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{{eqderivprov|12.2(d)}} “'''[[Calculation Agent Adjustment (Merger Events) - Equity Derivatives Provision|Calculation Agent Adjustment]]'''”, then, on or after the relevant {{eqderivprov|Merger Date}}, the {{eqderivprov|Calculation Agent}} shall either | :{{eqderivprov|12.2(d)}} “'''[[Calculation Agent Adjustment (Merger Events) - Equity Derivatives Provision|Calculation Agent Adjustment]]'''”, then, on or after the relevant {{eqderivprov|Merger Date}}, the {{eqderivprov|Calculation Agent}} shall either | ||
:(i) | ::(i) | ||
::(A) make such adjustment to the exercise, settlement, payment or any other terms of the {{eqderivprov|Transaction}} as the {{eqderivprov|Calculation Agent}} determines appropriate to account for the economic effect on the {{eqderivprov|Transaction}} of such {{eqderivprov|Merger Event}} (provided that no adjustments will be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relevant to the Shares or to the {{eqderivprov|Transaction}}), which may, but need not, be determined by reference to the adjustment(s) made in respect of such {{eqderivprov|Merger Event}} by an options exchange to options on the relevant {{eqderivprov|Shares}} traded on such options exchange and | :::(A) make such adjustment to the exercise, settlement, payment or any other terms of the {{eqderivprov|Transaction}} as the {{eqderivprov|Calculation Agent}} determines appropriate to account for the economic effect on the {{eqderivprov|Transaction}} of such {{eqderivprov|Merger Event}} (provided that no adjustments will be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relevant to the Shares or to the {{eqderivprov|Transaction}}), which may, but need not, be determined by reference to the adjustment(s) made in respect of such {{eqderivprov|Merger Event}} by an options exchange to options on the relevant {{eqderivprov|Shares}} traded on such options exchange and | ||
::(B) determine the effective date of that adjustment, or | :::(B) determine the effective date of that adjustment, or | ||
:(ii) if the {{eqderivprov|Calculation Agent}} determines that no adjustment that it could make under (i) will produce a [[commercially reasonable]] result, notify the parties that the relevant consequence shall be the termination of the {{eqderivprov|Transaction}}, in which case | ::(ii) if the {{eqderivprov|Calculation Agent}} determines that no adjustment that it could make under (i) will produce a [[commercially reasonable]] result, notify the parties that the relevant consequence shall be the termination of the {{eqderivprov|Transaction}}, in which case “{{eqderivprov|Cancellation and Payment}}” will be deemed to apply and any payment to be made by one party to the other shall be calculated in accordance with Section {{eqderivprov|12.7}}, and in respect of an {{eqderivprov|Option Transaction}}, the {{eqderivprov|Calculation Agent}} shall determine the amount of such payment as if “{{eqderivprov|Calculation Agent Determination}}” applied to the {{eqderivprov|Option Transaction}}; <br> |