Overdraft Facilities Sample Clauses
The Overdraft Facilities clause defines the terms under which a borrower may access funds exceeding the available balance in their account, effectively allowing them to temporarily borrow money from the lender. This clause typically outlines the maximum overdraft limit, applicable interest rates, repayment obligations, and any associated fees or conditions for using the facility. Its core practical function is to provide short-term liquidity to the borrower, ensuring they can meet payment obligations even when their account balance is insufficient, while also clarifying the lender’s rights and the borrower’s responsibilities regarding the overdraft.
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Overdraft Facilities. Interest in respect of Overdraft Facilities shall accrue on a daily basis and shall be calculated and payable within five Business Day after the end of each calendar month (notwithstanding that the Overdraft Facility may have been cancelled and/or repaid during that month) in accordance with its terms and/or with the terms of this Agreement. On the calculation date each Facility C Lender shall notify the Company of any interest payable by the Borrowers as at that date and shall debit each relevant Borrower's account with that Facility C Lender with the amount of interest payable by the relevant Borrower to that Facility C Lender on that date. A failure by a Facility C Lender to notify the Company of any interest payable hereunder shall not prejudice that Lender's rights to receive such interest.
Overdraft Facilities. As of June 29, 1998 the Company has used the bank overdraft facilities according to the extent indicated in SCHEDULE 6.22.
Overdraft Facilities. Paragraph 1.1 of Schedule II to the Credit Agreement shall be amended in its entirety to read as follows:
1.1. An Overdraft Bank may, but shall not be required to, agree with one or more Overdraft Borrowers to make an overdraft facility available to such Overdraft Borrower or Overdraft Borrowers on an on demand, uncommitted basis, subject to and in accordance with the terms of this Agreement, for the purpose of financing the Group Companies’ general working capital purposes, subject to the Overdraft Limit. The parties to this Agreement acknowledge that each Overdraft Bank may require the applicable Overdraft Borrower or Overdraft Borrowers to enter into a facility agreement and other documentation in respect of such Overdraft Facility.”
Overdraft Facilities. If we provide you with an Overdraft Facility, you may draw on the Overdraft Account up to the Facility Limit. If we allow credit over the Facility Limit, we do not waive our right to refuse future Drawings in excess of the Facility Limit.
Overdraft Facilities. Facility B and Facility C are renewable and may be utilised repeatedly during the entire Availability Period for the relevant Facility, so that each receipt of funds in the relevant Overdraft Account causes partial or complete repayment of the relevant Overdraft Outstanding Amount, and as a consequence the relevant Available Facility is renewed accordingly in whole or in part.
Overdraft Facilities. The parties hereto acknowledge that the Swing Line Lender may from time to time make loans to the UK Borrower pursuant to overdraft, autoborrow, cash pooling or similar arrangements (the "UK Overdraft Facilities") in an amount not to exceed the UK Sublimit. The loans made pursuant to the UK Overdraft Facilities (the "UK Overdraft Advances") shall be deemed Swing Line Loans for all purposes hereof and shall be subject to the provisions hereto; provided that (i) interest on each UK Overdraft Advance shall be due and payable in arrears on each date as agreed between the UK Borrower and the Swing Line Lender until such time as the Lenders have funded their risk participations in such UK Overdraft Advance pursuant to this Section 2.04 and (ii) at any time after the Lenders have funded their risk participations in such UK Overdraft Advance, interest on such UK Overdraft Advance shall be due and payable in arrears on the Interest Payment Dates set forth herein.
Overdraft Facilities. Interest in respect of Overdraft Facilities shall accrue on a daily basis and shall be calculated and payable within five (5) Business Days after the end of each calendar month (notwithstanding that the Overdraft Facility may have been cancelled and/or repaid during that month in accordance with its terms and/or with the terms of this Agreement). On the calculation date each Overdraft Bank shall notify the Company of any interest payable by the Borrowers as at that date. A failure by an Overdraft Bank to notify the Company of any interest payable hereunder shall not prejudice the Lenders' rights to receive such interest. The amount of interest payable to an Overdraft Bank shall be payable from an Overdraft Facility with such Overdraft Bank without the need for a Utilisation Request provided the conditions in clauses 5.4(c) to 5.4(f) are met (the Overdraft Bank is authorised and instructed to transfer the relevant funds directly to the Collection Account), failing which the Company shall instruct the payment and, if not done by the Company within three (3) Business Days, the Collateral Management Agent shall be authorised to debit the Collection Account (and the Borrowers shall immediately pay any shortfall to the extent all interest obligations are not satisfied therefrom).
Overdraft Facilities. Parent will cause all of the overdraft facilities identified in Section 6.25 of the Seller Disclosure Schedule to be discharged, terminated or cancelled with respect to the Transferred Companies and Subsidiaries on or prior to the Closing.
Overdraft Facilities guarantee, bonding, documentary or stand-by letter of credit facilities;