Template:Nutshell Commodity Definitions Change in Law

“Hedging Disruption” means that due to any change in any Rule, or any Regulator promulgating or changing its interpretation of any Rule, after the Trade Date, the Hedging Party determines in good faith that it is not permitted by such Rule to hold, acquire or dispose of its Hedge Positions, including where such change the Hedging Party’s Hedge Positions would exceed of any permitted position limits on any exchange or trading facility (it being within the Hedging Party’s sole discretion to determine which of its positions count towards any such limit).

“Rule” means any applicable law, regulation or rule binding on the hedging Party, including the rules of any Exchange.

“Regulator” means any court, tribunal or regulatory authority with competent jurisdiction.

“Hedge Positions” means any positions in commodities, exchange-traded commodity derivatives or over-the-counter commodity derivatives entered into in order to hedge the Hedging Party’s obligations under this Transaction.