Excess Overdraft definition

Excess Overdraft means a tacitly agreed overdraft whereby a payment service provider provides the user with the opportunity to use funds in excess of the balance available on its payment account or the agreed overdraft amount.
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Examples of Excess Overdraft in a sentence

  • The Outstandings (excluding any Excess Overdraft Amounts) following the making of a Utilisation (including any Outstandings which are to be incurred between the date of delivery of the relevant Utilisation Request and the proposed Utilisation Date) must not exceed the Maximum Available Amount at such time as determined by the Facility Agent.

Related to Excess Overdraft

  • Overdraft means any payment or transfer of funds on behalf of a Fund or series of a Fund for which there are, at the close of business on the date of such payment or transfer, insufficient funds held by the Custodian on behalf of such Fund or series thereof.

  • Overdraft Facility or ‘Facility’ means an authorised debit balance that may be offered to you at our discretion from time to time allowing your Account to go overdrawn up to an agreed Overdraft Limit.

  • Overdraft Obligations means, with respect to any Portfolio, the amount of any outstanding Overdraft(s) provided by the Custodian to such Portfolio together with all accrued interest thereon.

  • Overdraft Rate means the per annum rate of interest, regardless of compounding frequency, designated by the Financial Institution as its “Overdraft Rate” from time to time.

  • Cash Management Account has the meaning set forth in Section 2.7(a).