Maximum Eligibility Number Reset Sample Clauses
The Maximum Eligibility Number Reset clause establishes the conditions under which a party’s eligibility limit, such as the maximum number of claims or benefits they can receive, is recalibrated or restored to its original value. Typically, this reset may occur after a specified period, upon the fulfillment of certain requirements, or at the start of a new contract term. For example, an employee’s annual leave days might reset at the beginning of each calendar year. The core function of this clause is to ensure that eligibility limits are periodically refreshed, preventing indefinite accumulation or exhaustion and maintaining fairness and predictability in the administration of benefits or entitlements.
Maximum Eligibility Number Reset. The Maximum Eligibility Number shall be increased (but not decreased) on the Reset Date to equal the Reset Share Amount.
(i) Notwithstanding the foregoing, if a Holder requests to exercise this Warrant in whole or in part, on any given date prior to the Reset Date, solely with respect to such portion of this Warrant being exercised on such applicable date (the “Exercise Date”), (a) such applicable Reset Date shall be deemed to mean the Exercise Date, (b) such applicable Reset Period shall be deemed to have ended on the Trading Day immediately prior to the Exercise Date, and (c) the applicable Reset Price and Reset Share Amount for such exercised Warrants shall be calculated pursuant to this Section 2(a). For the avoidance of doubt, following the calculation of the Reset Price and Reset Share Amount pursuant to this Section 2(a)(i), the Company’s obligations with regard to such exercised Warrants shall be deemed satisfied and no additional Reset Price and Reset Share Amount shall apply to such exercised Warrants.
Maximum Eligibility Number Reset