Common use of Rate Order Clause in Contracts

Rate Order. If Client instructs ▇▇▇▇▇▇▇▇▇ to execute an Order when a particular exchange rate is at a specified or better rate (a “Rate Order”), Client authorizes Cambridge to act in accordance with the instructions and to purchase or sell currencies on behalf of Client. Each Rate Order will only be effective after Cambridge has had a commercially reasonable opportunity to act upon it. The effective period of the Rate Order (“Effective Period”), as communicated to Cambridge in the Order, and accepted by Cambridge in an Order, shall be deemed to be good until cancelled unless Client provided a fixed ascertainable date for the end of the Effective Period.