Common use of Overdraft Facility Clause in Contracts

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. (a) Subject All Advances under the Overdraft Facility shall be made solely by BNS and records concerning Advances under the Overdraft Facility shall be maintained solely by BNS. All payments of principal, interest, fees and other amounts relating to the terms and conditions Overdraft Facility shall be made solely to BNS at the Branch of this Agreement, including, without limitation, Account. Any notices by 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 Borrower in connection with the Overdraft Bank Facility shall be made to BNS. Neither the notice periods set out in Section 3.1(a) nor minimum amount requirements for Advances shall apply to Advances by way of overdraft under 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 addition, in respect of each such Collateral Instrument, in form and substance satisfactory to the Overdraft Bank provided that the aggregate amount Advances by way 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 overdraft under the Overdraft Facility, each such presentation the Borrower shall not be required to deliver a Drawdown Notice pursuant to Section 6.2(c). In connection with Advances under the Overdraft Facility, BNS shall ascertain the position or net position of the Borrower's Designated Account at the close of business daily. If the Canadian Dollar position or net position is a debit in favour of BNS, the debit will (if the Borrower is entitled to an Advance) be deemed to be a request by Tier UK for a utilization of Prime Rate Advance under the Overdraft Facility in an the amount equal to of the excess debit. If the US Dollar position or net position is a debit in favour 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 DefaultBNS, the Overdraft Bank may terminate debit will (if the Borrower is entitled to an Advance) be deemed to be a Base Rate Advance under 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 debit. If a position or net position is a credit in favour of the Borrower, the credit will be deemed to be a repayment of a Prime Rate Advance or Base Rate Advance, as the case may be, under the Overdraft Facility in the Overdraft Facility, together with all interest accrued thereon, shall become immediately due and payable. The entire principal amount of the debit balance credit to the extent of any principal amounts owing in the Overdraft Facility, together with all interest accrued thereon, shall be due and payable on the Revolving Credit Termination Daterespect thereof.

Overdraft Facility. (a) Subject All Advances under the Overdraft Facility shall be made solely by BNS and records concerning Advances under the Overdraft Facility shall be maintained solely by BNS. All payments of principal, interest, fees and other amounts relating to the terms and conditions Overdraft Facility shall be made solely to BNS at the Branch of this Agreement, including, without limitation, Account. Any notices by 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 Borrower in connection with the Overdraft Bank Facility shall be made to BNS. Neither the notice periods set out in Section 3.1(a) nor minimum amount requirements for Advances shall apply to Advances by way of overdraft under 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 addition, in respect of each such Collateral Instrument, in form and substance satisfactory to the Overdraft Bank provided that the aggregate amount Advances by way 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 overdraft under the Overdraft Facility, each such presentation the Borrower shall not be required to deliver a Drawdown Notice pursuant to Section 6.2(c). In connection with Advances under the Overdraft Facility, BNS shall ascertain the position or net position of the Borrower’s Designated Account at the close of business daily. If the Canadian Dollar position or net position is a debit in favour of BNS, the debit will (if the Borrower is entitled to an Advance) be deemed to be a request by Tier UK for a utilization of Prime Rate Advance under the Overdraft Facility in an the amount equal to of the excess debit. If the US Dollar position or net position is a debit in favour 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 DefaultBNS, the Overdraft Bank may terminate debit will (if the Borrower is entitled to an Advance) be deemed to be a Base Rate Advance under 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 debit. If a position or net position is a credit in favour of the Borrower, the credit will be deemed to be a repayment of a Prime Rate Advance or Base Rate Advance, as the case may be, under the Overdraft Facility in the Overdraft Facility, together with all interest accrued thereon, shall become immediately due and payable. The entire principal amount of the debit balance credit to the extent of any principal amounts owing in the Overdraft Facility, together with all interest accrued thereon, shall be due and payable on the Revolving Credit Termination Daterespect thereof.

Overdraft Facility. (a) Subject to the terms and conditions of this Credit Agreement, including, without limitation, the conditions of this Section 2.9ss.2.10, Tier each of the UK Borrowers may from time to time between the date hereof and the Revolving Credit Termination Loan Maturity Date (i) utilize an overdraft facility on a Sterling-denominated current account with the Overdraft Bank in the name of Tier the applicable UK Borrower (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 the UK Borrowers 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 the applicable UK Borrower 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 UKUK Borrowers, 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 Loan Maturity Date.