Template:Nutshell Equity Derivatives 3.2

3.2. Procedure for Exercise. Unless Automatic Exercise applies, Buyer must give irrevocable notice during the Exercise Period to Seller to exercise an Option. For American Options, a notice given after the Latest Exercise Time on a Scheduled Trading Day will be effective on the following Scheduled Trading Day in the Exercise Period (if there is one). Where Multiple Exercise applies, Buyer must specify how many Options it is exercising on each Exercise Date. Buyer will execute and deliver to Seller a written confirmation confirming any oral exercise within one Scheduled Trading Day however, failure by to provide such confirmation will not affect the validity of an oral notice.