Overdraft Authorisation Clause Samples
The Overdraft Authorisation clause grants permission for an account holder to withdraw funds exceeding their available account balance, subject to the terms set by the financial institution. Typically, this clause outlines the maximum overdraft limit, applicable interest rates, and any associated fees or repayment requirements. Its core practical function is to provide temporary access to additional funds, helping account holders manage short-term cash flow shortages while clearly defining the conditions and costs of such borrowing.
Overdraft Authorisation. The Shipper shall authorise the Operator to schedule its Send-Outs within the limit of the Overdraft Authorisation from which it benefits. The level of the Overdraft Authorisation is a quantity of energy calculated annually and equal to the lowest of the following two values:
o 1 30th of the Shipper's Contractual Unloaded Quantity, and o (i) 1200 GWh for Montoir, or
Overdraft Authorisation. The Shipper shall authorise the Operator to schedule its Send-Outs within the limit of the Overdraft Authorisation from which it benefits. The Overdraft Authorisation of a Shipper that has subscribed to SPOT shall be zero. The Overdraft Authorisation of a Shipper that has subscribed to SMART shall correspond to a quantity of gas equal to the smallest value between: • 1/30 of the Contractual Unloaded Quantity (QDC) and • 1,200 GWh. Thus, the Shipper's Shared Stock Level may be negative, within the limit of the Overdraft Authorisation. In the case of a Shipper that has subscribed to the SMART service and for which calculation of the Overdraft Authorisation would give a value of less than 300 GWh, the Shipper shall have the possibility of refusing to benefit from the Overdraft Authorisation. Its Overdraft Authorisation shall therefore be zero. This information is duly stated in Appendix 1 of the Specific Conditions.
Overdraft Authorisation. The Shipper authorises the Operator to schedule its Send-Outs within the limit of the Overdraft Authorisation it holds. The Overdraft Authorisation of a Shipper that has subscribed to SPOT is null and void. The Overdraft Authorisation of a Shipper that has subscribed to SMART corresponds to a quantity of gas equal to the smallest value between: • For the Month of the Annual Schedule for which the Shipper's Contractual Unloaded Quantity (QDC) is maximum : the sum of sixty percent (60%) of the largest Unloading of that Month and thirty percent (30%) of the Energy Content of all the other Unloadings of that Month and • 1,400 GWh. Thus, the Shipper's Shared Stock Level may be negative, within the limit of the Overdraft Authorisation. » The Parties agree to delete and replace the third alinea of paragraph 3.2.1 of Appendix 7 : « The amount of the Shipper's Negative Stock and Offsetting Guarantee shall be calculated by the Operator, in October each year for Shippers that have subscribed to SMART, by applying to the Overdraft Authorisation, plus seven hundred thousand (700,000) MWh, a price equal to the higher of these values, expressed in EURO/MWh, for the calendar year preceding the period in question, EEX Gas Futures Monthly Index prices published by EEX for the PEG. » «For Year N, the amount of the Shipper's Negative Stock and Offsetting Guarantee is calculated by the Operator, in December of each year N-1 for Shippers having taken part in drawing up the Annual Schedule for Year N, or before each Invoicing Period for other Shippers, by applying to the Overdraft Authorisation, a price equal to the average of the values, expressed in EURO/MWh, over the calendar year N-1, of the EEX Gas Futures Monthly Index prices published by EEX for the PEG, increased by ten percent (10%).» The Parties agree to delete and replace paragraph 3.2.2 of Appendix 7 :
Overdraft Authorisation. The Bank shall authorise no overdraft or other cash facility except at its sole discretion after an express request from the Customer. The use of such cash facilities shall result in the collection by the Bank of interest at the rate specified in the written Agreement relating thereto. Due interest shall be calculated and debited to the Account at the end of each calendar quarter and when the Account is closed, if this occurs during a quarter. Pursuant to the regulations in effect, the interest shall be calculated as follows: each of the debit balances shall be multiplied by the duration in days; the total of the products obtained in this way shall then be multiplied by the interest rate in force expressed as a percentage and divided by 365 (by 366 for leap years). It is expressly agreed that any use of a facility granted by the Bank that is greater than the amount authorised by the Bank, and that has not been covered by a prior written agreement between the Bank and the Customer, shall automatically generate an increase in the interest rate as stipulated in the fee Form. Such an increase may not be considered by the Customer as implying the Bank’s agreement to maintain or extend the use of the cash facility over and above the limit. In addition, the administrative charges defined in the Conditions and Tariffs shall be collected each time the Bank is required to send to the Customer a written notice concerning an Account showing a debit balance without prior authorisation, or above the authorised amount of the cash facility. The Bank reserves the right to terminate the benefit of the cash facility at any time, without having to justify its decision, with advance notice of one (1) month from the date of the letter informing the Customer of this decision. The Bank shall not be required to comply with this time period in the event of serious misuse by the Customer.