Modified Postponement definition
Modified Postponement then:
(a) where the Notes are specified in the applicable Final Terms to relate to a single Index, the Averaging Reference Date shall be the first succeeding Valid Date. If the first succeeding Valid Date has not occurred as of the Valuation Time on the date which falls the number of consecutive Scheduled Trading Days equal in number to the Maximum Days of Disruption immediately following the original date that, but for the occurrence of another Averaging Reference Date or Disrupted Day, would have been the final Averaging Reference Date, then (I) that last consecutive Scheduled Trading Day shall be deemed the Averaging Reference Date (irrespective of whether that last consecutive Scheduled Trading Day is already an Averaging Reference Date), and (II) the Calculation Agent shall determine the Index Level at the Valuation Time for that Averaging Reference Date in accordance with paragraph 1.1(i)(b) of these Index Linked Conditions, which shall apply mutatis mutandis as if such Averaging Reference Date were a Reference Date; and
(b) where the Notes are specified in the applicable Final Terms to relate to an Index Basket, (I) the Averaging Reference Date for each Index not affected by the occurrence of a Disrupted Day shall be the relevant Averaging Reference Date, and (II) the Averaging Reference Date for an Index affected by the occurrence of a Disrupted Day shall be the first succeeding Valid Date in relation to such Index. If the first succeeding Valid Date has not occurred as of the Valuation Time on the date which falls the number of consecutive Scheduled Trading Days equal in number to the Maximum Days of Disruption immediately following the original date that, but for the occurrence of another Averaging Reference Date or Disrupted Day, would have been the final Averaging Reference Date in relation to the relevant Scheduled Reference Date, then (y) that last consecutive Scheduled Trading Day shall be deemed the Averaging Reference Date (irrespective of whether that last consecutive Scheduled Trading Day is already an Averaging Reference Date) in respect of such Index, and (z) the Calculation Agent shall determine the Index Level at the Valuation Time for that Averaging Reference Date in accordance with paragraph 1.1(i)(b) of these Index Linked Conditions, which shall apply mutatis mutandis as if such Averaging Reference Date were a Reference Date.
Modified Postponement means that where the official closing level of an Index is not available on an any relevant day for any reason, the Issuer, acting in good faith and in a commercially reasonable manner, will determine the closing level of such Index by inter alia reference to any determination made by the Issuer’s hedging counterparty in respect of any local or global hedge position in connection with this leg of the Note that the Issuer may have entered into or, if that cannot be obtained, the official closing level available on any following or preceding day, as applicable, which the Issuer determines to be commercially reasonable under the relevant circumstances.
Modified Postponement means that in respect of any Exchange Business Day which is a Disrupted Day, the applicable Final Index Valuation Date will be the first succeeding Valid Date. If the first succeeding Valid Date has not occurred before or on the eighth Scheduled Trading Day immediately following the original date, then that eighth Scheduled Trading Day will be deemed to be the Final Index Valuation Date and the Calculation Agent will determine the level of the Index for that Final Index Valuation Date (i.e. that eighth Scheduled Trading Day) in a commercially reasonable manner. For purposes hereof, a “Valid Date” means a Scheduled Trading Day that is not a Disrupted Day and the Index Valuation Date does not or is not deemed to occur.“Exchange Business Day” means a Scheduled Trading Dayon which:(a) the Index Sponsor actually publishes the closing level of the Index; and(b) each Index Component Exchange, as the case may be, is actually open for trading during its regular trading session, notwithstanding the relevant Index Component Exchange, as the case may be, closing prior to its Scheduled Closing Time;“Scheduled Trading Day” means any day on which:(a) the Index Sponsor is scheduled to publish the closing level of the Index; and(b) each Index Component Exchange, as the case may be, is scheduled to be open for trading during its regular trading session.“Scheduled Closing Time” means, in respect of an Index Component Exchange and an Exchange Business Day, the scheduled weekday closing time of such Index Component Exchange on such Exchange Business Day, without regard to after hours or any other trading outside of the regular trading session hours.“Index Sponsor” means Morgan Stanley Capital International Inc. or the corporation or other entity that:(a) is responsible for setting and reviewing the rules and procedures and the methods of calculation and adjustments, if any, related to the Index; and(b) announces (directly or through an agent) the level of the Index on a regular basis during each Exchange Business Day.
Examples of Modified Postponement in a sentence
Modified Postponement (as if each Expiration Date were an Averaging Date for the purposes of Section 4.4(d)(iii)(A) of the Equity Definitions and for the purposes of the definition of "Valid Date"); provided that references in Section 4.4(d)(iii)(A) to "fifth Exchange Business Day" shall be replaced by "eighth Exchange Business Day".
The Termination Date Averaging Dates: For any Valuation Date, the ten trading days up to and including that Valuation Date Averaging Date Disruption: Modified Postponement Relevant Price: For each Averaging Date, the average of the bid and ask price per Share as determined by the Calculation Agent at the Valuation Time on that Averaging Date.
More Definitions of Modified Postponement
Modified Postponement then the Averaging Reference Date for each Basket Index shall be the first succeeding Basket Valid Date in relation to each such Basket Index. If the first succeeding Basket Valid Date in relation to each such Basket Index has not occurred as of the Valuation Time on the date which falls the number of consecutive Common Scheduled Trading Days equal in number to the Maximum Days of Disruption immediately following the original date that, but for the occurrence of another Averaging Reference Date or Disrupted Day, would have been the final Averaging Reference Date, then (a) that last consecutive Common Scheduled Trading Day shall be deemed the Averaging Reference Date (irrespective of whether that last consecutive Common Scheduled Trading Day is already an Averaging Reference Date) for all Basket Indices, and (b) the Calculation Agent shall determine the Index Level of each Basket Index at the Valuation Time for that Averaging Reference Date in accordance with paragraph 10.2(ii) and (iii) of these Index Linked Conditions, which shall apply mutatis mutandis as if such Averaging Reference Date were a Reference Date.
Modified Postponement means that in respect of any Exchange Business Day which is a Disrupted Day, the Final Index Valuation Date, as applicable will be the first succeeding Valid Date. If the first succeeding Valid Date has not occurred before or on the fourth Scheduled Trading Day immediately following the original date, then that fourth Scheduled Trading Day will be deemed to be the Final Index Valuation Date and the Calculation Agent will determine the level of the Index for that Final Index Valuation Date (i.e. that fourth Scheduled Trading Day) in a commercially reasonable manner. For purposes hereof, a “Valid Date” means a Scheduled Trading Day that is not a Disrupted Day and theIndex Valuation Date does not or is not deemed to occur.
Modified Postponement. The provisions regarding “Postponement” shall apply subject to the following proviso: The Average Value Determination Date affected by the market disruption shall be postponed to the first Scheduled Trading Day after the end of the market disruption which is not an Average Value Determination Date or deemed to be such day. In the event the market disruption persists for more than eight consecutive Scheduled Trading Days, counting from and excluding the last originally agreed Average Value Determination Date, the eighth Scheduled Trading Day after the originally agreed last Average Value Determination Date shall be deemed to be the Average Value Determination Date. The Calculation Agent will determine the value of the security at the Valuation Time on this eighth Scheduled Trading Day.
Modified Postponement means, in relation to any Initial Averaging Date that is a Disrupted Day, the first succeeding Scheduled Trading Day that is not a Disrupted Day pursuant to Condition 7 and on which another Initial Averaging Date does not or is deemed not to occur (a “Valid Day”). If the first such succeeding Valid Day has not occurred as of the Valuation Time on the eighth Scheduled Trading Day immediately following the original date that, but for the occurrence of another Initial Averaging Date or Disrupted Day, would have been the final Initial Averaging Date, then (1) that eighth Scheduled Trading Day shall be deemed the Initial Averaging Date (irrespective of whether that eighth Scheduled Trading Day is already an Initial Averaging Date), and (2) the Independent Adviser shall determine its good faith estimate of the value of the Share(s) at the Valuation Time on such eighth Scheduled Trading Day.