Template:Nutshell Equity Derivatives 9.3

Section 9.3. Physical Settlement of Equity Swap Transactions. Where “Physical Settlement” applies to an Equity Swap Transaction, on each Settlement Date:

• the Equity Amount Payer will deliver the Number of Shares or Baskets to be Delivered and will pay any Fractional Share Amount to the Equity Amount Receiver;and
• the Equity Amount Receiver will pay the Equity Notional Amount to the Equity Amount Payer.