Template:2002 ISDA Equity Derivatives Definitions 12.5: Difference between revisions
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Section {{eqderivprov|12.5}}. '''{{eqderivprov|Composition of Combined Consideration}}'''. In respect of any {{eqderivprov|Share-for-Combined}} {{eqderivprov|Merger Event}} or {{eqderivprov|Tender Offer}}: <br> | Section {{eqderivprov|12.5}}. '''{{eqderivprov|Composition of Combined Consideration}}'''. In respect of any {{eqderivprov|Share-for-Combined}} {{eqderivprov|Merger Event}} or {{eqderivprov|Tender Offer}}: <br> | ||
:(a) If | :(a) If “{{eqderivprov|Composition of Combined Consideration}}” is specified as applicable in the related {{eqderivprov|Confirmation}}, then: <br> | ||
::(i) to the extent that the composition of the {{eqderivprov|Combined Consideration}} could be determined by a holder of {{eqderivprov|Shares}} equal to the relevant {{eqderivprov|Option Entitlement}} or {{eqderivprov|Number of Shares}}, and a holder could receive {{eqderivprov|New Shares}} as part of the {{eqderivprov|Combined Consideration}}, the {{eqderivprov|Combined Consideration}} shall be deemed to be {{eqderivprov|New Shares}} to the maximum value permitted; and <br> | ::(i) to the extent that the composition of the {{eqderivprov|Combined Consideration}} could be determined by a holder of {{eqderivprov|Shares}} equal to the relevant {{eqderivprov|Option Entitlement}} or {{eqderivprov|Number of Shares}}, and a holder could receive {{eqderivprov|New Shares}} as part of the {{eqderivprov|Combined Consideration}}, the {{eqderivprov|Combined Consideration}} shall be deemed to be {{eqderivprov|New Shares}} to the maximum value permitted; and <br> | ||
::(ii) if a holder could make any other election with respect to the composition of {{eqderivprov|Combined Consideration}} other than {{eqderivprov|New Shares}}, the composition of the {{eqderivprov|Combined Consideration}} shall be determined as follows: (A) the deliveree or payee may determine the composition if notice is given to the deliveror or payor at least two {{eqderivprov|Scheduled Trading Day}}s before the last time when an election of the {{eqderivprov|Combined Consideration}} by such holder could be timely made; and (B) otherwise the deliveror or payor will, in its sole discretion, determine the composition. <br> | ::(ii) if a holder could make any other election with respect to the composition of {{eqderivprov|Combined Consideration}} other than {{eqderivprov|New Shares}}, the composition of the {{eqderivprov|Combined Consideration}} shall be determined as follows: (A) the deliveree or payee may determine the composition if notice is given to the deliveror or payor at least two {{eqderivprov|Scheduled Trading Day}}s before the last time when an election of the {{eqderivprov|Combined Consideration}} by such holder could be timely made; and (B) otherwise the deliveror or payor will, in its sole discretion, determine the composition. <br> | ||
:(b) If | :(b) If “{{eqderivprov|Composition of Combined Consideration}}” is not specified as applicable in the related {{eqderivprov|Confirmation}}, then: <br> | ||
::(i) to the extent that the composition of the {{eqderivprov|Combined Consideration}} could be determined by a holder of {{eqderivprov|Shares}} equal to the relevant {{eqderivprov|Option Entitlement}} or {{eqderivprov|Number of Shares}} and a holder of {{eqderivprov|Shares}} could receive {{eqderivprov|New Shares}} as part of the {{eqderivprov|Combined Consideration}}, the {{eqderivprov|Combined Consideration}} shall be deemed to be {{eqderivprov|New Shares}} to the maximum value permitted; and <br> | ::(i) to the extent that the composition of the {{eqderivprov|Combined Consideration}} could be determined by a holder of {{eqderivprov|Shares}} equal to the relevant {{eqderivprov|Option Entitlement}} or {{eqderivprov|Number of Shares}} and a holder of {{eqderivprov|Shares}} could receive {{eqderivprov|New Shares}} as part of the {{eqderivprov|Combined Consideration}}, the {{eqderivprov|Combined Consideration}} shall be deemed to be {{eqderivprov|New Shares}} to the maximum value permitted; and <br> | ||
::(ii) if a holder could make any other election with respect to the composition of {{eqderivprov|Combined Consideration}} other than {{eqderivprov|New Shares}}, the {{eqderivprov|Calculation Agent}} will, in its sole discretion, determine the composition.<br> | ::(ii) if a holder could make any other election with respect to the composition of {{eqderivprov|Combined Consideration}} other than {{eqderivprov|New Shares}}, the {{eqderivprov|Calculation Agent}} will, in its sole discretion, determine the composition.<br> | ||
Latest revision as of 11:41, 13 September 2018
Section 12.5. Composition of Combined Consideration. In respect of any Share-for-Combined Merger Event or Tender Offer:
- (a) If “Composition of Combined Consideration” is specified as applicable in the related Confirmation, then:
- (i) to the extent that the composition of the Combined Consideration could be determined by a holder of Shares equal to the relevant Option Entitlement or Number of Shares, and a holder could receive New Shares as part of the Combined Consideration, the Combined Consideration shall be deemed to be New Shares to the maximum value permitted; and
- (ii) if a holder could make any other election with respect to the composition of Combined Consideration other than New Shares, the composition of the Combined Consideration shall be determined as follows: (A) the deliveree or payee may determine the composition if notice is given to the deliveror or payor at least two Scheduled Trading Days before the last time when an election of the Combined Consideration by such holder could be timely made; and (B) otherwise the deliveror or payor will, in its sole discretion, determine the composition.
- (i) to the extent that the composition of the Combined Consideration could be determined by a holder of Shares equal to the relevant Option Entitlement or Number of Shares, and a holder could receive New Shares as part of the Combined Consideration, the Combined Consideration shall be deemed to be New Shares to the maximum value permitted; and
- (b) If “Composition of Combined Consideration” is not specified as applicable in the related Confirmation, then:
- (i) to the extent that the composition of the Combined Consideration could be determined by a holder of Shares equal to the relevant Option Entitlement or Number of Shares and a holder of Shares could receive New Shares as part of the Combined Consideration, the Combined Consideration shall be deemed to be New Shares to the maximum value permitted; and
- (ii) if a holder could make any other election with respect to the composition of Combined Consideration other than New Shares, the Calculation Agent will, in its sole discretion, determine the composition.
- (i) to the extent that the composition of the Combined Consideration could be determined by a holder of Shares equal to the relevant Option Entitlement or Number of Shares and a holder of Shares could receive New Shares as part of the Combined Consideration, the Combined Consideration shall be deemed to be New Shares to the maximum value permitted; and