn under the Overdraft Agreement in accordance with the Purpose (if any);
4.3.4. The Bank shall accrue the Interest on the full Credit Amount available for the Client under the Overdraft whether or not the Client has withdrawn the Credit Amount in full or in part from the Service Account;
4.3.5. The Interest accrual shall start on the calendar day the Credit Amount was available on the Client’s Service Account in accordance with the Overdraft Agreement.
4.3.6. The Client shall repay the Credit Amount and Credit Product Related Charges as provided under the Overdraft Agreement in accordance with present paragraph and paragraph 3.3 of the General Terms of the General Credit Line.