 Hi, I'm Dylan Bruce with the Bloomberg Law Analysis Team. In the final segment of our updated Bloomberg Law 2020 series, our analysts looked at how the transactional landscape is reacting to this year's disruptions. One major change? Supply chains across the globe have been impacted, pushing force-major clauses into the spotlight. Before this year, most didn't specifically list epidemic, pandemic, and infectious disease as triggering events. But as businesses grapple with force-major-related uncertainty, new contracts are beginning to expressly address pandemic events. For example, we're already seeing a spike in pandemic-related material adverse effect exclusions in new M&A agreements. And as the market is responding, it's also contracting. Material volume shows a 67% drop as compared to the same period last year. Private equity, on the other hand, remains active and will likely play a significant role in acquiring targets in suffering industries. In fact, despite the pandemic disruptions, private equity is seizing new opportunities by shifting to buyouts and pipe deals, which are more favorable when traditional financing is limited. To learn more about how the transactional market is handling the pandemic and economic downturn, please visit our Bloomberg Law 2020 page.