Overdraft Loans. Lender, in its sole and absolute discretion, and subject to the terms hereof, may make a Revolving Loan to Borrower in an amount equal to the amount of any overdraft which may from time to time exist with respect to the Demand Deposit Account or any other bank account which Borrower may now or hereafter have with Lender. The existence of any such overdraft shall be deemed to be a request by Borrower for such Loan. Borrower acknowledges that Lender is under no duty or obligation to make any Loan to Borrower to cover any overdraft. Borrower further agrees that an overdraft shall constitute a separate Loan under this Agreement (an "Overdraft Loan"), which shall bear, from the date on which the overdraft occurred until paid, interest in an amount equal to the greater of (x) 130% of the highest rate of interest then charged for Loans (other than Overdraft Loans) made hereunder and (y) $50.00 per day. If Lender, in its sole and absolute discretion, decides not to make a Loan to cover part or all of any overdraft, Lender may return any check(s) which created such overdraft.
Overdraft Loans. (a) Subject to the following provisions of this Section, overdrafts arising from clearance of cheques or drafts drawn on the accounts of the Borrowers maintained with the Overdraft Lender, and designated by the Overdraft Lender for such purpose, shall be deemed to be outstanding as extensions of credit to the respective Borrowers from the Overdraft Lender under Credit Facility 2 (each, an “Overdraft Loan”) as follows:
Overdraft Loans. (i) From time to time on any Business Day during the period from the Closing Date to the Termination Date, upon presentment to the Overdraft Line Bank for payment of an item drawn by a Multicurrency Borrower on a Euro Overdraft Account or Sterling Overdraft Account (each an “Account” and collectively the “Accounts”) with the Overdraft Line Bank in an amount that, when charged against the Account, creates an overdraft in the Account, the Overdraft Line Bank shall pay such item to the extent not subject to the limitations set forth in this Section 2.01(c)(i), and such payment shall be deemed an “Overdraft Loan”. Each Overdraft Loan provided hereunder shall bear interest at the interest rate set forth in Section 4.01(a)(ii). At no time shall the aggregate amount of Overdraft Loans exceed the lesser of (A) the Overdraft Line Commitment and (B) the Availability for the Multicurrency Facility at such time. Overdraft Loans shall be repaid pursuant to the terms of Section 2.01(h) or as otherwise provided in this Agreement.
Overdraft Loans. (a) Subject to the following provisions of this Section, overdrafts arising from clearance of cheques or drafts drawn on the accounts of the Borrower maintained with the Overdraft Lender, and designated by the Overdraft Lender for such purpose, shall be deemed to be outstanding as an extension of credit to the Borrower from the Overdraft Lender under the Credit Facility (each, an “Overdraft Loan”) as Base Rate Canada Loans. For certainty, notwithstanding Section 4.1, no Drawdown Notice need be delivered by the Borrower in respect of Overdraft Loans.
Overdraft Loans. (a) Subject to the following provisions of this Section, overdrafts arising from clearance of cheques or drafts drawn on the U.S. dollar or Canadian dollar accounts of the Borrower maintained with the Overdraft Lender, and designated by the Overdraft Lender for such purpose, shall be deemed to be outstanding as an extension of credit to the Borrower from the Overdraft Lender under the Credit Facility (each, an “Overdraft Loan”) as Base Rate Canada Loans (any overdraft in Canadian dollar accounts shall be deemed to be outstanding as a Base Rate Canada Loan in an amount equal to the U.S. Dollar Equivalent of the amount of such Canadian dollar amount). For certainty, notwithstanding Section 4.1, no Drawdown Notice need be delivered by the Borrower in respect of Overdraft Loans.
Overdraft Loans. Agent, in its sole and absolute discretion, and subject to the terms hereof, may make a Revolving Loan to Borrower in an amount equal to the amount of any overdraft which may from time to time exist with respect to the Demand Deposit Account or any bank account which Borrower may now or hereafter have with Agent. The existence of any such overdraft shall be deemed to be a request by Borrower for such Loan. Borrower acknowledges that Agent is under no duty or obligation to make any Loan to Borrower to cover any overdraft. Borrower further agrees that if the making of a Loan to cover any Overdraft would result in an Over Advance, such overdraft shall constitute a separate Loan under this Agreement (an "Overdraft Loan"), which shall bear, from the date on which the overdraft occurred until paid, interest in an amount equal to one hundred thirty percent (130%) of the highest rate of interest then actually being charged for Revolving Loans (other than Overdraft Loans) made hereunder. If Agent, in its sole and absolute discretion, decides not to make a Loan to cover part or all of any overdraft, Agent may return any check(s) which created such overdraft.
Overdraft Loans. In respect of the accounts of an Obligor opened and maintained with the Bank, whenever a cheque or other item is presented for payment against such account in an amount greater than the then available balance in such account (an “Overdraft Loan”), such presentation shall be deemed to constitute a Notice of Borrowing for a Loan on the date of such notice in the amount of such Overdraft Loan (or the Equivalent Amount thereof), bearing interest by reference to the Prime Rate Revolving Loan.
Overdraft Loans. The Overdraft Lender in its sole and absolute discretion, from and including the date of this Agreement and prior to the Facility Termination Date, may make, on a revolving credit basis, loans (collectively, “Overdraft Loans”) in Euro or Dollars to the Euro Holding Company in such aggregate amounts as Euro Holding Company may from time to time request from the Overdraft Lender in accordance with the Overdraft Facility Agreement up to the amount of the Overdraft Exposure; provided, after giving effect to such Overdraft Loan, (i) the aggregate outstanding amount of all Overdraft Loans does not exceed the Overdraft Exposure, and (ii) the Overdraft Exposure, plus the Eurocurrency Advances, do not exceed the Euro Subfacility Limit. The Overdraft Facility Agreement shall take effect upon its execution and delivery on terms acceptable to the Overdraft Lender and satisfaction of all conditions to effectiveness thereto. For purposes of computation of the fees contained in Section 2.4.1 hereof, outstanding Overdraft Loans shall count as usage under the Euro Subfacility. Subject to the terms of this Agreement, the Euro Holding Company may borrow, repay and reborrow Overdraft Loans at any time prior to the Facility Termination Date in accordance with the terms of the Overdraft Facility Agreement. The terms and conditions of borrowing in respect to the Overdraft Loans, including borrowing procedures, shall be as set forth in the Overdraft Facility Agreement. The parties hereto acknowledge and agree that the Overdraft Loans shall be entitled to the same collateral security and guaranties as the Euro Subfacility, including, without limitation the Collateral Documents and each Borrower agrees to perform such other and further acts necessary to give effect to such security and support.
Overdraft Loans. All of Seller's unsecured overdraft loans, including negotiable order of withdrawal line of credit accounts, relating to the Accounts, for which written documentation of such loan facility exists, excluding loans 30 days contractually Past Due as of the close of business on the Closing Date, plus accrued interest, fees and unposted activity (the "Overdraft Loans"). A true and complete list of Overdraft Loans as of June 30, 1998, is set forth on Schedule E hereto. The parties acknowledge that Schedule E shall be updated as of the Closing Date in accordance with Section 6.02.
Overdraft Loans. 34 3.14 General Provisions Relating to All Letters....................... 36 3.15 Agent's Discretion to Allocate................................... 37 -i- TABLE OF CONTENTS (continued)
