Common use of Settlement Extension Clause in Contracts

Settlement Extension. (a) In the event we do not receive Settlement on or before Settlement Cut-off Time, we may, without your consent, amend the originally agreed upon Value Date to the immediately subsequent Business Day (“Settlement Extension”). You shall pay us any Losses incurred as a result of a difference between the value of the Transaction on the originally agreed upon Value Date and the prevailing market rate on the subsequent Business Day. (b) We reserve the right to extend the Settlement Cut-off Time of an Transaction as often as needed prior to its receipt if past due Settlement. (c) At any time prior to the Value Date, you may request us to extend the Value Date to a future Business Day (“Settlement Extension Request”). You must have an underlying business purpose for each Settlement Extension Request. All Settlement Extension Requests are subject to our approval. We may decline a Settlement Extension Request in our sole discretion for any reason. In the event of our acceptance of a Settlement Extension Request, you agree to pay to us on demand within one (1) clear Business Day the amount of any and all Losses we incur and any fee assessed by us to you in connection with its fulfilment of the Settlement Extension Request.

Settlement Extension. (a) In the event we do not receive Settlement on or before Settlement Cut-off Time, we may, without your consent, amend the originally agreed upon Value Date to the immediately subsequent Business Day (“Settlement Extension”). You shall pay us any Losses incurred as a result of a difference between the value of the Transaction on the originally agreed upon Value Date and the prevailing market rate on the subsequent Business Day. (b) . We reserve the right to extend the Settlement Cut-off Time of an Transaction as often as needed prior to its receipt if past due Settlement. (c) . At any time prior to the Value Date, you may request us to extend the Value Date to a future Business Day (“Settlement Extension Request”). You must have an underlying business purpose for each Settlement Extension Request. All Settlement Extension Requests are subject to our approval. We may decline a Settlement Extension Request in our sole discretion for any reason. In the event of our acceptance of a Settlement Extension Request, you agree to pay to us on demand within one (1) clear Business Day the amount of any and all Losses we incur and any fee assessed by us to you in connection with its fulfilment of the Settlement Extension Request.