1998 FX and Currency Option Definitions. The 1998 FX and Currency Option Definitions as published by ISDA, EMTA and the Foreign Exchange Committee (the "Definitions") shall be applicable to each FX Transaction and Option under the Agreement, including any FX Transaction or Option outstanding on the date hereof, subject to the following:
1998 FX and Currency Option Definitions. The 1998 FX and Currency Option Definitions as published by ISDA, EMTA and the Foreign Exchange Committee (the "Definitions") shall be applicable to each FX Transaction and Option under the Agreement, including any FX Transaction or Option outstanding on the date hereof, subject to the following: A. Definitions: 1. The term "Agreement" in Section 2.2 of the Agreement shall include the Agreement as modified and supplemented by this Part. 2. The term "FX Transaction" and "Currency Option Transaction" in the Definitions or in a Confirmation shall in all cases by considered references to an "FX Transaction" and "Option" under the Agreement. 3. All terms in this Part shall have the meanings given them above or in the Definitions, unless not defined above or in the Definitions, in which case the term shall have the meaning given in the Agreement.
1998 FX and Currency Option Definitions. The 1998 Definitions use the terms “FX Transac- tion” and “Currency Option Transaction,” whereas the FXC Master Agreements use “FX Transaction” and “Currency Option.” IFXCO uses the terms of the 1998 Definitions. The 1998 Definitions use the term “Settlement Date” for both FX Transactions and Currency Option Transactions, whereas the FXC Master Agreements use the traditional term “Value Date” for FX Transac- tions. IFXCO follows the 1998 Definitions in using the term “Settlement Date” for both. Note that, in general, any term used in the 1998 Definitions that is not otherwise defined in IFXCO has the meaning given to it in the 1998 Definitions. Accordingly, the following terms are no longer separately defined in IFXCO, as they (or their analogs) are already defined in the 1998 Definitions: “American Style Option,” “Buyer,” “Call,” “Call Currency,” “Confirmation,” “Currency Pair,” “European Style Option,” “Exercise Date,” “Expiration Date,” “Expiration Time,” “In-the-Money Amount,” “Notice of Exercise,” “Premium,” “Premium Payment Date,” “Put,” “Put Currency,” “Seller,” “Spot Price,” and “Strike Price.” The definition of “Business Day” has been revised to conform to that of the 1998 Definitions, although it also includes special provisions for two situations that arise under IFXCO (see Annex 1). Furthermore, numerous provisions of the FXC Master Agreements were deemed unnecessary for IFXCO because their analogs are included in the 1998 Definitions and incorporated by reference in IFXCO. These include the provisions for payment of the Premium on a Currency Option Transaction, exercise and settlement of Currency Option Transactions, and settlement of FX Transactions.
