Common use of Indices no longer available Clause in Contracts

Indices no longer available. (a) If: a publication which contains a rate or index used in this Agreement ceases to be published for any reason; or such a rate or index ceases to exist for any reason, the Terminal Operator shall propose a comparable rate or index, with adjustments as necessary or appropriate, to be used in place of such rate or index that maintains the intent and economic effect of the original rate or index. If a Party disagrees on the proposed by the Terminal Operator rate or index to be used in place of such rate or index no longer available, such Party must propose an alternative rate or index to be used in place of such rate or index no longer available within two (2) Business Days from the day on which the Terminal Operator submitted its relevant proposal. If, following such Party’s (ies’) proposal (s) of alternative rate (s) or index (ices), the Parties fail to agree on any such a rate or index within five (5) Business Days from the day on which the Terminal Operator submitted its relevant proposal, then Terminal Operator shall select the published rate or index, or a combination of rates or indices, with adjustments as necessary or appropriate, that most nearly preserves the original economic balance established by the Parties. (b) If any rate or index used in this Agreement is not published for a particular date, but the publication containing such rate or index continues to be published and the rate or index itself continues to exist, then the Parties shall use the published rate or index in effect for the date such rate or index was most recently published as the rate or index prior to such date unless otherwise provided in this Agreement.