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provided that Physical Settlement shall apply (i) if no Settlement Method is validly selected, (ii) with respect to any Settlement Shares in respect of which Dealer has not completed its unwind of a commercially reasonable hedge position in compliance with the requirements of this Transaction and taking into account the unwind of the commercially reasonable hedge position related to each other forward or other equity derivative transaction (if any) entered into between Dealer and Counterparty (each, an \u201cAdditional Equity Derivative Transaction\u201d) by the Settlement Date or, in its commercially reasonable judgment, would be unable to do so due to the occurrence of five or more consecutive Disrupted Days, (iii) to any Termination Settlement Date (as defined under \u201cTermination Settlement\u201d in Paragraph 7(g) below) and (iv) if the Final Date is a Settlement Date other than as the result of a valid Settlement Notice, in respect of such Settlement Date; provided, further, that, if Physical Settlement applies under clause (ii) immediately above, Dealer shall provide written notice to Counterparty at least two Scheduled Trading Days prior to the applicable Settlement Date; and provided, further, that if Counterparty elects Cash Settlement but does not specify if Actual Pricing or Objective Pricing is to apply in the Settlement Notice, Actual Pricing shall apply.", "hash": "42c847bfa89cedbc41eaa9ae6a10433e", "id": 6}, {"samples": [{"hash": "8fkJJpsKmPQ", "uri": "/contracts/8fkJJpsKmPQ#settlement-method-election", "label": "Fixed Dollar Accelerated Share Repurchase Transaction (Tapestry, Inc.)", "score": 35.8911705017, "published": true}, {"hash": "d54SO1yiAbE", "uri": "/contracts/d54SO1yiAbE#settlement-method-election", "label": "Fixed Dollar Accelerated Share Repurchase Transaction (Align Technology Inc)", "score": 34.338809967, "published": true}, {"hash": "7T82L5wi761", "uri": "/contracts/7T82L5wi761#settlement-method-election", "label": "Confirmation (Align Technology Inc)", "score": 34.1553726196, "published": true}], "snippet_links": [{"key": "provided-that", "type": "clause", "offset": [12, 25]}, {"key": "section-71", "type": "clause", "offset": [30, 41]}, {"key": "equity-definitions", "type": "definition", "offset": [49, 67]}, {"key": "the-words", "type": "definition", "offset": [166, 175]}, {"key": "net-share", "type": "definition", "offset": [177, 186]}, {"key": "electing-party", "type": "definition", "offset": [201, 215]}, {"key": "a-settlement", "type": "clause", "offset": [225, 237]}, {"key": "in-writing", "type": "definition", "offset": [315, 325]}, {"key": "information-concerning", "type": "clause", "offset": [454, 476]}, {"key": "the-shares", "type": "clause", "offset": [487, 497]}, {"key": "the-settlement", "type": "clause", "offset": [514, 528]}, {"key": "in-good-faith", "type": "definition", "offset": [536, 549]}, {"key": "compliance-with-the-federal-securities-laws", "type": "clause", "offset": [595, 638]}], "size": 15, "snippet": "Applicable; provided that (i) Section 7.1 of the Equity Definitions is hereby amended by deleting the word \u201cPhysical\u201d in the sixth line thereof and replacing it with the words \u201cNet Share\u201d and (ii) the Electing Party may make a settlement method election only if the Electing Party represents and warrants to Dealer in writing on the date it notifies Dealer of its election that, as of such date, the Electing Party is not aware of any material nonpublic information concerning Issuer or the Shares and is electing the settlement method in good faith and not as part of a plan or scheme to evade compliance with the federal securities laws. 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commercially reasonable hedge by the end of the Unwind Period (taking into account any Additional Transactions with overlapping \u201cUnwind Periods\u201d (as defined in the applicable Additional Confirmation)) (A) in a manner that, in the reasonable discretion of Dealer, based on advice of counsel, is consistent with the requirements for qualifying for the safe harbor provided by Rule 10b-18 (\u201cRule 10b-18\u201d) under the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d) or (B) in its commercially reasonable judgment, due to the occurrence of five or more Disrupted Days or to the lack of sufficient liquidity in the Shares on any Exchange Business Day during the Unwind Period, (iii) to any Termination Settlement Date (as defined under \u201cTermination Settlement\u201d in Paragraph 7(g) below) and (iv) if the Final Date is a Settlement Date other than as the result of a valid Settlement Notice, in respect of such Settlement Date; provided, further, that, if Physical Settlement applies under clause (ii) immediately above, Dealer shall provide written notice to Counterparty at least one Scheduled Trading Day prior to the applicable Settlement Date. Settlement Notice Requirements: Notwithstanding any other provision hereof, a Settlement Notice delivered by Counterparty that specifies Cash Settlement or Net Share Settlement will not be effective to establish a Settlement Date or require Cash Settlement or Net Share Settlement unless Counterparty delivers to Dealer with such Settlement Notice a representation, dated as of the date of such Settlement Notice and signed by Counterparty, containing (x) the provisions set forth in clause (i) under the heading \u201cAdditional Representations and Agreements of Counterparty\u201d in Paragraph 7(e) below and (y) a representation from Counterparty that neither Counterparty nor any of its subsidiaries has applied, and shall not until after the first date on which no portion of the Transaction remains outstanding following any final exercise and settlement, cancellation or early termination of the Transaction, apply, for a loan, loan guarantee, direct loan (as that term is defined in the Coronavirus Aid, Relief and Economic Security Act (the \u201cCARES Act\u201d)) or other investment, or receive any financial assistance or relief under any program or facility (collectively \u201cFinancial Assistance\u201d) that (I) is established under applicable law (whether in existence as of the Trade Date or subsequently enacted, adopted or amended), including without limitation the CARES Act and the Federal Reserve Act, as amended, and (II) (X) requires under applicable law (or any regulation, guidance, interpretation or other pronouncement of a governmental authority with jurisdiction for such program or facility) as a condition of such Financial Assistance, that Counterparty comply with any requirement not to, or otherwise agree, attest, certify or warrant that it has not, as of the date specified in such condition, repurchased, or will not repurchase, any equity security of Issuer, and that it has not, as of the date specified in the condition, made a capital distribution or will not make a capital distribution, or (Y) where the terms of the Transaction would cause Counterparty under any circumstance to fail to satisfy any condition for application for or receipt or retention of the Financial Assistance (collectively \u201cRestricted Financial Assistance\u201d), other than any such applications for Restricted Financial Assistance with respect to which (x) Counterparty has determined based on the advice of outside counsel of national standing that the terms of the Transaction would not cause Counterparty or its subsidiary, as applicable, to fail to satisfy any condition for application for or receipt or retention of such Restricted Financial Assistance based on the terms of the program or facility as of the date of such advice or (y) Counterparty has delivered to Dealer evidence or other guidance from a governmental authority with jurisdiction for such program or facility that the Transaction is permitted under such program or facility (either by specific reference to the Transaction or by general reference to transactions with the attributes of the Transaction in all relevant respects).", "hash": "b1ed67af2a368ef083f3a6b112faee6c", "id": 9}, {"samples": [{"hash": "iAIt3LGIlpD", "uri": "/contracts/iAIt3LGIlpD#settlement-method-election", "label": "Warrant Agreement (Gilead Sciences Inc)", "score": 21.8514709473, "published": true}, {"hash": "cwWvQgwgajr", "uri": "/contracts/cwWvQgwgajr#settlement-method-election", "label": "Warrant Agreement (Gilead Sciences Inc)", "score": 21.8514709473, "published": true}, {"hash": "4BP9CUT1Ij2", "uri": "/contracts/4BP9CUT1Ij2#settlement-method-election", "label": "Warrant Agreement (Gilead Sciences Inc)", "score": 21.8514709473, "published": true}], "snippet_links": [{"key": "provided-that", "type": "clause", "offset": [12, 25]}, {"key": "references-to", "type": "definition", "offset": [30, 43]}, {"key": "physical-settlement", "type": "clause", "offset": [45, 64]}, {"key": "section-71", "type": "clause", "offset": [69, 80]}, {"key": "equity-definitions", "type": "definition", "offset": [88, 106]}, {"key": "net-share-settlement", "type": "definition", "offset": [143, 163]}, {"key": "the-words", "type": "definition", "offset": [210, 219]}, {"key": "line-of", "type": "definition", "offset": [263, 270]}, {"key": "cash-settlement", "type": "definition", "offset": [319, 334]}, {"key": "the-percentage", "type": "definition", "offset": [347, 361]}, {"key": "of-the-company", "type": "clause", "offset": [362, 376]}, {"key": "settlement-obligations", "type": "clause", "offset": [379, 401]}, {"key": "with-respect-to", "type": "clause", "offset": [402, 417]}, {"key": "equal-to", "type": "definition", "offset": [495, 503]}, {"key": "cash-percentage", "type": "clause", "offset": [546, 561]}], "size": 12, "snippet": "Applicable; provided that (i) references to \u201cPhysical Settlement\u201d in Section 7.1 of the Equity Definitions shall be replaced by references to \u201cNet Share Settlement\u201d; (ii) the following is hereby inserted after the words \u201capply to such Transaction\u201d in the seventh line of Section 7.1 of the Equity Definitions: \u201cand, if Cash Settlement is elected, the percentage of the Company\u2019s settlement obligations with respect to such Transaction, which percentage shall be greater than 0% and less than or equal to 100%, that shall be settled in cash (the \u201cCash Percentage\u201d)\u201d;", "hash": "b6c6945ac724e230d7b2ee7a69666a2e", "id": 10}], "next_curs": "CmMSXWoVc35sYXdpbnNpZGVyY29udHJhY3Rzcj8LEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IiNzZXR0bGVtZW50LW1ldGhvZC1lbGVjdGlvbiMwMDAwMDAwYQyiAQJlbhgAIAA=", "clause": {"children": [], "parents": [["other-provisions", "Other Provisions"], ["option-to-continue-transaction", "Option to Continue Transaction"]], "size": 682, "title": "Settlement Method Election", "id": "settlement-method-election", "related": [["settlement-method-election-date", "Settlement Method Election Date", "<strong>Settlement Method Election</strong> Date"], ["settlement-method", "Settlement Method", "Settlement Method"], ["payment-method", "Payment Method", "Payment Method"], ["cash-settlement-option", "CASH SETTLEMENT OPTION", "CASH SETTLEMENT OPTION"], ["notification-of-disbursement-method-form", "Notification of Disbursement Method Form", "Notification of Disbursement Method Form"]], "related_snippets": [], "updated": "2026-04-23T04:26:12+00:00", "also_ask": [], "drafting_tip": null, "explanation": "The Settlement Method Election clause defines how parties will determine the method for settling obligations under a contract, particularly in financial or derivative transactions. This clause typically allows one or both parties to choose between different settlement options, such as physical delivery of an asset or cash payment, often by a specified deadline. Its core function is to provide flexibility and clarity in how settlements are handled, reducing uncertainty and potential disputes over the fulfillment of contractual obligations."}, "json": true, "cursor": ""}}