Common use of Settlement Failure Clause in Contracts

Settlement Failure. 8.1 The Authority reserves the right to levy a penalty fee on an Eligible Counterparty that fails to settle any of the legs of the confirmed transactions. The penalty fee for failure to settle the first leg of a transaction to obtain SGD shall be one (1) day’s interest on the transaction amount. The penalty fee for failure to settle the second leg of a transaction to obtain SGD shall be an interest charge for the number of days the outstanding amount (principal + interest) remains unsettled.

Settlement Failure. 8.1 13.1 The Authority reserves the right to levy a penalty fee on an Eligible Counterparty Applicant that fails to settle any of the legs of the confirmed transactions. The penalty fee for failure to settle the first leg of a transaction (to obtain deliver SGD cash or SGD securities) shall be one (1) day’s interest on the transaction amount. The penalty fee for failure to settle the second leg of a transaction (to obtain SGD deliver USD cash to MAS) shall be an interest charge charged for the number of days that the outstanding amount sum (principal + interest) remains unsettled.