Change in Law - Commodity Definitions Provision: Difference between revisions

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“'''Commodity Hedging Disruption'''” means that due to (a) the adoption of, or any change in, any applicable law, regulation or rule or (b) the promulgation of, or any change in, the interpretation by any court, tribunal or regulatory authority with competent jurisdiction or any applicable law, rule, regulation or order '''(including, without limitation, as implemented by the CFTC or any exchange or trading facility)''', in each case occurring after the Trade Date, the Hedging Party determines in good faith that it is contrary to such law, rule, regulation or order to hold, acquire or dispose of its Hedge Positions (in whole or in part) including (without limitation) '''if the Hedging Party's Hedge Positions (in whole or in part) are (or, but for the consequent disposal thereof, would otherwise be) in excess of any allowable position limit(s) in relation to any particular exchange(s) or other trading facility (it being within the sole and absolute discretion of the Hedging Party to determine which of the relevant assets or transactions are counted towards such limit)'''.
“'''CFTC'''” means the U.S. Commodity Futures Trading Commission.


“'''Hedge Positions'''” means, in relation to the [Index], any purchase, sale, entry into or maintenance of one or more positions or contract in futures or exchange-traded options or commodities or over-the-counter derivatives referencing commodities, in each case entered into in order to hedge individually or on a portfolio basis the Hedging Party's obligations under this Transaction.
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