Common use of Settlement Extension Clause in Contracts

Settlement Extension. In the event Cambridge fails to receive Settlement on or before Value Date, Cambridge may, without the consent of Client, amend the originally agreed upon Value Date to the immediately subsequent Business Day (“Settlement Extension”). Client shall pay Cambridge any Losses incurred as a result of a difference between the value of the Order on the originally agreed upon Value Date and the prevailing market rate on the subsequent Business Day. Cambridge reserves the right to extend the settlement date of an Order as often as needed prior to its receipt of past due Settlement. At any time prior to the Value Date, Client may request Cambridge to extend the Value Date to a future Business Day (“Settlement Extension Request”). Client must have an underlying business purpose for each Settlement Extension Request. All Settlement Extension Requests are subject to the approval of Cambridge. Cambridge may decline a Settlement Extension Request in its sole discretion for any reason. In the event of Cambridge’s acceptance of a Settlement Extension Request, Client agrees to pay to Cambridge on demand within one (1) clear Business Day the amount of any and all Losses incurred by Cambridge and any fee assessed by Cambridge to Client in connection with its fulfilment of the Settlement Extension Request.