Common use of Secured settlement Clause in Contracts

Secured settlement. If, on any Value Date, a Payment is otherwise due by Velocity Trade to the Client, Velocity Trade is not required to make any Payment to the Client until such time as Velocity Trade has received confirmation that the corresponding Payment to be made by the Client to Velocity Trade: (i) has been received as cleared funds in the Velocity Trade Settlement Account; or (ii) has been received by Velocity Trade in accordance with any other instructions set out in the relevant Confirmation.

Secured settlement. If, on any Value Date, a Payment is otherwise due by Velocity Trade to the Client, Velocity Trade is not required to make any Payment to the Client until such time as Velocity Trade has received confirmation that the corresponding Payment to be made by the Client to Velocity Trade: (i) has been received as cleared funds in the Velocity Trade Settlement Account; or (ii) has been received by Velocity Trade in accordance with any other instructions set out in the relevant Confirmation.

Secured settlement. If, on any Value Date, a Payment is otherwise due by the Client to Velocity Trade and by Velocity Trade to the Client, Velocity Trade is not required to make any Payment to the Client until such time as Velocity Trade has received confirmation that the corresponding Payment to be made by the Client to Velocity Trade: (i) has been received as cleared funds in the Velocity Trade Settlement Account; or (ii) has been received by Velocity Trade in accordance with any other instructions set out in the relevant Confirmation.

Secured settlement. If, on any Value Date, a Payment is otherwise due by the Client to Velocity Trade and by Velocity Trade to the Client, Velocity Trade is not required to make any Payment to the Client until such time as Velocity Trade has received confirmation that the corresponding Payment to be made by the Client to Velocity Trade: (i) has been received as cleared funds in the Velocity Trade Settlement Account; or (ii) has been received by Velocity Trade in accordance with any other instructions set out in the relevant Confirmation.