Reference Period Non-Selection Clause Samples

Reference Period Non-Selection. There shall be six Included Reference Periods, out of the eight possible Reference Periods. The Included Reference Periods shall initially be the First Reference Period, the Second Reference Period, the Third Reference Period, the Fourth Reference Period, the Fifth Reference Period and the Sixth Reference Period (collectively, the “Reference Period Set”). Notwithstanding the definition of any Reference Period to the contrary, the Issuer may inform the Subscribers, up to two times, not fewer than five (5) Business Days and not more than six (6) Business Days prior to the Reference Period Commencement Date of any Reference Period (other than an Altered Reference Period, in which case Issuer shall not have the right to designate such Reference Period as a “Non-Selected Reference Period”) (such action, a “Reference Period Non-Selection”) and in which case such Non-Selected Reference Period shall no longer be an Included Reference Period. Issuer shall have the right to designate up to two Non-Selected Reference Periods. Upon the first Reference Period Non-Selection, the Reference Period Set shall be updated to exclude the applicable Non-Selected Reference Period and include the Seventh Reference Period. Upon the second Reference Period Non-Selection, the Reference Period Set shall be updated to exclude the applicable Non-Selected Reference Period and include the Eighth Reference Period. Issuer may designate the same Included Reference Period as a Non-Selected Reference Period only one time, and all notices designating the same Included Reference Period as a Non-Selected Reference Period shall be automatically deemed to be a single notice. Once six Included Reference Periods have occurred and the transactions contemplated by this Section 13(a) have been implemented, there shall be no additional Included Reference Periods. Any Reference Period Non-Selection by Issuer shall be irrevocable.