Common use of Operational Date of Exchange Clause in Contracts

Operational Date of Exchange. The Company has been formed in anticipation of its registration by the SEC as a national securities exchange (such date of approval by the SEC, the “Approval Date”). During the period between the Effective Date and the first date on which the Company commences operating a national securities exchange (the “Operational Date”): (a) references in this Agreement to “the national securities exchange operated by the Company” shall be construed as references to “the national securities exchange to be operated by the Company”; and (b) the Board may appoint members of the Committees, but shall not be required to appoint all such Committee members until the date immediately prior to the Operational Date.

Operational Date of Exchange. The Company has been formed in anticipation of its registration by the SEC as a national securities exchange (such date of approval by the SEC, the “Approval Date”). During the period between the Effective Date and the first date on which the Company commences operating a national securities exchange (the “Operational Date”):Date”):‌ (a) references in this Agreement to “the national securities exchange operated by the Company” shall be construed as references to “the national securities exchange to be operated by the Company”; and (b) the Board may appoint members of the Committees, but shall not be required to appoint all such Committee members until the date immediately prior to the Operational Date.

Operational Date of Exchange. The Company has been formed in anticipation of its registration by the SEC United States Securities and Exchange Commission as a national securities exchange (such date of approval by the SECCommission, the “Approval Date”). During the period between the Effective Date formation and the first date on which the Company commences operating a national securities exchange (the “Operational Date”): (a) references in this Agreement to “the national securities exchange operated by the Company” shall be construed as references to “the national securities exchange to be operated by the Company”; and (b) the Board of Directors of the Company may appoint members of the Committeescommittees to be established under this Agreement, but shall not be required to appoint all such Committee committee members until the date immediately prior to the Operational Date.