Template:Nutshell Equity Derivatives 3.2: Difference between revisions

Section {{eqderivprov|3.2}}. '''{{eqderivprov|Procedure for Exercise}}'''. Except when {{eqderivprov|Automatic Exercise}} applies, {{eqderivprov|Buyer}} must give irrevocable notice (which will be oral telephonic notice if practicable, and otherwise written notice) during the {{eqderivprov|Exercise Period}} to {{eqderivprov|Seller}}, or, if applicable, {{eqderivprov|Seller’s Agent}}, of its exercise of an {{eqderivprov|Option}}. In the case of an {{eqderivprov|American Option}}, if the notice of exercise is given after the {{eqderivprov|Latest Exercise Time}} on a {{eqderivprov|Scheduled Trading Day}}, then that notice will be deemed given on the next following {{eqderivprov|Scheduled Trading Day}}, if any, in the {{eqderivprov|Exercise Period}}. In the case of an {{eqderivprov|American Option}} or a {{eqderivprov|Bermuda Option to which}} {{eqderivprov|Multiple Exercise}} is applicable, {{eqderivprov|Buyer}} must specify in the notice the number of {{eqderivprov|Options}} being exercised on the relevant {{eqderivprov|Exercise Date}}. {{eqderivprov|Buyer}} will execute and deliver to {{eqderivprov|Seller}}, or, if applicable, {{eqderivprov|Seller’s Agent}}, a written confirmation confirming the substance of any telephonic notice within one {{eqderivprov|Scheduled Trading Day}} of that notice. Without limiting the obligation of {{eqderivprov|Buyer}} to provide such written confirmation, failure by {{eqderivprov|Buyer}} to provide it will not affect the validity of the telephonic notice. <br>