Index Replacement Event definition
Index Replacement Event means each of the following events:
Index Replacement Event means, with respect to a Basket Componenti, each of the following events:
Index Replacement Event means, in respect of a Basket Componenti, each of the following events:
Examples of Index Replacement Event in a sentence
Furthermore, if an Index Replacement Event has occurred with respect to SOFR or any then-current Index, then the Bank shall, in its sole discretion, select a substitute source and/or date for determining the Replacement Index, to be effective at such time as designated by the Bank.
More Definitions of Index Replacement Event
Index Replacement Event means any cessation of the Fund's tracking of the Index or replacement of the Index with another index or benchmark while the Fund continues in operation, other than (i) as required by applicable law, regulation, exchange rules or order of a governmental authority, or (ii) following Licensor's uncured material breach, gross negligence or willful misconduct that materially impairs the continued use of the Index. Nothing in this Section 4(g) shall be construed to limit or restrict the ability of the Board to take any action it determines in good faith to be required in the exercise of its fiduciary duties under the 1940 Act. If, before the end of the Initial Term, (A) Licensee terminates this Agreement with respect to the Fund for any reason other than pursuant to Sections 4(a), 4(b) or 4(c) or another termination right expressly provided for Licensor's uncured material breach, gross negligence, or willful misconduct, or (B) an Index Replacement Event occurs that is initiated or approved by Licensee or the Fund's Board for commercial, fee-related or other discretionary reasons (and not primarily as a result of a determination by the Board, acting in good faith and consistent with its fiduciary duties, that such replacement is in the best interests of the Fund and its shareholders) not described in the preceding sentence (each, a "No-Cause Exit"), then Licensee shall pay to Licensor, as a one-time termination fee (the "Tail Fee"), an amount equal to the greater of: (1) the License Fees paid or payable with respect to the Fund for the twelve (12) months immediately preceding the effective date of such No-Cause Exit (or, if the Fund has been in operation for less than twelve (12) months, the License Fees that would have been payable for such twelve (12) month period based on the Fund's average daily net assets since launch); or (2) $100,000. The Parties acknowledge and agree that the Tail Fee constitutes a reasonable estimate of the damages that Licensor would suffer as a result of a No-Cause Exit and is intended as liquidated damages and not as a penalty. For the avoidance of doubt, no Tail Fee shall be payable solely as a result of a liquidation of the Fund in which no successor fund or exchange-traded product pursuing a substantially similar investment strategy is launched within twelve (12) months after such liquidation,as reasonably determined by Licensor in good faith.
Index Replacement Event means the occurrence of one or more of the following events with respect to the then-current Index: (i) the then-current Index becomes generally unavailable or unascertainable; (ii) a public statement or publication of information by or on behalf of the administrator of such Index (or the published component used in the calculation thereof) that it has ceased or will cease to provide such Index permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide such Index; (iii) a public statement or publication of information by the regulatory supervisor for the administrator of such Index, an insolvency official with jurisdiction over the administrator for such Index, a resolution authority with jurisdiction over the administrator for such Index or a court or an entity with similar insolvency or resolution authority over the administrator for such Index, which states that the administrator of the Index has ceased or will cease to provide the Index permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide such Index; or (iv) the then-current Index does not accurately or fairly reflect the cost of making or maintaining the type of loan evidenced by the Acquisition Note as modified hereby. If an Index Replacement Event has occurred with respect to SOFR or any then-current Index, then Lender shall, in its sole discretion, select a substitute source and/or date for determining the Replacement Index, to be effective on the date designated by Lender in a writing to Borrower.
Index Replacement Event means, with respect to the Equity Underlying, each of the following events:
Index Replacement Event means the occurrence of one or more of the following events with respect to the then-current Index: (a) the then-current Index becomes generally unavailable or unascertainable during the term of this Note; (b) a public statement or publication of information by or on behalf of the administrator of such Index (or the published component used in the calculation thereof) announcing that it has ceased or will cease to provide such Index permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide such Index; or (c) a public statement or publication of information by the regulatory supervisor for the administrator of such Index, an insolvency official with jurisdiction over the administrator for such Index, a resolution authority with jurisdiction over the administrator for such Index or a court or an entity with similar insolvency or resolution authority over the administrator for such Index, which states that the administrator of the Index has ceased or will cease to provide the Index permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide such Index; or (d) the then-current Index does not accurately or fairly reflect the cost of making or maintaining the type of loan evidenced by this Note.