Template:IETA Master Agreement Exercise Period

“Exercise Period” means:

(A) in respect of an American Option, the period from and including 10:00 hours to and including 16:00 hours (or, in the case of the Expiration Date, to and including the Expiration Time) on all Banking Days from and including the Trade Date to and including the Expiration Date;

(B) in respect of a Bermudan Option, the period from and including 09:00 hours to and including 16:00 hours on any Potential Exercise Day (or, in the case of the Expiration Date, to and including the Expiration Time); and

(C) in respect of a European Option, the period from and including 09:00 hours on the Expiration Date to and including the relevant Expiration Time.