Template:Nutshell Equity Derivatives 12.3(c): Difference between revisions

:{{eqderivprov|12.3(c)}} “'''{{eqderivprov|Calculation Agent Adjustment}}'''”, then, following the {{eqderivprov|Tender Offer Date}} the {{eqderivprov|Issuer}} and the {{eqderivprov|Shares}} will not change, but the {{eqderivprov|Calculation Agent}} shall either:

:(i) adjust the {{eqderivprov|Transaction}} to account for the economic effect of the {{eqderivprov|Tender Offer}} on the {{eqderivprov|Transaction}} (but not solely for changes in volatility, expected [[dividend]]s, stock loan rate or liquidity on the {{eqderivprov|Shares}}), which it may do by reference to corresponding adjustments made by an options exchange to options on the {{eqderivprov|Shares}} and determine the effective date of that adjustment, or  

:(ii) if it determines that no adjustment under (i) would produce a [[commercially reasonable]] result, notify the parties that the {{eqderivprov|Transaction}} will terminate and “'''{{eqderivprov|Cancellation and Payment}}'''” will apply and will be calculated under Section {{eqderivprov|12.7}} (for {{eqderivprov|Option Transaction}}s as if “'''{{eqderivprov|Calculation Agent Determination}}'''” applied; <br>