Template:Nutshell Equity Derivatives 3.3(a): Difference between revisions

:{{eqderivprov|3.3(a)}} If “'''{{eqderivprov|Multiple Exercise}}'''” is specified to be applicable to an {{eqderivprov|American Option}} or a {{eqderivprov|Bermuda Option}}, {{eqderivprov|Buyer}} may exercise all or less than all the unexercised {{eqderivprov|Options}} on [[one or more]] {{eqderivprov|Scheduled Trading Days}} during the {{eqderivprov|Exercise Period}} but (except as set forth below) on any such {{eqderivprov|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 “'''{{eqderivprov|Integral Multiple}}'''” in the related {{eqderivprov|Confirmation}}, the number of exercised {{eqderivprov|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 {{eqderivprov|Scheduled Trading Day}}: <br>

::(i) more than the {{eqderivprov|Maximum Number}} of {{eqderivprov|Options}} will be deemed to be an exercise of the {{eqderivprov|Maximum Number of Options}} (the number of {{eqderivprov|Options}} exceeding the {{eqderivprov|Maximum Number}} of {{eqderivprov|Options}} being deemed to remain unexercised); <br>

::(ii) less than the {{eqderivprov|Minimum Number of Options}} will be ineffective; and <br>

::(iii) an amount of {{eqderivprov|Options}} not equal to or an integral multiple of the {{eqderivprov|Integral Multiple}} will be deemed to be an exercise of a number of {{eqderivprov|Options}} equal to the next lowest integral multiple of the {{eqderivprov|Integral Multiple}} (the number of {{eqderivprov|Options}} exceeding that number being deemed to remain unexercised). <br>