Common use of SETTLEMENT DATE AND ROLLOVERS Clause in Contracts

SETTLEMENT DATE AND ROLLOVERS. 12.21.1 With respect to purchases or sales of OTC FX in an Account, the Client agrees to instruct Velocity as to the offset or rollover of a currency position. Except as provided herein, during the term of the currency position, the Client shall give Velocity instructions for rolling the currency position no later than two (2) hours prior to the settlement of trading in the currency contract on the day the Client intends to rollover a currency position. In addition, the Client, by 12:00 p.m. British Standard Time on the business day before the settlement date of the contract of the currency contract shall instruct Velocity whether to deliver, offset or rollover the currency position. In the absence of timely instructions from the Client, Velocity is authorized, at Velocity’s absolute discretion, to deliver, rollover or offset all or any portion of the currency positions for the Client’s Account and at the Client’s risk. The Client’s Account shall be charged, upon the delivery, rollover or offset of a currency position, rollover charges in such amounts as published in Velocity’s fee schedule as published from time to time on the firm’s web site or in such other forms as Velocity, in its sole discretion, determines. Velocity may change such fee schedule and rollover requirements at any time.