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  1. Point in time
    2016-05-27

authorised non-business overdraft agreement

107a borrower-lender agreement which provides authorisation in advance for the borrower to overdraw on a current account, where:

  1. (a) the credit must be repaid on demand or within three months;
  2. (b) the agreement is not entered into by the borrower wholly or predominantly for the purposes of the borrower's business.