Knockout Day definition
Examples of Knockout Day in a sentence
The arithmetic average of the VWAP Prices for all Averaging Dates; provided that any Averaging Date that is a Knock-out Day shall be deemed not to be an Averaging Date for purposes of calculating the Settlement Price.
For the purpose of calculating the Evaluation Period obligation, if there has been a Material Adverse Change (as defined in the Agreement) on any trading day during an Evaluation Period, the Investor shall be entitled, at its sole discretion, to elect to treat such trading day and any further trading days following such trading day during the relevant Evaluation Period as a Knockout Day.
Knock-out Day: An Exchange Business Day in the Calculation Period (i) for which the VWAP Price exceeds the Knock-out Level and (ii) that is not a Disrupted Day in full; provided that there may be no more than the Maximum Number of Knock-out Days in the Calculation Period and, accordingly, once the Maximum Number of Knock-out Days is reached, no more Exchange Business Days in the Calculation Period shall be Knock-out Days.
The subscription price for each Final Drawdown Share (“Subscription Price”) with respect to any Evaluation Period, will be equal to the higher of (i) the applicable Sales Price and (ii) ninety per cent (90%) of the average daily VWAP during the Evaluation Period, ignoring for the purposes of such calculation any Knockout Day and the VWAP on any Knockout Day.