Common use of Overdraft Advances Clause in Contracts

Overdraft Advances. If, under the authorization given by Borrower pursuant to this Agreement, Credit Agent debits Borrower’s Operating Account to honor an item presented against an Operating Account and that debit or direction results in an overdraft, Credit Agent may make an additional advance to fund that overdraft (“Overdraft Advance”). Borrower must pay (a) the outstanding amount of any Overdraft Advance, within 1 Business Day after the date of the Overdraft Advance, and (b) interest on the amount of the Overdraft Advance, at a rate per annum equal to the Applicable Rate plus 2%, within 9 days after the date of Credit Agent’s invoice or, if applicable, within 2 days after the date of Credit Agent’s account analysis statement.

Overdraft Advances. If, under the authorization given by a Borrower pursuant to this Agreement, Credit Agent debits a Borrower’s Operating Account to honor an item presented against an Operating Account and that debit or direction results in an overdraft, Credit Agent may make an additional advance to fund that overdraft (“Overdraft Advance”). Borrower Borrowers must pay (a) the outstanding amount of any Overdraft Advance, within 1 Business Day after the date of the Overdraft Advance, and (b) interest on the amount of the Overdraft Advance, at a rate per annum equal to the Applicable Rate plus 2%, within 9 days after the date of Credit Agent’s invoice or, if applicable, within 2 days after the date of Credit Agent’s account analysis statement.