Timely Confirmation Clause Samples
Timely Confirmation. (i) Section 9(e)(ii) is hereby amended by:
(A) replacing the word "practicable" with the word "possible" in the third line thereof;
(B) inserting "or by such other method intended by the parties to be effective for the purpose of confirming or evidencing such Transaction" immediately before the words "which in each case will be sufficient" in the fifth line thereof; and
(C) inserting a new Part 9(e)(iii) as follows: "In respect of each Relevant Confirmation Transaction, Party A and Party B will use reasonable efforts acting in good faith and a commercially reasonable manner to ensure each Relevant Confirmation Transaction is confirmed by the Timely Confirmation Deadline."
(ii) Without prejudice to the rights, powers, remedies and privileges provided by law, failure by a party to comply with its obligations under Part 5(y) will not constitute an Event of Default or a Termination Event under the Agreement.
(iii) For the purposes of this Agreement:
Timely Confirmation. Pursuant to the Risk-Mitigation Techniques and Technical Standards, Counterparties must ensure timely Confirmation of any and all OTC derivative contracts entered into. For the purpose of this and all applicable agreements, the term “Confirmation” will have the meaning delineated in Article 1(c) of the Risk- Mitigation Technical Standards. Confirmations must contain all the legal terms of the swap and must be transmitted as soon as technologically practicable, but no later than by the end of the second business day following the day of execution if the transaction is concluded after 31 August 2013 up to and including 31 August 2014, and no later than by the end of the first business day following the day of execution if the transaction is concluded after 31 August 2014. GLORY FOREX and Counterparty agree in advance on the following specific process to reach a legally binding agreement to all the terms of an OTC derivative contract as to any and all trades executed between Counterparties in accordance with the Risk-Mitigation Techniques and Technical Standards: ⚫ For each OTC derivative trade, GLORY FOREX will generate a written confirmation that memorializes the agreement of the Counterparties to all of the terms of the OTC derivative contract. ⚫ Upon the end of each business day, Customer will receive a single email containing the written confirmation of each OTC derivative contract executed on that same day between the Counterparties, along with all legal terms of each transaction. This email will represent GLORY FOREX' s authentication of the transaction. ⚫ It is the responsibility of Customer to review the Confirmation of each transaction. Counterparty, upon extensive review, must object or reject confirmation of any trade by expressly contacting GLORY FOREX Customer Service by email within 24 hours of the GLORY FOREX' s Confirmation email. ⚫ If a Confirmation remains for 48 hours without a written rejection that details the objectionable content of the Confirmation, GLORY FOREX will deem the documentation finalized and accepted by both parties. Please further note that each confirmation will contain definitions and provisions contained in EMIR and the Risk-Mitigation Technical ▇▇▇▇▇▇▇▇▇.▇▇ the event of any inconsistency between those definitions and provisions and the Confirmation, the Confirmation will govern. GLORY FOREX reserves the right to amend this process at its sole discretion based on period evaluations of its practical application and/or in...
Timely Confirmation. Each party shall ensure that each Transaction is confirmed at the latest by the end of the day referred to in Article 12 of Regulation No 149/2013. A failure to confirm Transaction by the end of such day does not constitute Other Breach of Agreement within the meaning of Section 6(1)(a)(iii) of the General Provisions.
Timely Confirmation. The Investment Manager or a delegate shall: