This paper compares two views on the status of indices in syntactic and logical representations. On a structural view, indices are syntactic formants on a par with node labels and phrase bracketings, and are thus a part of the logical forms that are derived from syntactic representations. On the process view, an index is not a syntactic object at all, but rather, an indication of the output of a resolution process. In this paper we argue that a recent body of data provides a clear empirical basis for distinguishing between these two views of indices. We argue that cases of sloppy VP ellipsis pose insurmountable problems for the structural view of indices, while these problems do not arise for the process view. Furthermore, we show that this resolution process is constrained by the semantics of various discourse relations.