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Template:Nutshell Commodity Definitions Change in Law: Difference between revisions
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Template:Nutshell Commodity Definitions Change in Law (view source)
Revision as of 14:45, 18 January 2023
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Amwelladmin (talk | contribs) m (Amwelladmin moved page Template:Nutshell Commodity Definitions Hedging Disruption to Template:Nutshell Commodity Definitions Change in Law) |
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“'''{{commoddefprov| | “'''{{commoddefprov|Change in Law}}'''” 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 {{commoddefprov|Hedging Party}} determines [[in good faith]] that it is not permitted by such Rule to hold, acquire or dispose of its {{commoddefprov|Hedge Positions}}, including where such change the {{commoddefprov|Hedging Party}}’s {{commoddefprov|Hedge Positions}} would exceed of any permitted position limits on any exchange or trading facility (it being within the {{commoddefprov|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. | “'''Rule'''” means any applicable law, regulation or rule binding on the hedging Party, including the rules of any Exchange. | ||
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“'''Hedge Positions'''” means any positions in commodities, exchange-traded commodity derivatives or over-the-counter commodity derivatives entered into in order to hedge the {{commoddefprov|Hedging Party}}’s obligations under this {{commoddefprov|Transaction}}. | “'''Hedge Positions'''” means any positions in commodities, exchange-traded commodity derivatives or over-the-counter commodity derivatives entered into in order to hedge the {{commoddefprov|Hedging Party}}’s obligations under this {{commoddefprov|Transaction}}. | ||
If “'''{{commoddefprov|Change in Law}}'''” applies, then upon the occurrence of such an event the Hedging Party may elect to terminate the {{commoddefprov|Transaction}} upon at least two {{commoddefprov|Scheduled Trading Days}}’ notice to the other party specifying the date of such termination (or such lesser notice as may be required to comply with the {{commoddefprov|Change in Law}}), in which event the {{commoddefprov|Transaction}} will terminate and the {{commoddefprov|Hedging Party}} will determine the {{commoddefprov|Cancellation Amount}} payable by one party to the other. <br> | |||