Market Disruption Events. Equity-Based Market Measures
Market Disruption Events. 10 SECTION 2.04. Extraordinary Events...........................................................................12 SECTION 2.05.
Market Disruption Events. If at any time the AMEX changes its method of calculating the Industrial 15 Index, or the value of the Industrial 15 Index changes, in any material respect, or if the Industrial 15 Index is in any other way modified so that the Industrial 15 Index does not, in the opinion of the Calculation Agent, fairly represent the value of the Industrial 15 Index had those changes or modifications not been made, then, from and after that time, the Calculation Agent shall, at the close of business in New York, New York, on each date that the closing value of the Industrial 15 Index is to be calculated, make any adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a calculation of a value of a stock index comparable to the Industrial 15 Index as if those changes or modifications had not been made, and calculate the closing value with reference to the Industrial 15 Index, as so adjusted. Accordingly, if the method of calculating the Industrial 15 Index is modified so that the value of the Industrial 15 Index is a fraction or a multiple of what it would have been if it had not been modified, e.g., due to a split, then the Calculation Agent shall adjust the Industrial 15 Index in order to arrive at a value of the Industrial 15 Index as if it had not been modified, e.g., as if the split had not occurred.
Market Disruption Events. If at any time the Index Publisher makes a material change in the formula for or the method of calculating the Index or in any other way materially modifies the Index so that the Index does not, in the opinion of the Calculation Agent, fairly represent the level of the Index had those changes or modifications not been made, then, from and after that time, the Calculation Agent shall, at the close of business in New York, New York, on each date that the closing level of the Index is to be calculated, make any adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a calculation of a level of a stock index comparable to the Index as if those changes or modifications had not been made, and calculate the closing level with reference to the Index, as so adjusted.
Market Disruption Events. If at any time the Standard & Poor’s (the “Index Publisher”) makes a material change in the formula for or the method of calculating the Index or in any other way materially modifies the Index so that the Index does not, in the opinion of the Calculation Agent, fairly represent the level of the Index had those changes or modifications not been made, then, from and after that time, the Calculation Agent shall, at the close of business in New York, New York, on each date that the closing level of the Index is to be calculated, make any adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a calculation of a level of a stock index comparable to the Index as if those changes or modifications had not been made, and calculate the closing level with reference to the Index, as so adjusted. In the event the Calculation Agent makes any such adjustment to the Index, any determination as to whether the Index, as so adjusted, is above or below the Range shall be based on this closing level and intra-day levels shall not be taken into account.
Market Disruption Events. If at any time The Nasdaq Stock Market changes its method of calculating the Nasdaq-100 Index, or the value of the Nasdaq-100 Index changes, in any material respect, or if the Nasdaq-100 Index is in any other way modified so that the Nasdaq-100 Index does not, in the opinion of the Calculation Agent, fairly represent the value of the Nasdaq-100 Index had those changes or modifications not been made, then, from and after that time, the Calculation Agent shall, at the close of business in New York, New York, on each date that the closing value of the Nasdaq-100 Index is to be calculated, make any adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a calculation of a value of a stock index comparable to the Nasdaq-100 Index as if those changes or modifications had not been made, and calculate the closing value with reference to the Nasdaq-100 Index, as so adjusted. Accordingly, if the method of calculating the Nasdaq-100 Index is modified so that the value of the Nasdaq-100 Index is a fraction or a multiple of what it would have been if it had not been modified, e.g., due to a split, then the Calculation Agent shall adjust the Nasdaq-100 Index in order to arrive at a value of the Nasdaq-100 Index as if it had not been modified, e.g., as if the split had not occurred.
Market Disruption Events. The following Market Disruption Events in Section 7.4 of the Commodity Definitions shall apply:
Market Disruption Events. Section 6.3(a) of the Equity Definitions is hereby amended (A) by deleting the words “during the one hour period that ends at the relevant Valuation Time, Latest Exercise Time, Knock-in Valuation Time or Knock-out Valuation Time, as the case may be” in clause (ii) thereof, and (B) by replacing the words “or (iii) an Early Closure.” therein with “(iii) an Early Closure, or (iv) a Regulatory Disruption.”
Market Disruption Events. If a Party determines in good faith that a Market Disruption Event has occurred in respect of an Index, such Party shall immediately notify the other. If a Market Disruption Event continues for three (3) Working Days or fewer from and including the Relevant Pricing Date, the Relevant Pricing Date shall be deemed to occur on the first Working Day after cessation of the Market Disruption Event. If a Market Disruption Event continues for more than three (3) Working Days from and including the Relevant Pricing Date: as soon as reasonably practicable after the occurrence of the Market Disruption Event the Parties shall in good faith seek to agree an alternative price for the affected Contract Blocks. If the Parties agree, the agreed price shall be treated as the price at which the Authority fixed or unfixed the affected Contract Blocks; and if, within five (5) Working Days of seeking to do so the Parties have failed to agree an alternative price pursuant to Paragraph 7.13.1, the Parties shall seek to agree upon the identity of two (2) dealers (“Nominated Dealers”). The Nominated Dealers shall appoint a third dealer who, with the Nominated Dealers, are referred to as the (“Adjudicating Dealers”). The Parties will procure that the Adjudicating Dealers give a representative price reasonably reflecting conditions prevailing in the wholesale electricity market in Great Britain, and all other relevant considerations, on the Relevant Pricing Date. Such alternative price shall be the arithmetic mean average of the amounts determined by each of the three Adjudicating Dealers and shall be binding and conclusive in the absence of fraud or manifest error. If the Parties have not agreed upon the appointment of the Nominated Dealer on or before the sixth (6th) Working Day following the decision to appoint them, or there is a failure to obtain at least (2) two quotations within six (6) Working Days of the appointment of the Adjudicating Dealers, the price at which the relevant Index Transaction was fixed or unfixed shall be the prevailing market price.
Market Disruption Events. If the Cost of Gas calculated by the Supplier in respect of all Transactions for a period, or the Interim Price as approved by the Authority in accordance with Schedule 3, is calculated by reference to a price index, and either Party determines in good faith that a Market Disruption Event has occurred or exists in respect of a relevant pricing date, then the indexed price for such date(s) will be determined by the Supplier as follows: The pricing date will be deemed to be the first succeeding Day on which the Market Disruption Event ceases to exist, unless that Market Disruption Event continues to exist, measured from and including the original Day that would otherwise have been the pricing date, for three (3) consecutive Working Days in which event the provisions of Clause 5.14.2 shall apply. Each Party shall promptly upon becoming aware of the Market Disruption Event negotiate in good faith to agree with the other an alternative price (or a method for determining the alternative price) with respect to the original pricing date for the relevant indexed purchase. If the Parties have not so agreed on or before the fifth (5th) Working Day following the first pricing date on which that Market Disruption Event occurred or existed, the provisions of Clause 5.14.3 below shall apply. The Parties shall expeditiously and jointly agree in good faith upon two independent leading participants in the natural gas wholesale market in Great Britain from among participants of the highest credit standing which satisfy all the criteria that the Supplier applies generally in deciding whether to offer or to make an extension of credit or to enter into a transaction comparable to the relevant indexed purchase. The two dealers so chosen by each of the Parties shall select a third who, in their opinion, will give a representative price that will reasonably reflect conditions prevailing at the time in the natural gas wholesale market in Great Britain (the first, second and third dealers being referred to as “Dealers”). The Dealers shall be appointed to make a determination of an alternative price for the pricing date on which that Market Disruption Event occurred or existed taking into consideration the latest available quotations for the relevant indexed purchase and any other information that in good faith is deemed relevant by the Parties. The alternative price shall be the arithmetic mean of the amounts determined to be the alternative price by each Dealer for the relevant pri...
