Common use of ADVANCES, OVERDRAFTS OR INDEBTEDNESS Clause in Contracts

ADVANCES, OVERDRAFTS OR INDEBTEDNESS. 1. If the Bank in its sole discretion advances funds, or if there shall arise for whatever reason an overdraft or other indebtedness (except fee indebtedness, the payment of which shall be governed solely by Article VI, paragraph 10(b) hereof) in connection with any Account or Omnibus Account, such advance, overdraft or indebtedness shall be deemed a loan made by the Bank to the Group on behalf of the Fund to which the Account relates, or in the case of an Omnibus Account, to which such advance, overdraft or indebtedness relates, payable on demand and bearing interest from the date incurred at the Overdraft Rate, such Overdraft Rate to be adjusted on the effective date of any change in the prime commercial lending rate constituting a part thereof. In the event of any advance, overdraft or other indebtedness in connection with an Omnibus Account, the Bank shall be furnished promptly (and in any event by 12:00 p.m. on the next Business Day after such advance, overdraft or indebtedness) with Written Instructions identifying each Fund to which such advance, overdraft or indebtedness relates. and the amount allocable to such Fund(s).

ADVANCES, OVERDRAFTS OR INDEBTEDNESS. 1. If the Bank in its sole discretion advances funds, or if there shall arise for whatever reason an overdraft or other indebtedness (except fee indebtedness, the payment of which shall be governed solely by Article VI, paragraph 10(b) hereof) in connection with any Account or Omnibus Account, such advance, overdraft or indebtedness shall be deemed a loan made by the Bank to the Group Trust on behalf of the Fund to which the Account relates, or in the case of an Omnibus Account, to which such advance, overdraft or indebtedness relates, payable on demand and bearing interest from the date incurred at the Overdraft Rate, such Overdraft Rate to be adjusted on the effective date of any change in the prime commercial lending rate constituting a part thereof. In the event of any advance, overdraft or other indebtedness in connection with an Omnibus Account, the Bank shall be furnished promptly (and in any event by 12:00 p.m. on the next Business Day after such advance, overdraft or indebtedness) with Written Instructions identifying each Fund to which such advance, overdraft or indebtedness relates. , and the amount allocable to such Fund(s).