Common use of Overdraft Facility Clause in Contracts

Overdraft Facility. An overdraft facility may be used; - to withdraw funds on current account; - to enter into non-cash contingent liabilities with a maximum term of one year, unless agreed otherwise, such as those arising from the issuance of guarantees, the issuance of letters of credit and the discounting of bills; and - in any other manner stated in the Credit Agreement.

Overdraft Facility. An overdraft facility may be used; - – to withdraw funds on current account; - – to enter into non-cash contingent liabilities with a maximum term of one year, unless agreed otherwise, such as those arising from the issuance of guarantees, the issuance of letters of credit and the discounting of bills; and - – in any other manner stated in the Credit Agreement.