Common use of FX Definitions Clause in Contracts

FX Definitions. The Master Confirmation incorporates the terms of the 1998 Definitions, as those terms may have been modified or amended in the Master Agreement between the parties. Any amendments to the 1998 Definitions, or successor definitions that replace the 1998 Definitions, are incorporated into the Master Confirmation only on a prospective basis. That is, such amendments or successor definitions will apply to new NDF Transactions entered into on or after their effective date but not to outstanding NDF Transactions entered into prior to their effective date. The parties, however, may agree to change this general rule (e.g., in a separate bilateral agreement or a subsequent agreement that applies on a multilateral basis).