Template:M summ Equity Derivatives 12.2

A comparison reveals that the consequences for Merger Events under Section 12.2 and Tender Offers under Section 12.3 are, but for the section about alternative Obligations, effectively the same, belying unnecessary semantic complication in the structure of this document, if you are interested in that kind of thing. (Most legal eagles aren’t, we tend to find.)

There: that saved you a bit of bafflement.

That being the case you might wonder why ISDA’s crack drafting squad™ saw fit to write them out separately, eschewing the option for a cheeky “as the case may be” — but their chosen architecture, treating Merger Events and Tender Offers separately, forces them into this leaden exposition. We have some tedious thoughts on the unwisdom of this in our drafting principles section, if you are interested.