Common use of MAXIMUM NUMBER OF SECURITIES EXERCISABLE Clause in Contracts

MAXIMUM NUMBER OF SECURITIES EXERCISABLE. If Securities are designated as "American Style" or "Bermudan Style" and a Maximum Exercise Number is specified in the relevant Terms, then if, following any Exercise Date other than the Final Exercise Date, the relevant Issuer determines in its sole and absolute discretion that more than the Quota were exercised on such Exercise Date, then such Issuer may deem the Valuation Date for the first Quota of Securities of the relevant Series or Tranche exercised by Holders to be the originally applicable Valuation Date for Securities exercised on such Exercise Date, and the Valuation Date for each additional Quota of Securities of the relevant Series or Tranche (or part thereof, in the case of the last amount) exercised to be the respective Valuation Dates applicable to each succeeding date following such Exercise Date on which Securities of the relevant Series or Tranche could have been exercised, until all such Securities exercised on such Exercise Date have been given a Valuation Date. In any case where more than the Quota of Securities of a Series or Tranche are so exercised on the same day, the order of settlement in respect of such Securities shall be at the sole and absolute discretion of the relevant Issuer. Notwithstanding the foregoing, the relevant Issuer may, at any time, in its sole and absolute discretion, accept more than the Quota of Securities of a Series or Tranche for exercise on any Exercise Date.

MAXIMUM NUMBER OF SECURITIES EXERCISABLE. If Securities are designated as "American Style" or "Bermudan Style" and a Maximum Exercise Number is specified in the relevant Final Terms, then if, following any Exercise Date other than the Final Exercise Date, the relevant Issuer determines in its sole and absolute discretion that more than the Quota were exercised on such Exercise Date, then such Issuer may deem the Valuation Date for the first Quota of Securities of the relevant Series or Tranche exercised by Holders to be the originally applicable Valuation Date for Securities exercised on such Exercise Date, and the Valuation Date for each additional Quota of Securities of the relevant Series or Tranche (or part thereof, in the case of the last amount) exercised to be the respective Valuation Dates applicable to each succeeding date following such Exercise Date on which Securities of the relevant Series or Tranche could have been exercised, until all such Securities exercised on such Exercise Date have been given a Valuation Date. In any case where more than the Quota of Securities of a Series or Tranche are so exercised on the same day, the order of settlement in respect of such Securities shall be at the sole and absolute discretion of the relevant Issuer. Notwithstanding the foregoing, the relevant Issuer may, at any time, in its sole and absolute discretion, accept more than the Quota of Securities of a Series or Tranche for exercise on any Exercise Date.