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 RT Facility (each, an “Overdraft Loan”) as Prime Rate Loans or Base Rate Canada Loans, as the case may be. For certainty, notwithstanding Section 4.1, no Drawdown Notice need be delivered by the Borrower in respect of Overdraft Loans.
(b) Except as otherwise specifically provided herein, all references to Prime Rate Loans shall include Overdraft Loans made in Canadian dollars and all references to Base Rate Canada Loans shall include Overdraft Loans made in United States dollars.
(c) Overdraft Loans shall be made by the Overdraft Lender alone, without assignment to, or participation by, the other Lenders.
(d) The aggregate principal amount of the Overdraft Loans shall not exceed U.S.$25,000,000.
(e) If the Borrower shall request a drawdown under the RT Facility other than under this Section (a “Syndicated Drawdown”) and the Overdraft Lender’s Pro Rata Share of such Syndicated Drawdown would cause the Overdraft Lender’s Pro Rata Share of all Syndicated Loans together with the Overdraft Loans then outstanding to exceed the Overdraft Lender’s Individual Commitment with respect to the NRT Facility, then the Borrower shall be deemed to have given a repayment notice notifying the Administrative Agent of a repayment of the Overdraft Loans to the extent of such excess (without any bonus or penalty being
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. (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.
(ii) Notwithstanding the foregoing clause (i), the Overdraft Line Bank shall not make any Overdraft Loan in the period commencing on the second Business Day after it receives written notice from any Multicurrency Lender that one or more of the conditions precedent contained in Section 5.02 shall not on such date be satisfied, and ending when such conditions are satisfied, and the Overdraft Line Bank shall not otherwise be required to determine that, or take notice whether, the conditions precedent set forth in Section 5.02 hereof have been satisfied in connection with the making of any Overdraft 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. 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. Until such Overdraft Loan shall in fact be repaid by a Prime Rate Revolving Loan, any such Overdraft Loan shall constitute Obligations secured by the Collateral and, upon the making of a Prime Rate Revolving Loan, each Lender shall be required to participate in each such Revolving Loan on a Pro Rata basis and shall settle with the Agent regardless of whether any conditions of Borrowing, under Section 6.2 or otherwise, have otherwise been met.”
2.5 As of the Amendment Effective Date, Section 10.2.3 of the Loan and Security Agreement is hereby deleted and the following substituted therefor:
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. WMBfsb agrees that in the event that Buyer has not received any amounts owing on Overdraft Loans within 60 calendar days after Closing, then, at Buyer's request WMBfsb will pay to Buyer the aggregate amount owing on such Overdraft Loans and Buyer will reassign to WMBfsb all right, title and interest in such Overdraft Loans.
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. The Deposit-Related Loans included on Schedule 1(a)(9) do not include any overdraft facilities and lines of credit which should have been charged off in accordance with Seller’s charge-off policy.
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)
