Cancellation and Payment definition

Cancellation and Payment means, in the case of a Forward Delivery Transaction, the Transaction will be cancelled as of the Merger Date, in the case of a Merger Event, or the Announcement Date in the case of a Nationalization, Insolvency or De-Listing Event, and Counterparty will pay to BofA or BofA shall pay to the Counterparty, as the case may be, an amount in cash equal to the "Termination Value", such payment to be made not later than three Currency Business Days following the determination by the Calculation Agent of such amount (denominated in the currency for settlement of the Transactions as determined by the Calculation Agent). The "Termination Value" shall be an amount as determined by the Calculation Agent representing the fair value to BofA and its affiliates and the Counterparty of an agreement that would preserve for BofA and its affiliates and the Counterparty the economic equivalent of the aggregate payment and deliveries in respect of the Forward Delivery Transaction that would have been required but for the occurrence of the Merger Event, Nationalization, Insolvency or De-Listing Event (taking into account any adjustment that may have been calculated on or prior to such date). The Calculation Agent shall calculate such amount based on the following factors (and such other factors as it deems appropriate) (i) the volatility of the Shares, (ii) dividends on the Shares, (iii) a value ascribed to the Shares equal to the consideration, if any, paid in respect of such Shares to holders of such Shares at the time of the Merger Event, Nationalization, Insolvency or De-Listing Event (iv) prevailing interest rates, and (v) a term equal to the number of days from the Announcement Date through and including the Maturity Date. For the avoidance of doubt, for purposes of calculating the value of this Transaction on any given day, such value shall be based on a number of Shares equal to the Maximum Number of Daily Forward Delivery Amounts for such Transaction.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Cancellation and Payment means the ED Transaction will terminate and the Calculation Agent shall determine the Cancellation Amount using commercially reasonable procedures to produce a commercially reasonable result.

Cancellation and Payment means that the Transaction will be cancelled as of the Announcement Date and (A) in the case of an Option Transaction, Seller will pay to Buyer the amount calculated in accordance with Section 12.7(b), and (B) in the case of a Forward Transaction or an Equity Swap Transaction, an amount calculated in accordance with Section 12.7(c) will be paid by one party to the other; and

Examples of Cancellation and Payment in a sentence

Share-for-Share: Modified Calculation Agent Adjustment Share-for-Other: Cancellation and Payment (Calculation Agent Determination) Share-for-Combined: Cancellation and Payment (Calculation Agent Determination); provided that Dealer may elect, in its commercially reasonable judgment, Component Adjustment (Calculation Agent Determination) for all or any portion of the Transaction.
Share-for-Share: Modified Calculation Agent Adjustment Share-for-Other: Cancellation and Payment (Calculation Agent Determination) Share-for-Combined: Cancellation and Payment (Calculation Agent Determination); provided that Dealer may elect, in its commercially reasonable judgment, Component Adjustment (Calculation Agent Determination).
Share-for-Other: Cancellation and Payment (Calculation Agent Determination).
Share-for-Share: Modified Calculation Agent Adjustment Share-for-Other: Cancellation and Payment (Calculation Agent Determination) Share-for-Combined: Cancellation and Payment (Calculation Agent Determination); provided that Dealer may elect, in its commercially reasonable judgment, Component Adjustment for all or any portion of the Transaction.
Related Exchange Adjustment, unless no option or futures contracts on the Index are traded on the Related Exchange when the Index Adjustment Event occurs, in which case Cancellation and Payment (Calculation Agent Determination) applies.
Share-for-Share: Modified Calculation Agent Adjustment Share-for-Other: Cancellation and Payment (Calculation Agent Determination) Share-for-Combined: Component Adjustment (Calculation Agent Determination).
Related Exchange Adjustment, unless no option or futures contracts on the index are traded on the Related Exchange when the Index Adjustment Event occurs, in which case Cancellation and Payment (Calculation Agent Determination) applies.
Share-for-Combined: Cancellation and Payment (Calculation Agent Determination); provided that Dealer may elect Component Adjustment.
Cancellation and Payment (Calculation Agent Determination); provided that Dealer may elect, in its commercially reasonable discretion, that Modified Calculation Agent Adjustment or Component Adjustment shall apply for all or part of the Transaction.
Share-for-Share: Modified Calculation Agent Adjustment Share-for-Other: Cancellation and Payment (Calculation Agent Determination) Share-for-Combined: Cancellation and Payment (Calculation Agent Determination); provided that Dealer may elect, in good faith and in its commercially reasonable judgment, Component Adjustment (Calculation Agent Determination) for all or any portion of the Transaction.

More Definitions of Cancellation and Payment

Cancellation and Payment. If a Bullion Settlement Disruption occurs with respect to a Transaction then an Additional Termination Event will be deemed to occur without any notice or further action being required. That Transaction shall be the sole Affected Transaction, the Early Termination Date shall be the date of the occurrence of the Bullion Settlement Disruption and the Party which (in the absence of the Bullion Settlement Disruption) would have been required to make the relevant Delivery shall be the sole Affected Party. For the avoidance of doubt, the Early Termination Amount in respect of the aforementioned Additional Termination Event shall be payable in Bullion at such time as Bullion can be delivered.

Cancellation and Payment means that (A) in the case of a Share Option Transaction or Share Basket Option Transaction, the Option Transaction will be cancelled as of the Announcement Date and Seller will pay to Buyer the amount specified in Section 9.7 ("Payment upon Certain Extraordinary Events") and (B) in the case of a Share Swap Transaction or a Share Basket Swap Transaction, (X) the Nationalization or Insolvency will constitute an Additional Termination Event under the relevant ISDA Master Agreement with the relevant Share Swap Transaction or Share Basket Swap Transaction the sole Affected Transaction and the party who is not the Equity Amount Payer the Affected Party; if there are two Equity Amount Payers, then the Equity Amount Payer in relation to whom the Equity Amount is not calculated by reference to the affected Shares shall be the Affected Party or, if the Equity Amount with respect to both parties is calculated by reference to the affected Shares, then both parties will be Affected Parties and (Y) notwithstanding the definition of "Close-out Amount" in the relevant ISDA Master Agreement, any Determining Party will determine a Close-out Amount in respect of the Affected Transaction on the basis of quotations (either firm or indicative) for a replacement transaction supplied by one or more third parties that may take into account the creditworthiness of the Determining Party at the time the quotation is provided and the terms of any relevant documentation, including credit support documentation, between the Determining Party and the third party providing the quotation (but the Determining Party may not take into account any loss or cost incurred in connection with its terminating, liquidating or re-establishing any hedge related to the Affected Transaction (or any gain resulting from any of them))."

Cancellation and Payment which means that (i) the Merger Date shall be deemed the final Valuation Date with respect to this Transaction and (ii) Price(t+1) shall be equal to the execution price at which Party A unwinds its hedge with respect to the Shares.

Cancellation and Payment means that the Transaction will be cancelled as of the Announcement Date and Seller will pay to Buyer the amount calculated in accordance with Clause 10.7; and

Cancellation and Payment means that the Transaction will be cancelled as of (1) the Effective Date in the case where the Announcement Date occurs before the Effective Date (included) or (2) the Announcement Date if it occurs after the Effective Date (excluded) and (A) in the case of an Option Transaction, Seller will pay to Buyer the amount calculated in accordance with Section 12.7 (b) and (B) in the case of a Forward Transaction or an Equity Swap Transaction, an amount calculated in accordance with Section 12.7.(c) will be paid by one party to the other;