Hurdle. The Hurdle for any period is the average monthly change in CPI Urban Consumers Index (as reported by the U.S Bureau of Labor Statistics in the month in which the Performance Based Fee for such period is calculated and paid) in the 36 months ending in the month containing the end date of the period, multiplied by 12, with the result of the calculation rounded to the nearest tenth of a percent, plus the Spread. The Fund and the Manager may determine this method for calculating the Hurdle has become unsatisfactory, in which case it may be amended in accordance with section 11 of the Agreement.
Appears in 5 contracts
Sources: Money Manager Agreement (Tiff Investment Program Inc), Money Manager Agreement (Tiff Investment Program Inc), Money Manager Agreement (Tiff Investment Program Inc)