Common use of Automatic Exercise Clause in Contracts

Automatic Exercise. If the relevant Issuer would have been obliged to make payment of a Settlement Amount on (a) in respect of any European Style Securities, any Exercise Date or (b) in respect of any American Style or Bermudan Style Securities, the Final Exercise Date to the Holder of such Security had such Security been exercised by the relevant Holder, such Security will be automatically exercised on such Exercise Date or such Final Exercise Date, as applicable, and the provisions of Condition 4 shall be deemed to have been observed and will apply in respect of such exercise procedure.