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| {{2002 ISDA Equity Derivatives Definitions 6.8(e)}} | | {{2002 ISDA Equity Derivatives Definitions 6.8(e)}} |
| {{2002 ISDA Equity Derivatives Definitions 6.8(f)}} | | {{2002 ISDA Equity Derivatives Definitions 6.8(f)}} |
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| Section 6.8. Futures Price Valuation. If "Futures Price Valuation" is specified as applicable
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| in respect of an Index in the related Confirmation of an Index Transaction, then notwithstanding any
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| other provisions of these Definitions the following provisions will apply to the valuation of that Index on
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| a Valuation Date:
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| (a) Valuation Date. For the purpose of this Section 6.8 only, "Valuation Date" shall mean a
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| day on which the Official Settlement Price is published and, in all cases except for Section 6.8(e),
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| irrespective of whether such day is a Disrupted Day.
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| (b) Additional Definitions Relating to Futures Price Valuation.
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| (i) "Exchange-traded Contract" in relation to an Index means a contract specified as
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| such for that Index in the related Confirmation. For this purpose, the parties shall specify the
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| futures or options contract by reference to (A) the Index to which it relates, (B) the delivery
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| month of such contract and (C) the exchange on which it is traded.
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| (ii) "Official Settlement Price" means the official settlement price (however
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| described under the rules of the relevant Exchange or its clearing house) of any of the relevant
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| Exchange-traded Contracts published by the Exchange or its clearing house.
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| (c) Settlement Price and Final Price. For purposes of determining the Settlement Price or
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| the Final Price, as the case may be, on a Valuation Date:
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| (i) in respect of an Index Transaction, the Settlement Price or the Final Price will be
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| the Official Settlement Price on that Valuation Date; and
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| (ii) in respect of an Index Basket Transaction, the Settlement Price or the Final Price
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| will be determined as otherwise provided in these Definitions, provided, however, that in relation
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| to each Index for which Futures Price Valuation is applicable, the Relevant Price will be the
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| Official Settlement Price (weighted or adjusted in relation to that Index as provided in the related
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| Confirmation) on that Valuation Date.
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| (d) Adjustments of the Exchange-traded Contract. Without duplication of Section 11.1
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| (which shall govern in the event of any conflict), in the event that the terms of the Exchange-traded
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| Contract are changed or modified by the Exchange, the Calculation Agent shall, if necessary, adjust one
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| or more of the Strike Price, the Number of Options, the Initial Price, the Forward Price, the Forward
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| Floor Price, the Forward Cap Price, the Knock-in Price, the Knock-out Price and/or any other variable
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| relevant to the settlement terms of the Transaction to preserve for each party the economic equivalent of
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| any payment or payments (assuming satisfaction of each applicable condition precedent) by the parties in
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| respect of the Transaction that would have been required after the date of such change.
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| (e) Non-Commencement or Discontinuance of the Exchange-traded Contract. If there
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| is no Official Settlement Price as a result of the fact that trading in the Exchange-traded Contract never
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| commences or is permanently discontinued at any time on or prior to a Valuation Date, the Official
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| Settlement Price for that Valuation Date shall be deemed to be the level of the relevant Index at the close
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| of the regular trading session on the relevant Exchange on the Valuation Date. If this Section 6.8(e)
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| applies, then the Expiration Date, in respect of an Option Transaction, or the relevant Valuation Date, in
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| respect of a Forward Transaction or an Equity Swap Transaction, shall mean the date that, but for the
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| non-commencement or permanent discontinuance of the Exchange-traded Contract, would have been the
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| date of publishing the relevant Official Settlement Price unless such day is a Disrupted Day, in which
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| case the provisions of Sections 3.1(f) or 6.6, as applicable, will apply.
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| (f) Corrections of the Official Settlement Price. If the Official Settlement Price for any
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| Valuation Date is corrected and the correction is published by the relevant exchange within one
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| Settlement Cycle for the related Exchange-traded Contract after the original publication, either party may
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| notify the other party of that correction and the Calculation Agent will determine the amount that is
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| payable as a result of that correction and, to the extent necessary, will adjust the terms of such
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| Transaction to account for such correction.
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