Overdraft Procedures Sample Clauses

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.