Overdraft Facility. In the event that the Custodian is directed by Proper Instructions to make any payment or transfer of funds on behalf of the Fund for which there would be, at the close of business on the date of such payment or transfer, insufficient funds held by the Custodian on behalf of the Fund, the Custodian may, in its sole discretion, provide an overdraft (an "Overdraft") to the Fund in an amount sufficient to allow the completion of such payment. Any Overdraft provided hereunder: (a) shall be payable on the next business day, unless otherwise agreed by the Fund and the Custodian; and (b) shall accrue interest from the date of the Overdraft to the date of payment in full by the Fund at a rate agreed upon in writing, from time to time, by the Custodian and the Fund. The purpose of such Overdrafts is to temporarily finance extraordinary or emergency expenses not reasonably foreseeable by the Fund. The Custodian shall promptly notify the Fund in writing ("Overdraft Notice") of any Overdraft by facsimile transmission or in such other manner as the Fund and the Custodian may agree in writing. The Custodian shall have a right of set-off against all Assets (except for Assets held in a segregated margin account or otherwise pledged in connection with options or futures contracts held for the benefit of the Fund and for Assets allocated to any other Overdraft or loan made hereunder); provided, however, the Custodian shall promptly notify the Fund in writing of any intent to exercise a right of set-off against Assets hereunder and shall not exercise any such right of set-off against Assets hereunder unless and until the Fund has failed to pay (within ten (10) days after the Fund's receipt of such notice of intent to exercise a right of set-off), any Overdraft, together with all accrued interest thereon. Notwithstanding the provisions of any applicable law, including, without limitation, the Uniform Commercial Code, the only rights or remedies which the Custodian is entitled to with respect to Overdrafts is the right of set-off granted herein.
Overdraft Facility. (1) In cases where the amount requested for direct debit payment or withdrawals is in excess of the funds available in the account, the account is automatically overdrawn against the debenture (hereinafter referred to as “Collateral Debenture”) and the fixed term yen deposits which the Bank designates, such as Time Deposit, Premium Time Deposit, and PoweredOne (hereinafter referred to as “Collateral Deposits”. If an eligible product for collateral is added, it shall be announced by the Bank in an appropriate manner.)
Overdraft Facility. An overdraft facility may be used; - to withdraw funds on current account; - to enter into non-cash contingent liabilities with a maximum term of one year, unless agreed otherwise, such as those arising from the issuance of guarantees, the issuance of letters of credit and the discounting of bills; and - in any other manner stated in the Credit Agreement.
Overdraft Facility. Notwithstanding any Proper or Special Instructions, the Custodian shall not make any payment or transfer of funds on behalf of the Fund for which there would be, at the close of business on the date of such payment or transfer, insufficient funds held by the Custodian on behalf of such Fund.
Overdraft Facility. An amendment to the documentation evidencing the Overdraft Facility, in form and substance acceptable to Administrative Agent.
Overdraft Facility. (a) Subject to the terms and conditions of this Agreement, including, without limitation, the conditions of this Section 2.9, Tier UK may from time to time between the date hereof and the Revolving Credit Termination Date (i) utilize an overdraft facility on a Sterling-denominated current account with the Overdraft Bank in the name of Tier UK (the "Overdraft Facility") by causing checks or other items denominated in Sterling to be presented for payment against such current account in amounts greater than the then available balance in such current account and (ii) request that the Overdraft Bank agree to issue Collateral Instruments to or for the account of Tier UK upon receipt by it of a duly-completed and executed Counter Indemnity from Tier UK in respect of each such Collateral Instrument, in form and substance satisfactory to the Overdraft Bank provided that the aggregate amount of all liabilities of Tier UK in respect of the Overdraft Facility and all such Counter Indemnities (whether contingent or otherwise) (the "Total Overdraft Usage") shall not exceed the Maximum Overdraft Amount. As to the Overdraft Facility, each such presentation shall be deemed to be a request by Tier UK for a utilization of the Overdraft Facility in an amount equal to the excess of such check or other item over such available balance, and shall be irrevocable. Notwithstanding the foregoing, at no time shall the Total Overdraft Usage exceed the Maximum Overdraft Amount. After the occurrence of an Event of Default, the Overdraft Bank may terminate the Overdraft Facility in its entirety and reduce the Maximum Overdraft Amount to zero with immediate effect at its sole discretion by written notice to the Company and Tier UK, and the entire principal amount of the debit balance in the Overdraft Facility, together with all interest accrued thereon, shall become immediately due and payable. The entire principal amount of the debit balance in the Overdraft Facility, together with all interest accrued thereon, shall be due and payable on the Revolving Credit Termination Date.
Overdraft Facility. Bank shall open an Overdraft Account for the OD Facility as from the execution of the Agreement and the said account will be operated from time to time by the Borrower or on prior approval by the Bank, by any person directed in writing by the Borrower.
Overdraft Facility a For the purpose of the calculation by HBU of the unused portion of the overdraft facility at any given time, the amount of the overdraft facility shall be: - either reduced by the then existing negative balance resulting from balance netting or increased by the then existing positive balance resulting from balance netting, as set out above under 2.b; and - reduced by the non-cash contingent liabilities as set out above under 1.1, unless these obligations can be charged to a contingent liability facility granted to the Borrower; and - reduced by obligations arising from the use of the overdraft facility in any other manner as set out above under 1.1. b If the debit balance on a current account is, in the opinion of HBU, unacceptably high, the Borrower shall reduce that debit balance to a level acceptable to HBU at HBU's first request. c HBU may at any time reject, in whole or in part, dispositions requested by the Borrower if, after the disposition, the debit balance on the relevant current account will, in the opinion of HBU, be unacceptably high.
Overdraft Facility. 24 3. REPAYMENT OF THE REVOLVING CREDIT LOANS. .......................................................26 3.1. Maturity. ...........................................................................26 3.2. Mandatory Repayments of Revolving Credit Loans. .....................................27 3.3. Optional Repayments of Revolving Credit Loans. ......................................27 4.
Overdraft Facility. We agree to make available to each Fund an on demand overdraft facility (the “Facility”) and, pursuant thereto, to advance to the Fund’s Unallocated Account from time to time such number of ounces of Precious Metal as may be needed in order for us to fully allocate all of the Bullion standing to the Fund’s credit in the Fund’s Unallocated Account (after repayment to us of any overdraft balance existing prior to such allocation as provided hereafter in this in clause 4.7) to the Fund’s Allocated Account pursuant to the standing instruction set forth in clause 4.5 hereof, provided that the maximum amount of Bullion that we will make available to a Fund pursuant to the Facility is 430 fine ounces. We shall not charge a Fund any fees, interest or costs in connection with the Facility. Any amount of Precious Metal advanced by us shall not create any right, charge, security interest, lien or claim against the Bullion held in a Fund’s Allocated Account. Without limiting our right to repayment as hereafter provided in clause 4.8, we will not have any right to set off against the Bullion held in a Fund’s Allocated Account or the Bullion standing to the Fund’s credit in the Fund’s Unallocated Account any claim or amount related to any amount of Precious Metal advanced by us. We shall identify on our books and records and in the reports we send to a Fund pursuant to clause 2.4 any overdraft balance in the Fund’s Unallocated Account as of the date of such reports, which shall be accepted as conclusive evidence of such balance, save in the case of manifest error.
