Overdraft Facility. An overdraft facility may be used to borrow money on current account, and if agreed explicitly, to enter into contingent liabilities with a maximum term of one year, such as those arising from the issuance of guarantees, the issuance of letters of credit, the discounting of bills and any other purposes stated in the Credit Agreement.
Appears in 4 contracts
Samples: Credit Agreement, Credit Agreement (Pemstar Inc), Mortgage (FreeSeas Inc.)