Common use of Consequences of Disrupted Days Clause in Contracts

Consequences of Disrupted Days. 1.1 In relation to a Share or a Share Basket, the following provisions shall apply to each Reference Date (unless otherwise, and to the extent, specified in the applicable Final Terms): (i) where the Notes are specified in the applicable Final Terms to relate to a single Share, if the Calculation Agent determines that any Reference Date is a Disrupted Day, then the Reference Date for such Share shall be the first succeeding Scheduled Trading Day that the Calculation Agent determines is not a Disrupted Day in respect of such Share, unless the Calculation Agent determines that each of the consecutive Scheduled Trading Days equal in number to the Maximum Days of Disruption in respect of such Share immediately following the Scheduled Reference Date is a Disrupted Day. In that case: (a) that last consecutive Scheduled Trading Day shall be deemed to be the Reference Date for such Share, notwithstanding the fact that such day is a Disrupted Day; and (b) the Calculation Agent shall determine its good faith estimate of the value for the Share as of the Valuation Time on that last consecutive Scheduled Trading Day (and such determination by the Calculation Agent pursuant to this paragraph (b) shall be deemed to be the Share Price at the Valuation Time in respect of the relevant Reference Date). (ii) where the Notes are specified in the applicable Final Terms to relate to a Share Basket, then (a) the Reference Date for each Share not affected by the occurrence of a Disrupted Day (as determined by the Calculation Agent) shall be the relevant Scheduled Reference Date, and (b) the Reference Date for each Share affected by the occurrence of a Disrupted Day (as determined by the Calculation Agent) shall be the first succeeding Scheduled Trading Day which the Calculation Agent determines is not a Disrupted Day relating to that Share, unless the Calculation Agent determines that each of the consecutive Scheduled Trading Days equal in number to the Maximum Days of Disruption immediately following the Scheduled Reference Date is a Disrupted Day relating to that Share. In that case: (a) that last consecutive Scheduled Trading Day shall be deemed to be the Reference Date for such Share, notwithstanding the fact that such day is a Disrupted Day; and (b) the Calculation Agent shall determine its good faith estimate of the value for the Share as of the Valuation Time on that last consecutive Scheduled Trading Day (and such determination by the Calculation Agent pursuant to this paragraph (b) shall be deemed to be the Share Price at the Valuation Time in respect of the relevant Reference Date). 1.2 In relation to a Share or Share Basket, if the Calculation Agent determines that any Averaging Reference Date is a Disrupted Day in respect of a Share and, if in the applicable Final Terms the consequence specified is:

Consequences of Disrupted Days. 1.1 In relation to a Share an Index or a Share an Index Basket, the following provisions shall apply to each Reference Date (unless otherwise, and to the extent, specified in the applicable Final Terms): (i) where the Notes are specified in the applicable Final Terms to relate to a single ShareIndex, if the Calculation Agent determines that any Reference Date is a Disrupted Day, then the Reference Date for such Share Index shall be the first succeeding Scheduled Trading Day that the Calculation Agent determines is not a Disrupted Day in respect of such ShareIndex, unless the Calculation Agent determines that each of the consecutive Scheduled Trading Days equal in number to the Maximum Days of Disruption in respect of such Share Index immediately following the Scheduled Reference Date is a Disrupted Day. In that case: (a) that last consecutive Scheduled Trading Day shall be deemed to be the Reference Date for such ShareIndex, notwithstanding the fact that such day is a Disrupted Day; and (b) the Calculation Agent shall determine the Index Level of such Index as of the relevant Valuation Time on that last consecutive Scheduled Trading Day in accordance with the formula for and method of, calculating such Index last in effect prior to the occurrence of the first Disrupted Day using the Exchange traded or quoted price as of the relevant Valuation Time on that last consecutive Scheduled Trading Day of each Component comprised in the Index (or, if an event giving rise to a Disrupted Day has occurred in respect of any relevant Component on that last consecutive Scheduled Trading Day, its good faith estimate of the value for the Share relevant Component as of the relevant Valuation Time on that last consecutive Scheduled Trading Day Day) (and such determination by the Calculation Agent pursuant to this paragraph (b) shall be deemed to be the Share Price Index Level at the Valuation Time in respect of the relevant Reference Date).; or (ii) where the Notes are specified in the applicable Final Terms to relate to a Share an Index Basket, then then (a) the Reference Date for each Share Index not affected by the occurrence of a Disrupted Day (as determined by the Calculation Agent) shall be the relevant Scheduled Reference Date, and (b) the Reference Date for each Share Index affected by the occurrence of a Disrupted Day (as determined by the Calculation Agent) shall be the first succeeding Scheduled Trading Day which the Calculation Agent determines is not a Disrupted Day relating to that ShareIndex, unless the Calculation Agent determines that each of the consecutive Scheduled Trading Days equal in number to the Maximum Days of Disruption immediately following the Scheduled Reference Date is a Disrupted Day relating to that ShareIndex. In that case: (aI) that last consecutive Scheduled Trading Day shall be deemed to be the Reference Date for such ShareIndex, notwithstanding the fact that such day is a Disrupted Day; and (bII) the Calculation Agent shall determine the Index Level of such Index as of the relevant Valuation Time on that last consecutive Scheduled Trading Day in accordance with the formula for and method of, calculating such Index last in effect prior to the occurrence of the first Disrupted Day using the Exchange traded or quoted price as of the relevant Valuation Time on that last consecutive Scheduled Trading Day of each Component comprised in the Index (or, if an event giving rise to a Disrupted Day has occurred in respect of any relevant Component on that last consecutive Scheduled Trading Day, its good faith estimate of the value for the Share relevant Component as of the relevant Valuation Time on that last consecutive Scheduled Trading Day Day) (and such determination by the Calculation Agent pursuant to this paragraph (b) shall be deemed to be the Share Price Index Level at the Valuation Time in respect of the relevant Reference Date). 1.2 In relation to a Share an Index or Share Basketan Index Basket to which “Basket Valuation (Common Disrupted Day Roll)” is not specified to be applicable, if the Calculation Agent determines that any Averaging Reference Date is a Disrupted Day in respect of a Share an Index and, if in the applicable Final Terms the consequence specified is:

Consequences of Disrupted Days. 1.1 In relation to a Share an Index or a Share an Index Basket, the following provisions shall apply to each Reference Date (unless otherwise, and to the extent, specified in the applicable Final Terms): (i) where the Notes Securities are specified in the applicable Final Terms to relate to a single ShareIndex, if the Calculation Agent determines that any Reference Date is a Disrupted Day, then the Reference Date for such Share Index shall be the first succeeding Scheduled Trading Day that the Calculation Agent determines is not a Disrupted Day in respect of such ShareIndex, unless the Calculation Agent determines that each of the consecutive Scheduled Trading Days equal in number to the Maximum Days of Disruption in respect of such Share Index immediately following the Scheduled Reference Date is a Disrupted Day. In that case: (a) that last consecutive Scheduled Trading Day shall be deemed to be the Reference Date for such ShareIndex, notwithstanding the fact that such day is a Disrupted Day; and (b) the Calculation Agent shall determine the Index Level of such Index as of the relevant Valuation Time on that last consecutive Scheduled Trading Day in accordance with the formula for and method of, calculating such Index last in effect prior to the occurrence of the first Disrupted Day using the Exchange traded or quoted price as of the relevant Valuation Time on that last consecutive Scheduled Trading Day of each Component comprised in the Index (or, if an event giving rise to a Disrupted Day has occurred in respect of any relevant Component on that last consecutive Scheduled Trading Day, its good faith estimate of the value for the Share relevant Component as of the relevant Valuation Time on that last consecutive Scheduled Trading Day Day) (and such determination by the Calculation Agent pursuant to this paragraph (b) shall be deemed to be the Share Price Index Level at the Valuation Time in respect of the relevant Reference Date).; or (ii) where the Notes Securities are specified in the applicable Final Terms to relate to a Share an Index Basket, then (a) the Reference Date for each Share Index not affected by the occurrence of a Disrupted Day (as determined by the Calculation Agent) shall be the relevant Scheduled Reference Date, and (b) the Reference Date for each Share Index affected by the occurrence of a Disrupted Day (as determined by the Calculation Agent) shall be the first succeeding Scheduled Trading Day which the Calculation Agent determines is not a Disrupted Day relating to that ShareIndex, unless the Calculation Agent determines that each of the consecutive Scheduled Trading Days equal in number to the Maximum Days of Disruption immediately following the Scheduled Reference Date is a Disrupted Day relating to that ShareIndex. In that case: (aI) that last consecutive Scheduled Trading Day shall be deemed to be the Reference Date for such ShareIndex, notwithstanding the fact that such day is a Disrupted Day; and (bII) the Calculation Agent shall determine the Index Level of such Index as of the relevant Valuation Time on that last consecutive Scheduled Trading Day in accordance with the formula for and method of, calculating such Index last in effect prior to the occurrence of the first Disrupted Day using the Exchange traded or quoted price as of the relevant Valuation Time on that last consecutive Scheduled Trading Day of each Component comprised in the Index (or, if an event giving rise to a Disrupted Day has occurred in respect of any relevant Component on that last consecutive Scheduled Trading Day, its good faith estimate of the value for the Share relevant Component as of the relevant Valuation Time on that last consecutive Scheduled Trading Day Day) (and such determination by the Calculation Agent pursuant to this paragraph (bII) shall be deemed to be the Share Price Index Level at the Valuation Time in respect of the relevant Reference Date). 1.2 In relation to a Share an Index or Share an Index Basket, if the Calculation Agent determines that any Averaging Reference Date is a Disrupted Day in respect of a Share an Index and, if in the applicable Final Terms the consequence specified is: