Template:Nutshell Equity Derivatives 12.3(d)

12.3(d) If "Modified Calculation Agent Adjustment (Tender Offers)" is specified then, after the Tender Offer Date, Calculation Agent will either

(i) adjust the Transaction to account for the economic effect of the Tender Offer (including by reference to adjustments made by an options exchange to options on the relevant Shares) and determine the effective date of that adjustment, or

(ii) if that would not produce a commercially reasonable result that way, the Calculation Agent can terminate the Transaction, in which case "Cancellation and Payment" will apply and payments will be made under Section 12.7, (and for an Option Transaction, "Calculation Agent Determination" will apply).