2002 ISDA Equity Derivatives Definitions
A Jolly Contrarian owner’s manual™
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Section 3.3 in a Nutshell™
Use at your own risk, campers!
Full text of Section 3.3
Section 3.3. Multiple Exercise.
 3.3(a) If “Multiple Exercise” is specified to be applicable to an American Option or a Bermuda Option, Buyer may exercise all or less than all the unexercised Options on one or more Scheduled Trading Days during the Exercise Period but (except as set forth below) on any such Scheduled Trading Day may not exercise less than the Minimum Number of Options or more than the Maximum Number of Options and, if a number is specified as the “Integral Multiple” in the related Confirmation, the number of exercised Options must be equal to, or be an integral multiple of, the number so specified. Except as set forth below, any attempt to exercise on any such Scheduled Trading Day:
 (i) more than the Maximum Number of Options will be deemed to be an exercise of the Maximum Number of Options (the number of Options exceeding the Maximum Number of Options being deemed to remain unexercised);
 (ii) less than the Minimum Number of Options will be ineffective; and
 (iii) an amount of Options not equal to or an integral multiple of the Integral Multiple will be deemed to be an exercise of a number of Options equal to the next lowest integral multiple of the Integral Multiple (the number of Options exceeding that number being deemed to remain unexercised).
 3.3(b) Notwithstanding the foregoing, on any such Scheduled Trading Day Buyer may exercise any number of Options that does not exceed the Maximum Number of Options if it exercises all the Options remaining unexercised. On the Expiration Date, Buyer may exercise any number of Options remaining unexercised.
 3.3(c) “Minimum Number of Options” means, in respect of an Option Transaction to which Multiple Exercise is applicable, the number specified as such in the related Confirmation.
 3.3(d) “Maximum Number of Options” means, in respect of an Option Transaction to which Multiple Exercise is applicable, the number specified as such in the related Confirmation.


Content and comparisons
3.1(a) Exercise Period
3.1(b) Exercise Date
3.1(c) Potential Exercise Date
3.1(d) Latest Exercise Time
3.1(e) Expiration Time
3.1(f) Expiration Date
Summary
“...may not exercise less than the Minimum Number of Options”? Oh, ISDA’s crack drafting squad™, how could you?
It’s fewer.
Eheu.
See also
References