Common use of SETTLEMENT DATE OFFSET INSTRUCTIONS Clause in Contracts

SETTLEMENT DATE OFFSET INSTRUCTIONS. FX: Offset instructions on currency positions open prior to settlement arriving at settlement date of the relevant Transaction must be given to Velocity at least one (1) Business day prior to the settlement. This is also referred to in practice as the “Delivery” or “Value” day. Alternatively, sufficient funds to take delivery or the necessary delivery documents must be in the possession of Velocity within 1 Business day prior to settlement. If neither instructions, funds nor documents are received, Velocity may without notice, either offset the Customer’s position or rolls customer’s positions into the next settlement time period or make or receive delivery on behalf of Customer upon such terms and by such methods deemed reasonable by Velocity in its sole discretion.

SETTLEMENT DATE OFFSET INSTRUCTIONS. FX: Offset instructions on currency positions open prior to settlement arriving at settlement date of the relevant Transaction must be given to Velocity at least one (1) Business day prior to the settlement. This is also referred to in practice as the “Delivery” or “Value” day. Alternatively, sufficient funds to take delivery or the necessary delivery documents must be in the possession of Velocity within 1 Business day prior to settlement. If neither instructions, funds nor documents are received, Velocity may without notice, either offset the Customer’s position or rolls customer’s positions into the next settlement time period or make or receive delivery on behalf of Customer upon such terms and by such methods deemed reasonable by Velocity in its sole discretion.