Daylight Overdraft definition

Daylight Overdraft means an intraday settlement obligation of the Company to a Clearing Member incurred in the ordinary course of business in accordance with the Rules. Any such obligation not settled by the close of business on the date incurred shall then cease to be a Daylight Overdraft.
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Daylight Overdraft means a negative balance in an institution’s account at any point in a business day. A daylight overdraft occurs at a Federal Reserve Bank when there are insufficient funds in an institution’s Federal Reserve Bank account to cover outgoing funds transfers or incoming book-entry securities transfers. An overdraft can also be the result of other payment activity processed by the Federal Reserve Bank, such as check or automated clearinghouse transactions.
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Daylight Overdraft is hereby deleted in its entirety.
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Examples of Daylight Overdraft in a sentence

  • During the Funding Request Period, the Borrower may use the Daylight Overdraft Cap by borrowing, repaying and reborrowing, all in accordance with the terms and conditions hereof, including, without limitation, Section 4.5.

  • Subject to Section 2.6, each Daylight Overdraft Loan shall mature at 4:30 p.m. (New York City time), on the Borrowing Date therefor or such later time agreed by the Daylight Overdraft Lender in its sole discretion, such later time not to be later than 10:00 a.m. (New York City time) on the next Business Day following the Borrowing Date therefor.

  • Subject to Section 2.4(f), upon receipt of any notice from the Daylight Overdraft Lender pursuant to Section 2.2(d), the Administrative Agent shall promptly notify each Lender, or at any time after the Conversion to Approving Lenders Funding Date, each Approving Daylight Overdraft Lender thereof and of the amount of such Lender's Stated Percentage thereof.

  • Each Lender shall promptly transfer to the Daylight Overdraft Lender, in immediately available funds, the amount of its Daylight Overdraft Participation Amount and upon receipt thereof the Daylight Overdraft Lender shall deliver to such Lender a Daylight Overdraft Loan participation certificate, in a form specified by the Daylight Overdraft Lender, dated the date of receipt of the Daylight Overdraft Participation Amount and in such amount.

  • The Administrative Agent shall have received a Borrowing Notice pursuant to Section 2.4 or Letter of Credit Request pursuant to Section 3.2, except in the case of a Daylight Overdraft Loan, the Daylight Overdraft Lender shall have received a request pursuant to Section 2.4(b).

  • Subject to Section 2.6, each Daylight Overdraft Loan shall mature at 4:00 p.m. (New York City time), on the Borrowing Date therefor.

  • Any payment made by the Borrower after 1:00 p.m. (New York City time) on any Business Day (other than on account of Daylight Overdraft Loans) shall be deemed to have been made on and, with respect to principal payments, interest shall continue to accrue until, the next following Business Day.

  • All payments (including prepayments) to be made by the Borrower hereunder, whether on account of principal (other than Daylight Overdraft Loans), interest, fees or otherwise, shall be made without set-off or counterclaim and shall be made prior to 1:00 p.m. (New York City time) on the due date thereof to the Administrative Agent, for the account of the relevant Lenders, at the Administrative Agent's office specified in Section 11.2 in United States Dollars and in immediately available funds.

  • Any payment on account of Daylight Overdraft Loans made by the Borrower after the time specified in the immediately preceding sentence on any Business Day shall be deemed to have been made on and, with respect to principal payments, interest shall continue to accrue until, the next following Business Day.

  • Each payment of the Loans (except in the case of Daylight Overdraft Loans, Swing Line Loans and Revolving Credit Loans that are Base Rate Loans) shall be accompanied by accrued interest to the date of such payment on the amount paid.


More Definitions of Daylight Overdraft

Daylight Overdraft means an intraday settlement obligation of the Company to a Clearing Member incurred in the ordinary course of business in accordance with the Rules. Any such obligation not settled by the close of business on the date incurred shall then cease to be a Daylight Overdraft. Default means an event described in Article VIII. Defaulted Clearing Member means, as of any time of determination, a Clearing Member that has (i) failed to promptly discharge any obligation to the Company or (ii) become subject to any bankruptcy, reorganization, arrangement, insolvency, moratorium, or liquidation proceedings, or other similar proceedings under U.S. federal or state bankruptcy laws or other applicable law. Defaulting Bank means, subject to Section 2.11(b), any Bank that (a) has failed to (i) fund all or any portion of its Loans as of the time required to be funded by it in accordance with Section 4.1 unless such Bank notifies the Administrative Agent and the Company in writing that such failure is the result of precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any Applicable Tranche Swingline Bank or any other Bank any other amount required to be paid by it hereunder (including in respect of its participation in
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Related to Daylight 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 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.

  • 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.

  • Swingline Facility means the swingline facility established pursuant to Section 2.2.