Overdraft Procedures Sample Clauses

The Overdraft Procedures clause outlines the steps and rules that apply when an account holder's withdrawals exceed their available balance. Typically, this clause details how the financial institution will handle overdrafts, such as whether it will cover the shortfall, charge fees, or require immediate repayment. For example, it may specify notification requirements, limits on overdraft amounts, and the order in which transactions are processed. The core function of this clause is to set clear expectations and responsibilities for both parties, thereby minimizing disputes and ensuring that overdraft situations are managed consistently and transparently.
Overdraft Procedures. Non-Sufficient Funds situations are reviewed first to determine if overdraft protection from another account or
Overdraft Procedures. The Client will monitor its currency positions on a daily basis. The Custodian will provide the Client with a contractual currency projection report five days forward. In addition, the Custodian will provide the Client with a cash balance report which will enable the Client to identify potential overdrawn positions due to failed cash transactions, as well as uncovered cash positions. If the Client does not confirm to the Custodian that the Client has taken affirmative action to prevent the occurrence of an overdraft or to resolve an existing overdraft, the Custodian may arrange independent borrowings on the Client's behalf with our Subcustodians at prevailing market rates. The Client will pay the cost of such borrowings, even if the compensating funds are back-valued when received. In cases where it appears that the Client account may be overdrawn as the result of the payment order, the Custodian will refer the potential exception to the Client. If the Client cannot be contacted, or confirms that the payment will overdraw the account, the Custodian, in its discretion, may prevent the payment from occurring. In such situations, an alternative payment date will be agreed upon with the Client.
Overdraft Procedures. Non-Sufficient Funds situations are reviewed first to determine if overdraft protection from another account or Purdue Federal Visa Credit Card has been designated, second to determine whether the overdrawn account is eligible for Courtesy Pay, and if neither apply, then the share draft, ACH or fee is not paid and the Non-Sufficient Funds fee is applied to the account. Both the Non-Sufficient Funds fee and Courtesy Pay fee are applied a maximum of once per day.
Overdraft Procedures. The Client will monitor its currency positions on a daily basis. The Custodian will provide the Client with a contractual currency projection report five days forward. In addition, the Custodian will provide the Client with a cash balance report which will enable the Client to identify potential overdrawn positions due to failed cash transactions, as well as uncovered cash positions. While these reports cannot ensure that overdrafts will not occur, these reports should facilitate pro-active cash management. While the responsibility lies with the Client, the Client service team at the Custodian as described in Section 14.1 will also monitor these cash reports and may contact the Client whenever an actual or projected overdraft exists. The Client may use the Custodian’s foreign exchange desk or another financial institution to cover the overdraft. If the Client does not confirm to the Custodian that the Client has taken affirmative action to prevent the occurrence of an overdraft or to resolve an existing overdraft, the Custodian may arrange independent borrowings on the Client’s behalf with our Subcustodians at prevailing market rates. The Client agrees to pay the cost of such borrowings, even if the compensating funds are back-valued when received. The Custodian’s cash management group also monitors potential overdraft situations. Client payment orders are carefully reviewed to ensure that the account has adequate funds to cover the payments in the form of existing credit balances, projected sale proceeds, projected foreign exchange receipts, and in-kind transfers of cash receipts. In cases where it appears that the Client account will be overdrawn as the result of the payment order, the Client Executive will be requested to refer the potential exception to the Client. If the Client cannot be contacted, or confirms that the payment will overdraw the account, the Custodian, in its discretion, may prevent the payment from occurring. In such situations, an alternative payment date will be agreed upon with the Client. The Client agrees to pay for any loss or claims associated with such payment delays.

Related to Overdraft Procedures

  • Disbursement Procedures The Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy) of such demand for payment and whether the Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank and the Lenders with respect to any such LC Disbursement.

  • Procurement Procedures 11.1 The Recipient must secure the best value for money and shall act in a fair, open and non-discriminatory manner in all purchases of goods and services.

  • Loan Procedures (a) Except for Same Day Loans funded under Section 2.2(b), the Company shall give written notice or telephonic notice (followed immediately by written confirmation thereof) to the Agent of each proposed borrowing not later than 10:00 A.M., Detroit time, at least two Business Days prior to the proposed date of such borrowing. Each such notice shall be effective upon receipt by the Agent, shall be irrevocable and shall specify the date and amount of the proposed borrowing. Within one Business Day after receipt of such notice, the Agent shall advise each Lender thereof. Not later than 1:00 P.M., Detroit time, on the date of a proposed borrowing, each Lender shall provide the Agent at the office specified by the Agent with immediately available funds covering such Lender’s Pro Rata Share of such borrowing and, so long as the Agent has not received written notice that the conditions precedent set forth in Section 10 with respect to such borrowing have not been satisfied, the Agent shall pay over the funds received by the Agent to the Company on the requested borrowing date. Each borrowing shall be on a Business Day. (b) In addition to borrowings under Section 2.2(a), the Company may give written or electronic notice or telephonic notice (followed immediately by written or electronic confirmation thereof) to the Agent of a proposed Same Day Loan not later than 11:00 A.M., Detroit time, on any Business Day that the Company has not made (and will not make) a Same Day Prepayment. Each such notice shall be effective upon receipt by the Agent, shall be irrevocable and shall specify the amount of the proposed Same Day Loan, which amount may not exceed Fifteen Million and 00/100 Dollars ($15,000,000.00) for any particular Business Day. By 11:30 A.M., Detroit time, on the Business Day that the Agent receives a notice of a proposed Same Day Loan, the Agent shall advise each Lender thereof. Not later than 3:00 P.M., Detroit time, on the Business Day that the Agent receives a notice of a proposed Same Day Loan, each Lender shall provide the Agent at the office specified by the Agent with immediately available funds covering such Lender’s Pro Rata Share of such Same Day Loan and, so long as the Agent has not received written notice from a Lender (before 3:00 P.M., Detroit time, on the Business Day that the Agent receives a notice of a proposed Same Day Loan) that the conditions precedent set forth in Section 10 with respect to such borrowing have not been satisfied, the Agent shall pay over the funds received by the Agent by a federal wire transfer to the Company’s bank account, which federal wire transfer must be initiated by the Agent on or before 4:00 P.M., Detroit time, on the Business Day that the Agent receives a notice of the proposed Same Day Loan. Each Same Day Loan for which the above requirements are satisfied shall be treated as being made by the Lenders (and shall be part of the Revolving Outstandings) on the Business Day that the Agent initiates the federal wire transfer, even if the Company cannot confirm the receipt of such funds until the next Business Day. Each Same Day Loan must be requested (and shall be made) on a Business Day. The Company may not request a Same Day Loan on any Business Day if the Company has notified the Agent that the Company is making a Same Day Prepayment on such Business Day. The Company may request a Same Day Loan on the same Business Day that it has previously requested a borrowing under Section 2.2(a) and/or on the same Business Day for which the Company has notified the Agent of a voluntary prepayment under Section 6.2(a) and such Same Day Loan shall be funded in addition to, separately from and without any netting for such other borrowing and/or voluntary prepayment. (c) All borrowings and repayments of Loans shall be effected in accordance with each Lender’s Pro Rata Share.

  • Settlement Procedures (a) The collection of the Pool Receivables shall be administered by the Servicer in accordance with this Agreement. The Seller shall provide to the Servicer on a timely basis all information needed for such administration, including notice of the occurrence of any Termination Day and current computations of the Purchased Interest. (b) The Servicer shall, on each day on which Collections of Pool Receivables are received (or deemed received) by the Seller or the Servicer: (i) set aside and hold in trust (and shall, at the request of the Administrator, segregate in a separate account approved by the Administrator) for the benefit of each Purchaser Group, out of such Collections, (x) an amount equal to the Aggregate Discount accrued through such day for each Portion of Capital and not previously set aside, (y) an amount equal to the fees set forth in each Purchaser Group Fee Letter accrued and unpaid through such day, and (z) to the extent funds are available therefor, an amount equal to the aggregate of each Purchasers’ Share of the Servicing Fee accrued through such day and not previously set aside; (ii) subject to Section 1.4(f), if such day is not a Termination Day, remit to the Seller, ratably, on behalf of each Purchaser Group, the remainder of such Collections. Such remainder shall, to the extent representing a return on the Aggregate Capital, ratably, according to each Purchaser’s Capital, be automatically reinvested in Pool Receivables, and in the Related Security, Collections and other proceeds with respect thereto (each such reinvestment, a “Reinvestment,” and “Reinvest” shall have the correlative meaning); provided, however, that if the Purchased Interest would exceed 100%, then the Servicer shall not Reinvest, but shall set aside and hold in trust for the benefit of the Purchasers (and shall, at the request of the Administrator, segregate in a separate account approved by the Administrator) a portion of such Collections that, together with the other Collections set aside pursuant to this paragraph, shall equal the amount necessary to reduce the Purchased Interest to 100%, which amount shall be deposited ratably to each Purchaser Agent’s account (for the benefit of its related Purchasers and to be applied in reduction of their respective Capital) on the next Weekly Settlement Date in accordance with Section 1.4(c); provided, further, that if the Facility Termination Date has been extended pursuant to Section 1.11 and any Purchaser (or its Purchaser Agent) has provided notice (an “Exiting Notice”) to the Administrator, the Seller and the Servicer of such Purchaser’s refusal, pursuant to Section 1.11, to extend its (or its related Committed Purchaser’s) Commitment hereunder (an “Exiting Purchaser”) then such Collections shall not be Reinvested and shall instead be held in trust for the benefit of such Purchaser and applied in accordance with clause (iii) below;

  • Collection Procedures (a) On or before the Closing Date, the Seller and the Purchaser shall have established and shall maintain thereafter the system of collecting and processing Collections of Receivables in accordance with Section 2.02 of the Servicing Agreement. (b) The Seller shall cause all in-store payments to be (i) processed as soon as possible after such payments are received by the Seller but in no event later than the Business Day after such receipt, and (ii) delivered to the Servicer or, if a Daily Payment Event has occurred, deposited in the Collection Account no later than the second Business Day following the date of such receipt. (c) The Seller and the Purchaser shall deliver to the Servicer or, if a Daily Payment Event has occurred, deposit into the Collection Account all Recoveries received by it within two Business Days after the Date of Processing for such Recovery. (d) Any funds held by the Seller representing Collections of Receivables shall, until delivered to the Servicer or deposited in the Collection Account, be held in trust by the Seller on behalf of the Trustee as part of the Trust Estate. (e) The Seller hereby irrevocably waives any right to set off against, or otherwise deduct from, any Collections. (f) The Seller acknowledges that Seller shall not have any right, title or interest in and to any Trust Account.