Index Disruption Event means, in respect of an Index Commodity or a related Exchange Instrument, an event (other than a Force Majeure Event) that would require the Index Sponsor to calculate the Closing Price in respect of the relevant Index Commodity on an alternative basis were such event to occur or exist on a day that is an Exchange Business Day (or, if different, the day on which the Closing Price for such Exchange Instrument for the relevant Index Business Day would, in the ordinary course, be published or announced by the relevant Exchange).
Index Disruption Event means an event when any of the following occurs along with Notice by one Party to the other Party: (a) the Gas Index Price for the applicable day is unavailable for the Trading Day (exclusive of days which are not customarily reported), (b) a material change in the content, composition or constitution of the Gas traded at the location identified for the Gas Index, or (c) a substantial reduction in the volume of reported trades at the Gas Index, whether temporary or permanent, such that the reported price cannot reasonably be deemed a reliable indicator of the market price of Gas at that location for the applicable day. In the event of an Index Disruption Event lasting no more than two consecutive weeks, the Parties shall use the Alternate Gas Index. In the event of an Index Disruption Event lasting more than two consecutive weeks, the Parties’ Authorized Representatives shall agree upon an index price or methodology based on a reported index price that most closely approximates the pricing that would be reasonably expected if the Index Disruption Event had not occurred.
Index Disruption Event or “Extraordinary Event” means, in the determination of the Index Administrator, the occurrence of any of the following events affecting the Index:
Examples of Index Disruption Event in a sentence
In the case of (i) above, if an Index Disruption Event in relation to the relevant Index Commodity continues for the further period of five successive Exchange Business Days referred to therein, on the expiry of such period the provisions of (ii) above shall apply.
It shall be an Extraordinary Event if an Index Disruption Event continues for 10 Index Business Days.
If an Index Disruption Event occurs, the Index Administrator may make such adjustments and/or determinations in relation to the Index as it may determine, in its sole and absolute discretion, appropriate to facilitate the calculation and publication of the Index Closing Level or, if such adjustment or calculation cannot be made, defer calculation and publication of the Index Closing Level and, in some cases, permanently cease to calculate the Index.
In the case of (i) above, if an Index Disruption Event in relation to the relevant Index Commodity or Exchange Instrument continues for the further period of five successive Exchange Business Days referred to therein, on the expiry of such period the provisions of (ii) above shall apply.
In any event, the Index Committee shall remain independent of these market participants and shall at all times be solely responsible for the determination of the existence of any Index Disruption Event or an Extraordinary Event.
More Definitions of Index Disruption Event
Index Disruption Event means, in respect of an Index Currency or a Exchange Instrument on such underlying Index Currency, an event (other than a Force Majeure Event) that would require the Index Sponsor to calculate the Closing Price in respect of the relevant Exchange Instrument on such Index Currency on an alternative basis were such event to occur or exist on a day that is an Exchange Business Day (or, if different, the day on which the Closing Price for such Exchange Instrument on such Index Currency for the relevant Index Business Day would, in the ordinary course, be published or announced by the Relevant Exchange).
Index Disruption Event means the Index Calculation Agent fails to calculate and announce the Index Level on the Final Index Valuation Date;
Index Disruption Event means an event which results in the unavailability of a Platts’ Gas Daily PG&E Citygate Midpoint, Common High or Common Low price for the applicable day (exclusive of days which are not customarily reported) including unavailability resulting from the following: (i) failure of Platts’ Gas Daily to announce or publish the PG&E Citygate midpoint price for the applicable day, (ii) the temporary or permanent discontinuance or unavailability of the Platts’ Gas Daily PG&E Citygate price index, (iii) the temporary or permanent suspension or discontinuance of Gas trading or reporting of Gas prices at the location identified as of the Execution Date as the PG&E Citygate, (iv) a material change in the content, composition or constitution of the Gas traded at the location identified as of the Execution Date as the PG&E Citygate, (v) a substantial reduction in the volume of reported trades at the PG&E Citygate, whether temporary or permanent, such that the reported price cannot reasonably be deemed a reliable indicator of the market price of Gas at that location for the applicable day. In the event of an Index Disruption Event the applicable Gas Index Price will be determined in accordance with the first of the following clauses as applies: (i) for a period of no more than two consecutive weeks, the Gas Index Price shall be the average of the comparable prices reported by Xxxxx’x Gas Daily for Gas delivered at Topock and at Malin, plus the average of the cost of transportation at as available rates from Topock to PG&E Citygate and Malin to PG&E Citygate (if available), (ii) in the event of a long-term or permanent disruption to the Xxxxx’x Gas Daily Index, such other index for daily Gas prices as the Parties agree has been commonly accepted in the industry as a leading price index for Gas trading in or around California, (iii) a methodology agreed to by the Parties’ Authorized Representatives, (iv) by reference to an index price or methodology based on a reported index price that is determined by arbitration conducted in accordance with Article XIII to most closely approximate the pricing that would be expected if the Index Disruption Event had not occurred.] [Applicable only to tolling agreements.]
Index Disruption Event means (i) in respect of any Index Component that is a Basket Component, the occurrence or existence of a Basket Component Disruption Event or, (ii) in respect of an Index Component that is Market Data, a Market Data Disruption Event, which in any case the Index Calculation Agent, after instruction from the Index Sponsor, determines is material.
Index Disruption Event means (i) in respect of any Index Component that is a Basket Component, the occurrence or existence of a Basket Component Disruption Event, (ii) in respect of an Index Component that is Market Data, the occurrence or existence of a Market Data Disruption Event, (iii) in respect of an Index Component that is an Underlying SGI Index, the occurrence or existence of an Underlying SGI Index Disruption Event, or (iv) in respect of the SGI Index, an Index Advisor Disruption Event and which in each case the Index Calculation Agent, after instruction from the Index Sponsor, determines is material. Please see chart in Annex 2 and Annex 3 below
Index Disruption Event means, in respect of the Index, the occurrence of (i) a Disrupted Day (ii) a change of the sponsor of the Index (iii) non-calculation of the Index (iv) non-publication of the Index (v) a change in the formula or method of calculating the Index(vi) a correction of a previously published Index Level or (vii) any other event which, in the Calculation Agent’s opinion, disrupts or impairs the determination of the Index Level.
Index Disruption Event means, in respect of an Index Commodity and a related Exchange Instrument: (i) an event (other than a Force Majeure Event, Exchange Holiday or Limit Event) that requires the Index Sponsor to calculate the Closing Price in respect of the relevant Index Commodity on an alternative basis, as determined by the Index Sponsor; or (ii) any event (other than a Force Majeure Event, Exchange Holiday or Limit Event) that disrupts orimpairs (as determined by the Index Sponsor) the ability of market participants to effect transactions in, or obtain market values for, the Exchange Instrument on the Exchange, as determined by the Index Sponsor.