Common use of Undertaking of the Parties Clause in Contracts

Undertaking of the Parties. 3.1 If mutually agreeable by the Parties, one Party may act as the Primary Party and xxxx the FX customer for the entire FX Service. In this case, the Primary Party will compensate the Secondary Party for the portion of the FX Service that the Secondary Party provides based on the Secondary Party’s applicable tariffed rates for the facilities that the Secondary Party provides. If the Secondary Party does not have tariff rates applicable for the facilities that it has provided for its portion of the FX Service, the Primary Party will reimburse the Secondary Party based on rates negotiated between the Parties.