Template:2002 ISDA Equity Derivatives Definitions 12.3(d): Difference between revisions

{{eqderivprov|12.2(d)}} "'''{{prov|eq|Modified Calculation Agent Adjustment (Tender Offers)|Modified Calculation Agent Adjustment}}'''" then, on or after the relevant {{eqderivprov|Tender Offer}} <br>Date, the {{eqderivprov|Issuer}} and the {{eqderivprov|Shares}} will not change, but the {{eqderivprov|Calculation Agent}} shall either (i)(A) make such <br>adjustment to the exercise, settlement, payment or any other terms of the {{isdaprov|Transaction}} (including, without <br>limitation, the spread) as the {{eqderivprov|Calculation Agent}} determines appropriate to account for the economic <br>effect on the {{eqderivprov|Transaction}} of such {{eqderivprov|Tender Offer}} (including adjustments to account for changes in <br>volatility, expected dividends, stock loan rate or liquidity relevant to the {{eqderivprov|Shares}} or to the {{isdaprov|Transaction}}), <br>which may, but need not, be determined by reference to the adjustment(s) made in respect of such Tender <br>Offer by an options exchange to options on the relevant {{eqderivprov|Shares}} traded on such options exchange and (B) <br>determine the effective date of that adjustment, or (ii) if the {{eqderivprov|Calculation Agent}} determines that no <br>adjustment that it could make under (i) will produce a commercially reasonable result, notify the parties <br>that the relevant consequence shall be the termination of the {{isdaprov|Transaction}}, in which case "Cancellation <br>and Payment" will be deemed to apply and any payment to be made by one party to the other shall be <br>calculated in accordance with Section {{eqderivprov|12.7}}, and in respect of an {{eqderivprov|Option Transaction}}, the Calculation <br>Agent shall determine the amount of such payment as if "{{eqderivprov|Calculation Agent Determination}}" applied to <br>the {{eqderivprov|Option Transaction}}; <br>