Definizione di Market Disruption
Market Disruption means: [in case of a share, a bond or a certificate as Reference Asset or Basket Component: [with respect to [shares] [or] [bonds] [or] [certificates] as Basket Component[s]] [(a) the suspension or restriction of trading in [the Reference Asset] [one or more of the Basket Components] on the Relevant Exchange, [or]
Market Disruption means: [in case of an index being the Reference Asset or a Basket Component: [with respect to indices as Basket Components] [(i) the suspension or restriction of trading on the exchanges or the markets on which the secu- rities that form the basis of the [Reference Asset] [respective Basket Component] are listed or traded, generally, or
Market Disruption means:
(i) the suspension or restriction of trading in the Reference Asset on the Relevant Exchange or
(ii) the suspension or restriction of trading in an options or futures contract relating to the Reference Asset on the Determining Futures Exchange. Provisions §5 (“Adjustments. Early Redemption”) shall not apply and shall be replaced by the following ones:
(1) The Calculation Agent shall be authorized, in its reasonable discretion, to adjust the method for the determination of the Redemption Amount upon the occurrence of any of the following events: - the company that has issued the Reference Asset or a third party takes a measure, which would – based on a change in the legal and economic situation, in particular a change in the company’s assets and capital – in the reasonable discretion of the Calculation Agent, affect the Reference Asset (e.g. capital increase against cash contribution, issuance of securities with options or conversion rights into shares, capital increase with company funds, distribution of special dividends, share splits, merger, liquidation, nationalization, tender offer) , or - the Determining Futures Exchange performs an early termination of the respective Derivatives outstanding linked to the Reference Asset, or - the Determining Futures Exchange performs an adjustment to the respective Derivatives outstanding linked to the Reference Asset. When determining the necessity of an adjustment, the Calculation Agent will take into account the adjustment of the respective Derivatives linked to the Reference Asset actually performed by the Determining Futures Exchange. The Calculation Agent will use reasonable endeavours as to ensure that the economic position of the Certificateholders remains unchanged to the largest extent possible. Any adjustment will be made by the Calculation Agent taking into account the time to maturity of the Certificates (if applicable) and the latest available price for the Reference Asset. If the Calculation Agent determines that, pursuant to the rules of the Determining Futures Exchange, no adjustments are made to the derivatives linked to the Reference Asset, the terms of the Certificates will regularly remain unchanged. The adjusted method to determine the Redemption Amount and the time of its initial application shall be published in due course in accordance with § 11.
Examples of Market Disruption in a sentence
The Calculation Agent shall as soon as reasonably practicable under the circumstances notify the Holders in accordance with General Condition 4 if it determines that a Market Disruption Event has occurred.
The Calculation Agent shall give notice as soon as practicable to the Holders in accordance with Condition 10 that a Market Disruption Event has occurred.
However, such delay could be significantly longer, particularly in the case of a delay in the exercise of Warrants arising from any daily maximum exercise limitation, the occurrence of a Market Disruption Event or the failure to open of an exchange (if applicable) or following the imposition of any exchange controls or other similar regulations affecting the ability to obtain or exchange any relevant currency (or basket of currencies) in the case of Currency Warrants.
Because the Calculation Agent (as defined below) may be an affiliate of the Issuer or the Guarantor, potential conflicts of interest may exist between the Calculation Agent and holders of the Securities, including with respect to certain determinations and judgments that the Calculation Agent must make, including whether a Market Disruption Event, a Settlement Disruption Event or Credit Event (each, as defined below) has occurred.
The Calculation Agent shall as soon as reasonably practicable under the circumstances notify the Holders of the existence of a Market Disruption Event on any day that but for the occurrence or existence of a Market Disruption Event would have been a Valuation Date.
More Definitions of Market Disruption
Market Disruption means:
(i) the suspension or restriction of trading in the Ref- erence Asset on the Relevant Exchange, or
(ii) in general the suspension or restriction of trading in a Derivative linked to the Reference Asset on the Deter- mining Futures Exchange. A restriction of the trading hours or the number of days on which trading takes place on the Relevant Exchange, or, as the case may be, on the Determining Futures Exchange, shall not constitute a market Disruption provided that the restriction is due to a prior announced change in the rules of the Relevant Exchange or, as the case may be, of the Deter- mining Futures Exchange.
Market Disruption means:
(i) the suspension or restriction of trading on the exchanges or the markets on which the securities that form the basis of the Reference Asset are listed or traded, generally, or
(ii) the suspension or restriction of trading of the individual securities that form the basis of the Reference Asset on the exchanges or the markets on which such securities are traded or of an options or futures contract in such securities on the Determining Futures Exchange relating to the Reference Asset;
(iii) the suspension of or failure to calculate the Reference Asset as a result of a decision by the Index Sponsor. A restriction of the trading hours or the number of days on which trading takes place does not constitute a Market Disruption provided that the restriction is due to a prior announced change in Provisions §5 (“Adjustments. Early Redemption”) shall not apply and shall be replaced by the following ones:
(1) The basis for calculating the Redemption Amount shall be the Reference Asset with its provisions applicable from time to time (the "Index Concept"), as developed and continued by the respective Index Sponsor, as well as the respective method of calculation, determination, and publication of the level of the Reference Asset by the Index Sponsor. The same shall apply, if during the lifetime of the Certificates, changes are made or occur in respect of the calculation of the Reference Asset, the composition and/or weighting of prices on the basis of which the Reference Asset is calculated, or if other measures are taken, which have an impact on the Index Concept, unless otherwise provided in below provisions.
(2) Changes in the calculation of the Reference Asset (including adjustments) or the respective Index Concept shall not result in an adjustment of the provisions to determine the Redemption Amount, unless the new relevant concept or calculation of the Reference Asset is, as a result of a change (including any adjustment), at the Calculation Agent’s reasonable discretion no longer comparable to the previous relevant concept or calculation. When determining the necessity of an adjustment, the Calculation Agent will take into account the adjustment of the Derivatives linked to the Reference Asset actually performed by the Determining Futures Exchange. The Calculation Agent will use reasonable endeavours as to ensure that the economic position of the Certificateholders remains unchanged to the largest extent possible. Any adjustment will be made by the Cal...
Market Disruption means:
(a) the suspension or restriction of trading on the exchanges or the markets on which the securities that form the basis of the Underlying are listed or traded, generally, or
(b) the suspension or restriction of trading of the individual securities that form the basis of the Underlying on the exchanges or the markets on which such securities are traded or of an options or futures contract in such securities on the Determining Futures Exchange relating to the Underlying;
(c) the suspension of or failure to calculate the Underlying as a result of a decision by the Index Sponsor. A restriction of the trading hours or the number of days on which trading takes place does not constitute a Market Disruption provided that the restriction is due to a prior announced change in the rules of the relevant Home Exchange. The exercise of each series of Warrants is automatic on the Maturity Date. The Waiver Date is: - with respect to Italian Indices, the Automatic Exercise Date or the Expiration Date, as applicable; - with respect to other Indices, the first Banking Day following the Automatic Exercise Date or the Expiration Date, as applicable; For the avoidance of doubt, any time implication within the Terms and Conditions of the Warrants is referring to Milan time.
Market Disruption means:
(i) the suspension or restriction of trading in the Reference Asset on the Relevant Exchange, or
(ii) in general the suspension or restriction of trading in a Derivative linked to the Reference Asset on the Determining Futures Exchange. A restriction of the trading hours or the number of days on which trading takes place on the Relevant Exchange, or, as the case may be, on the Determining Futures Exchange, shall not constitute a market Disruption provided that the restriction is due to a prior announced change in the rules of the Relevant Exchange or, as the case may be, of the Determining Futures Exchange.
Market Disruption means:
(a) in general the suspension or restriction of trading on the exchanges or the markets on which the securities that form the basis of the Underlying are listed or traded, or on the respective Futures Exchanges on which Derivatives on the Underlying are listed or traded.
(b) in relation to individual securities which form the basis of the Underlying, the suspension or restriction of trading on the exchanges or the markets on which such securities are traded or on the respective Futures Exchanges on which Derivatives in such securities are traded, or
(c) the suspension of or failure to calculate the Underlying or the non-publication of the calculation as a result of a decision by the Index Sponsor, or to the extent that such Market Disruption occurs during the last half hour prior to the normal calculation of the closing price of the Underlying and continues at the point of time of the normal calculation and is material in the opinion of the Issuer. A restriction of the trading hours or the number of days on which trading takes place on the Relevant Exchange, or, as the case may be, on the Determining Futures Exchange shall not constitute a Market Disruption provided that the restriction is due to a prior announced change in the rules of the Relevant Exchange or, as the case may be, on the Determining Futures Exchange.
Market Disruption means:
(a) the suspension or restriction of trading in the Underlying on the relevant Home Exchange or (b) the suspension or restriction of trading in an options or futures contract relating to the Underlying on the Determining Futures Exchange.
Market Disruption. However, there is no notification obligation.