Average Closing Index Level definition
Average Closing Index Level means the arithmetic average of the Closing Levels of the Index on the 27th day of each of the 36 months after April 2002, starting from and including May 27, 2002 and ending at and including April 27, 2005; provided, that if any such day is not a Business Day, the Closing Level of the next following Business Day will be used; provided further, that if a Market Disruption Event occurs on any such date, the Calculation Agent will determine the Closing Level for such date by reference to the Closing Level on the next following Business Day on which no Market Disruption Event occurs.
Average Closing Index Level means the arithmetic average of the Closing Levels of the Index on the 29th day of each of the 72 months (unless the month only has 28 days, in which case it will be the 28th day of that month) after July 2002, starting from and including August 29, 2002 and ending at and including July 29, 2008; provided, that if any such day is not a Business Day, the Closing Level of the next following Business Day will be used; provided further, that if a Market Disruption Event occurs on any such date, the Calculation Agent will determine the Closing Level for such date by reference to the Closing Level on the next following Business Day on which no Market Disruption Event occurs.
Average Closing Index Level means the arithmetic average of the Closing Levels of the Index for each of the 60 months after September 2002, starting with and including October 2002 and ending with and including September 2007.
Examples of Average Closing Index Level in a sentence
The Calculation Agent shall determine (i) the Average Closing Index Level, (ii) the Equity Bonus and (iii) the amount payable at Stated Maturity for each $1,000 principal amount of Securities (the "Maturity Payment Amount").
The Calculation Agent shall also be responsible for (a) the determination of the Maturity Payment Amount, (b) the determination of whether adjustments to the Closing Level of the Index should be made, (c) the determination of the Average Closing Index Level, (d) the determination of the Equity Bonus, (e) the determination of the Successor Index if publication of the Index is discontinued and (f) the determination of whether a Market Disruption Event has occurred.
More Definitions of Average Closing Index Level
Average Closing Index Level means, except as set forth in the next sentence, the arithmetic average of the Closing Levels of the Nasdaq-100 Index on the last Trading Day of each of the 60 months after December 2002, starting from and including January 2003 and ending at and including December 2007. If the Calculation Agent determines that one or more Market Disruption Events have occurred on any of these dates, the Calculation Agent will determine the Closing Level for such date by reference to the Closing Level of the Nasdaq-100 Index on the next Trading Day on which there is not a Market Disruption Event; provided, however, that if a Market Disruption Event occurs on the last Trading Day of December 2007 and the next Trading Day on which there is not a Market Disruption Event has not occurred on or prior to January 3, 2008, the Calculation Agent will determine the Average Closing Index Level without including a Closing Level for December 2007 and the Average Closing Index Level will be based on the Closing Levels on 59 monthly dates.
Average Closing Index Level means the arithmetic average of the Closing Index Level on five annual dates, which shall be February of each year, from and including February 4, 2006 to and including the Valuation Date; provided that if the Calculation Agent determines pursuant to the Calculation Agency Agreement that one or more Market Disruption Events have occurred on one of these dates, the Calculation Agent will determine the Closing Index Level for such date by reference to the Closing Index Level on the next Exchange Business Day on which there is not a Market Disruption Event; provided, however, if a Market Disruption Event occurs on each of the eight Exchange Business Days following the originally scheduled Valuation Date, then (a) that eighth Exchange Business Day shall be deemed the Valuation Date and (b) the Calculation Agent shall determine the Closing Index Level based upon its good faith estimate of the value of the Index on that eighth Exchange Business Day.
Average Closing Index Level means the arithmetic average of the Closing Index Level on five annual dates, which shall be February of each year, from and including February 4, 2006 to and including the Valuation Date; provided that if the Calculation Agent determines that one or more Market Disruption Events have occurred on one of these dates, the Calculation Agent will determine the Closing Index Level for such date by reference to the Closing Index Level on the next Exchange Business Day on which there is not a Market Disruption Event; provided, however, if a Market Disruption Event occurs on each of the eight Exchange Business Days following the originally scheduled Valuation Date, then (a) that eighth Exchange Business Day shall be deemed the Valuation Date and (b) the Calculation Agent shall determine the Closing Index Level based upon its good faith estimate of the value of the Index on that eighth Exchange Business Day.
Average Closing Index Level means the average, arithmetic mean, of the values of the S&P 500® Index at the close of the market on the Index Valuation Dates.